Cyprus Business Now

71 community councils have been exempted from contributing to the construction cost of various small-scale projects amounting to €5.2 million in total.

The councils’ contributions will instead be sourced from savings made from other budgets previously allocated to Interior Ministry projects.

“The cabinet has decided to exempt 71 community councils from the obligation to pay a contribution for the implementation of small development projects, which are not included in the 2021 budget, among which are projects in progress and that will be completed,” deputy government spokesperson Niovi Parisinou said during a press conference.

In maritime and shipping news, Parisinou also confirmed that the cabinet has approved a set of rules which regulate the operation and reception of vessels in ports, fishing shelters and marinas in Cyprus.

“The proposed regulations governing the operation of adequate reception facilities in the ports, fishing shelters and marinas of the Republic of Cyprus, with a view to protecting the marine environment from the adverse effects of ship-generated waste discharges, including fishing vessels and vessels, have been approved,” she said.

The Central Bank of Cyprus has imposed a fine of €50,000 on CDB Bank due to its non-compliance with the provisions of the legislation on banking and assessment of the ability and suitability of board members and directors of licensed credit institutions.

CDB Bank has since stated it fully supports the modernisation of the corporate governance framework and noted that it immediately paid the administrative fee imposed by the central bank.

The bank also noted that the fine is related to the delay in the process of replacing the Chairman of the Board of Directors Kyriacos Christofi.

“Cdbbank remains committed to modernising the corporate governance framework, making all necessary administrative changes and following strict control procedures that ensure its effective operation, the improvement of its internal policies and the provision of a high level of service,” a bank statement said.

The Cyprus Stock Exchange (CSE) ended Tuesday, September 21, with losses.

The main Cyprus Stock Market Index was at 66.41 points by 13:37 during the day, reflecting a decrease of 0.48 per cent over the previous day.

The FTSE / CySE 20 Index was at 39.69 points, representing losses of 0.48 per cent. The total value of transactions came up to €17,043.

In terms of sub-indexes, the hotel and investment firms indexes remained stable, while the main and alternative indexes rose by 0.75 per cent and 0.07 per cent respectively.

The biggest investment interest was attracted by Logicom (€7,370 worth of trades, no change), Hellenic Bank (-0.7 per cent) and Bank of Cyprus Holdings (-0.97 per cent).