Cyprus Business Now

RCB Bank announced on Tuesday that it has donated €50,000 to the Cyprus Red Cross Society (CRCS) in support of the organisation’s relief and humanitarian efforts on the ground for all those affected by the war.

The bank also expressed its gratitude towards the Cyprus Red Cross Society, as well as the Red Cross at large, for their work.

“RCB Bank already stated that it condemns war and violence in all its form and has called for a peaceful solution the soonest possible,” the bank said in a statement.

“Given the gravity of the situation, however, words do not suffice and therefore the bank proceeded with the said donation so that the tangible assistance that the Red Cross provides to all those affected can be enhanced,” the statement added.

In response, CRCS first vice president Leda Koursoumba thanked the bank for their donation, saying that it “has made it possible to help those affected by the conflict”, while also noting that “the donation will be used to strengthen their relief efforts to alleviate human suffering and provide vital humanitarian assistance to all those affected”.

The Cyprus Consumers’ Association said on Tuesday that while the fuel tax was reduced by 8.33 cents per litre for 95 octane petrol, the real price appears to have decreased by just 7.1 cents.

The association stated that the shaping of the retail price of fuel is free and therefore the gas station owners do not commit any offence if they do not reduce their prices by the full amount of the reduction announced.

In addition, the association explained that the prices, as they were formed late on Tuesday afternoon, at the closing of gas stations, are as follows: petrol 95 and diesel fell by 7.1 and 7.5 cents per litre, respectively, instead of 8.33 cents, which is the excise tax.

In addition, heating oil prices fell by 5.8 cents per litre, instead of the 6.4 cents tax cut.

According to data collected by the association, the largest reduction in 95 petrol was observed in Paphos (7.7 cents per litre). Famagusta had the largest reductions in diesel (8 cents) and heating oil (6.2 cents).

Finally, the Cyprus Consumers Association said they will post a table with all of the prices on their website.

The Ministry of Energy, Commerce and Industry announced on Tuesday the official launch of several schemes aiming to support Cypriot businesses who wish to participate in conferences and expos taking place both in Cyprus and abroad.

The three schemes cover businesses in the manufacturing and industrial sector, the processing or marketing of agricultural products, as well as businesses that provide services.

“Due to the special circumstances brought about by the Covid-19 pandemic, it is noted that in all the above schemes, provision was made for a grant to participate in online and virtual trade fairs organised abroad,” the ministry specified.

Applications can be submitted by registered mail, by hand or by private courier between March 9 and April 15, 2022.

The Cyprus Stock Exchange (CSE) ended Wednesday, March 9 with profits, in a period of intense volatility with a broadly downward trend.

The main Cyprus Stock Market Index was at 64.54 points at 12:46 during the day, reflecting a rise of 1.65 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 38.73 points, which represents an increase of 1.81 per cent.

The total value of transactions came up to €93,624.

In terms of the sub-indexes, the main and alternative indexes rose by 2.75 per cent and 0.13 per cent respectively.

The investment firm index fell by 1.5 per cent, while the hotel index remained stable.

The biggest investment interest was attracted by Vassiliko Cement Works (+0.75 per cent), the Bank of Cyprus (+2.48 per cent), the Cyprus Cement Company +(0.99 per cent) and Logicom (+3.89 per cent).