All Articles

Fiscal Council member Marios Clerides on Saturday called for the introduction of "ethical banking" in Cyprus as discussions continue over the establishment of a new cooperative bank on the island. Clerides said Cyprus’ financial sector needs banks "which think not only about profits but also about the borrower", adding that such institutions should "take into account the repayment capacity of their customers and do not only rely on collateral". At the same time, he acknow

Russia’s banking sector has so far survived years of Western sanctions, capital restrictions and wartime pressure. But the longer the war continues, the more the pressure appears to be moving from the sanctions list into the balance sheets of the country’s own banks. A European intelligence assessment reported by Reuters warns that Russia could face a potentially serious banking crisis in 2026, as the cost of the war in Ukraine forces the state to lean more heavily on banks t

Personal wealth worldwide increased by 10.8% in 2025, marking the fastest pace of growth in several years, according to UBS in its annual Global Wealth Report. This was a sharp acceleration compared with previous years, following increases of 4.6% in 2024 and 4.2% in 2023. The growth was largely driven by strong performance in financial markets. UBS estimates that nearly one million new US dollar millionaires were created globally in 2025. In its wording, the bank noted the

Germany has opened a major confrontation over the European Union’s next long-term budget by demanding a €400 billion reduction to the Commission’s proposed 2028-2034 spending plan. Reuters reported that an internal German government document described the proposed budget of almost €2 trillion as unaffordable and warned that, as it stands, agreement would be impossible. Because the EU’s Multiannual Financial Framework requires unanimity among all 27 member states, Berlin’s pos

A major debate is intensifying within the European Union over the future direction of its emissions trading system (ETS), the bloc’s central tool for pricing carbon since its launch in 2005. The dispute is unfolding as policymakers weigh how to maintain industrial competitiveness while still meeting long-term climate targets, including the EU’s agreed 2040 emissions goal. At the center of the discussion is Swedish steel producer SSAB, which is investing around €6 billion

Organisations across the globe are increasingly struggling to deliver cybersecurity metrics that actually meet the needs of boards, executive leadership, and operational security teams, with the rapid expansion of artificial intelligence significantly deepening this already persistent reporting disconnect. Technology intelligence firm IDC argues that cyber risk has shifted beyond being a purely operational issue and is now an existential business threat capable of bringing

More than one hundred days after the outbreak of the war involving Iran, Europe finds itself confronting a difficult reality that calls into question the foundations of the energy strategy adopted in the aftermath of Russia’s invasion of Ukraine. While the continent’s efforts to reduce reliance on Russian natural gas and expand the use of liquefied natural gas (LNG) succeeded in mitigating one major vulnerability, recent developments suggest that a new form of dependence has

Regional air connectivity across Europe continues to face significant challenges, with island nations such as Cyprus particularly vulnerable to rising operational costs and increasingly rigid regulatory requirements, according to the European Regions Airline Association (ERA). Representing more than 50 airlines and over 200 organisations from across the aviation industry—including airports, aircraft manufacturers, suppliers and aviation service providers—ERA stressed that r

US energy company Chevron has reaffirmed its confidence in Cyprus’ growing role within the Eastern Mediterranean energy landscape, with the Aphrodite natural gas development continuing to advance toward a final investment decision. Speaking in an interview published by Parliament Magazine, Chevron Cyprus country manager Basil Allam outlined the company’s long-term commitment to the region and described Cyprus as a strategically important component of Chevron’s broader energy

A sharp increase in fuel prices pushed US inflation to its highest annual rate in three years in May, according to data released by the Labour Department on Wednesday, reinforcing expectations that the Federal Reserve may need to keep interest rates elevated for an extended period. Consumer prices rose 4.2% in May compared with the same month a year earlier, accelerating from 3.8% in April and marking the third consecutive monthly increase in annual inflation. On a month-to

Wind turbine manufacturing in the European Union experienced a significant recovery in 2024, with production reaching its strongest level in a decade after several years of inconsistent performance, according to newly released figures from Eurostat. The data is included in the 2026 edition of Key figures on European business, a publication that examines a broad range of economic indicators across the EU, including business activity, investment patterns, productivity, technolo

A sharp rise in jet fuel prices driven by war-related disruptions involving Iran is projected to significantly erode the global airline industry’s profitability in 2026, even as passenger demand and revenues continue to climb to record levels, according to the latest industry outlook from the International Air Transport Association (IATA), which represents 370 airlines responsible for about 85% of global air traffic. The industry body forecasts that airlines worldwide will

The European Union recorded €627.8 billion in imports from countries outside the bloc and €640.5 billion in exports during the first quarter of 2026, according to newly released data from Eurostat. While imports registered modest growth compared with the preceding quarter, exports experienced a slight decline, reflecting emerging weakness in the EU’s external trade performance. Quarterly figures indicate that imports into the European Union increased by 1.7 percent compared w

Elon Musk's SpaceX has indicated that it believes the company is worth significantly more than previously estimated as it prepares for a public stock market debut scheduled for next week. In documents submitted to the US Securities and Exchange Commission as part of its initial public offering (IPO) process, SpaceX stated that it expects its shares to be offered at approximately $135 (£100) each. Based on that proposed price, the company would carry a valuation of around $1.7

The Monetary Authority of Singapore (MAS) has directed private banking institutions to significantly reduce the time required to onboard new clients after years of delays caused by increasingly cautious compliance practices. The policy adjustment was formally announced through remarks delivered by Mr. Chia Der Jiun, Managing Director of MAS, during the UBS Asian Investment Conference, Singapore Wealth Edition, held on 25 May 2026. Under the new expectations, financial institu

Cyprus began 2026 with continued economic momentum, as the country’s economy expanded by 3 per cent in the first quarter compared with the same period a year earlier, according to preliminary figures released on Tuesday by the Cyprus Statistical Service (Cystat). The latest data indicate that household spending, export performance, and strong activity across several major services industries played a central role in supporting growth during the opening months of the year. Mea

The European Central Bank (ECB) has again drawn attention to persistent weaknesses in Cyprus’ statistical reporting framework, according to its latest biennial review assessing the quality of data submitted by euro area member states. The assessment examined the accuracy, completeness, methodological soundness, and consistency of balance of payments and international investment position statistics reported throughout the eurozone up to the second quarter of 2025. Although the

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