Cyprus Business Now

Cyprus Deputy Minister of Shipping Vasilis Demetriades travelled to Glasgow on Friday to take part in the shipping industry’s official COP 26 sideline event, entitled ‘Shaping the Future of Shipping’, organised by the International Chamber of Shipping.

The gathering of leaders from the world’s biggest shipping companies and maritime state representatives will take place in Glasgow at a cross-industry decarbonisation conference.

This will bring together leaders from the shipping, energy, climate sectors and international ministers to translate government ambitions set out at COP’s leaders’ summit and identify actions and recommendations for all parties, including IMO member states.

The ministerial-level event on November 6 will feature some of the world’s leading figures from shipping, energy, and finance.

“It is a very important conference and the fact that Cyprus is among the small number of states selected to participate and give their position on significant challenges faced by international shipping, shows the prestige and recognition which Cyprus shipping enjoys worldwide”, Demetriades said.

The Cyprus Statistical Service (Cystat) has released a report showing that inflation rose by 4.3 per cent in October.

This was attributed to the rising costs of electricity and petroleum products.

“In October 2021, the Consumer Price Index increased by 0.76 units and reached 104.79 units compared to 104.03 units in September 2021, while in October 2021, inflation increased by 4.3 per cent”, Cystat said in a press release.

The Consumer Price Index rose by 2 per cent year-on-year between January and October 2021.

The biggest changes were observed in electricity (32.3 per cent) and petroleum products (25.8 per cent), according to Cystat.

The Cyprus Stock Exchange (CSE) ended Friday, November 5 with minor profits.

The main Cyprus Stock Market Index was at 65.75 points by 13:04 during the day, reflecting an increase of 0.03 per cent over the previous day.

The FTSE / CySE 20 Index was at 39.29 points, representing a rise of 0.08 per cent. The total value of transactions came up to €22,109.

In terms of sub-indexes, the main and investment firm indexes remained stable, while the alternative and hotel indexes rose by 0.1 per cent and 0.13 per cent respectively.

The biggest investment interest was attracted by Vassiliko Cement Works (no change), the Cyprus Cement Company (+0.94 per cent), Blue Island (-7.41 per cent) and Amathus Public (no change).