Cyprus Business Now

Cypriot transport and logistics company and authorised service contractor of UPS in Cyprus GAP Vassilopoulos Group announced on Monday that all UPS flights will now be carried out on a Boeing 757-200.

The plane will depart from Larnaca airport from Monday to Friday on a weekly basis.

“We all know that the global pandemic has caused a lot of disruption and a very volatile environment in the supply chain sector, so it is very important for us that UPS trusts Cyprus and its representative in these adverse conditions as a stopover, in order to provide a much more immediate and quality service to UPS customers throughout Cyprus,” the company said in a statement.

The Cypriot economy will continue its recovery in 2022 despite inflation concerns, Alphamega Supermarkets Director George Theodotou told local outlet InBusiness on Monday.

“Despite the fact that the last months of the current year were marked by intense inflationary pressures, a trend which I estimate will continue in the first months of the new year, I believe that in 2022 the overall picture will be much better and the indicators of the economy will be further strengthened,” Thedotou said, referencing the recent 5.5 per cent GDP growth for 2021.

Theodotou added that the retail sector has been shaken up, explaining that “companies in the sector must understand the new consumer habits created by the pandemic, perceive the new financial position of consumers and reconsider their strategy”.

The Cyprus Stock Exchange (CSE) ended Monday, December 20 with marginal losses.

The main Cyprus Stock Market Index was at 66.73 points at 13:29 during the day, reflecting a drop of 0.09 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 39.96 points, which represents a 0.08 per cent decrease.

The total value of transactions came up to €23,829.

In terms of sub-indexes, the main index rose by 0.07 per cent, while the alternative and hotel indexes fell by 0.23 per cent and 0.11 per cent respectively. The investment firm index remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (-0.49 per cent), Petrolina (-0.95 per cent), Hellenic Bank (-0.25 per cent), Cyprus Cement Company (-2.88 per cent) and KEO (-0.76 per cent).