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31. Business loans drop, home loans steady

The Central Bank of Cyprus reported on Wednesday that the net demand for corporate loans continued to decrease in the last quarter of 2023, marking a consistent downward trend since the first quarter of 2022, although at a slower pace than anticipated earlier in the year....

32. Boeing CEO to step down in wake of safety scandals

Boeing, the renowned U.S. aircraft manufacturer, announced significant changes in its leadership, with CEO Dave Calhoun set to depart by year-end....

33. What are they afraid of?

Transparency is not merely a good thing; it is essential. However, with the exception of one, credit buyout companies seem unwilling to disclose their financial results, keeping them shrouded in secrecy....

34. KEDIPES preps for major loan sell-off, boosting Cyprus banks

In a strategic move to streamline its assets, KEDIPES is gearing up to offload a second batch of performing loans, hot on the heels of its €58 million deal with the Bank of Cyprus....

35. Phone ringing, debt ignored: Cyprus faces loan repayment hurdles

Despite efforts to reduce Non-Performing Loans (NPLs) in Cyprus, the lingering burden continues to weigh heavily on the country's economy and society....

36. Banks urged to accelerate loan restructurings

The governor of the Central Bank has shed light on the strategy for restructuring Non-Performing Loans (NPLs) and navigating credit risk management....

37. Interest rates extended, borrowers face dilemma

Last Thursday, the European Central Bank (ECB) opted to maintain interest rates, extending the uncertainty for borrowers regarding their loans and repayments....

38. State of the Union: Genuine commitments or political maneuvering?

The Cyprus President’s State of the Union address is to take place on Monday in the presence of representatives of the Legislative and Judiciary, and other officials, Government Spokesperson, Konstantinos Letymbiotis said on Thursday. ...

39. Germany and France propose radical restructuring of EU decision-making

In an unprecedented move, Germany and France are advocating for profound changes in the operation and decision-making processes of the European Union (EU). ...

40. Black holes in public safety

Last week, Justice Minister Marios Hartsiotis pledged to enhance security, proposing an increased uniformed presence in the city center to combat crime....

41. Parliament enacts law granting tax exemption on loan repayments

The House of Representatives has unanimously approved a law exempting individuals who sold real estate or transferred shares to repay Non-Servicing Loans from the 0.4% tax designated for the Central Equal Weight Sharing Agency...

42. 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....

43. Government takes bold steps to speed up construction approvals

The Ministry of Interior in Cyprus is on a mission to simplify the development control system by implementing a comprehensive package of 22 measures in collaboration with the Cyprus Scientific and Technical Chamber (CSTC). ...

44. A government on fragile ground

In May 2022, Nikos Christodoulides announced his candidacy for the Presidency of the Republic, only to be overshadowed by the revelation of a partially plagiarized speech from Ioannis Kasoulides during the 2008 presidential election....

45. Cyprus grapples with lingering private debt woes

In Cyprus, the European Commission consistently highlights the significant economic challenge of private debt through regular post-program or post-memorandum reports....

46. Finance Ministry undergoes administration overhaul

47. Greece named Economist 'Country of the Year 2023'

The Economist magazine has declared Greece the country of the year for 2023, with Prime Minister Kyriakos Mitsotakis, in a post, referring to the "recognition of the efforts of the Greek people."...

48. Parliament approves measures for NPLs and foreclosures framework

Cyprus' Finance Ministry has expressed satisfaction with the parliament's approval of laws integral to the comprehensive package for managing Non-Performing Loans (NPLs) and the foreclosure framework....

49. Non-performing loans take a €95M dive

As of the end of September 2023, the total Non-Performing Loans (NPLs) in the banking system of Cyprus further decreased to €2.02 billion compared to €2.08 billion at the end of August. ...

50. Michael Kyprianou & Co LLC receives Cyprus Firm of the Year Legal Award at Who’s Who Legal Awards 2023

Michael Kyprianou & Co LLC has been awarded the Cyprus Firm of the Year Award by Who’s Who Legal (WWL). ...

51. Michael Kyprianou & Co scoops prestigious Cyprus firm of the year

Michael Kyprianou & Co LLC has been awarded the Cyprus Firm of the Year Award by Who’s Who Legal (WWL). ...

52. Police force faces renewed criticism after recent tragedies

The debate on the problems in the police force, which was a hot topic in the public sphere last week due to the two fatal attacks that occurred in a short span of time, was reignited on Wednesday, when all the relevant officials, led by the Minister of Justice and Public Order, Anna Koukkidi-Prokopiou and the Chief of Police, Stelios Papatheodorou, met in the Parliament's Institutions Committee....

53. 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. ...

54. Government to expand workforce in 2024

In the 2024 budget, authorities anticipate total general government revenue of €13.2 billion and expenditures of €11.8 billion, resulting in a fiscal surplus of €659 million, equal to 2.2% of GDP. ...

55. Justice Minister shuts down Chief of Police dismissal debate

Justice Minister Anna Koukkidi Prokopiou unequivocally stated that there is no room for dismissing Chief of Police Stelios Papatheodorou, reiterating the stance previously articulated by the President of the Republic. ...

56. 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, ...

57. 135% debt reduction sparks hope for economy

According to the latest data from the Central Bank of Cyprus, the private debt-to-GDP ratio has shown a significant decrease from its peak at the end of the first quarter in 2015 to the end of March 2023. ...

58. Major government reforms begin with secretariat's launch

The Secretariat for the coordination and support of government work which is included in the Governance Programme of the President of the Republic, under the pillar "Restructuring the State", starts work on Friday, an Presidency press release says....

59. Cyprus aims to shine with 'Cypriot Red Soil Potato' in European market

Ministry of Agriculture, Rural Development, and Environment, is making every possible effort to address new challenges while improving the competitiveness of the agricultural sector, said the Minister of Agriculture, Rural Development, and Environment, Petros Xenophontos....

60. 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....