Capital flight from Greece accelerated dramatically in January, with the Greek central bank asking the other central banks in the Eurozone, as well as the ECB, to fill foreign bank accounts with a net sum of almost €27 bln, the Ifo Institute in Munich said on Friday. The Eurosystem thus effectively granted Greece over a
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The economic climate improved in February with the Economic Sentiment Indicator increasing by 0.9 points compared with January, according to the latest business and consumer survey conducted by the Economics Research Centre of the University of Cyprus. The increase, the survey said, is due to the improvement of the business climate in services and manufacturing.
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Finance Minister Haris Georgiades said on Friday that he hopes the controversial bills on foreclosures and insolvencies will be concluded “within March”, despite parliament delaying their implementation by a further two weeks on Thursday night. The outstanding fifth piece of legislation for a comprehensive framework that will give banks a tool to recover unpaid loans,
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Cyprus-based Eurofast, the indepedent tax and advisory group within the Taxand network, has appointed Nemanja Paskulov as its new Regional Manager for the Western Balkans. In his role Nemanja will be working across all Eurofast offices in the region leading the firm’s ongoing development, while ensuring quality of services across all service lines. Nemanja will be
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Hellenic Bank, the recently recapitalised lender majority controlled by foreign funds, announced an operating profit for 2014, before provisions, totalling €158 mln, up 22% from 2013, claiming a strong capital position and “comfortable liquidity” encouraging the group to aim for growth. Net losses for the year reached €119 mln, hampered by the high rate of
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German firms proved slightly less willing to recruit new staff in February, with the Ifo Employment Barometer dropping to 106.8 index points from 108.1 in January. There were setbacks in the service sector and a growing number of bright spots in manufacturing, according to the Munich-based research institute. The employment barometer in manufacturing rose for
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Moody's Investors Service has placed on review for downgrade the local-currency and foreign-currency deposit ratings of six Belarus banks — Belarusbank, Belagroprombank JSC, BPS-Sberbank, Belinvestbank, Minsk Transit Bank and Delta Bank following the weakening of Belarus's credit profile, as reflected by the B3 sovereign bond rating on review for downgrade on February 23. The rating
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Bank of Cyprus, the island’s biggest lender that was bailed out by foreign investors who pumped in about €1 bln last year, following a near €4 bln bail-in by depositors the year before, seems to have turned the corner and reported after-tax profits and pre-restructuring costs of €42 mln for the full year, it’s chief
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Cyprus is Russia’s most credible ally within the EU, President Nicos Anastasiades said on Wednesday, during a meeting with Sergey Naryshkin, the Chairman of the State Duma, after which h signed a host of bilateral agreements with President Vladimir Putin. Key agreements include a renewal of a military support agreement, providing humanitarian aid and facilities
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* €270 mln in funds moved to BOC * The Central Bank of Cyprus and its appointed administrator have been told to back off from any attempt to sell FBME Bank to any other Cypriot or other lender, suggesting that the arbitration process underway could be producing results and may help resolve an issue that
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