HB eyes insurance crown with CNP deal
Fact: Hellenic Bank’s takeover of CNP’s local operations in Cyprus is worth €182 million and will boost its market share to 30% in the life insurance sector and 23% in the general insurance sector.
insurance
97 per cent satisfaction rate with citizens service centres
The majority of the public who use the island’s citizens service centres (KEP) have reported being served within ten minutes, with more than 94% saying they were satisfied with the speed of service. Since the first KEP centre opened almost 19 years ago, they have executed 13.4 million individual actions in person and 5.5 million over the phone.
Legislation round-up: taxes, housing, employment … and more – NH Business Review
Fact: The second legislative session in New Hampshire is tackling many business-related proposals on the House and Senate floors.
Cyprus residents, ’ bank deposits rise by €318.5 million
The Central Bank of Cyprus reported an increase in both loans and total deposits within the Cypriot banking system for March 2024. The liquidity exceeded €27 billion, with total deposits seeing a net increase of €252.1 million. Cyprus residents’ deposits increased by €318.5 million, while total loans recorded a net increase of €133.1 million. The balance of total deposits in March of that year stood at €52.2 billion, and the balance of total loans reached €25.1 billion.
Cyprus sees Surge in deposits and loans in March
In March 2024, total deposits in Cyprus increased by €252.1 million, with a total balance of €52.2 billion. Total loans also increased by €133.1 million, reaching a balance of €25.1 billion. Deposits from residents of Cyprus rose by €318.5 million, while loans to Cypriot residents increased by €134.0 million.
Government ramps up crackdown of undeclared work
– Around eight per cent of the workforce, or 40,000 people, are illegally employed in Cyprus, resulting in a loss of revenue to the social insurance fund of €10 million a year.
– The government has approved a plan to strengthen measures to combat undeclared work, including implementing a system of extra-judicial fines for employers.
– The fine for each instance of undeclared work will increase from €500 to €1,000 and will be doubled in the event of a future offence by the same employer.
– Authorities will increase the number of inspections to target specific work sites and times, and there will be increased coordinated inspections between different departments.
– The government will conduct an outreach campaign for third-country nationals legally in Cyprus who are not identified as legal workers.
– The government will investigate employers of undeclared workers for links to people-smugglers.
– Legislative changes will be submitted to the House, including the creation of a digital census of all employees and liability for main contractors and subcontractors in cases of undeclared work.
President Biden’s Budget Calls for Raising $4.3 Trillion in Revenues Over Ten Years — Here’s How
The Biden Administration released a budget proposal for the 2025 fiscal year that includes tax proposals generating .3 trillion over the next decade. The most significant proposals include increasing taxes on corporations and high-income taxpayers.
Hellenic Bank confirms talks to acquire CNP Cyprus for , €182 million
Hellenic Bank has entered into exclusive negotiations and a put option with CNP Assurances for the acquisition of its subsidiary CNP Cyprus Insurance Holdings Limited, which operates in Cyprus and Greece.