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1. Hellenic Bank's profits surge amid higher lending rates

Hellenic Bank, Cyprus’ second-largest lender, has had a strong start to 2024, reporting a net profit of €189 million in the first half of the year—a solid 18% increase from last year. This boost in profit is mainly due to a 30% rise in interest income, driven by higher European Central Bank (ECB) interest rates....

2. Cyprus banks set for major changes in September

September will bring significant shifts for Cyprus's two largest banks....

3. Illegal tobacco smuggling from occupied territories hits new high in Cyprus

Last Friday, two Cypriots and a British national were apprehended at Paphos Airport with illegal tobacco products valued over €30,000 while attempting to smuggle them into the UK....

4. Limassol resident loses €30,000 in cryptocurrency scam

A 54-year-old resident of Limassol reported to the police yesterday that he was scammed out of €30,000 by an online scammer posing as a cryptocurrency investment advisor....

5. Bank of Cyprus sees 23% profit growth, raises financial targets

The Bank of Cyprus has announced a 23% increase in its profit after tax for the first half of 2024, reaching €270 million, compared to the same period in 2023. ...

6. Limassol man duped out of €30,000 in cryptocurrency scam

7. 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), ...

8. Corruption at the heart of the Cyprus problem

Is there any doubt that corruption is a major reason why the Cyprus problem remains unresolved? A recent example is the Vasiliko case, the construction project of the ''Liquefied Natural Gas Storage and Regasification Terminal'' in Vasiliko....

9. Eurobank Cyprus reports €105.7M net profit for H1 2024

Eurobank Cyprus reported a net profit of €105.7 million for the first half of 2024, marking a 16% increase, or €14.9 million, compared to the same period in 2023....

10. Greek firms fuel business expansion across Cyprus

The investment climate in Cyprus has significantly improved since the crisis era of 2013, attracting substantial interest from Greek companies....

11. Cyprus sets course for cheaper electricity in 2025

Energy, Commerce, and Industry Minister George Papanastasiou unveiled Cyprus' ambitious plans for the Electricity Authority of Cyprus (EAC) during a press conference in Nicosia on Tuesday. ...

12. CBC to keep dividends low despite bank profits

The increased profitability of Cypriot banks, will not affect the supervisory authorities’ views over the necessity to maintain a prudent policy with respect to banks’ dividend payments, the Central Bank of Cyprus said in its annual report for 2023, published on Wednesday....

13. New pyramid scheme preys on Cypriots promising big profits

In a report by Hectoras Georgiou from Kathimerini, a new company named Metamax has recently popped up in Cyprus, promising substantial profits to users through its application. ...

14. ECB concerned over Cypriot bank profit tax proposal

In 2023, Cypriot banks reported unprecedented profits, marking a 15-year high, with projections suggesting even greater earnings in 2024....

15. Banks contribute over €854M in taxes amid controversy over proposed levy

In the last seven years (2017-2023), Cypriot banks have collectively paid more than €854 million in income tax, special taxes, and VAT, according to a report by Panayiotis Rouglas in last Sunday's Kathimerini....

16. Russian assets to fund Ukraine's defense against Russia

Leaders of the Group of Seven nations have struck a landmark agreement to extend a $50 billion loan to Ukraine, funded by interest earned on Russia’s immobilized central bank assets....

17. CBC chief warns: Tax on big profits could hurt economy

The new Governor of the Central Bank of Cyprus (CBC), Christodoulos Patsalides, expressed opposition to a windfall profits tax, which is a tax imposed by governments on companies that have experienced unexpectedly large profits,...

18. Profits soared in Cyprus banking sector in 2023

The Cyprus banking sector experienced a significant surge in profitability by the end of 2023, as indicated by key financial indicators from the Central Bank of Cyprus (CBC)....

19. ECB to implement first interest rate cut

The European Central Bank (ECB) is poised to execute its much-anticipated rate cut, scheduled to take effect on Thursday, June 6, 2024....

20. Bank of Cyprus earns €133 million in profits

The Bank of Cyprus has announced a robust profit of EUR 133 million for the first quarter of 2024, marking a significant increase from EUR 95 million in the same period last year....

21. Cypriot banks set to exceed 2023's record profits in 2024

Cypriot banks are maintaining a low profile, but it's expected that 2024 will bring in higher profits compared to the record-breaking figures of 2023. ...

22. Cryptocurrency seized in Cyprus as fraud network unravels

A well-established international cryptocurrency fraud, dismantled recently, resulted in numerous victims and significant profits for a criminal network....

23. Fighting high interest rates is Europe's main challenge

The European economy faces significant challenges amidst the current geopolitical crisis, which threatens its global position. ...

24. Former Central Bank Governor reflects on achievements and future plans

In an exclusive interview with Andreas Kimitris of Kathimerini, former Cyprus Central Bank Governor Constantinos Herodotou delved into various aspects of his tenure and the hurdles encountered during his term. ...

25. Cypriot banks predicted to surpass €1.2 billion profits in 2024

In a landmark year, Cypriot banks soared to unprecedented heights, boasting profits exceeding €1.1 billion in 2023....

26. Alternative investments and portfolio diversification

In contrast to traditional investments in stocks and bonds, portfolios incorporating alternative investments have historically offered higher returns, a trend that has become more prevalent in recent years. ...

27. WhatsApp's lowered age limit sparks controversy

Meta, the parent company of WhatsApp, has revised its minimum age requirement for the messaging app in Europe, lowering it to 13 from 16, a move that has drawn criticism from children's rights advocates....

28. 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....

29. Cyprus betting sector breaks records with €1 billion revenue

The revenues of the betting activity in the Republic of Cyprus recorded an upward trend for another quarter, confirming the dynamic and stable growth of the sector. ...

30. Hellenic Bank's pursuit of CNP Cyprus uncovers uncertainties

The exclusive negotiations between Hellenic Bank and CNP Cyprus Insurance Holdings, a subsidiary of the French insurance powerhouse CNP Assurances, have captured attention for their high stakes and strategic importance....