Cyprus Business Now
The general secretary of the labour union PEO Sotiroula Charalambous this week announced that the union will meet with the Labour Minister on Friday to have a discussion over the ...
London Q1 finance job vacancies plummet 31 per cent year-on-year
First-quarter job opportunities in London’s financial sector plunged by almost a third year-on-year, recruiter Morgan McKinley said on Tuesday, as firms struggle with economic and geopolitical headwinds.
The collapse ...
Central banks signal end of bank turmoil with cut in dollar funding line
The world’s top central banks are cutting the frequency of their dollar liquidity operations with the US Federal Reserve from May, sending the clearest signal yet that last month’...
First Republic Bank deposits tumble more than $100 billion as it explores options
First Republic Bank (FRC.N) shares sank more than 20 per cent after the closing bell on Monday as it said deposits plunged by more than $100 billion in the first quarter ...
Cyprus Business Now
The University of Cyprus on Monday announced the launch of a new postgraduate programme in behavioural economics, which is designed to prepare students for career options requiring analysis of human ...
UBS retains risk chief to bolster controls for Credit Suisse deal
Switzerland’s UBS said on Monday it will retain Christian Bluhm as chief risk officer for the “foreseeable future” as it bolsters controls during the takeover of Credit Suisse.
Chief ...
Comparing European and U.S. business banking – an analysis
A quick scan of the world’s top 10 companies by market cap or most billionaires quickly reveals that the U.S. leads Europe. Undeniably, the two continents have contrasting cultures ...
Credit Suisse saw $68 billion in first-quarter outflows as it crumbled
Credit Suisse (CSGN.S) said on Monday it had 61 billion Swiss francs ($68 billion) in net asset outflows in the first quarter, adding that outflows were continuing even in the wake ...
The European economy and the prospects for enhanced macroeconomic coordination
By Pierre Jaillet
Inflation has been elevated in 2021-22 in Europe and elsewhere, driven by higher energy and food prices, from exogenous influences, but also driven by mark ups on ...
University of Nicosia and Dubai police tackle financial crime
Dubai Police this week announced a new diploma programme on financial investigations for digital assets, which was developed in partnership with the University of Nicosia’s Institute for the Future (...
Cyprus Business Now
Cyprus recorded a fiscal surplus of €570.2 million, a share of 2.1 per cent of GDP, for the year 2022, according to a report released on Friday by the Cyprus Statistical Service (Cystat).
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Banks remain mum on finance minister’s interest rate proposal
Banks have yet to react to an appeal from Finance Minister Makis Keravnos not to raise their interest rates on performing loans, forcing the minister to publicise his communications with ...
Thousands of accounts to be closed because of sanctions
More than 4,000 accounts held by Russians in Cypriot banks could be closed over the next two months following the imposition of sanctions on a number of individuals in Cyprus, by ...
Contract clause usually allows closing of bank account
President of the Cyprus Bar Association Christos Clerides on Thursday said that the closing of bank accounts was strictly governed by the individual contract that a person has with a ...
Crypto firms scramble for banking partners as willing lenders dwindle
Crypto firms have been left scrambling to find banking partners after the collapse of three crypto-friendly lenders in the US last month, creating a risk their business will become concentrated ...
Banking crisis scars struggling US real estate stocks
US real estate stocks are struggling this year after a rough 2022, as fears that banks will tighten lending standards pile pressure on a sector already hit by higher interest rates.
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Cyprus Business Now
The first phase of a scheme to transition hotel businesses to a circular economic model has begun in Cyprus, aimed at strengthening their competitiveness and resilience through sustainable practices.
The ...
EY US to slash headcount days after nixing split
Ernst & Young’s US arm said on Monday it was shedding 5 per cent of its workforce, less than a week after the unit’s objection torpedoed the global accounting ...
UBS makes changes to buyback programme following Credit Suisse takeover
UBS (UBSG.S) on Tuesday said it was making changes to its $6 billion share buyback programme following its takeover of Credit Suisse (CSGN.S).
UBS said it will use some ...
US financial institutions hit by deposit flight as clients seek higher returns
Deposits at three financial institutions fell in the first quarter as the industry’s biggest crisis in more than a decade prompted a flight of funds, with customers seeking better ...
BoC, first bank in Cyprus and Greece to receive ECB’s approval to pay dividends
The Bank of Cyprus has become the first bank in Cyprus and Greece to receive approval from the European Central Bank (ECB) to pay dividends, it announced on Monday. The ...
Emergency Credit Suisse rescue shakes faith in Switzerland
Switzerland’s tradition of dependable consensus politics has taken a battering after the government used an emergency law to push through a state-backed mega-merger of UBS (UBSG.S) and Credit ...
CySEC imposes hefty fine on investment firm
The Cyprus Securities and Exchange Commission CySEC this week announced its decision to impose a fine of €1 million on the Cyprus Investment Firm Itrade Global (Cy) Ltd.
According to an ...
Stricter lending criteria lead to reduction in loans in Cyprus
The Central Bank of Cyprus (CBC) reported this week that its January 2023 Bank Loan Survey had recorded stricter lending criteria for all categories of loans, resulting in reduced supply and ...