By Craig Erlam It’s been a relatively calm start to the week, with investors seemingly relieved that the weekend brought no fresh turmoil in the banking sector. That was clearly the fear going into Friday, with Deutsche Bank being hit particularly hard amid concerns it could be next in the firing line, even if fundamentals
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Finance Minister Makis Keravnos has told Cyprus banks to lower their interest rates on loans in a bid to get ahead of a possible new toxic loan crisis for the banking sector, driven by rising borrowing rates. Keravnos told MPs at the House Finance Committee on Monday that he has written to the Cypriot banks
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Formula 1 has been one of the most expensive sports in the world and this year’s F1 World Championship is no different, with more prize money split between the constructors and drivers than ever before. Formula 1’s prize pool for 2023 is worth a jaw-dropping $2.2 bln, or $200 mln more than the total prize
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Justice Minister Anna Prokopiou held an urgent meeting at the ministry on Monday to review the latest episode of sports violence which took place during and after the Apollon-Anorthosis basketball match on Sunday, with two people were arrested so far. Hooligans went on a rampage, causing thousands of euros in damage to the Eleftheria-Tassos Papadopoulos
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No systemic threat, but interest rate hike is a risk The Cyprus banking system will not be feeling any aftershocks of the collapse of major US banks, and most recently the troubled Credit Suisse, which needed to be rescued by banking giant UBS, insist authorities and economists. Earlier in the week, the island’s central bank
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We go on holiday for different reasons at different times of the year to recharge our batteries and escape the daily routine. Some want to get away as far as possible where the sun always shines; others seek adventure and extreme sports, while many want to immerse themselves in a foreign culture. They say that
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The best way to get the European Union on board in a final push to help resolve the ‘Cyprus problem’ would be to regain the trust of our EU partners, some of whom remain unconvinced about Nicosia’s true loyalties. Doubts still linger as Cyprus hesitated to take sides in the Russia-Ukraine conflict, but eventually, the
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Consumers in Cyprus are not taking well to increased prices at hospitality venues, pushed up by hiking costs of raw materials and energy, as owners report a steep drop in their business. In comments to news site StockWatch, Phanos Leventis of the Leisure and Entertainment Establishment Owners Association, argued that hospitality venue owners had to
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By Moody’s Analytics The Federal Open Market Committee meeting this week was as highly anticipated as any in recent memory. And that’s saying something given the turbulence of the past three years. Fed policymakers face a fragile banking sector and stubbornly elevated inflation. The textbook remedies for these two problems are largely incompatible. This left
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New Health Minister Popi Kanari said closing loopholes in the country’s General Health System that allow for abuse is at the top of her to-do list. In an interview with the Financial Mirror, the newly-appointed minister said fixing the GHS is a priority. “A collapse of the GHS would lead to the collapse of the
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