https://knews.kathimerini.com.cy/en/news/cyprus-faces-deceleration-amid-inflation-and-rising-rates
Cyprus' economy experienced a slowdown in the second quarter of 2023, prompting inquiries about the situation. According to the preliminary estimate provided by the Statistical Service, ...
https://knews.kathimerini.com.cy/en/news/record-surge-in-loan-renegotiations-amidst-rising-interest-rates
Loan renegotiation in the Cyprus banking system spiked to record levels in the first half of 2023, driven mainly by the repeated interest rate hikes by the European Central Bank (ECB) in its effort to tackle soaring inflation....
https://knews.kathimerini.com.cy/en/business/corporate-loans-above-€1-million-surge
The net new loans (excluding restructurings) in Cyprus amounted to €1.73 billion in the first half of 2023, showing a slight annual increase of 1.26%. The continuous interest rate hikes by the European Central Bank significantly slowed down the granting of housing loans....
https://knews.kathimerini.com.cy/en/business/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. ...
https://knews.kathimerini.com.cy/en/business/fitch
Fitch Ratings released a new report on Monday stating that the credit profiles of Greek and Cypriot banks have significantly improved over the past year due to de-risking and restructuring....
https://knews.kathimerini.com.cy/en/business/ey-cyprus-announces-five-new-partners
EY Cyprus is pleased to announce that its management team has been strengthened with the addition of five new partners and five new directors in 2023, reaching the total number of 31 partners of whom 6 are women, and 17 directors of whom 8 are women....
https://knews.kathimerini.com.cy/en/news/loan-demand-in-cyprus-falls-interest-rates-rise
The Cypriot banking institutions are holding a small basket for demand in new loans....
https://knews.kathimerini.com.cy/en/news/mps-move-forward-with-divestment-changes
MPs are displaying a resolute determination to press ahead with crucial changes to the divestment framework before the parliamentary summer recess....
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/news/president-s-commitment-to-empower-justice-in-cyprus
The existence of an independent, strong, and efficient judicial system is the greatest guarantor of the rule of law and the supremacy of the Law, Cyprus President Nikos Christodoulides said on Thursday, while addressing an event at the Supreme Court on the occasion of the implementation of the justice reform laws and the swearing in of the judges of the newly established Court of Appeal....
https://knews.kathimerini.com.cy/en/news/christodoulides-pledge-to-safeguard-cyprus-reputation
President of the Republic Nikos Christodoulides has stressed that the government will not allow a very small minority of people in the country to tarnish Cyprus' reputation, which was built after many years of effort....
https://knews.kathimerini.com.cy/en/news/finmin-underlines-the-importance-of-disciplined-policy
The contact circle with the banks has not been completed, and there will be a new one to adopt measures that will provide relief to borrowers regarding the increased interest rates....
https://knews.kathimerini.com.cy/en/news/ai-driven-job-losses-surge-marking-a-disturbing-trend
Almost 4,000 people who were laid off in May lost their jobs because of artificial intelligence, and it's the first time AI has been listed in the monthly report from Challenger, Gray, and Christmas....
https://knews.kathimerini.com.cy/en/news/imf-says-cyprus-untouched-by-war-fallout
The economy of Cyprus is expected to slow to around 2.5% in 2023, reflecting an erosion in household incomes, tighter financial conditions, and delayed impacts from sanctions against Russia, International Monetary Fund forecasts, after the conclusion of the Article IV consultation with Cyprus...
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/news/the-turkish-formula-for-cyprus-is-challenging
A complex equation for the Cyprus problem is foreseen by circles at the EU headquarters, regardless of who wins Turkey's elections. This is because neither of the two main candidates, Tayyip Erdogan nor Kemal Kilicdaroglu, has the resolution of the Cyprus problem on their agenda. ...
https://knews.kathimerini.com.cy/en/news/finance-minister-requests-containment-of-lending-rates-for-housing-loans
The Finance Minister of Cyprus, Makis Keravnos, has written letters to the Director General of the Cyprus Banks Association and the Director General of the Association of Credit Acquisition Companies and Credit Facility Managers, requesting measures to control rising lending rates for serviceable loans up to €350,000....
https://knews.kathimerini.com.cy/en/business/herodotou-european-banking-system-in-good-health
Governor of the Central Bank of Cyprus (CBC) Constantinos Herodotou said on Wednesday that there’s concern that the banking problems with some European banks could evolve into something bigger....
https://knews.kathimerini.com.cy/en/news/finmin-stresses-importance-of-stable-legislation-for-out-of-court-auctions
The Finance Ministry has stressed the importance of having stable legislation regulating out-of-court auctions, in tandem with an effective insolvency framework in order to achieve a reduction of bad loans....
https://knews.kathimerini.com.cy/en/news/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."...
https://knews.kathimerini.com.cy/en/news/herodotus-to-banks-on-restructuring-interest-rates-and-transparency-in-charges
The Governor of the Central Bank, Constantinos Herodotou, emphasized to the Senior Executive Directors of licensed credit institutions the importance of the timely provision of viable restructurings, as well as the assessment of their data regarding the level of their deposit rates....
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/meta-lays-off-another-10-000-workers
Meta, the parent company of social media giant Facebook, has announced it will cut another 10,000 jobs as part of a company-wide restructuring effort....
https://knews.kathimerini.com.cy/en/news/sales-to-foreign-buyers-hit-16-year-high
During January 2023 foreign buyers deposited 594 contracts of sale at Land Registry offices across the island. Moreover, these accounted for 54% of all sales; the first time since 2007 that the number of foreign sales has exceeded domestic sales....
https://knews.kathimerini.com.cy/en/news/credit-suisse-posts-$1-51-billion-loss-in-4th-quarter-of-2022
Credit Suisse on Thursday reported a fourth-quarter and annual net loss that missed expectations, as the Swiss bank continued with its huge strategic overhaul....
https://knews.kathimerini.com.cy/en/news/a-large-number-of-foreclosure-notices-to-be-sent-tomorrow
Today, Tuesday, January 31, 2023, marks the end of the most recent three-month suspension of divestments imposed by a resolution of the House of Representatives. ...
https://knews.kathimerini.com.cy/en/news/athienou-draws-line-over-buffer-zone-barbwire
A recent renovation of a Greek Cypriot police station near the buffer zone came with promises of additional staff and better monitoring of the area, but leaders of the local community have second thoughts over a controversial barb wire...
https://knews.kathimerini.com.cy/en/business/tech-companies-calling-for-employee-naturalizations-after-5-years
Following the 2023 Presidential Elections and the resumption of the meetings of the House of Representatives, ICT companies will begin "pushing" for the right to apply for naturalization after 5 years of residence and work in the Republic of Cyprus,...
https://knews.kathimerini.com.cy/en/comment/opinion/how-do-we-assimilate-immigrant-children-into-our-educational-system
As our great George Seferis would say, let's speak plainly. Today, in practice, how do we welcome a child who, for a variety of reasons, finds himself in a classroom where no one, or almost no one, speaks the same language as him, ...
https://knews.kathimerini.com.cy/en/news/hollywood-executives-brace-for-‘year-of-turmoil-in-2023
Hollywood executives are bracing for a brutal “year of turmoil” as the entertainment business faces the combined threat of an economic recession, slower streaming growth, a cinema industry on life support and a potential writers’ strike....