Cyprus Business Now

The Association for the Protection of Borrowers (Syprodat) has issued a reminder that the state-backed business loan scheme has come into effect.

The scheme stipulates that state guarantees will cover 70 per cent of the potential losses stemming from loans, with banks covering the remainder, irrespective of whether the loan is secured.

Syprodat said that to be eligible for the scheme, self-employed people and businesses must not have been found to be problematic by December 31, 2019, meaning that any struggles to repay their loans stem exclusively from the coronavirus pandemic.

Regarding the Estia scheme, which the association previously urged all struggling debtors to apply for, Syprodat said that the last thing pending is the review of all appeals to determine the final list of eligible benefactors.

Labour union Peo said in a letter to the Ministry of Labour, Welfare and Social Insurance on Monday that health and safety measures at the workplace are crucial for the protection of workers.

“Unfortunately, in recent years we have seen a setback in safety and health issues, both in terms of timely and comprehensive risk assessment, investments in protective measures and equipment, in the training and education of employees in safety and health issues, as well as control issues,” Peo General Secretary Pambis Kyritsis said, explaining that these issues have resulted in increased occupational accidents.

“If we really want the data in the field of Safety and Health to change drastically and for the more positive the ministry must set more ambitious goals,” he added.

The Cyprus Stock Exchange (CSE) ended Friday, December 6 without changes from the previous day of trading, with the main Cyprus Stock Market Index being at 66.43 points at 13:12 during the day.

The FTSE / CySE 20 Index was at 39.78 points, which represents a 0.03 increase. The total value of transactions came up to €32,702.45.

In terms of sub-indexes, the main index rose by 0.1 per cent, while the investment firm and hotel indexes remained stable. The alternative index, however, decreased by 0.14 per cent.

The biggest investment interest was attracted by Atlantic Insurance (+2.48 per cent), Cyprus Cement Company (-1.92 per cent), Louis (-2.96 per cent), Hellenic Bank (+0.49 per cent) and Logicom (+0.62 per cent).