Banks

The interest rate hikes by the European Central Bank and the increase in net interest income lead to an excessive accumulation of profits in Greek and European banks and fuel the inflation of banking greed ("bankflation"), warns the Center for Planning and Economic Research (KEPE).

Hardly anyone will be surprised that a number of bank charges will be raised again. Some of them have already been a fact for several days, for others it is coming from the beginning of September, and for others - in October. Physical contact with bank employees related to cash operations is expected to become more and more expensive.

President Tayyip Erdogan on Friday appointed Hafize Gaye Erkan, a finance executive in the United States, to head Turkey's central bank, which is widely expected to reverse course and tighten policy after years of rate cuts and a simmering cost-of-living crisis.

Hafize Gaye Erkan, a finance executive in the United States, has become the first-ever woman to head Türkiye's Central Bank after President Recep Tayyip Erdoğan appointed her as the institution's governor on June 9.

The global economy is likely slowing sharply this year, hobbled by high interest rates, the repercussions of Russia's invasion of Ukraine and the lingering effects of the coronavirus pandemic.

Athens International Airport shareholders have given the go-ahead for the sale of a 30% stake in the country's biggest airport by privatization agency TAIPED, a senior official from the agency said on Thursday.

The state-owned Hellenic Republic Asset Development Fund has hired Bank of America, Morgan Stanley and Deutsche Bank to act as advisers on the sale of its stake.

Climate activists are using shareholder meetings to turn up the heat on corporations about their carbon footprints, from flooding them with questions to more colorful tactics like singing or throwing cake at executives.

When Credit Suisse's unveils what are likely its final quarterly results Monday, investors will be seeking clues to the magnitude of the challenges awaiting UBS, after it was strongarmed into taking over its stricken rival.

The Bulgarian banker Tzvetan Vassilev has again been declared an internationally wanted man. According to information from the National Radio, a European Arrest Warrant was issued for him last week, and since this week he has been submitted for search by Interpol. The reason is a new investigation against him, which the Sofia City Prosecutor's Office is working on.

Cyprus Finance Minister Makis Keravnos has urged banks to restructure loans, maintain low lending rates and bank charges, and increase deposit rates in light of continued basic rate hikes by central banks. He warned that, otherwise, the government "would think differently of their intentions."