https://knews.kathimerini.com.cy/en/news/land-sales-surge-in-akamas
The irregularities observed within Akamas' protected area, as highlighted in last Sunday's report by "K," appear to be just one aspect of a broader issue emerging in anticipation of the implementation of the local plan in September....
https://knews.kathimerini.com.cy/en/news/total-loans-increase-by-€71-million-reaching-€24-4-billion
Non-performing loans decreased by €105 million end of March 2023, compared to the end of December 2022, reaching €2.2 billion, according to data published by the Central Bank of Cyprus on Tuesday. ...
https://knews.kathimerini.com.cy/en/business/nicosia-attracts-millions-in-investment-opportunities
A new investment exceeding 60 million euros is currently in the study phase, focusing on the development of a strategically positioned plot in Nicosia. ...
https://knews.kathimerini.com.cy/en/business/cbc-urges-banks-to-embrace-transformation-for-sustainablefuture
Constantinos Herodotou, Governor of the Central Bank of Cyprus, emphasized the need for Cypriot banks to seize the current favorable circumstances and address impending challenges during his speech at the 2023 ICPAC Mediterranean Finance Summit held in Limassol on Thursday....
https://knews.kathimerini.com.cy/en/news/central-bank-governor-projects-higher-economic-growth-for-2023
On Tuesday, Constantinos Herodotou, the Governor of the Central Bank of Cyprus, announced that the Cypriot economy is projected to grow in 2023 at a higher rate than the Eurozone average. ...
https://knews.kathimerini.com.cy/en/business/expanding-profitability-and-strengthening-capital-position
Group Financial Results for the year ended December 31, 2022...
https://knews.kathimerini.com.cy/en/news/banks-announce-measures-on-interest-rates
Since July 2022, lending rates in Cyprus have risen by 3.5%, putting borrowers in a difficult position with dangerously increasing loan repayments....
https://knews.kathimerini.com.cy/en/news/1-300-loan-applications-submitted-for-oikia-scheme
Applications for 1,318 potentially eligible loans involving a total amount of €131.1 million were submitted under the Oikia scheme, which is a loan management plan with government funds granted under Government Housing Plans....
https://knews.kathimerini.com.cy/en/news/kedipes-interest-subsidies-for-good-loans-in-2023
As a reward for borrowers who stick to the repayment schedule of their credit facilities for the year 2023, KEDIPES is moving forward with an interest subsidy for restructured credit facilities that have the ECB base rate as their base rate....
https://knews.kathimerini.com.cy/en/business/ey-presents-report-on-the-future-of-banking-in-cyprus
The report showcases the importance and contribution of Cypriot banks to the wider economy and society, and identifies current and upcoming challenges and opportunities...
https://knews.kathimerini.com.cy/en/business/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,"...
https://knews.kathimerini.com.cy/en/business/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....
https://knews.kathimerini.com.cy/en/news/the-2023-budget-in-the-vortex-of-the-elections
The government of President Anastasiades has just submitted its final budget, for 2023. DISY will undoubtedly support the budget, but it will be interesting to see what position it will take if and when the polls are confirmed....
https://knews.kathimerini.com.cy/en/news/14-billion-euros of-loans-on-ice-due-to-the-suspension-of-foreclosure-sales
In Cyprus, credit purchasing companies manage over 80,000 loans totaling €20 billion....
https://knews.kathimerini.com.cy/en/news/the-consequences-of-continuing-foreclosure-suspensions
Lambros Papadopoulos, President of the state-owned asset management company, KEDIPES, warned on Tuesday that the continued suspension of foreclosures will negatively affect the company’s revenue from non-performing loans (NPLs) management resulting in a reduced repayment of state aid....
https://knews.kathimerini.com.cy/en/business/2-november-newsletter-of-k-treppides-co-ltd-european-banking-authority
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....
https://knews.kathimerini.com.cy/en/news/finance-minister-calls-for-the-repeal-of-foreclosure-suspension
The Ministry of Finance proposes delaying the law on divestiture suspension.
