Petrol station owners warn of strike action if President Nikos Christodoulides does not respond to their calls to discuss what they call the “unacceptable and illegal” purchase of petrol from the Turkish-occupied north. Spokesperson for the Petrol Owners Association, Christodoulos Christodoulou, said the President has yet to reply to a letter sent last week. Their
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The Central Bank is concerned over a possible rise in non-performing loans following a series of increases in interest rates, as it calls on banking institutions to take pre-emptive measures. Cyprus Central Bank Governor Constantinos Herodotou urged banks to manage customer loans which are on the verge of becoming an NPL, as effectively as possible,
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Aram I, the head of the Armenian Church of Cilicia, ended his three-day official visit to Cyprus, raising awareness about the blockade of Artsakh and strengthening ties with the members of the community living on the island, as part of his worldwide tour marking the ‘year of the diaspora’. He met with community leaders, visited
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By Craig Erlam Stock markets bounced back on Tuesday as some calm returns following the UBS takeover of Credit Suisse and traders look ahead to the Fed on Wednesday. It’s been a wild couple of weeks and while many are hopeful the worst is behind us, I can’t say I’m particularly confident. The response to
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The Land Registry’s online platform is still knocked out, following the cyber attack some ten days ago, with officials saying it may take several weeks before technicians can get the vital service back online. In comments to the Financial Mirror, the head of the island’s Land Registry, Elikkos Elia, said they hoped to see the
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Businesses in Cyprus say they are being pushed to the brink as rising interest rates are adding to their other problems of increased costs of raw materials. Cypriot banks’ practice of keeping deposit rates close to zero, is affecting their working capital, while rising borrowing rates on businesses still trying to recover from the effects
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By Lukman Otunuga, Senior Research Analyst at FXTM Asian markets rose on Tuesday after Wall Street staged a rebound overnight as the historic takeover of Credit Suisse Group AG soothed concerns over the banking sector. Switzerland’s largest bank UBS Group AS has agreed to purchase Credit Suisse for $3.2 bln in what’s being labelled a
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The Cyprus banking system won’t be feeling any aftershocks from the collapse of major banks in the United States and the trouble faced by European banking giant Credit Suisse, assured the island’s central bank governor, Constantinos Herodotou. Following the central bank chief’s first meeting with President Nikos Christodoulides, both officials said the island’s banking system
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Switzerland’s wealthy and diversified economy, strong fiscal position, and low public debt ratio provide buffers to withstand a substantial shock in excess of the explicit support the government has offered to UBS and Credit Suisse, a leading rating agency said. However, DBRS Morningstar said the recent instability in the Swiss financial system exposes some of
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Main opposition party AKEL is stepping up pressure for investigations into the involvement of ex-President Nicos Anastasiades’ former law office in the golden passport scheme following an indictment handed by the Cyprus Bar Association. In a written statement, AKEL spokesperson George Koukoumas said that the result of the recent presidential elections do not erase scandals
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