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Oil prices climbed sharply after the United States launched fresh attacks on Iran, striking a military installation in Bandar Abbas, a strategically important port city on Iran’s southern coast. The US Central Command (Centcom) said American forces also intercepted and destroyed four Iranian drones “that posed a threat around the Strait of Hormuz”. Following the attacks, the global benchmark for oil prices, Brent crude, jumped 3.75% to $97.83 (£73.15) per barrel. Meanwhile, U

European Central Bank board member Isabel Schnabel said the ECB should move forward with an interest rate increase in June, arguing that the prolonged conflict involving Iran and the resulting surge in energy prices have created inflationary pressures that can no longer be ignored, even if peace negotiations ultimately succeed. The ECB has left interest rates unchanged over the past year, but policymakers seriously discussed the possibility of tightening policy during last mo

The National Bank of Greece announced this week that it had successfully completed the purchase of 465,000 of its own shares during the period from May 14, 2026, through May 22, 2026, as part of its ongoing share buyback initiative. According to the bank, the shares were acquired at a weighted average price of €13.8243 per share, bringing the overall value of the transactions to €6,428,301. The lender issued the announcement in line with resolutions approved during the Annual

Banks in Greece and Cyprus are significantly increasing their lending activity, with total credit expansion expected to reach or even surpass €15 billion this year, reinforcing both banking sector profitability and wider economic growth. According to figures published by Greek business outlet Newmoney, credit expansion has now emerged as the key engine of sustainable profitability for banks, while simultaneously supporting broader economic activity. The banking sector appea

Global banking giant HSBC Holdings PLC has issued a new investment report projecting stronger profitability for Greece’s systemic lenders, arguing that the country’s banking sector remains one of the chief beneficiaries of the European Central Bank’s tighter monetary policy environment. HSBC has revised its macroeconomic assumptions to include three additional ECB interest rate increases totaling 75 basis points during the second half of 2026. The banking group expects thes

Cyprus’ housing market is increasingly showing signs of renewed strain, with both residential property prices and rental costs rising at a pace that exceeds the European Union average, even though Cypriot households continue to experience a lower overall housing cost burden than many other European countries. According to newly released Eurostat data drawn from the institution’s Housing Dashboard and its Housing in Europe 2025 publication, the island presents a complex and un

A newly released ethics disclosure has shed light on the enormous scale of stock trading connected to US President Donald Trump, revealing that more than 3,600 transactions worth between $220 million (€188 million) and $750 million (€641 million) were carried out during the first quarter of 2026. The disclosure, filed Thursday with the US Office of Government Ethics through two OGE Form 278-T reports, provided an unusually detailed glimpse into the trading activity associat

The euro emerged as the most widely used currency for the European Union’s imports of primary goods from outside the bloc in 2025, excluding petroleum products, according to newly released data from Eurostat. The report showed that the single European currency accounted for 47.4 per cent of all extra-EU imports of primary commodities during the year, narrowly surpassing the US dollar, which held a 45.0 per cent share. Currencies belonging to EU member states that have not

Global oil prices climbed sharply on Monday after US President Donald Trump delivered a new warning to Iran through social media, intensifying investor concerns over the ongoing conflict in the Middle East and its potential impact on energy markets. International benchmark Brent crude futures for July delivery rose 1.81%, reaching $111.27 per barrel in early trading. Meanwhile, US West Texas Intermediate (WTI) crude for June delivery advanced 2.15% to $107.69 per barrel as

Consumer prices in the United States rose sharply again in April, with the latest data from the United States Department of Labor showing the Consumer Price Index increased 3.8% compared with April 2025. The monthly reading also showed prices climbing 0.6% from March to April, a slowdown from the 0.9% increase recorded between February and March. Energy costs were a major driver of the increase, with petrol prices rising 5.4% over the month. On a year-over-year basis, petrol

Industrial producer prices in Cyprus moved lower in March 2026, according to the latest figures released by Eurostat, standing in contrast to significant increases recorded across both the euro area and the wider European Union. Data released by Eurostat showed that industrial producer prices in Cyprus fell by 1.3 per cent in March compared with February 2026. The decline reversed the 0.2 per cent increase registered in February and followed the 0.6 per cent drop recorded i

The National Bank of Greece (NBG) has reported operating profits of €23.6 million in Cyprus for 2025, representing a year-on-year increase of 39 per cent as the bank continues to expand its presence and lending activity in the Cypriot market. In its announcement, the bank said it “records, for yet another year, a strong growth trajectory, confirming the consistent implementation of its strategy and its active role in supporting the economy”. According to the institution,

A notable escalation in distributed denial-of-service (DDoS) attacks is increasingly exposing Cyprus’ banking, payments, and iGaming sectors to heightened cyber risk, according to new findings published by cybersecurity firm Qrator Labs. The company’s Q1 2026 report indicates that these industries—core pillars of the island’s digital economy—are among the most frequently targeted sectors on a global scale. The data shows that banking institutions accounted for 22.8% of all re

European equities and US futures were largely subdued on Monday morning, even as oil prices pushed higher and Asian markets showed mixed but generally positive momentum. The price of Brent crude remained firmly above $100 per barrel, buoyed by renewed uncertainty surrounding diplomatic efforts between the United States and Iran, which appear to have stalled despite a prolonged ceasefire. At the start of trading, oil markets moved upward, reflecting investor concern over the f

Global oil prices have climbed following renewed delays in planned second-round peace negotiations between the United States and Iran, as geopolitical tensions continue to strain global energy markets and raise concerns over supply disruptions. Benchmark crude, Brent, increased by almost 2% to $107.26 (£79.25) per barrel, while US West Texas Intermediate (WTI) rose by around 1% to $95.40. The price movement comes after US President Donald Trump stated on Saturday that Washing

Consumer prices in the United Kingdom rose at a faster pace in March, with annual inflation climbing to 3.3% from 3% the previous month, as escalating conflict in Iran triggered a sharp increase in energy costs. The latest figures from the Office for National Statistics matched expectations but have led markets to rethink the likelihood of an imminent interest rate cut by the Bank of England, which now appears increasingly unlikely. The rise in inflation was driven primar

Cyprus emerged as one of the strongest fiscal performers in the European Union in 2025, according to data released by Eurostat, achieving a budget surplus at a time when most member states continued to run deficits. The figures indicate that Cyprus was among a small group of countries to record a government surplus, reaching 3.4 per cent of GDP. It joined Denmark at 2.9 per cent, Ireland at 1.8 per cent, Greece at 1.7 per cent and Portugal at 0.7 per cent, standing in clear c

China’s economy expanded more rapidly than analysts had predicted in the first quarter of the year, even as the global economy grappled with the fallout from the ongoing US-Israel war with Iran. Official figures show that gross domestic product (GDP) increased by 5% compared to the same period last year, exceeding economists’ expectations of around 4.8%. The stronger-than-anticipated performance comes despite significant disruption caused by the Middle East conflict, whic

The European Union Intellectual Property Office (EUIPO) has released a comprehensive report assessing the role of intellectual property as a mechanism for financing innovative enterprises across Europe, arguing that the region is significantly underutilising one of its most valuable economic assets. The study, titled intellectual property-backed financing in Europe, concludes that although the European Union remains strong in research capacity, innovation output, and entrepre

The Bank of Cyprus announced on Wednesday that its board of directors has formally approved the annual financial report for the year ending December 31, 2025, reaffirming a year marked by solid profitability, sustained lending expansion and a strong capital base. The report incorporates the audited financial statements of the Bank of Cyprus Group, which includes the holding company, Bank of Cyprus Public Company Limited and its subsidiaries. The full annual financial report h