Gap to sell Greater China units to e-commerce firm Baozun
U.S. apparel retailer Gap Inc GPS.N has agreed to sell its Greater China businesses to Baozun Inc 9991.HK, the e-commerce service provider said on Tuesday, as headwinds persists ...
Eurozone grapples with coordinating energy support plans as recession looms
Measures to support the euro-zone economies against soaring energy prices could complicate 2023 budget plans if they need to be extended into the spring, the region’s finance ministers said on ...
IMF staff recommends Turkey raise rates, boost central bank independence
Turkey should tighten monetary policy and give its central bank more independence, a mission from the International Monetary Fund (IMF) said on Friday.
“To address (Turkey’s) challenges, the mission ...
Cyprus Business Now
The Cyprus Investment Funds Association (CIFA) this week announced that Cyprus has been chosen to host the 36th iteration of the International Investment Funds Association (IIFA) conference, something which the ...
Investors pile into cash at fastest rate since COVID crisis
Investors put money into cash at the fastest pace at the start of a quarter since the 2020 COVID crisis in the week to Wednesday, as heightened volatility and questions over ...
Bank of England makes historic rate hike despite ‘very challenging’ outlook
The Bank of England raised interest rates to 3 per cent on Thursday from 2.25 per cent, its biggest rate rise since 1989 as it warned of a “very challenging” outlook for the ...
Bank of England readies for biggest rate rise since 1989
The Bank of England looks on track to raise interest rates by three quarters of a percentage point to 3 per cent later on Thursday, its biggest rate rise since 1989 as ...
Qatar Investment Authority plans to raise stake in Credit Suisse
The Qatar Investment Authority plans to raise its stake in Swiss lender Credit Suisse Group AG (CSGN.S) by investing in a share sale alongside the Saudi National Bank (1180.SE), ...
Turkish central bank warns lenders against FX transactions during ‘off hours,’ other issues
Turkey’s central bank sent a letter to local lenders on Monday, warning them against conducting forex transactions with foreign banks during “off hours” and offering deposits with very high ...
Cyprus Business Now
The Central Bank of Cyprus (CBC) on Monday released a report on household debt in Cyprus, with the current figure standing at €20.1 billion at the end of June 2022, with the ...
Credit Suisse unveils details of $4 bln capital raising plan
Credit Suisse (CSGN.S) on Monday unveiled details of its plan to raise 4 billion Swiss francs ($4.01 billion) from investors to support the embattled bank’s bid to tackle the biggest ...
Cyprus Business Now
The total sales of petroleum products in Cyprus experienced a small increase of 0.9 per cent year-on-year in September 2022, with sales from gas stations recording a decrease of 6 per cent year-on-year, ...
Bank instant payment shift to help business and consumers, says EU
Forcing banks across the European Union to offer instant payments in euros is a “seismic” shift to make the economy more efficient and reap savings for businesses and customers, the ...
Credit Suisse’s strategic overhaul at a glance
Battered by years of scandals and losses, Credit Suisse (CSGN.S) plans to raise capital, cut thousands of jobs and spin off its investment bank.
Here are main elements of ...
Elon Musk’s Twitter ownership starts with firings, uncertainty
Elon Musk became Twitter Inc’s TWTR.Nowner on Thursday, firing top executives and providing little clarity over how he will achieve the lofty ambitions he has outlined for the ...
Cyprus Business Now
The total amount of deposits in the Cypriot banking system reached the highest level of the last nine years in September 2022, while loans stood at a five-month low, according to ...
Credit Suisse asks investors for billions after bumper loss
Credit Suisse, battered by years of scandals, plans to raise 4 billion Swiss francs ($4 billion) by selling stock while slashing thousands of jobs and spinning off its investment bank in an ...
Egypt’s central bank raises key interest rates by 200 basis points
Egypt’s central bank said on Thursday it had raised interest rates by 200 basis points in an exceptional meeting of its monetary policy committee.
The central bank set the overnight ...
ECB raises interest rates again, cuts bank subsidies
The European Central Bank raised interest rates again on Thursday and announced it was changing the terms of its ultra-cheap loans to commercial banks in a bid to shrink its ...
ECB to raise interest rates, likely to trim bank subsidies
The European Central Bank will raise interest rates again on Thursday and likely reel in a key subsidy to commercial banks, taking another big step in tightening policy to fight ...
Hellenic agrees to reimburse former co-op employees
Hellenic Bank announced on Wednesday that it will raise the wages of former Co-op bank employees who work for them, following a 2014 cut, which had carried over when the co-op ...
Petrides warns against suspension of foreclosure bill
Finance Minister Constantinos Petrides on Wednesday said the decision on a possible foreclosure suspension now lies with the House, warning, however, that amidst rising rates, there is a danger that ...
Deutsche Bank reports big jump in profit despite slump in dealmaking
Deutsche Bank (DBKGn.DE) on Wednesday posted a better-than-expected jump in third-quarter profit as a trading boom at its investment bank offset a nosedive in dealmaking, but executives highlighted risks ...
Global economy approaching a recession, central banks unchained
The global economy is approaching a recession as economists polled by Reuters once again cut growth forecasts for key economies while central banks keep raising interest rates to bring down ...