Latest news with #Charalambous
RTÉ News
25-05-2025
- Business
- RTÉ News
Money dysmorphia: When your mind tricks your wallet
You've got a steady income, a roof over your head, and maybe even some savings - but why does it never feel like enough? Welcome to the age of money dysmorphia - a mindset where your financial reality never quite matches how secure, or insecure you feel. Much like body dysmorphia distorts how people see their physical appearance, money dysmorphia warps an individual's perception of their financial health. Some might feel financially secure because they drive a new car, go on regular holidays, or host lavish events, but in reality, they may be carrying substantial debt, have little savings, and lack long-term financial planning. "At the heart of this is emotional pressure fuelled by social comparison," said Nick Charalambous, Managing Director of financial advisory firm Alpha Wealth. "Platforms like Instagram and TikTok often create unrealistic expectations, where people see polished lifestyles and feel the need to 'keep up' even if that means borrowing to fund it," he said. What problems can money dysmorphia cause? One of the most immediate and damaging consequences of money dysmorphia is its potential to fuel excessive borrowing. People with money dysmorphia may take on debt in an attempt to match the financial image they perceive others have. Here in Ireland, borrowing is on the rise. Figures published just last week show that €2.5 billion worth of personal loans were drawn down last year - a record high. Borrowing isn't inherently bad as it helps people get on the property ladder, invest in education or improve their homes. However, Mr Charalambous said it becomes a problem when it's being used to maintain lifestyles rather than build financial stability. "The issue arises when people borrow without a clear repayment plan or use credit to fund 'wants' instead of 'needs'," he said. "This creates long-term strain that can snowball out of control particularly with high-interest loans or credit card debt." In particular, he warned about the consequences of Personal Contract Purchase finance, known as PCP. "It offers low monthly payments that appear affordable, but often come with a large balloon payment at the end. "Many people roll into new deals without ever owning the asset, essentially renting a lifestyle they can't afford," he said. Is borrowing during global uncertainty wise? Borrowing during times of global uncertainty can be especially risky, as fluctuating interest rates and market volatility can quickly turn manageable debt into a financial burden. In uncertain economic climates - marked by inflation, geopolitical tensions, or recession fears - borrowers may find themselves facing rising repayment costs or reduced income, making it harder to stay afloat. "In uncertain times, caution is key," said Mr Charalambous of Alpha Wealth. "Ireland has low financial literacy levels compared to other European countries and many people are not maximising their savings or investing efficiently," he added. At Alpha Wealth, they see some clients with large sums sitting in low-interest deposit accounts while they take out expensive loans. "If people built better saving habits, they would need to borrow less," he said. Before taking on any new debt, Mr Charalambous encourages clients to ask - "is this a want or a need?" "Weddings, for example, are joyful occasions but spending tens of thousands on one day, while taking out loans to do so, may not be the smartest financial decision," he added. He said it's about making decisions that don't cause you to spend extravagantly beyond your means - which may affect you into the longer-term. How to avoid money dysmorphia? Simply put, don't let your finances be driven by emotion. Everyone has a certain amount of money to work with - Mr Charalambous said it's how you manage it that makes the difference. "Whether you're dealing with debt or unsure where to start, don't bury your head in the sand," he said. Money dysmorphia is a powerful reminder that financial perception does not always align with financial reality. Taking a proactive, informed approach to managing your finances can replace anxiety with confidence and help shift focus from comparison to progress. In uncertain times, the experts say clarity - not emotion - should guide your financial decisions.
The National
11-05-2025
- Sport
- The National
Rangers 'monitoring' teenage Cypriot centre-forward
The Ibrox side are set for a major overhaul this summer with a proposed takeover by the 49ers Enterprises group. Read more: And reports in Cyprus have revealed Rangers have sent scouts to watch Anorthosis Famagusta's 19-year-old striker Charalambous in his last three he's scored in every one of the matches, including a double in his last game. Charalambous has made a big impact after bursting onto the scene this year and has scored five goals for his club in just seven starts. And representatives of the Ibrox club watched him score against Nea Salamis, Enosis and AEL Larissa in his recent games. He has two years left of his contract at the Cypriot club, but Rangers would face competition from second tier German side, Kaiserslautern to sign the promising youngster.
