Companies conducting business overseas face growing legal and reputational risks. These risks have become even more important because of increasingly complex business regulations worldwide, mounting pressure from regulators, enforcement agencies and civil society, and a dramatic increase in levels of business carried out in higher risk jurisdictions. In the field of anti-corruption in particular, […]
For the last 8 months, Cyprus banking system noted a decrease of 6.2 bil in total loans, and derived an increase in the proportion of non-performing loans. The total loans by the end of August 2014 decreased to 58.5 bil from 64.7bil (August 2013)Companies’ loans dropped from 35.9 bil to 32 bil while individual loans […]
Monthly Average of Newly Registered Entities in Cyprus In 2014 the new registrations in companies recorder a slight decrease of 2.43% when compared to average monthly new registrations of 2013. The total number of Registered Entities had a 6.64% decrease. This decrease is mainly due to the write off of companies from the registrars Archive. […]
This month, instead of our regular review we decided to make a survey on how much you know about your clients and the correct KYC proceedures you are obliged to follow by the legislation. By taking the below survey you will be requested to answer 8 simple questions about KYC. In case you provide us with your […]
World Oil Reserves Referring to the most recent estimates of the Organization of Petroleum Exporting Countries, the proven oil reserves of OPEC reached 1,200.83 billion barrels compared to 277 billion barrels in Non-OPEC countries. This means that over 81% of the world’s oil reserves originate from OPEC countries, with the Middle East region holding up […]
Infocredit Group is pleased to announce the provision of Mediation Services in Cyprus. With an increasing need for effective and efficient resolution of commercial and other business disputes, Infocredit Group has launched the Mediation Service with two certified mediators to help you achieve quick out of court resolutions. There are many advantages when it comes […]
Infocredit Group is pleased to announce the provision of Mediation Services in Cyprus. With an increasing need for effective and efficient resolution of commercial and other business disputes, Infocredit Group has launched the Mediation Service with two certified mediators to help you achieve quick out of court resolutions. There are many advantages when it comes […]
Cyprus Parliament yesterday, passed the privatisation bill in time for the 5th march deadline. The House of Representatives adopted, by majority vote, an amended version of the privatisation bill, which sets out the framework for semi-government organisations (SGOs) to be privatised. The decision comes after the first draft was rejected last Thursday, with 25 votes […]
The Bank of Cyprus has announced its full-year loss of €2.04 billion for 2013. The bank, which was recapitalised after bailing in depositors last year registered a loss of €93 million in the fourth quarter of 2013, down from €142 million in the previous quarter. “These results demonstrate stability on the asset and provisioning side […]
The privatisation plan for Cyprus is viable according to Finance Minister, Harris Georgiades. Providing assurances over a disputed bill concerning the privatisation of semi-governmental organistations, Georgiades noted that it does not deprive employees of their employment and pension rights, nor does it remove powers from the House of Representatives. The privatisation plan aims to generate […]
Cyprus’ adjustment programme remains on track according to TROIKA, a statement welcomed by Eurogroup president, Jeroen Dijsselbloem and the Vice-President of the European Commission (EC), Olli Rehn. The third review of the Cyprus economic programme concluded on 11th February with teams from the European Central Bank and the IMF debriefing Eurozone ministers. “We, of course, […]
The announcement came after the Finance Minister, Mr Harris Georgiades met with the President to receive a briefing from the Bank of Cyprus CEO who informed them of the progress of the restructuring plan. The Finance Minister confirmed the Bank of Cyprus has entered a phase of normalisation adding, “we have reached a point where […]