JPMorgan, Citi, BofA tell staff not to poach clients from stressed banks
As a series of US lenders were besieged by customers yanking out their money this month, banking behemoths including JPMorgan Chase & Co (JPM.N), Citigroup Inc (C.N) and ...
ECB pressures Austria’s Raiffeisen bank to quit Russia
The European Central Bank is pressing Austria’s Raiffeisen Bank International (RBIV.VI) to unwind its highly profitable business in Russia, five people with knowledge of the matter told Reuters.
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Cyprus Business Now
Cyprus’ trade deficit for the period between January and December 2022 increased by €2 billion, marking a 34.5 per cent increase compared to the corresponding period in 2021.
According to data published by the ...
Investors cautious on US stocks, even though Fed hikes may soon end
The end of the Federal Reserve’s bruising rate hiking cycle may be in sight, yet investors are finding plenty to worry about when it comes to the US stock ...
Central banks hike rates as turmoil hits bank shares again
The Bank of England on Thursday followed the Federal Reserve and the Swiss National Bank in pressing on with interest rate hikes, arguing the UK banking sector was strong enough ...
Central banks keep hiking rates amid banking turmoil
The Bank of England on Thursday followed the Federal Reserve and the Swiss National Bank in hiking interest rates, as policymakers ploughed on with their fight against inflation in the ...
Swiss regulator defends its decision to write off AT1 bonds
Switzerland’s financial market regulator FINMA defended its decision to impose steep losses on some of Credit Suisse’s bondholders on Thursday, saying the decision was legally watertight.
On Sunday, ...
Citigroup CEO declares ‘this is not a credit crisis’ after US bank failures
Citigroup Inc (C.N) CEO Jane Fraser on Wednesday expressed confidence in US banks after a series of closures rattled investors and fueled turmoil in global financial markets.
“The banking ...
Global Money Week 2023 wants to empower young people in Cyprus
The Global Money Week 2023 has begun in Cyprus, with the Central Bank of Cyprus coordinating the initiative, according to an announcement released on Wednesday.
This annual global campaign is held ...
Fed delivers small rate hike amid global banking turmoil
The Federal Reserve on Wednesday raised interest rates by a quarter of a percentage point, but indicated it was on the verge of pausing further increases in borrowing costs after ...
Safe-havens and risk assets both rise as banking woes shift Fed expectations
Worries over the banking crisis are boosting disparate assets, with traditional safe-havens such as gold, Treasuries and money markets seeing high demand along with more speculative instruments such as tech ...
UBS buys back nearly $3 billion in bonds issued under a week ago
UBS Group (UBSG.S) said on Wednesday it would buy back 2.75 billion euros ($2.96 billion) worth of debt it issued less than a week ago, seeking to boost confidence among investors ...
Big investor in Credit Suisse bonds says ‘bail-in’ system worked
One of the largest investors of the Credit Suisse bonds that were wiped out in the UBS takeover of the troubled Swiss bank still believes in the value of the ...
CySEC joins global event to promote financial literacy
Cyprus’ financial watchdog, the Cyprus Securities and Exchange Commission (CySEC), is participating in the annual Global Money Week (GMW2023) campaign, aimed at raising awareness of the importance of financial education, ...
Cyprus banks and Junior Achievement educate students on smart spending
The Association of Cyprus Banks on Tuesday announced that it is teaming up with Junior Achievement Cyprus to carry out the “Spending Smartly” educational programme for the eighth consecutive year.
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Switzerland’s secretive Credit Suisse rescue rocks global finance
Days before a hastily convened press conference late on Sunday that would make the world’s front pages, Switzerland’s political elite were secretly preparing a move that would jolt ...
Britain’s financial industry plans blueprint for post-Brexit ‘kickstart’
Top officials from Britain’s financial sector said on Tuesday they would set out a blueprint later this year to “kickstart” London’s role as a post-Brexit global financial centre ...
Central Bank says banking system in Cyprus is robust
The banking system in Cyprus is resilient and will continue to support the real economy, the Central Bank assured President Nicos Christodoulides on Monday.
Christodoulides and Central Bank chief Constantinos ...
Cyprus Business Now
The Cyprus Maritime and Maritime Institute (CMMI) has released a statement saying that it has launched the Adaptation project, which seeks to promote the green transition in the shipping industry.
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Global banking turbulence prompts Wall Street banks to trim hawkish Fed bets
Goldman Sachs is expecting a pause this week from the US Federal Reserve after a year-long rate increase campaign as Wall Street banks scale back their hawkish expectations in the ...
Did SVB break the Fed? Officials mull risks of more rate increases
At an early January meeting of the Virginia Bankers Association, executives were already nervous that Federal Reserve interest rate increases were making it hard to compete for deposits.
“Everywhere I ...
European supervisors say shares should be wiped out before bonds
European supervisors tried to stop a rout in the market for convertible bank bonds on Monday, saying owners of this type of debt would only suffer losses after shareholders have ...
UBS swallows doomed Credit Suisse, casting shadow over Switzerland
UBS Group (UBSG.S) emerged as Switzerland’s one and only global bank with a state-backed rescue of its smaller peer Credit Suisse, a risky bet that makes the Swiss ...
Big money captivated by banking drama as investors brace for more turmoil
Hedge fund managers and other large investors believe it is far too soon to call an all-clear on turmoil in the global financial sector even after more than a week ...