Cyprus Business Now

Hellenic Bank has accumulated a property portfolio worth €300 million and is now looking to sell it.

The properties were the result of borrower debt and related debt restructuring initiatives and will be sold through the APS Cyprus platform.

According to reports, APS Cyprus have sold 21 per cent of the properties under their management during 2021. These properties amount to €66 million in total.

Electricity Authority of Cyprus (EAC) bills will shoot up for July and August.

The rise in electricity bills is fueled by the sustained heatwave experienced during this time of year, as well as the rising price of oil.

Demand for electricity skyrocketed during the latter weeks of July and the first week of August with temperatures soaring to up to 45 degrees celsius.

“There is a decrease in electricity demand during the weekends as most businesses are closed,” EAC Distribution System Operator Unit’s press officer Vrahimis Koutsoloukas told local outlet Stockwatch.

“July is usually the most energy-intensive month, although last year demand peaked during September,” he added.

The CYENS Centre of Excellence, formerly known as RISE, has completed two summer programmes that aim to promote coding, artificial intelligence, game design and entrepreneurship.

One programme was called Curiocity Tech camp and was aimed at children between 12 and 14 years old, while the other programme was called Gaming and Artificial Intelligence and was aimed at children between 14 and 18 years old.

The CYENS centre focuses on Interactive media, Smart systems and Emerging technologies, aiming to empower knowledge and technology transfer in the region.

Limassol municipality announced plans to further develop Lady’s Mile Beach.

“The goal of the municipality is to promote the development of the most impressive coast in the eastern Mediterranean and for this to be done in a way that respects and is combined with the adjacent habitat of Aliki and become an impressive destination for every local and foreign visitor,” Limassol mayor Nicos Nicolaides said.

However, the Lady’s Mile Beach area is under Sovereign Base Areas Administration so it remains to be seen what works the Limassol city council can push forward and to what extent.

According to sources, the Limassol municipality will be sending all documentation pertinent to the project to all relevant departments, including the SBA.

Once the SBA has received and evaluated the documentation, a formal statement commenting on the project will be released.