Cyprus Business Now

Alpha Bank Cyprus has announced the appointment of Michael Colakides as its new chairman of the board of directors.

“The choice of Michael Colakides, who has served successfully in leadership positions in the past, including at banking institutions, signals the commitment of the shareholders and the board of directors to the bank’s in the implementation of its business plan, as well as the strengthening of its presence in the Cypriot banking market through the acceleration of its digital transformation and the further increase of its footprint in the business sector,” the bank said in a statement.

Colakides replaces Andreas Michaelides, with the latter having served the maximum allowable period as chairman of the board.

The total number of unemployed people fell sharply in October, dropping by 65 per cent year-on-year according to data released by the Cyprus Statistical Service (Cystat).

This shift in unemployment figures is mainly attributed to the accommodation and food services sectors, as well as the trade sector.

“The unemployed persons, registered at the District Labour Offices on the last day of October 2021, reached 10,974 persons,” Cystat said in a statement.

“Based on the seasonally adjusted data that show the trend of unemployment, the number of registered unemployed for October 2021 decreased to 14,660 persons compared to 15,735 during the previous month”, the service added.

“In comparison with October 2020, a decrease of 20,513 persons or 65.1 per cent was recorded”, Cystat concluded.

The Cyprus Stock Exchange (CSE) ended Wednesday, November 3, with profits.

The main Cyprus Stock Market Index was at 66.04 points by 13:34 during the day, reflecting an increase of 0.56 per cent over the previous day.

The FTSE / CySE 20 Index was at 39.45 points, representing a rise of 0.59 per cent. The total value of transactions came up to €100,696 in what has been one of the busiest days in recent months.

In terms of sub-indexes, the main index fell by 0.29 per cent, while the hotel index rose sharply by 9.5 per cent.

The alternative index also experienced an increase, rising by 2.1 per cent. The investment firm index remained stable.

The biggest investment interest was attracted by Vassiliko Cement Works (+7.69 per cent), Amathus Public Ltd (+45.45 per cent), CCC Tourist Enterprises (no change), Bank of Cyprus Holdings (-1.01 per cent) and Alkis H. Hadjikyriacos (+0.71 per cent).