Eurobank edging towards Hellenic takeover

Eurobank is moving closer to a takeover of the island’s second-largest lender after solidifying its position as Hellenic Bank’s major shareholder acquiring another 3.2%, essentially buying out Senvest Management LLC. Combined with

Cyprus Equity Fund in early 2023

A nascent, but promising innovation ecosystem, will get another boost as authorities gear up to launch the Cyprus Equity Fund, said the Finance Ministry. In an update to the House Finance Committee,

Festive supermarket sales rise, SMEs struggle

Retail sales during Christmas reached pre-pandemic levels, but small businesses’ turnover was below expectations and want government support. “It went very well, beyond our expectations, it was at satisfactory levels, similar to 2019, and we

National Minimum Wage comes into effect

The landmark National Minimum Wage of €940 per month and €885 for the first six months of employment became active on January 1 by the decree of Labour Minister Kyriacos Koushos. Some

Annus Horribilis for Cyprus banks

Over the last three years, Cyprus banks had struggled to deal with their past and unload non-performing loans from their balance sheets when governments were fighting the worst pandemic in a century.

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ΙCT sector contributed €3 bln to economy

The technology sector’s (ICT) contribution to the Cypriot economy is estimated to reach €3 bln this year, boosting its diversification and resilience. According to the latest data, more than 1,200 foreign companies,

Rating agencies set Cyprus 2023 dates

The four international rating agencies have published their potential rating dates for Cyprus’ credit rating in 2023, where decisions could impact confidence. The ratings will take place in a year marked by