Moody’s has upgraded Bank of Cyprus key ratings citing “significant improvement” in asset quality following an agreement on non-performing loans that would reduce the bank’s NPL ratio to single digits. It upgraded Bank of Cyprus’ long-term bank deposits to Ba3 from B1, its senior unsecured and subordinated ratings to B3 from Caa1, its long-term Counterparty
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Greek energy firm Energean’s plans to increase natural gas production from its concessions in Egypt were discussed in Cairo with Petroleum Minister Tarek El Molla and company CEO Mathios Rigas. A company statement said Egypt minister El Molla and Rigas discussed Energean’s plan to link gas discoveries in North Idku and North El Amriya to
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King of Jordan Abdullah II pays an official visit to Cyprus on Friday for consultations with President Nicos Anastasiades and to sign a series of agreements. After a tête-à-tête meeting, they will have talks with the participation of the two countries delegations. Among the issues they will discuss is enhancing bilateral relations, the consequences of
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Europe is currently experiencing the largest wave of the COVID-19 pandemic, EU Health and Food Security Commissioner Stella Kyriakides said. Based on recent data of the European Centre for Disease Prevention and Control (ECDC), the epidemiological situation in the EU is described as “particularly worrisome”. In statements to Cypriot journalists in Strasbourg, where the European
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Every investor needs exposure to environmental, social and governance (ESG) investments to build wealth over the long-term, according to the CEO of one of the world’s leading financial advisory and fintech firms. Surveys suggest that global sustainable fund assets almost doubled in the six months to September. Global ESG assets are on track to exceed
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Cyprus reported two coronavirus deaths on Wednesday and a mild drop in new cases to 650, with hospitalisations remaining at a high level of 157, as the authorities increased pressure on antivaxxers in an effort to contain the spread of the Omicron variant. Thousands headed to walk-in vaccination centres throughout the day, particularly in Limassol,
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Increased pressure on anti-vaxxers to get jabbed seems to have paid off, with thousands heading to walk-in vaccination centres on Wednesday, particularly Limassol, a stronghold of Covid-deniers. An eye-witness at the Spyros Kyprianou sports centre in Limassol told the Financial Mirror there were “frighteningly long queues” for both the walk-in line, where people had been
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Fitch credit rating agency has revised the outlook for Bank of Cyprus and Hellenic Bank to positive from negative, citing the expected improvements in asset quality due to non-performing loans (NPL) sales. Fitch affirmed both banks Long-term issuer default rating at “B-” for Bank of Cyprus and “B” for Hellenic Bank, citing weak asset quality,
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Despite recent heavy rainfall, Cyprus may still not have enough water to meet its needs for irrigation and water supply for households, as experts warn that dams are half empty. Dam levels are dangerously low, meaning that the island may not meet its irrigation and water supply needs next year. In comments to media outlet
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Business is in turmoil over the government’s move to increase corporate tax from 12.5% to 15%, fearing Cyprus losing an advantage over competitors as an investment destination. Business lobby groups argue the government needs to offer “generous” compensatory measures so the competitive advantage of the Cyprus economy is protected. In comments to Stockwatch, the General
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