S&P downgrades RCB because of sanctions (updated)
Rating agency Standard & Poor’s on Thursday downgraded RCB Bank’s long-term issuer rating from BB- to B+ and placed the bank on negative watch, citing the lack of ...
Hellenic Bank and Etyk talks end in deadlock
The discussion between Hellenic Bank and the Cyprus Union of Bank Employees (Etyk) have broken down, resulting in the bank now seeking mediation from the Department of Labour Relations.
“It ...
Cyprus Business Now
RCB Bank announced on Tuesday that it has donated €50,000 to the Cyprus Red Cross Society (CRCS) in support of the organisation’s relief and humanitarian efforts on the ground for ...
Sovereign wealth funds likely to shun Russia, researcher says
Middle Eastern and Chinese sovereign wealth funds are likely to avoid new deals in Russia for now after its invasion of Ukraine, said the author of a report published on ...
Russian rouble hits new record low in thin offshore trade
Russia’s rouble tumbled to a fresh record low in thin offshore trade on Monday, with local markets closed for trading until at least Wednesday.
The rouble weakened to 133.5 to ...
Confusion, but not panic, reigns in global finance in Russia’s wake
Western allies’ sanctions against Russia have started to blowback in the form of large potential losses for their own banks, companies and investors, often in unexpected ways. In the past, ...
Accounting firms KPMG and PwC to exit Russia
Two of the Big Four accounting firms KPMG and PricewaterhouseCoopers LLP (PwC) on Sunday said they will no longer have a member firm in Russia due to the country’s ...
Climate change and the role of central banks
By Andreas Charalambous and Omiros Pissarides
Recent developments confirm that without worldwide coordinated action and = implementation of additional far-reaching measures aimed at fighting climate change, the risk of serious environmental ...
Euro slides as war in Ukraine stokes inflationary shock
The euro tumbled to a fresh 22-month low on the dollar while commodity currencies were swept to multi-month peaks as war in Ukraine sent oil prices spiking and stoked fears ...
Global banks face costly, arduous process to exit Russia
Global banks face an arduous and costly process if they decide to close businesses in Russia, banking sources and experts say, complicating decisions over whether they should withdraw.
Sanctions placed ...
Cryptocurrencies in a time of war
Cryptocurrencies have been close to the headlines since Russia invaded Ukraine, with the ever-volatile bitcoin in demand in Russia and beyond.
Here are some charts that look at how cryptocurrencies ...
Cyprus medium-term outlook strong despite crisis, S&P says
Credit rating agency Standard and Poor’s affirmed Cyprus’ long-term credit rating at BBB-, while maintaining a positive outlook, stressing that despite the Ukrainian crisis and economic sanctions against Russia, ...
Cyprus Business Now
The vice president of the European Investment Bank (EIB), Liliana Pavlova, visited the University of Cyprus this week in order to review the activities and funded projects of the EIB ...
Stranded assets: How many billions are stuck in Russia?
So far global companies, banks and investors have announced that they have exposure in some form to Russia of more than $110 billion. That number could rise. Data from research firm ...
Central Bank: unchanged deposit rate, small decrease to housing loans rate
The interest rate on deposits from households with an agreed maturity of up to one year remained unchanged at 0.06 per cent, compared to December 2021, according to Cyprus Central Bank. At ...
EU considering SWIFT exclusion for Belarus banks
The European Union is considering excluding banks in Belarus from the SWIFT messaging system that underpins the global financial transactions, as it has already done for seven Russian banks, an ...
Russian rouble falls to record lows after ratings downgrades
The Russian rouble slid further on Thursday, hitting record lows against the dollar and euro, after ratings agencies Fitch and Moody’s downgraded Russia’s sovereign debt to “junk” status ...
Russian firms rush to open Chinese bank accounts as sanctions bite
The Moscow branch of a Chinese state bank has seen a surge in enquiries from Russian firms wanting to open new accounts, a person familiar with the matter said, as ...
Ukraine war raises spectre of Russia’s first external debt default
With much of Moscow’s $640 billion reserves under lock and key in the West and sanctions crippling cross-border capital flows, investors fear Russia may be heading for its first ever ...
Cypriot banking system has no exposure to Russia, Finance Minister says
The economic sanctions imposed against Russia following its invasion of Ukraine are not affecting Cyprus to a large extent as the island’s banking system has no exposure to Russia, ...
Russia seeks to halt investor stampede as sanctions hammer economy
Russia said on Tuesday it was placing temporary restrictions on foreigners seeking to exit Russia assets, as it tried to stem an investor retreat driven by crippling Western sanctions imposed ...
Which international banks are exposed to Russia?
The latest wave of sanctions on Russia over its Ukraine invasion has thrown the global banking industry deeper into turmoil, as Western countries try to squeeze Moscow’s access to ...
Russian rouble slips past 100 vs dollar, banks hunt for FX
The rouble weakened past 100 to the dollar on Wednesday, heading back to record lows, and the stock market remained closed as Russia’s financial system staggered under the weight of ...
Russia’s No.1 lender Sberbank pulls out of Europe
Russia’s largest lender Sberbank SBER.MM said on Wednesday it was quitting almost all European markets, blaming big cash outflows and threats to its staff and property following Russia’...