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211. 2023 will be the year banks dole out dividends

Apart from entering 2023 with inflationary tendencies and following a year with a geopolitical crisis due to the Ukrainian one, it is expected to be the year when the term "dividend distribution,"...

212. Bank of Cyprus: 71 million in profits in 2022

Bank of Cyprus' profit for 2022 was 71 million euros, up from 30 million euros in 2021....

213. Sales to foreign buyers hit 16 year high

During January 2023 foreign buyers deposited 594 contracts of sale at Land Registry offices across the island. Moreover, these accounted for 54% of all sales; the first time since 2007 that the number of foreign sales has exceeded domestic sales....

214. Credit Suisse posts $1.51 billion loss in 4th quarter of 2022

Credit Suisse on Thursday reported a fourth-quarter and annual net loss that missed expectations, as the Swiss bank continued with its huge strategic overhaul....

215. Interest rates in Cyprus continues its steady rise

Interest rates in the Cypriot banking system continued rising in December in the context of the ECB’s monetary normalization policy to tackle high inflation....

216. Eurostat: Cyprus had the highest stock of NPL's in 2021

In 2021, Cyprus remained the country with the highest stock of non-performing loans (assets) of the general government, at 20.2% of GDP, according to data released by Eurostat, the statistical service of the EU....

217. CBC: Household debt at 77% of GDP

The household debt ratio stood at 77% of the Gross Domestic Product (GDP) at the end of September 2022, marking a slight decrease compared to the previous quarter, due to the increase in GDP, according to data published by the Central Bank of Cyprus on its website on Tuesday, in the "Quarterly Financial Accounts" edition, for the reporting quarter ending September 2022. ...

218. Deposits up by more than €0.5 billion in December 2022

Deposits in the Cypriot banking system rose by almost €590 million in December 2022 with total deposits in end-2022 amounting to €52 billion....

219. Banks are revising lending rates

Cypriot banks are preparing new loan rates in an effort to redesign the pricing of loans. In the first half of 2023, Cypriot banks will see significant changes in the pricing of new loans, accompanied by increases in interest rates, ...

220. Early data point to large gas deposits off Crete

Seismic data obtained so far by the Sanco Swift, the Norwegian exploration vessel leased by ExxonMobil, southwest of the island of Crete, allegedly point to the existence of large natural gas deposits in the area...

221. Finance Minister responds to CBS: 'Disinformation and fake news' (video)

The report on the CBS show '60 Minutes' about Russian oligarchs was referred to by the Finance Minister in his detailed response on the issue. ...

222. Cyprus Banks: Vulnerabilities remain despite progress, says SSM

Cypriot banks have made progress, according to a report by the Single Supervisory Mechanism (SSM), but there are still many issues. ...

223. Demetra has invested 75% of its capital in Hellenic

Demetra Investment, the Cyprus Investment Fund, has dedicated 75% of its investments to Hellenic Bank....

224. Pyrgos dig reveals industrial plant dating back to 2350 BC

From 2350 BC to 1850 BC, the Greek population of Pyrgos in Cyprus had a very important industrial building of about 4000 m2, where not only copper but also olive oil, perfume, medicines, textiles, paints, and wine were processed....

225. Cypriot author claims police trying to ban his book on corruption

A Cypriot investigative journalist accused the police on Wednesday of trying to prevent him from publishing books he wrote about corruption in his country....

226. Excavations reveal rare feature in prehistoric Cyprus

The 2022 excavations at Chlorakas-Palloures which have been completed have yielded important information on the Chalcolithic period, between 3500 and 2500 BC in Cyprus, the Department of Antiquities of the Ministry of Transport, Communications and Works announced on Wednesday....

227. New loans up despite interest rate hike

Total new loans in November 2022 increased by €172.8m compared to the previous month, despite an increase in interest rates across all loan categories. ...

228. The 2023 investment chessboard

Today's data is completely different from what it was a year ago in terms of investment....

229. When will Cypriots begin to reap the benefits of natural gas?

Minister of Energy, Trade, and Industry Natasha Pileidou hailed the discovery of a natural gas deposit in Block 6 of the Cypriot EEZ as a very positive development. Given the energy challenges the European Union is facing,...

230. Plant to process Israeli gas for export an option

The government of Cyprus is weighing a proposal for a pipeline that would carry natural gas from Israel to the island nation, where it would be processed and exported by ship to Europe and elsewhere as Russia’s war in Ukraine compounds an energy crisis, the Cypriot energy minister said Monday...

231. New gas field discovery in Cyprus EEZ

The drilling rig of the ENI-TotalEnergies consortium in the Cyprus EEZ has discovered a new gas field at the Zeus 1 target. This is a larger field than the one discovered by the Italian-French consortium on 22 August in the same block (Block 6)....

232. Eva Kaili: From city council to city prison

233. Finance Ministry: 'Cyprus economy will not enter a recession'

There will be a significant slowdown in economic activity next year, we will be affected by increased energy prices and borrowing costs, but "inflation in Cyprus is being reined in at lower levels" compared to other European member states, ...

234. ECB raises interest rates by 0.5%

Christine Lagarde warned markets not to expect an early end to rate rises next year, on a day when the European Central Bank and the Bank of England lifted borrowing costs to their highest levels in 14 years....

235. KEDIPES disburses another €80 million to the state

The Board of Directors of the state-owned asset manager, KEDIPES, has decided to disburse another €80 million to state coffers for the fourth quarter of this year, with the amount paid to the state in 2022 reaching €310 million....

236. More than €1.5 million in cash seized from Kaili - Panzeri

More than €1.5 million in cash was seized from the homes of Eva Kaili and former MEP Pierre Antonio Panzeri in Brussels, according to Belgian police....

237. €76.4m profit in first 9 months of 2022 for Hellenic

Hellenic Bank announced a profit of €76.4 million for the first 9 months of 2022. According to the Group Financial Results for the nine-month period, ...

238. World's largest crypto exchange platform to set up shop in Cyprus

The FTX bankruptcy scandal a few weeks ago rocked the entire crypto world to its core, after its founder Sam Bankman-Fried, the "wonderboy" of the crypto trading world,...

239. Greek Navtex is a message to Libya

The navigation warning issued by Greece on Saturday expanding the area of seismic surveys for oil and natural gas deposits off the coast of Crete was in response to a request by US oil firm ExxonMobil, which has been granted exploration rights, but also serves a geopolitical purpose...

240. Cyprus wants to get in on fast-track gas to EU

Cypriot President Nicos Anastasiades is calling on Brussels to help encourage companies to move fast and include the island in plans to supply Europe with natural gas from the eastern Mediterranean...