Yahoo
09-04-2025
- Business
- Yahoo
UK bill aims to speed debt restructuring for poor countries
By Libby George LONDON (Reuters) - A British lawmaker has introduced a private member's bill that would set new rules around debt restructurings in a push to speed up negotiations for poor countries struggling with unsustainable debt. Bambos Charalambous, who introduced the bill late last year, said support from other members of parliament had grown since the UK and the United States slashed aid spending. He represents the ruling Labour party in parliament, but neither it nor the opposition conservatives have thrown their support behind the bill. Charalambous said his party may be persuaded to back it and it was being studied by some in governmemt. His effort follows similar proposals in New York state, which supporters say would enable poor nations to emerge faster and stronger from debt distress, while opponents warn they could make future borrowing more expensive. Lawyers and investors following the debate on both sides of the Atlantic expect debt campaigners to keep pushing until some iteration of the proposals becomes law. Trillions of dollars in bonds - accounting for nearly all tradeable sovereign debt issued by developing governments and companies on international capital markets - are issued under the laws of either New York state or England. English law governs a disproportionate share - estimated at up to 90% - of those bonds issued by the poorest nations, such as Ethiopia and Ghana. "It would, number one, compel private creditors to negotiate in good faith, and quickly, with the debt-distressed countries," Charalambous told Reuters regarding the bill. "And it could be worth billions to (the countries), and that money could be reinvested into health and education projects." Charalambous's bill would allow countries to seek debt payment freezes while restructuring negotiations are underway, and also enable a stay on legal proceedings during the process. It would also cap the claims that private creditors can make via lawsuits after restructurings are concluded, aiming to prevent holdout creditors from blocking or slowing debt deals. STATES VULNERABLE Currently, if a country defaults on its bonds, creditors can go to court in the jurisdiction governing the contract to force repayment; some of Ethiopia's bondholders have said they could undertake legal proceedings. Such court cases typically spark lengthy legal proceedings that can delay or complicate a broader restructuring. A wave of developing countries, from Ghana to Sri Lanka, have defaulted since 2020, weakened by the COVID-19 pandemic and a global interest rate hiking cycle. The G20 created an initiative called the Common Framework to try to bring together diverse lenders - from China to New York investors - to speed up poor countries' debt reworks. But it took Zambia more than three years to restructure its primary debts, and critics say the debt relief it and other nations have secured leaves them vulnerable to future crises. No iteration of the New York bill has made it to the governor's desk, but emerging market bond investors have begun to include clauses in bond deals that would allow them to switch jurisdictions to avoid potential curbs. Sign in to access your portfolio
Reuters
09-04-2025
- Business
- Reuters
UK bill aims to speed debt restructuring for poor countries
Summary Bill aims to compel private creditors to negotiate quickly English law governs as much as 90% of poorest nations' bonds Backers say it would help countries emerge stronger from default Opponents say it could increase future borrowing costs LONDON, April 9 (Reuters) - A British lawmaker has introduced a private member's bill that would set new rules around debt restructurings in a push to speed up negotiations for poor countries struggling with unsustainable debt. Bambos Charalambous, who introduced the bill late last year, said support from other members of parliament had grown since the UK and the United States slashed aid spending. He represents the ruling Labour party in parliament, but neither it nor the opposition conservatives have thrown their support behind the bill. Charalambous said his party may be persuaded to back it and it was being studied by some in governmemt. His effort follows similar proposals in New York state, which supporters say would enable poor nations to emerge faster and stronger from debt distress, while opponents warn they could make future borrowing more expensive. Lawyers and investors following the debate on both sides of the Atlantic expect debt campaigners to keep pushing until some iteration of the proposals becomes law. Trillions of dollars in bonds - accounting for nearly all tradeable sovereign debt issued by developing governments and companies on international capital markets - are issued under the laws of either New York state or England. English law governs a disproportionate share - estimated at up to 90% - of those bonds issued by the poorest nations, such as Ethiopia and Ghana. "It would, number one, compel private creditors to negotiate in good faith, and quickly, with the debt-distressed countries," Charalambous told Reuters regarding the bill. "And it could be worth billions to (the countries), and that money could be reinvested into health and education projects." Charalambous's bill would allow countries to seek debt payment freezes while restructuring negotiations are underway, and also enable a stay on legal proceedings during the process. It would also cap the claims that private creditors can make via lawsuits after restructurings are concluded, aiming to prevent holdout creditors from blocking or slowing debt deals. STATES VULNERABLE Currently, if a country defaults on its bonds, creditors can go to court in the jurisdiction governing the contract to force repayment; some of Ethiopia's bondholders have said they could undertake legal proceedings. Such court cases typically spark lengthy legal proceedings that can delay or complicate a broader restructuring. A wave of developing countries, from Ghana to Sri Lanka, have defaulted since 2020, weakened by the COVID-19 pandemic and a global interest rate hiking cycle. The G20 created an initiative called the Common Framework to try to bring together diverse lenders - from China to New York investors - to speed up poor countries' debt reworks. But it took Zambia more than three years to restructure its primary debts, and critics say the debt relief it and other nations have secured leaves them vulnerable to future crises. No iteration of the New York bill has made it to the governor's desk, but emerging market bond investors have begun to include clauses in bond deals that would allow them to switch jurisdictions to avoid potential curbs.
BBC News
29-01-2025
- Sport
- BBC News
'To compete with these teams you have to be perfect'
FCSB need to play the "perfect game" if they are to get a surprise Europa League win against Manchester United, says head coach Elias teams are already guaranteed to progress to play-offs but Thursday's final match in the new-look league phase offers them the chance to seal a place in the last 16."We know that in these kind of games, especially with Manchester United, to win the game we have to make everything perfect, and this is the way that we can win these kind of games," Charalambous said."We have to be in our best shape, to eliminate our mistakes and to make a perfect game in order to win these three points that are the target for tomorrow."FCSB are the reigning Romanian champions and currently sit second in this season's SuperLiga as they welcome a United side looking to win a third straight Ruben Amorim's recent comments suggesting this United team are "maybe the worst" in the club's history, Charalambous still expects a tough challenge."Manchester United is always Manchester United," he added. "A huge club and for sure you know very well that especially in the Premier League all the games are equal."I believe that this doesn't have anything to do with us tomorrow because we know very well that the game will be very hard. And, I repeat, to compete with these teams you have to be perfect."
