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31. Hellenic Bank rakes in €240.7M in 2023's first 9 months

Hellenic Bank announced on Tuesday a profit of €240.7 million for the first 9 months of 2023....

32. No direct intervention in Israel conflict, says Iran's leader

Ayatollah Ali Khamenei says Iran will continue supporting Hamas but will not intervene directly - Office of the Iranian Supreme Leader Iran’s supreme leader told the head of Hamas in a face-to-face meeting in Tehran that his country would not enter the war with Israel and accused the terror group of not giving any prior warning of the Oct 7 attacks....

33. BOC reports €349M in profits, plans employee bonuses for 2024

In a significant financial turnaround, Bank of Cyprus reported a notable profit of €349 million for the nine months ending September 30, 2023, marking a substantial improvement from the €19 million loss in the same period last year. ...

34. Cyprus banks bracing for profit squeeze according to Moody's

Moody's believes that Cyprus' small and saturated banking sector, the banks' limited loan portfolio, and low fee and commission income will restrict opportunities for growth in domestic banks' activities and profitability in the long term....

35. Will foreclosures plague 2023?

There is a race against time, with only a few weeks left to address the issue of foreclosures and enhance the framework....

36. Fitch upgrades Hellenic's long-term rating to ''BB+'' with stable outlook

In a recent announcement, Fitch Ratings raised Hellenic Bank's long-term rating from "BB-" to "BB+" and assigned a stable outlook to the bank. The agency also upgraded the bank's Viability Rating (VR) to "bb+" from "bb-."...

37. PPC becomes new owner of ''Kotsovolos'' in €200 million deal

In a significant development, PPC, the Greek energy company, has emerged as the new owner of the popular retail brand "Kotsovolos." This transition was facilitated through a deal with the British group Currys, valuing the acquisition at €200 million, entirely free from loans and lease obligations....

38. No foreclosures on first homes until the end of 2023

In a development concerning foreclosures, four months after the summer 2023 decisions, the data remains unchanged. Banks and credit redemption companies have been urged to provide a two-month grace period for first homes and properties up to 350 thousand euros. ...

39. Key economic issues dominate the headlines

Despite various actions taken and a decrease in inflation, there are worries about the central bank's ability to achieve its goals. Some experts suggest that the target of 2% price growth, ...

40. ECB maintains interest rates amid tightening impact

The European Central Bank (ECB) has opted to maintain interest rates unchanged for the first time in over a year, marking a shift following 10 consecutive rate hikes. ...

41. Tightened lending criteria and reduced loan demand in Q2 2023

During the second quarter of 2023, lending criteria for both businesses and households in Cyprus remained stringent, with banks exercising caution....

42. Suspense builds as foreclosure deadline nears, and creditors seek solutions

Cyprus is nearing the end of the suspension of divestments of primary residences worth up to 350 thousand euros, but a solution remains elusive regarding open funds tied to the divestment framework. ...

43. Tempo Cyprus Ltd at the Cyprus Cocktail Festival 2023

The 4th Cyprus Cocktail Festival, an integral part of the Digital Agenda Cyprus Summit, is delighted to announce the participation of Tempo Cyprus Ltd as one of the primary suppliers for the event. ...

44. How blockchain technology is reshaping financing

In this age of technology, digital transformation, and the omnipresence of the internet, alternative digital financing is emerging as an innovative and effective solution for both businesses and individuals in need of financial support....

45. Vassos Eliades at the Cyprus Cocktail Festival 2023

We are pleased to announce the participation of Vassos Eliades in the 4th Cyprus Cocktail Festival, a signature event of the Digital Agenda Cyprus Summit. ...

46. Consulco’s London Credit Fund; Existing & New Investment Opportunities

47. Borrowers in a high-stakes game of loan roulette

In 2023, borrowers face a pivotal year, primarily due to the soaring levels of inflation, rising prices, and increasing interest rates. This year also carries significant importance for banks, not in terms of profits, ...

48. Libya: Tragic road accident claims lives of Greek rescue mission

The death in the horrific road accident on Sunday afternoon in Benghazi of five Greeks who were part of an armed forces mission to Libya to assist flood-affected residents of Derna raises legitimate concerns about the planning and execution of such a complex mission in the midst of chaos, in a country that is, in any case, unsafe due to years of civil war....

49. EU passes borrower protection law: Your rights when borrowing money

The European Parliament (EP) has voted on rules to keep people safe when they borrow money for things like credit cards or loans....

50. Big on big issues and small on small issues

Are you tired of scrolling and reading throughout long and multiple pages filled with every single detail of each accounting policy your entity of interest is using the last couple of years, only to find what really matters for you in page 25? Don’t get me wrong! I do that for living....

51. Recovery and Resilience measures target non-performing loans

In a move to address Non-Performing Loans (NPLs) and maximize European funds, Minister of Finance, Makis Keravnos, announced the approval of an action plan under the Recovery and Resilience Plan. ...

52. Consulco: London Credit Fund’s new investment opportunity secured against UK commercial properties

The London Credit Fund New Compartment offers even higher returns to investors....

53. Wargaming to divest 6.8% stake in Hellenic Bank to Eurobank for €65.9 million

Wargaming has announced its decision to sell its remaining stake of 6.8% (28,023,767 shares) in Hellenic Bank to Eurobank. ...

54. Potential bank tax discussed amidst rate dissatisfaction

Leaving the door open for potential action, the Finance Ministry is considering an additional tax on banks due to dissatisfaction with their current approach to deposit and lending rates....

55. China's $10 trillion hidden debt

For some time now, markets have been buffeted almost on a daily basis by gloomy economic news filtering out of China....

56. Desperate battle against unyielding fires rages on

Greece is grappling with an ongoing state of fire as blazes continue to ravage several regions....

57. BOC reports €220 million profit for first half of 2023

Bank of Cyprus Group has reported a robust profit after tax of €220 million for the first half of 2023, a significant leap from the €43 million recorded in the same period of 2022. Notably, €125 million of these profits were achieved in the second quarter of 2023....

58. Italy surprises banks with 40% windfall tax

Italy's rightwing coalition sent shockwaves through the financial markets as it announced an unforeseen 40% tax on bank profits derived from higher interest rates. ...

59. Strongest work-from-home rights for Australians

Before COVID-19 sent one-third of the global workforce home, the Melbourne property surveyor that employs drone operator Nicholas Coomber called its 180-strong staff into the office every day at 9 a.m. to hand out assignments....

60. NPL crisis highlights tug of war between borrowers and legislation

The concealment, or "camouflage," of non-performing loans (NPLs) in commercial banks before 2013 and their subsequent explosion have been, and may continue to be, the most significant challenge for the Cypriot economy. ...