FlexiNews, 80 Arch. Makariou III Avenue, Nicosia (2024)

21/09/2024

HSBC and Bank of China (Hong Kong) have reduced their prime lending rates by a quarter percentage point, marking the first rate cut among Hong Kong banks since 2019.

HSBC and Bank of China (Hong Kong) have reduced their prime lending rates by a quarter percentage point, marking the first rate cut among Hong Kong banks since 2019. This move reflects a broader effort to ease funding costs for local businesses and mortgage borrowers as the city’s largest commerci...

20/09/2024

The launch of the Entry/Exit System (EES) in the European Union may face yet another postponement, as three EU countries—France, Germany, and the Netherlands—have indicated that they are not ready for its scheduled implementation in early November.

The launch of the Entry/Exit System (EES) in the European Union may face yet another postponement, as three EU countries—France, Germany, and the Netherlands—have indicated that they are not ready for its scheduled implementation in early November. The EES, which aims to introduce fingerprint an...

20/09/2024

Greece’s Migration Minister, Nikos Papadopoulos, has called for the preservation of the spirit of the Schengen Agreement, stressing that Greece is opposed to unilateral actions that undermine the principles of the pact.

Greece’s Migration Minister, Nikos Papadopoulos, has called for the preservation of the spirit of the Schengen Agreement, stressing that Greece is opposed to unilateral actions that undermine the principles of the pact. Papadopoulos made these remarks following Germany’s decision to introduce co...

19/09/2024

The UK government has raised alarms over North Korean IT workers covertly securing jobs at British firms to funnel cash to the Pyongyang regime. According to the Office of Financial Sanctions Implementation (OFSI), these workers often disguise themselves “as freelance third-country IT workers” to evade detection.

The UK government has raised alarms over North Korean IT workers covertly securing jobs at British firms to funnel cash to the Pyongyang regime. According to the Office of Financial Sanctions Implementation (OFSI), these workers often disguise themselves “as freelance third-country IT workers” t...

18/09/2024

Portugal has significantly decreased the number of work visas granted to foreigners in the three months following the implementation of the Action Plan for Migration. According to recent reports, the country issued 24 percent fewer work visas in June, July, and August of 2024 compared to the same period in 2023.

Portugal has significantly decreased the number of work visas granted to foreigners in the three months following the implementation of the Action Plan for Migration. According to recent reports, the country issued 24 percent fewer work visas in June, July, and August of 2024 compared to the same pe...

18/09/2024

One of the UK’s leading financial regulators, the Financial Conduct Authority (FCA), has unveiled its use of artificial intelligence (AI) to detect potential breaches of international sanctions. Andrea Bowe, Director at the FCA’s Specialist Directorate, highlighted the regulator’s increasing reliance on technology during a recent event in London.

One of the UK’s leading financial regulators, the Financial Conduct Authority (FCA), has unveiled its use of artificial intelligence (AI) to detect potential breaches of international sanctions. Andrea Bowe, Director at the FCA’s Specialist Directorate, highlighted the regulator’s increasing r...

18/09/2024

Fitch Ratings has upgraded the Shareholder Support Rating (SSR) of Hellenic Bank Public Company Limited (Hellenic Bank) from “bb-” to “bb”, the agency announced on Monday. This decision follows the recent upgrade of Eurobank S.A.’s Long-Term Issuer Default Rating (IDR) from “BB” to “BB+”.

Fitch Ratings has upgraded the Shareholder Support Rating (SSR) of Hellenic Bank Public Company Limited (Hellenic Bank) from “bb-” to “bb”, the agency announced on Monday. This decision follows the recent upgrade of Eurobank S.A.’s Long-Term Issuer Default Rating (IDR) from “BB” to “...

17/09/2024

While the process for obtaining an Italian visa is theoretically the same for everyone, applicants from certain nationalities, particularly in Africa and Asia, face significantly higher rejection rates compared to others. Recent data reveals that nationals from several countries on these continents are less likely to be granted a Schengen visa by Italy, with rejection rates exceeding the average approval rate of 87.55 per cent, according to recent reports.

While the process for obtaining an Italian visa is theoretically the same for everyone, applicants from certain nationalities, particularly in Africa and Asia, face significantly higher rejection rates compared to others. Recent data reveals that nationals from several countries on these continents....

17/09/2024

Chinese authorities have imposed a six-month ban on PwC’s Chinese unit, accusing it of being complicit in the downfall of the massive property developer Evergrande. The ban, announced on Friday, stems from flawed audit work performed by PwC Zhong Tian, part of a broader trend of increased scrutiny on Western auditing firms by both Chinese and U.S. regulators.

Chinese authorities have imposed a six-month ban on PwC’s Chinese unit, accusing it of being complicit in the downfall of the massive property developer Evergrande. The ban, announced on Friday, stems from flawed audit work performed by PwC Zhong Tian, part of a broader trend of increased scrutiny...

