Cyprus Business Now

Port workers at the Eurogate Container Terminal Limassol and DP World Limassol participated in a one-hour work stoppage on Tuesday, November 23.

According to a press release by the two participating labour unions (PEO and SEK) representing the workers, the stoppage took place after three previous warnings sent to the employers at the port had been ignored.

The first warning, related to the renewal of a collective bargaining agreement, was sent on July 1, 2021.

“The margins have been exhausted – employees have no choice but to vigorously claim their fair demands,” a press release co-signed by both unions said.

“More than ten meetings have been held at the Department of Labour Relations without result,” the press release added.

The unions warned that measures will be escalated if there are no positive developments leading to the renewal of the collective bargaining agreement.

“If this is the case, the responsibility for what comes next will fall exclusively on the employers,” the unions concluded.

According to the Cyprus Statistical Service (Cystat), the Turnover Value Index of Transport and Storage for the third quarter of 2021 reached 101.6 units, representing an increase of 27.6 per cent year-on-year.

By economic activity, year-on-year increases were observed in air transport, where the index rose by 95.2 per cent, in water transport by 91.1 per cent, in warehousing and support activities for transportation by 26.6 per cent, in road transport by 23 per cent, as well as in postal and courier activities by 2.8 per cent.

During the period between January and September 2021, the Turnover Value Index of Transport and Storage recorded an increase of 3.3 per cent when contrasted with the corresponding period during the previous year.

The Cyprus Stock Exchange (CSE) ended Tuesday, November 23 with losses.

The main Cyprus Stock Market Index was at 67.51 points by 13:32 during the day, reflecting a drop of 0.43 per cent over the previous day.

The FTSE / CySE 20 Index was at 40.38 points, representing an increase of 0.44 per cent. The total value of transactions came up to €22,358.75.

In terms of sub-indexes, the main index and hotel index fell by 0.75 per cent and 0.12 per cent respectively, while the alternative index rose by 0.19 per cent. The investment firm index remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (-1.35 per cent), Hellenic Bank (-0.95 per cent), Louis PLC (no change) and Petrolina (+0.96 per cent).