banks

Saint Habakkuk under investigation for money laundering, fraud

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Saint Habakkuk under investigation for money laundering, fraud

The scandal in Saint Habakkuk monastery involves money laundering, fraud, and obtaining money by false pretences. A large sum of undeclared cash was found on the premises, leading to an investigation by the police. The Ministry of the Interior provided details on authorised collections conducted by the Abbey to compare with the undisclosed cash. Police are examining footage from the monastery’s closed-circuit system to determine when audio recording was activated and if any crimes were captured. The origin of €807,000 seized on March 5 is a key aspect of the investigation. Commercial banks are providing information on bank accounts held by senior monks. Counter-complaints have been filed by two archimandrites against Bishop Isaias. Other investigations include an assault by a monk on a woman and allegations of sexual harassment.

Positive outlook for Cyprus economy, according to rating agency

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Positive outlook for Cyprus economy, according to rating agency

Capital Intelligence Ratings has revised its long-term foreign currency rating outlook for the Republic of Cyprus from stable to positive. The government’s debt has been reduced due to consistent primary fiscal surpluses and proactive debt management.

Australia bank CEOs call for a fix to housing shortage

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Australia bank CEOs call for a fix to housing shortage

Australia’s housing shortage is driving prices higher and locking out first-time homeowners and migrants needed to fill skills shortages across the country, according to the CEOs of Australia’s three largest banks.

How businesses are turning ESG into a competitive advantage

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How businesses are turning ESG into a competitive advantage

Businesses have the power and responsibility to tackle big issues like climate change, inequality, and social injustice.

AKEL criticises government over infaltion

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AKEL criticises government over infaltion

The AKEL party criticized the government for not implementing effective measures against inflation and for refusing to implement a social support package despite having increased state revenues. The party also accused Mr. Christodoulides of prioritizing big economic interests over the state’s finances by not taxing windfall profits of banks and energy companies as previously promised during the election campaign.

European Central Bank: inflation tolerance and the last mile

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European Central Bank: inflation tolerance and the last mile

Inflation in the euro area has declined from high levels in recent years, with a rate expected to be 2.3% in 2024 compared to 8.4% in 2022 and 5.6% in 2023. The European Central Bank (ECB) is discussing the concept of inflation tolerance as a way to navigate uncertainty and provide guidance on when action will be taken based on inflation levels. The ECB may consider setting an inflation range within which no action is needed, with action required as inflation approaches 3%. This approach aims to balance the need for a precise inflation target with the reality of uncertainty in the economic system.

Opposition parties criticise economic measures

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Opposition parties criticise economic measures

Akel accused President Nikos Christodoulides of “only caring about his public image” and criticized the government for not having a comprehensive plan to deal with the cost-of-living crisis.

ANALYSIS-Russian veto points to ‘grim future’ for North Korea sanctions enforcement

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ANALYSIS-Russian veto points to ‘grim future’ for North Korea sanctions enforcement

Russia vetoed the renewal of the panel of experts monitoring UN sanctions against North Korea, signaling a grim future for sanctions enforcement. Russia and China have denied breaking sanctions and have blocked new measures at the UN Security Council. Russia’s veto highlights its deepening ties with North Korea and its violation of sanctions by buying conventional arms. The end of the panel could lead to more evidence of sanctions violations being released to the public. Russia’s veto suggests it does not want its illegal procurement of North Korean weapons to be reported. The US and South Korea have launched a task force to prevent North Korea from procuring illicit oil, particularly from Russia.

UBS flags commercial real estate downturn as a top risk

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UBS flags commercial real estate downturn as a top risk

UBS flagged the downturn in commercial real estate markets as one of the top and emerging risks facing the Swiss bank, with higher borrowing costs and a post-pandemic slump in demand for office space affecting the sector.

TIMELINE-History of Japan’s intervention in currency markets

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TIMELINE-History of Japan’s intervention in currency markets

The Bank of Japan has intervened in foreign exchange markets multiple times over the years to influence the value of the yen.