...
https://knews.kathimerini.com.cy/en/news/64-of-distressed-state-loans-eligible-for-oikia-scheme
The applications for the Oikia scheme for distressed borrowers have reached 64% of the total eligible loans, according to the Housing Finance Corporation. In total, 1,223 applications, valued at €115m have been submitted, out of 1,948 eligible loans, valued at €179m....
https://knews.kathimerini.com.cy/en/news/how-much-loan-can-a-couple-with-an-income-of-€2-000-get
Housing loans are an issue that inevitably affects a large number of young couples. Because housing prices have skyrocketed while wages have remained stagnant, the need for housing leads to borrowing....
https://knews.kathimerini.com.cy/en/news/finance-minister-calls-for-prudency-to-safeguard-economy
Cypriot Minister of Finance Constantinos Petrides, stressed on Wednesday evening the need to be “even more careful” with the fiscal discipline in the new challenging era, while Central Bank Governor Constantinos Herodotou referred to the risk of new NPLs due to the challenging economic conditions....
https://knews.kathimerini.com.cy/en/business/the-end-of-an-era-as-revlon-files-for-bankruptcy
The US cosmetics group Revlon has filed for bankruptcy protection after battling supply chain problems and failing to compete with celebrity-backed and social media-savvy upstarts....
https://knews.kathimerini.com.cy/en/business/lower-interest-rates-on-deposits-and-consumer-loans
A decrease in interest rates on deposits and consumer loans and a marginal increase in the interest rates on mortgages can be seen in the data published on Thursday by the Central Bank of Cyprus for March 2022....
https://knews.kathimerini.com.cy/en/news/default-looms-as-russia-hits-deadline-for-dollar-bond-payments
Russia will default on its debt for the first time since 1998 if it tries to make interest payments on its dollar bonds in roubles on Wednesday, rating agency Fitch has said....
https://knews.kathimerini.com.cy/en/business/pandemic-to-‘spell-end-of-tax-privileges-for-billionaires
Thomas Piketty is one of the most famous economists in the world. His weighty tomes on inequality and its dangerous consequences for global capitalism have been widely praised by other stars of the dismal science, like Paul Krugman and Robert Solow. ...
https://knews.kathimerini.com.cy/en/business/can-banking-institutions-unilaterally-impose-new-policies-on-clients-with-housing-loan-agreements
I have recently been dealing with a case where a banking institution in Cyprus has requested from the client to either repay his housing loan earlier or transfer his loan to another bank. ...
https://knews.kathimerini.com.cy/en/business/npls-in-cyprus-decrease-€722-million-at-the-end-of-september
Α decrease of €722 million or 14.4% was recorded at the end of September 2021 in aggregate Non-Performing Loans (NPLs) compared with the end of June 2021, according to data released Friday by the Central Banks of Cyprus (CBC)....
https://knews.kathimerini.com.cy/en/news/imf-withdrawal-of-support-measures-should-be-gradual
An International Monetary Fund (IMF) mission met virtually with the Cypriot authorities from March 8–29, 2021 to discuss recent economic developments and policy priorities on the island. In an interview with Kathimerini Cyprus, IMF mission chief for Cyprus, Anita Tuladhar, said the longer the recovery period in sectors related to tourism, the greater the chance that permanent scars will remain in the economy of Cyprus. Tuladhar also noted the importance of state-sponsored programs to support the economy....
https://knews.kathimerini.com.cy/en/news/cyprus-to-reduce-debt-once-pandemic-normalises-finmin-says
Cyprus Minister of Finance Constantinos Petrides told the Cyprus News Agency that the government will begin reducing public debt, increased due to strategic cash reserves, once the pandemic begins to normalise....
https://knews.kathimerini.com.cy/en/news/finmin-confirms-cyprus-won-t-reinstate-‘golden-passports-scheme
Finance minister Constantinos Petrides assured that the government will not be reinstating the Cyprus Investment Program (CIP), that was shut down after the shocking corruption revelations that emerged through an Al Jazeera investigation and the subsequent stark criticism by the European Commission. ...
https://knews.kathimerini.com.cy/en/news/cyprus-experiencing-excessive-macroeconomic-imbalances
The European Commission said Wednesday that Cyprus continues to face excessive macroeconomic imbalances, particularly in view of the country’s very high percentage of non-performing loans that continue to plague the financial sector, but also in light of high private sector, government, and external debt....
