Micro News

FBME Bank loses its position in Cyprus

Another Bank in Cyprus is suspected of money laundering. This time, the sight was one of the oldest international banks, FBME Bank, more precisely its Cyprus branch. Questions about deals appeared from Asian creditors, were then transferred to the highest courts. Bank employees refused to comment on…


Now debts are costly

For the purpose of improving the liquidity of the securities market, the government of Cyprus is forced to use extreme measures – securitisation of bad debts of banks. Cypriot banks are encouraged to create subsidiaries, which are based on the client’s debts, those will be to issue securities or bonds…


“Yes”, new schemes of employment

The Council of Ministers in Cyprus has proposed a budget of around €6.7 million towards the fight against unemployment. In exchange for subsidies from the state, employers hope to attract 800 young people aged 25 to 29 years to their companies. It’s expected that companies will be reimbursed 70% of expenses…


The Turks come?

Monday, in the waters near Paphos, and later an area a few nautical miles off the coast of Larnaca, two Turkish naval ships appeared. As known later, they were in Cyprus completing military exercises of Turkey. However, these actions were not agreed with the government and were a threat for the safety…


Laiki Bank returns deposits

The depositors of the locked in 2013 Laiki Bank (Sykala) hope to receive back their money. It is was stated at a meeting with President of Cyprus Nicos Anastasiades and Finance Minister Harris Georgiades at the Presidential Palace on Wednesday, the head of Sykala, Adonis Papaconstantinou. 4 years ago…


Many birds in Cyprus are killed by the citizens of the village Omodos. This village is famous for its beauty and popular place  far beyond the islands, however the tradition of killing swallows, house martins, common swifts, great tits and other birds at Easter is far from ‘’beautiful’’. On Tuesday,…


The tourist season in Cyprus opened

Another tourist season in Cyprus is opened. It has been a month of hotels and restaurants on the island being filled with tourists from different countries. This year the main part of the total tourist arrivals in March amounted to tourists from Russia (+55.1 per cent), after follow Greece (+10.7 per…


The Minister of Finance of Switzerland Ueli Maurer invited Singapore to join efforts in the field of fintech. “It’s important to have a good relationship, today is a step towards the development of both countries, he said. - We are not competitors, so we can cooperate.” This can be mutually beneficial…


Restaurant Explosion in Limassol

Early morning, 18th April at the entrance of a fast-food restaurant in Limassol, a bomb exploded. Now police are checking versions of the incident. Owners of the restaurant have not yet been reported, the amount of the damages. 


South Korea’s shipbuilding company, Daewoo Shipbuilding & Marine Engineering Co Ltd, unlocks a US$2.6 billion by a debt-to-equity swap. This decision was approved during several meetings this week of the bondholders of the company. Korean Government has a controlling stake of the company, it plans to…



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