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The Bank of Cyprus announced on Friday that it has concluded its small-scale, targeted, voluntary staff exit plan.

Following the completion of the plan, 100 applicants received approval to leave at a total cost of €16 million, with an average payback period of 2.4 years.

“The total cost is expected to be recorded in the consolidated income statement in the fourth quarter,” the bank said in a statement, adding that the estimated annual savings amount to approximately €6.6 million in total.

“The Group remains committed to its medium-term strategic priority of improving operating efficiencies, facilitated by digital transformation,” the bank concluded.

 

Cypriots being appointed to high ranking positions in international and European maritime forums shows that the island has a leading part to play in the sector, Deputy Minister of Shipping Vasilis Demetriades said on Friday during an interview with the Cyprus News Agency (CNA).

Demetriades was asked to comment on Philippos Philis being appointed president of the European Community Shipowners’ Associations (ECSA), as well as Tototheo Maritime CEO and Wista International president Despina Panayiotou Theodosiou in Lloyd’s List Top 100 annual ranking of the most influential people in shipping.

“Our country is an international force, whose presence in international and European forums through its maritime industry professionals shows that our expertise is appreciated,” Demetriades said.

 

The Harmonized Index of Consumer Prices rose by 4.7 per cent year-on-year in November according to data by the Cyprus Statistical Service released on Friday.

Moreover, the index rose by 0.1 per cent month-on-month, with the increase being primarily attributed to the noticeable increase in energy and electricity costs.

For the period between January and November of this year, the index recorded an increase of 2 per cent year-on-year.

Compared to November 2020, the biggest changes were observed in housing, water, electricity, gas and other fuels (17.5 per cent), and transport (15.9 per cent).

Compared to October 2021, the largest change was recorded in housing, water, electricity, gas and other fuels (3.5 per cent).

 

The Cyprus Shipping Association during its annual general meeting on Friday elected Andreas Papadopoulos as its new president.

During the meeting, outgoing president Panayiotis Christodoulou outlined the association’s actions and landmark moments from this past year.

These included the privatisation of the Limassol port and its resulting effects, the imminent privatisation of the Larnaca port, maritime and operational issues affecting the shipping sector, as well as the high cost of tariffs and the need to reduce them.

Finally, Christodoulou also spoke on the new industrial port at Vassiliko, which is currently in its planning phase, as well as the construction of the new LNG terminal.

 

The Price Index of Construction Materials rose by 17.87 per cent year-on-year during November of this year, according to Cyprus Statistical Service (Cystat).

Going by main product category, increases were recorded in metal products (34.41 per cent), wood products, insulation, chemicals and plastics (18.38 per cent), electromechanical items (12.33 per cent), minerals (5.2 per cent), as well as in mineral products (4.52 per cent).

The Price Index of Construction Materials for the month of November 2021 amounted to 118.95 points (based on 2015 = 100), recording an increase of 0.85 per cent month-on-month.

 

The Cyprus Stock Exchange (CSE) ended Friday, December 16 with losses.

The main Cyprus Stock Market Index was at 66.58 points at 12:48 during the day, reflecting a drop of 0.39 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 39.87 points, which represents a 0.40 per cent decrease.

The total value of transactions came up to €42,755.

In terms of sub-indexes, the main index fell by 0.81 per cent, while the alternative index rose by 0.09 per cent. The hotel and investment firm indexes remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (no change), Hellenic Bank (-1.69 per cent), Logicom (-2.4 per cent), KEO (+0.76 per cent) and Louis PLC (+3.68 per cent).

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