Micro News

Micro News

Globally recognised international credit rating agency DBRS, has upgraded Cyprus’s external and local currency issuer rating (long-term) from grade B to BB and amended the trend from “positive” to a “stable” rating. DBRS also confirmed the external and local currency issuer ratings for short term at…


Airbnb has been a popular and upcoming alternative to hotels among travelers for the last decade, however has been relatively slow to take off in Cyprus. Airbnb is an app whereby home owners provide short-term subletting’s to travelers for much cheaper rates typically than hotels and even hostels. This…


Finance minister of Cyprus, Harris Georgiades held a speech at a union representing civil service and public sector workers for state-owned companies in Cyprus, and stated that Cyprus has a long way to go before overcoming the effects of the recession. He mentioned the recovery from the financial and…


This week the Cyprus Auditor-general cited the two main operational problems for the Ministry of Justice were unpaid fines and excessive funding for overtime in the police force. Since 2015, timely payment of fines has increased substantially however it was reported that Cyprus policemen had been turned…


Vietnamese Prime Minister Nguyen Phuc visited the White House this week to meet with US President Donald Trump for discussing trade deals. Both parties welcomed the signing of several billion dollars business contracts and bring huge revenue for both economies as a result of the new jobs they would bring.…


Cyprus currently has an inactive law whereby omitting to vote in general elections supposedly results in a €340 fine. Finally the Cyprus cabinet passed a bill abolishing compulsory voting, which still needs to be approved by parliament. Government Officials have predicted that the bill will not decrease…


Last week in Nicosia, Cyprus signed a double taxation treaty (DTT) regarding income taxes with San Marino, the finance ministry reported. The agreement was signed by the Cyprus Minister of Foreign Affairs together with a Sammarinese Official, and is hoped will further bilateral relations developing trade,…


Things are still not looking good for Hellenic Bank’s future after reports online emerged that the lender generated further losses totaling €10.5m in 2017 Q1, against a €64 million loss in the last quarter of 2016, and minimal net profits for the entire financial year. The first quarter loss was attributable…


Irena Georgiadou has resigned from her position as Chairwoman at Hellenic Bank, a role she has carried out since 2014. Her former role was Chief Advisor to Finance Minister Harris Georgiades and announced her decision to stand down at the lender’s AGM (annual general meeting) this week. Her decision…



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