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1. Moody’s upgrades Bank of Cyprus to A3

Moody’s Investors Service has upgraded Bank of Cyprus’ long-term deposit rating to A3 from Baa1 and revised its outlook to stable....

2. From brain drain to brain gain: Cyprus rolls out incentives to bring talent home

The Cypriot government has approved a plan to offer tax breaks to citizens working abroad in a bid to reverse the country’s “brain drain,” a government spokesperson said Wednesday....

3. Global fintech investment falls to seven-year low of $95.6 billion in 2024, but uptick in Q4’24 is a sign of cautious optimism says KPMG’s Pulse of Fintech H2’24

2024 was another difficult year for fintech, with just $95.6 billion of investment globally across 4,639 deals....

4. 2024 global VC investment rises to $368B as investor interest in AI soars

Global VC investment rose from $349.4 billion across 43,320 deals in 2023 to $368.3 billion across 35,684 deals in 2024 despite a multitude of challenges, including global conflicts and geopolitical tensions, uncertainties associated with a significant number of major elections—...

5. Cyprus’ tax reform aiming for innovation, sustainability, and simplicity

A major tax reform is underway in Cyprus as part of the Tax Transformation Project, led by the Centre for Economic Research (CER) at the University of Cyprus. ...

6. Moody’s Nick Hill on financial risks and opportunities for 2025

In an insightful conversation with Kathimerini's Panayiotis Rougalas, Nick Hill discusses the key macroeconomic risks and opportunities facing the region in 2025....

7. Geopolitical turbulence presents a looming threat to 2025 economic growth

Speaking at the 20th Economist Conference in Nicosia, Nick Hill highlighted the macroeconomic and geopolitical challenges shaping the global financial environment....

8. Cybersecurity and ICT risks emerge as leading drivers of operational risk

Geopolitical tensions have significantly increased operational risks, particularly in the areas of cyber and digital threats, as well as risks related to money laundering and sanctions compliance....

9. Geoeconomic tensions and Cyprus: Staying the course amid challenges ahead

Geoeconomic fragmentation, the reversal of progress towards global economic and financial integration due to political and military conflict and strategic policy decisions, is rising....

10. Cyprus Central Bank raises 2024 GDP growth forecast to 3.5%

The Central Bank of Cyprus (CBC) has revised GDP growth rate up by 0.5 percentage points for 2024, to 3.5%, compared to its forecasts last June, stressing that there does not seem to be any significant negative impact on investments from the conflict in the Middle East. ...

11. Cypriot banks show resilience amid challenges, says CBC Governor

Despite the continuous challenges, the Cypriot banking system continues to register a positive course, which is reflected in the main supervisory indicators, Governor of the Central Bank of Cyprus (CBC), ...

12. Chamber of Commerce warns of risks from Cyprus’ 1.5% wage hike

The Cyprus Chamber of Commerce and Industry (CCCI) has expressed concern over a new agreement between the Ministry of Finance and public sector unions to grant a 1.5% general wage increase starting in October 2024....

13. Cyprus to sell €1 billion bond after improved credit ratings

The Republic of Cyprus is expediting its return to the financial markets, seeking to leverage recent credit rating upgrades by Fitch and Standard & Poor's......

14. CBC projects 3% GDP growth in 2024

The Central Bank of Cyprus has revised its 2024 forecast for GDP growth to 3%, from 2.8% that was expected last March, mainly due to the upward revision of domestic demand, while it maintained its forecast for growth in the years 2025 and 2026, at 3.1% and 3.2%, respectively....

15. Fitch upgrades Cyprus to 'BBB+'

Fitch Ratings has upgraded Cyprus' Long-Term Foreign Currency Issuer Default Rating from 'BBB' to 'BBB+' with a positive outlook....

16. IMF predicts growth and lower unemployment rates

The Ministry of Finance welcomed, in a press release on Wednesday, the new estimates for Cyprus by the International Monetary Fund (IMF) as part of the World Economic Outlook (WEO)....

17. AstroBank's record-breaking year: €30.4M in profits for 2023

AstroBank reported Profit After Tax of €30.4 million for 2023, representing a return on equity (RoE) of 13.9%, compared with €12.2 million and RoE of 6.2% for 2022, achieving an increase on profit of 150%, mainly due to increased interest income....

18. Deloitte reveals steady surge in Cyprus real estate transactions

Deloitte issued the Cyprus Real Estate Review, which presents an in-depth analysis of the real estate market in 2023....

19. President Christodoulides hails financial progress with new CBC Governor

The appointment ceremony for the new governor of the Central Bank of Cyprus, Mr. Christodoulos Patsalides, occurred this morning at the Presidential Palace, with the President of the Republic, Mr. Nikos Christodoulides, in attendance....

20. European Commission flags trade risks for Cyprus economy

The Cypriot economy is on a sound footing due to solid economic growth and declining inflation, but its high integration with EU and non-EU economies make geopolitical and trade tensions......

21. ECB considers rate cut despite falling inflation

The European Central Bank is set to keep interest rates at record highs on Thursday and take baby steps towards cutting them in the coming months as inflation continues to fall despite stubbornly high underlying price pressures....

22. Central Bank predicts 2.2% GDP growth in 2023

The Central Bank of Cyprus (CBC) expects GDP growth of 2.2% in 2023, compared to significant growth of 5.1% in 2022, while for the years 2024-26 it expects GDP growth of 2.6%, 3.1% and 3.2%, respectively....

23. CEOs globally forecast increase in revenues, profits and deal making in 2024, as business transformation moves up the agenda

CEOs are optimistic about their ability to drive revenue growth and profitability in 2024 despite global economic headwinds, according to the latest EY CEO Outlook Pulse survey....

24. Electricity subsidy extends to vulnerable consumers until February's end

With its metaphorical ''finger on the trigger,'' the Ministry of Finance is vigilantly tracking the anticipated surges in the current....

25. Makis Keravnos voices concerns over geopolitical developments

The global supply chain disruption and its economic impact on Europe and the world have raised concerns among Europeans....

26. Can Cyprus withstand yet another crisis?

The recent Houthi attacks on commercial vessels navigating the Red Sea have triggered another disturbance in the intricate web of the global supply chain...

27. Dr. Anastasatos forecasts bright future for Cyprus economy

Eurobank group's chief economist, Dr Tasos Anastasatos, expresses optimism about the Cyprus economy, emphasizing that the decision to expand the group's banking presence in Cyprus is linked to these positive economic prospects....

28. Cyprus tax reform targets green initiatives and economic revitalization

By March 2024, the initial six phases of the tax transformation project commissioned by the Ministry of Finance to the Centre for Economic Research of the University of Cyprus will conclude,...

29. Finance Ministry undergoes administration overhaul

30. EY Cyprus redefines corporate reporting landscape at 3rd annual insights event

EY Cyprus organised its 3rd Annual Corporate Reporting Insights event titled ‘Connectivity: Reforming Corporate Reporting.’ ...