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29th March 2024
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Monthly Archives: November, 2012

Banking system comes under scrutiny

The promotion of foreign currency loans without advising borrowers of the currency risks is one of the topics being investigated by the House Institutions Committee as it scrutinises the functioning of the banking system.

Fitch piles more junk on the banks

Following Fitch Ratings downgrade of Cyprus sovereign credit rating on Wednesday, it has pushed the islands top three banks further into junk territory and believes that the failure of the Bank of Cyprus and the Cyprus Popular Bank "is imminent".

Two notch downgrade from Fitch

Credit ratings agency Fitch has cut the island's credit rating by two notches with the possibility of a further downgrade citing a fiscal budget that has significantly underperformed expectations.

Two day construction worker strike

Construction workers plan a two day strike starting tomorrow (Thursday) blaming their employers for what they claim is their refusal to enter into a dialogue on renewing collective agreements.

Spain battles Cyprus for overseas property investors

Cyprus is in competition with Spain for overseas property investors as the Spanish government plans to offer residency visas to third country nationals investing more than €160,000 in property.

Contractors left unpaid for government projects

As the government's coffers run dry it has no money left to pay companies that have completed construction projects and who are suffering from cash-flow problems and who may be forced to lay off staff.

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