17/09/2024

The Securities and Exchange Commission (SEC) has charged three former executives of Medly, a now-defunct online pharmacy, with defrauding investors.

The Securities and Exchange Commission (SEC) has charged three former executives of Medly, a now-defunct online pharmacy, with defrauding investors. According to a press release issued on Thursday, former CEO Marg Patel, former Chief Financial Officer Robert Horowitz, and former Head of Pharmacy Ope...

16/09/2024

Canada's largest banks are raising concerns over the country’s anti-money laundering (AML) regulations, calling them ineffective and overly bureaucratic.

Canada's largest banks are raising concerns over the country’s anti-money laundering (AML) regulations, calling them ineffective and overly bureaucratic. According to the Canadian Bankers Association (CBA), there has been a significant increase in the number of Suspicious Activity Reports (SARs) s...

14/09/2024

The European Commission has committed to supporting businesses and simplifying tax processes through its newly introduced transfer pricing (TP) directive, aiming to "bring structure to chaos" in the tax landscape.

The European Commission has committed to supporting businesses and simplifying tax processes through its newly introduced transfer pricing (TP) directive, aiming to "bring structure to chaos" in the tax landscape. Marc Clercx, a representative of the European Commission, highlighted these goals whil...

13/09/2024

German authorities have announced plans to introduce temporary internal border controls at all land borders, set to begin on September 16.

German authorities have announced plans to introduce temporary internal border controls at all land borders, set to begin on September 16. According to Minister of Interior Nancy Faeser, the controls will initially be in place for six months, aiming to enhance national security and address the issue...

13/09/2024

John Deere, an Illinois-based manufacturer, has agreed to pay approximately $10 million in penalties and disgorgement to the U.S. Securities and Exchange Commission (SEC) to settle charges related to violations of the Foreign Corrupt Practices Act (FCPA).

John Deere, an Illinois-based manufacturer, has agreed to pay approximately $10 million in penalties and disgorgement to the U.S. Securities and Exchange Commission (SEC) to settle charges related to violations of the Foreign Corrupt Practices Act (FCPA). The violations stem from bribes paid by its....

12/09/2024

Following the announcement of Air France's new direct flights to the Philippines this December, French Ambassador to the Philippines, Marie Fontanel, has shared key advice for Filipinos seeking a Schengen visa.

Following the announcement of Air France's new direct flights to the Philippines this December, French Ambassador to the Philippines, Marie Fontanel, has shared key advice for Filipinos seeking a Schengen visa. Her tips are aimed at helping applicants avoid common mistakes and improve their chances....

11/09/2024

Greece’s Prime Minister Kyriakos Mitsotakis has announced that the country’s Golden Visa Program will soon include an option for startup investments, expanding the popular residency-by-investment scheme. The new provisions were part of the economic strategy unveiled during the 88th Thessaloniki International Fair, with the aim of boosting Greece’s economy.

Greece’s Prime Minister Kyriakos Mitsotakis has announced that the country’s Golden Visa Program will soon include an option for startup investments, expanding the popular residency-by-investment scheme. The new provisions were part of the economic strategy unveiled during the 88th Thessaloniki ...

11/09/2024

The Cyprus Securities and Exchange Commission (CySEC) has announced the launch of a new social media campaign, aiming to protect investors from the growing threat of online scams.

The Cyprus Securities and Exchange Commission (CySEC) has announced the launch of a new social media campaign, aiming to protect investors from the growing threat of online scams. This campaign comes in response to the discovery of several fraudulent websites falsely claiming to be linked to CySEC.T...

10/09/2024

Portugal has experienced a notable reduction in the number of work visas issued to foreigners over the past three months, following the introduction of its new Action Plan for Migration.

Portugal has experienced a notable reduction in the number of work visas issued to foreigners over the past three months, following the introduction of its new Action Plan for Migration. Authorities have confirmed that the number of work visas granted between June, July, and August 2024 fell by 24 p...

10/09/2024

The European Fund Classification (EFC) system, a pan-European standard managed by the European Fund and Asset Management Association (Efama), has significantly expanded its scope, now covering nearly 180,000 fund share classes across numerous European countries.

The European Fund Classification (EFC) system, a pan-European standard managed by the European Fund and Asset Management Association (Efama), has significantly expanded its scope, now covering nearly 180,000 fund share classes across numerous European countries. This development means that the major...

09/09/2024

The Czech political movement Elders and Independents (STAN) is calling for stricter regulations on granting Czech citizenship to Russian nationals. Under the proposed changes, Russian citizens seeking Czech citizenship would be required to renounce their Russian citizenship before obtaining a Czech passport.

The Czech political movement Elders and Independents (STAN) is calling for stricter regulations on granting Czech citizenship to Russian nationals. Under the proposed changes, Russian citizens seeking Czech citizenship would be required to renounce their Russian citizenship before obtaining a Czech....

07/09/2024

Administrative, support, and real estate services in Cyprus performed strongly in the second quarter of 2024, according to the latest services turnover value index report from the Cyprus Statistical Service (Cystat).

