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31. Cyprus deposits reach €51.9B, loans at €25.1B in March 2023

Total deposits reached €51.9 billion in March 2023, while total loans stood at €25.1 billion, according to data published by the Central Bank of Cyprus on Tuesday, in the April 2023 edition of Monetary and Financial Statistics....

32. Lack of aircraft preventing global air travel recovery

The air travel industry has recently been facing delays in aircraft deliveries, a problem that is not allowing it to fully recover from the pandemic....

33. April Newsletter of K. Treppides & Co Ltd: CySEC

A new issue is out from the newsletter by K. Treppides & Co Ltd, a leader in the field of auditing and accounting services with offices in three countries....

34. From chocolate bunnies to souvla

As an American Roman Catholic, I thought I had the whole Easter celebration thing down pat. I mean, I grew up with the Easter bunny and chocolate eggs, and I knew all about the Stations of the Cross and Good Friday services. ...

35. CySEC fines CIF one million euros for regulatory violations

The Cyprus Securities and Exchange Commission (CySEC) announced its decision to impose a fine of one million euros on the Cyprus Investment Firm (CIF) Itrade Global Ltd....

36. IMF projects steady GDP growth for Cyprus in 2023

The International Monetary Fund (IMF) maintained its projection for Cyprus’ economic growth in 2023 at 2.5% of GDP, while real GDP growth is expected to pick up pace in the next year....

37. French furious over retirement age increase of 2 years

Hundreds of thousands of people are expected to fill the streets of France Thursday for the 11th day of nationwide resistance to a government proposal to raise the retirement age from 62 to 64. The furious public reaction to the plan has cornered and weakened French President Emmanuel Macron....

38. Investors flock to 'green' bonds as a secure investment

39. Prem Watsa: 'Greek banks are safer'

Greece has entered a virtuous cycle of growth, and the next few years will be especially beneficial to the economy and Greeks if political stability is maintained and business-friendly policies are implemented....

40. Minister of Labor to submit CoLA mediation proposal

Minister of Labour and Social Insurance Yiannis Panayiotou said on Friday he would submit a mediation proposal to the social partners (trade unions and employers) to reach an agreement on the issue of the Cost of Living Allowance (CoLA)....

41. Finland PM ousted, conservatives win tight vote

Finland’s main conservative party claimed victory in parliamentary elections Sunday in a tight three-way race that saw right-wing populists take second place, leaving Prime Minister Sanna Marin’s Social Democratic Party in third, dashing her hopes for reelection...

42. Cyprus' hourly labor costs below EU average at 19.4 euros

The average hourly labor costs in Cyprus increased from €18 in 2021 to €19.4 in 2022, according to Eurostat. Hourly labor costs were the lowest in the EU in Bulgaria (€8.2) and Romania (€9.5), and highest in Luxembourg (€50.7), Denmark (€46.8) and Belgium (€43.5). ...

43. Newly appointed presidential advisors to work pro bono

President Nikos Christodoulidis has appointed two new special advisors to his team to help with economic affairs and crisis management, respectively....

44. Generative AI could automate 300mn jobs

According to a report in the Financial Times, Goldman Sachs has found that "generative" AI systems such as ChatGPT could lead to the automation of a quarter of the work done in the US and eurozone....

45. Bank deposits increase by €357.1 million in February

Total deposits in February 2023 recorded a net increase of €357.1 million, compared with a net decrease of €583,8 million in January 2023....

46. Keravnos urges banks to restructure loans and keep rates low

Cyprus Finance Minister Makis Keravnos has urged banks to restructure loans, maintain low lending rates and bank charges, and increase deposit rates in light of continued basic rate hikes by Central Banks. He warned that otherwise the government "would make different thoughts."...

47. Why does the EAC block the installation of solar panels?

"The weaker the government, the stronger the bureaucracy," said the French anthropologist Gustave Le Bon. And he didn't say it by accident....

48. CBC estimates GDP growth at 2.6% in 2023

The Central Bank of Cyprus (CBC) has marginally upgraded its projections for GDP growth this year citing the slightly improved prospects in the external economic environment and the anticipated lower energy prices, amid the continued war in Ukraine....

49. Asylum applications up by 490% since 2016

Interior Minister Constantinos Ioannou told MPs on Thursday that the number of applications for international protection increased by 490% since 2016, pointing out the need to implement an EU action plan for the Eastern Mediterranean with a view to reducing migratory flows....

50. Michael Kyprianou Advocates – Legal Consultants announces opening of office in Tel Aviv

Cyprus’ leading law firm Michael Kyprianou & Co LLC announces the opening of a new international branch in Tel Aviv, Israel, further expanding the firm’s global reach....

51. UBS steps in to buy rival Credit Suisse

Some of the world's largest central banks came together on Sunday to stop a banking crisis from spreading as Swiss authorities persuaded UBS Group AG to buy rival Credit Suisse Group AG in a historic deal...

52. Italy weighs in as Cypriot fund goes after Lukoil plant

An Israeli-backed Cypriot fund’s deal to buy a Lukoil-owned refinery in Italy is hanging in the balance ahead of a Cabinet meeting in Rome possibly this week, when veto powers would be weighed against energy hub aspirations that could replace Russian gas and put the final nail in the coffin of a proposed EastMed pipeline...

53. TechIsland Association Launches the 1st Annual TechIsland Awards to recognize outstanding contributions to the tech industry in Cyprus

The TechIsland Association is excited to announce the launch of the TechIsland Awards, a new annual award program designed to recognize and celebrate the outstanding contributions of individuals, companies, and projects that are making a significant impact on the development and growth of the tech and innovation industry in Cyprus....

54. HSBC buys failed Silicon Valley Bank in bid to stem fallout

Governments in the UK and the U.S. took extraordinary steps to stop a potential banking crisis after the historic failure of Silicon Valley Bank, even as another major bank was shut down....

55. Real estate trends in 2023

Increased inflation, rising interest rates, rising building costs, rising property values, a slight decline in new development approvals, a slight decline to stabilization in the unemployment rate, a slight increase in GDP, and a slight decline in private lending are just a few indicators of the (very) general economic picture....

56. Cyprus GDP and employment up according to Eurostat

Both GDP and employment increased during the 4th quarter of 2022 compared to the previous quarter in Cyprus, while in the eurozone GDP remained stable and employment increased and in the EU GDP fell and employment increased, according to estimates released by Eurostat, the statistical service of the EU....

57. Saudi Arabia puts $5 billion into Turkish central bank

Saudi Arabia said Monday it deposited $5 billion into the Turkish central bank, likely helping Ankara firm up its long-weakening currency, the lira, after last month’s massive earthquake that struck southeast Turkey and northern Syria....

58. Cyprus GDP up by 5.6%, higher than EU or Eurozone estimates

Cyprus’ gross domestic product (GDP) grew by 5.6% in real terms in 2022, according to a provisional estimate published by the country’s statistical service CyStat on Wednesday....

59. CBC: Deposits and loans decreased in January

Deposits and loans recorded a net decrease this January, according to data published by the Central Bank of Cyprus on Tuesday....

60. Turkey pushes on rebuilding as death toll nears 50,000

Turkey has stepped up plans to house victims of the devastating earthquake which struck its border region with Syria, the interior minister said, as the combined death toll in the two countries crept toward 50,000....