Hellenic Bank posted €69.7 mln profit for the first quarter of 2023, as it offloads toxic loans. The bank holds a Solid Capital Position with a CET1 ratio of 19.3% and a Capital adequacy ratio of 25.1%, significantly above minimum regulatory requirements. Its NPE ratio was 9.3%, while excluding the NPEs covered by the APS agreement was at
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The European Commission will co-finance 107 infrastructure projects worth €6.2 bln in grants to support sustainable, safe and efficient transport, including constructing Nicosia’s orbital motorway. The projects include major cross-border rail connections and the development of maritime ports. In Cyprus, the funds will go towards constructing the Nicosia South Orbital Motorway (€32.9 mln) and a
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Doctors told a woman she had just six months to live after being wrongly diagnosed with metastatic cancer. As reported by the news site Philenews, due to a medical mix-up, a 40-year-old woman was given the biopsy results of another patient. Given just six months to live, the woman underwent a cycle of chemotherapy before
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Cypriot authorities rescued 45 Syrian migrants in two boats after receiving information they were in distress 60 nautical miles off the island’s southern coast at Cape Greco, Ayia Napa, officials said Friday. The Search and Rescue Coordination Centre said the migrant rescue operation was completed successfully on Thursday evening, with 29 men, five women and
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Tourism Minister Costas Koumis believes that in 2024 Cyprus and Kazakhstan will have a direct flight connection opening up new markets for the island. The deputy minister held meetings in Almaty, Kazakhstan, heading a Cyprus Chamber of Commerce and Industry business delegation. Koumis met high-ranking government and Kazakhstan’s private sector officials active in various sectors
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Another boat carrying nearly 40 migrants from war-torn Syria was found in the sea area off Cape Greco in Ayia Napa, confirming concerns over rising arrivals from the neighbouring country by sea. According to police, a wooden seven-metre boat carrying 37 people, including six women and three children, was located by a coastguard patrol. Two
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By Craig Erlam The Bank of England accelerated its tightening efforts after meeting this week, hiking rates by 0.5% in response to another raft of worrying inflation data. And it’s not just Wednesday’s CPI data that will have caused considerable discomfort for the MPC; the April figures were also far too high and wage numbers
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Two UK-based legal experts are tasked with helping authorities investigate corruption allegations involving high-ranking officials, while the watchdog authority says Cypriot applicants were unwilling to probe local officials. The Independent Authority Against Corruption in Cyprus on Thursday announced its decision to appoint the two lead investigators, George Kampanella and Tanveer Qureshi, both based in London.
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Cyprus dropped five places in the IMD World Competitiveness Center rankings for the third consecutive year, falling from 40 to 45th out of 64 countries. This year, Cyprus has reached its lowest position since it participated in the rankings, according to the University of Cyprus’ Economic Research Centre (ERC). The decline is attributed to the
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Hundreds of cases of human trafficking and sexual exploitation are reported to authorities yearly, but just a trickle finds their way to court, as victims do not feel safe enough to see their case through. As reported by Phileleftheros daily, the police task force investigating human trafficking has looked into 666 cases in the past
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