Administrative, support, and real estate services in Cyprus performed strongly in the second quarter of 2024, according to the latest services turnover value index report from the Cyprus Statistical Service (Cystat). Administrative and support service activities saw a notable increase of 11.3 per ce...

06/09/2024

Brussels has made it clear that it does not plan to ease the restrictions on UK touring musicians that were imposed following the UK’s exit from the European Union under the Brexit Act.

Brussels has made it clear that it does not plan to ease the restrictions on UK touring musicians that were imposed following the UK’s exit from the European Union under the Brexit Act. Despite promises from both sides to improve relations, negotiations regarding the relaxation of post-Brexit rule...

06/09/2024

The implementation rate of development expenses from Cyprus’ state budget reached 29 per cent by the end of July, according to a report released by the Treasury.

The implementation rate of development expenses from Cyprus’ state budget reached 29 per cent by the end of July, according to a report released by the Treasury. This figure is slightly above the ten-year average of 26 per cent for the same period, representing €446.1 million out of an annual de...

05/09/2024

The Lithuanian government has introduced significant amendments to its Law of Citizenship, aimed at restricting individuals who pose a threat to national security from obtaining or restoring Lithuanian citizenship.

The Lithuanian government has introduced significant amendments to its Law of Citizenship, aimed at restricting individuals who pose a threat to national security from obtaining or restoring Lithuanian citizenship. These changes were spearheaded by Interior Minister Agnė Bilotaitė and members of t...

04/09/2024

A once-celebrated waste management company, Think Pink, is now at the center of a major legal battle in Sweden, facing accusations of illegally dumping or burying approximately 200,000 tonnes of waste. The company, which gained widespread recognition for its low-cost waste disposal and recycling services, is under scrutiny as eleven individuals linked to the firm, including its former chief executive, are set to stand trial.

A once-celebrated waste management company, Think Pink, is now at the center of a major legal battle in Sweden, facing accusations of illegally dumping or burying approximately 200,000 tonnes of waste. The company, which gained widespread recognition for its low-cost waste disposal and recycling ser...

04/09/2024

Andy Kraag, a leading Dutch detective, has been appointed as the new Head of Serious & Organized Crime at Europol, where he will spearhead the European fight against increasingly powerful international drug gangs and money launderers. Kraag, who has served as the Head of Security & Intelligence in the Netherlands, will officially begin his new role at Europol on October 1.

Andy Kraag, a leading Dutch detective, has been appointed as the new Head of Serious & Organized Crime at Europol, where he will spearhead the European fight against increasingly powerful international drug gangs and money launderers. Kraag, who has served as the Head of Security & Intelligence in t...

03/09/2024

The Commodity Futures Trading Commission (CFTC) has imposed a $22 million fine on a Nasdaq subsidiary for allegedly misleading the public, regulators, and its own compliance staff regarding the details of a trader incentive program. The penalty was announced by the CFTC in a press release on Thursday.

The Commodity Futures Trading Commission (CFTC) has imposed a $22 million fine on a Nasdaq subsidiary for allegedly misleading the public, regulators, and its own compliance staff regarding the details of a trader incentive program. The penalty was announced by the CFTC in a press release on Thursda...

03/09/2024

Starting November 1, the Finnish Immigration Service (Migri) will implement higher income threshold requirements for those applying for residence permits. Under the current regulations, single adults must demonstrate net annual earnings of €12,000. However, with the new changes, applicants will need to show an increased yearly income of €14,520 to qualify for a residence permit in Finland.

Starting November 1, the Finnish Immigration Service (Migri) will implement higher income threshold requirements for those applying for residence permits. Under the current regulations, single adults must demonstrate net annual earnings of €12,000. However, with the new changes, applicants will ne...

02/09/2024

Raymond James & Associates (RJA) and its subsidiary have agreed to pay over $1.9 million to settle allegations from the Financial Industry Regulatory Authority (FINRA) that the firm did not have an effective system for handling customer complaints and failed to reasonably supervise millions of direct mutual fund transactions.

Raymond James & Associates (RJA) and its subsidiary have agreed to pay over $1.9 million to settle allegations from the Financial Industry Regulatory Authority (FINRA) that the firm did not have an effective system for handling customer complaints and failed to reasonably supervise millions of direc...

31/08/2024

Economists have raised concerns about the feasibility of achieving a debt ratio of 50% of GDP, warning that this target is difficult to attain and could bring additional risks. Despite these concerns, Cyprus’ Finance Ministry is determined to reduce the country’s public debt to below 60% of GDP by 2026, as stated by Finance Minister Makis Keravnos.

Economists have raised concerns about the feasibility of achieving a debt ratio of 50% of GDP, warning that this target is difficult to attain and could bring additional risks. Despite these concerns, Cyprus’ Finance Ministry is determined to reduce the country’s public debt to below 60% of GDP ...