S&P Global Ratings (S&P) revised the outlook for the Bank of Cyprus to positive from stable, citing the easing of funding risks, a diversified business model and substantial progress in de-risking its balance sheet. It affirmed the ‘BB-/B’ long-term and short-term issuer ratings for Cyprus’ largest lender. In the same rating action, the agency upgraded
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Main opposition party DISY is attempting to keep a state subsidy on fuel prices at the pumps by tweaking a Finance Ministry bill aiming to halve it in May. In April, the government decided to continue subsidising fuel prices at the pumps by extending a reduction on consumption tax until the end of June but
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Finance Minister Makis Keravnos’ efforts to convince banks to absorb shockwaves triggered by a hike in interest rates seem to be paying off, as banks agree to alleviate pressure on households. According to local media, banks have agreed to draw up their own action plan by reducing the interest rate on mortgages, increasing deposit rates,
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Two flights carrying the first British civilians evacuated from Sudan have arrived in Cyprus, with more expected Wednesday. The first passenger plane belonging to Britain’s Royal Air Force with about 39 civilians on board landed at Larnaca airport Tuesday night, said a foreign ministry spokesperson. This was followed by a second rescue mission, with Britons
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Nicosia will not allow sanction busters to blacken the country’s reputation, and the government will not cover anyone enabling Russian oligarchs to bypass Ukraine war sanctions. President Nikos Christodoulides told reporters the government expected more entries involving Cypriot companies and nationals to be registered on sanctions lists issued by the US and the UK. Nicosia
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Nicosia will not allow sanction busters to blacken the country’s reputation, and the government will not cover anyone enabling Russian oligarchs to bypass Ukraine war sanctions. President Nikos Christodoulides told reporters the government expected more entries involving Cypriot companies and nationals to be registered on sanctions lists issued by the US and the UK. Nicosia
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The Cyprus Federation of Employers and Industrialists have re-elected Antonis Antoniou as their chairman while urging the government to hold back any new taxes, including corporate tax. The business community fears that tax hikes during economic uncertainty would endanger the economy. OEB has been fighting off the government’s intention to increase the corporate tax from
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Businesses say implementing a new digital platform for monitoring retail product prices, known as the e-basket, constitutes state intervention in the free market. The Council of Ministers gave a bill the green light and will soon be presented to the Parliament. Once passed, the e-basket will be available as a smartphone application. The application allows
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Authorities are concerned over an eerie silence from the notorious Medusa ransomware gang who, after a cyberattack on the Open University, demanded $100,000 not to publish stolen data. The ransomware group leaked encrypted folders with sensitive data after the institution refused to pay the ransom. So far, the hackers have published the names of the
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The Cyprus Germany Business Association (CGBA) is hosting an event on “Doing Business with Germany” at the Cyprus Chamber of Commerce and Industry in Nicosia on Thursday. The event will include brief presentations and a panel interview and conclude with a Q&A from the audience and a networking cocktail reception. The event at 6.30 pm
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