S&P raises Bank of Cyprus rating to ‘BBB-’, outlook stable

S&P Global Ratings has upgraded the long-term issuer credit rating of Bank of Cyprus Public Co. Ltd. (BoC) to ‘BBB-’ from ‘BB+’, reflecting improvements in the Cypriot banking sector’s funding stability. “Cypriot banks have further reduced their …

Cyprus minister takes part in international conference on use of AI

Deputy Minister of Research, Innovation and Digital Policy, Nikodemos Damianou, is participating in an international artificial intelligence (AI) summit on Monday, aimed at intensifying cooperation to ensure the technology’s safe application. Cyprus is an …

Cyprus banks adjust to ECB rate cuts

Cypriot banks have lowered their key interest rates, with expectations of further reductions throughout 2025, in response to decisions made by the European Central Bank (ECB). The director of retail banking at the Bank of Cyprus, Theodosios Theodosiou, …

Cyprus acts to ease car recall chaos

ECONOMY CYPRIOT ECONOMY The Cypriot government is stepping in to help drivers impacted by the Takata airbag recall by arranging discounted rental cars and free public transport passes for those whose vehicles have been immobilized. According to …

Cyprus: Turkish Cypriot businessman Asil Nadir dead at 83

Nadir was born in Lefka. He created, in London, the Polly Peck company giant, with an emphasis on the trade of food and textile products. However, it collapsed in the 1990s when it was linked to fraud and accounting irregularities. Facing 66 charges, Nadir …

Police in Cyprus arrest 4 in Larnaca cigarette bust

Police in Cyprus have discovered thousands of boxes of duty-free cigarettes after four men were spotted  loading them onto a boat docked in Larnaca. The four were arrested, according to CyBC Radio. In a subsequent search of a house and two vehicles, other …

Snow and scattered showers forecast across Cyprus

Cyprus is set to experience mixed weather conditions, with snow expected in mountainous regions and temperatures remaining close to seasonal averages. Initially clear skies will give way to partial cloud cover across the island, bringing localised rain and …

1950: Heaviest snowfall in living memory blankets Cyprus, Israel

On this day in 1950, the heaviest snowfall in living memory halted rail and air communications on Cyprus. Roads were impassable, the airport closed and power cuts were widespread. In Nicosia, the capital, the snow was 12in. deep according to reports. At …

Cyprus plans major Kato Paphos coastal highway expansion

Authorities in Kato Paphos have announced plans for a major infrastructure project to construct a modern four-lane highway connecting the Tombs of the Kings in Kato Paphos to Coral Bay in Pegeia. Government departments, consultants, and local authorities …

Cyprus: 36 illegal migrants arrested, deportations underway