A new report from PwC suggests that, by as soon as 2025 – 2030, a market economy could readily exist without banks of the traditional kind. The report, The Future Shape of Banking, says that as barriers to entry for non-banks to provide formerly ‘core’ banking services continues to decline, the business models of today’s
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Retailer Jumbo saw an 8% rise in sales for its fiscal year, helped by a robust performance in Cyprus and Bulgaria, the company announced last week. The rise beat Jumbo's guidance for an annual sales growth of 4-6%, it said. The popular toy and home supplies reseller, which operates 52 stores in Greece and another
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Cyprus Airways and PHI Air Europe Ltd, a subsidiary of US-based PHI Helicopters Inc., have signed a strategic agreement for the provision of helicopter support services at the Cypriot carrier’s technical facilities. PHI, a leading provider of helicopter services to oil and gas rigs, will be based in Cyprus to support customers operating in the
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* Cyprus accused of confiscating funds following 2013 bailout * The government could be facing a lawsuit with a claim for “at least” 50 mln euros from Greek investors who lost their deposits and holdings as a result of the country’s financial crisis and last year’s bailout. The group of nearly 100 investors, which includes
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The Central Bank of Cyprus has granted a license to the Russian Bank Zenit (Open Joint Stock Company) to establish and operate a representative office in Cyprus. Bank Zenit, established in December 1994, is the parent of the Zenit Banking Group which comprises five banks incorporated in the Russian Federation that provide a range of
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. * Opportunity of receiving a lump sum outside of Cyprus will soon be gone * By Ben Rosenberger Partner, Exito Capital International In line with our previous analysis, Bank of Cyprus has decided to go ahead with a capital increase of up to EUR 1 bln. The bank's management decided to proceed with exploring
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. Dr. Stamatoula Panagakou of the University of Cyprus presented her latest research on the feminist philosophy of J. S. Mill at the international conference “Knowledge Networks, the Grote Club and Cambridge Idealism” which took place at Wolfson College, Cambridge, June 26-27. According to the conference organisers, “knowledge networks have emerged in scholarship as vital
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The Kanika Group has sold The Alexander the Great Beach Hotel in Paphos and the Kanika International Business Center in Limassol in two separate multimillion-euro deals involving Russian investors. The recently-renovated Alexander the Great, a property of Kanika Hotels Ltd, was sold to an investment company, Ruby Coast Properties Ltd. It will continue to be
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The decision to place the Cyprus branch of FBME Bank under resolution shows the commitment of the Cypriot independent institutions to safeguard financial stability, Government Spokesman Nicos Christodoulides stressed on Tuesday. The Central Bank of Cyprus issued an announcement late Monday saying it had issued a decree by which it has placed the Cyprus branch
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The Cyprus government has pledged to drastically reduce the number of pending title deeds from 30,000 at present to just 2,000 by the end of the year, a fete regarded by many as an extremely high order considering the bureaucracy in some departments and the lack of cooperation from property developers. Interior Minister Socrates Hasikos,
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