banks

Consumer loan rates rise, mortgage rates drop in March

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Consumer loan rates rise, mortgage rates drop in March

In March, consumer loan rates increased while mortgage rates decreased in Cyprus. Deposit rates for households also rose, with new lending decreasing by €79 million compared to the previous month. The interest rate for fixed-term deposits for households increased to 2.24%, while the interest rate for non-financial corporations decreased to the same percentage. Total new loans in March amounted to €496.4 million, with new consumer loans decreasing to €22.2 million and new housing loans decreasing to €119.6 million. New loans to non-financial corporations for amounts up to €1 million increased, while loans for amounts above €1 million decreased. These statistics were published in the April 2024 edition of ‘Monetary and Financial Statistics’ by the Central Bank of Cyprus.

Cybersecurity levy, other taxes to fuel inflation and impede business growth – CPPE

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Cybersecurity levy, other taxes to fuel inflation and impede business growth – CPPE

The Centre for the Promotion of Private Enterprise (CPPE) in Nigeria has stated that the newly introduced cybersecurity levy and other taxes are impeding businesses’ capacity to drive economic growth, leading to job losses and inflation.

Are Business Credit Card Rewards Taxable? | Bankrate

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Are Business Credit Card Rewards Taxable? | Bankrate

Business credit card rewards are not considered income and are not taxable.

Financial watchdog conducts assessment visit in Turkey

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Financial watchdog conducts assessment visit in Turkey

A team from the Financial Action Task Force held meetings with Turkish authorities to assess Turkey’s progress in curbing money laundering and terrorist financing concerns. The team’s report will form the basis of the FATF’s decision at a June 28 plenary, which Finance Minister Mehmet Simsek has signaled will mark Turkey’s departure from the grey list of countries under special scrutiny.

Oil prices under pressure due to slower economies

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Oil prices under pressure due to slower economies

Oil prices are trading down due to disappointing economic data and a rise in US crude oil inventories.

OECD upgrades global growth outlook as US outperforms

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OECD upgrades global growth outlook as US outperforms

The global economy is growing faster than expected, with the US activity being resilient and inflation converging quickly with central banks’ targets, according to the OECD.

Canada’s capital-gains tax change continues decades-old debate over economic growth and tax fairness

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Canada’s capital-gains tax change continues decades-old debate over economic growth and tax fairness

The fact described in the text is that Finance Minister Chrystia Freeland announced an increase in the capital-gains inclusion rate to 66 per cent for corporations and trusts, and for individuals on gains above 0,000, in order to raise nearly billion over five years to pay for housing initiatives.

US Justice Department takes step to make marijuana use a less serious crime

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US Justice Department takes step to make marijuana use a less serious crime

The U.S. Justice Department is moving to make marijuana use a less serious federal crime by recommending it be reclassified as a schedule three drug with lower penalties. This shift could bridge the gap between state and federal cannabis laws, leading to more research, medical use, lighter criminal penalties, and increased private investment in the cannabis sector. President Joe Biden initiated a review of the drug’s classification, and public support for marijuana legalization has significantly increased. Reclassifying marijuana could also benefit cannabis businesses by allowing their shares to be listed on major stock exchanges, receiving more generous tax deductions, and facing fewer restrictions from banks.

Cyprus government and banks piling-up cash

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Cyprus government and banks piling-up cash

By end-February 2024, the government had accumulated cash deposits of over €3.5 billion at the Central Bank and €2.1 billion at commercial banks.

AKEL proposes taxing bank profits for public relief

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AKEL proposes taxing bank profits for public relief

AKEL has submitted a bill proposal to tax unexpected bank profits in order to help those struggling with high loan installments due to interest rate hikes. The proposal includes a 5% special levy on net interest income for 2023 and 2024, with expected revenues of €50 million per year going towards interest subsidies for housing loans. AKEL believes the government is not adequately addressing the issue and aims to provide real relief to households and small businesses.