In 2023, AstroBank achieved a record aftertax profit of €30.4 million, a significant growth from €12.2 million in the previous year, reflecting a Return on Equity (RoE) jump to 13.9 percent and a robust capital adequacy ratio of 23.7 percent. The bank’s strategic management and digital innovation were key to this exceptional growth, establishing AstroBank as a key player in serving both entities and individual customers in Cyprus.
The US has sanctioned two Cyprus companies, Centuronic Ltc and S. Group airlines, for their involvement in arms trafficking networks, aiming to disrupt the flow of weaponry and combat global instability. This move sheds light on the darker side of the tranquil city of Paphos, revealing covert networks that span international borders and jeopardize peace efforts.
The missile strikes from Iran towards Israel have sparked a global call for ‘spirit of solidarity’ to protect civilians amidst escalating tensions. Diplomatic discussions intensify as leaders stress the need for coordinated action beyond condemnation, with Cyprus playing a crucial role in regional stability and humanitarian efforts like the Amalthea plan for Gaza aid and addressing migration challenges.
Cyprus has bolstered maritime security by deploying two port police boats, ‘Alasia’ and ‘Theseus,’ near the Lebanese coast to intercept migrant vessels. As part of a broader regional migration control effort, Cyprus has also suspended asylum application processing for Syrian migrants to manage irregular migration flows effectively.
This was the JuicyFields investment fraud scheme a Ponzi scheme that defrauded around 186,000 investors with promises of high returns from investing in cannabis cultivation. Following a coordinated crackdown involving over 400 officers from 11 countries, assets worth millions were seized, and nine arrests were made, exposing the scheme’s exploitation of regulatory changes in the EU cannabis market.
In response to the influx of Syrian migrants, the Cypriot government has implemented strict measures including suspending automatic refugee status processing, increasing police surveillance, and cracking down on illegal employment. These actions aim to control migration flows, tighten employment restrictions, and streamline the asylum process, while also considering the reclassification of safe zones in Syria and advocating for the repatriation of certain individuals.
Concerns have been raised over the integrity of voter registration for the upcoming local elections due to over 3,500 objections to irregular registrations, including suspicious address changes and listings at unconventional abodes. Reports of lastminute and “clearly irregular” applications, along with the involvement of political parties, have heightened scrutiny and prompted investigations to ensure a fair election process.
The arrest of a woman in Paphos due to a forged Latvian identity card highlights the importance of thorough vetting processes for employers. Violating immigration laws by hiring workers with falsified documents not only jeopardizes legal compliance but also undermines the integrity of the labor market.
Two vessels carrying over one hundred Syrian migrants, with minors as navigators, safely reached Larnaca port after being intercepted off Cape Greco. Authorities processed the arrivals and provided shelter at the “Pournara” reception center, revealing the continued maritime migration challenges faced by coastal nations.
Cyprus Business Now is a strategic forum aimed at attracting investment and fostering growth in the region. President Nikos Christodoulides is in London engaging with financial institutions to showcase Cyprus as an ideal destination for business, amidst restructuring efforts and real estate development projects.
