Cyprus Business Now

Bank of Cyprus’ Director of Compliance Division Marios Skandalis said that the coronavirus pandemic has given businesses an opportunity to reshape their long-term strategies to ensure their viability.

“A business can not ignore compliance with regulations and not invest in its cyber security just because there is no money,” Skandalis said, providing one example of a business aspect that requires addressing.

“A company that allows its compliance to atrophy is less efficient and has a higher risk of mistakes and regulatory sanctions,” he added.

Skandalis also mentioned that strong compliance programmes help the company identify and prevent emerging risks before those risks turn into serious problems.

“At the same time, a strong compliance programme can help companies track the division of duties for detecting invoice fraud or complicate approval procedures for bank transfers from home,” Skandalis stated.

Eight Cypriot universities have joined up in a common effort to bridge the academic and student communities with the employment market.

At the same time, they are also promoting the assimilation of know-how and expertise generated from businesses into the world of academia so that students benefit from the latest developments.

Among the aforementioned universities is the Cyprus University of Technology (Tepak).

“The Liaison Office of the Cyprus University of Technology is actively involved in the process of placing students and graduates in private companies, in coordination with various departments of the university, as well as assisting the preparation of students for the needs of the labour market,” the university said in a statement.

The Cyprus Stock Exchange (CSE) ended Friday, October 15, with profits, the second consecutive day it has done so.

The main Cyprus Stock Market Index was at 66.16 points by 13:42 during the day, reflecting an increase of 0.41 per cent over the previous day.

The FTSE / CySE 20 Index was at 39.52 points, representing a rise of 0.41 per cent. The total value of transactions came up to €86,657.96.

In terms of sub-indexes, the main index and hotels index rose by 0.48 per cent and 0.18 per cent respectively.

The alternative index fell by 0.07 per cent, while the alternative index remained stable.

The biggest investment interest was attracted by Vassiliko Cement Works (€44,160.86 worth of trades, +0.76 per cent), Atlantic Insurance (no change), Alkis H. Hadjikyriacos (-8.5 per cent), and Salamis Tours (+1.69 per cent).