Cyprus Business Now

Baker Tilly South East Europe chief executive officer Marios Klitou on Tuesday will receive the title of National Order for Faithful Service of the Rank of Knight by the Romanian ambassador to Cyprus Dan Michalache.

The ceremony is scheduled to take place at the Romanian embassy in Nicosia.

The presentation of the award to the Cypriot executive was first announced on January 6, when Romanian President Klaus Iohannis decided to bestow the honour as a sign of appreciation for Klitou’s special contribution to the development of economic, political and cultural relations between Romania and Cyprus, as well as for his participation in various social programmes for the preservation of Romanian cultural heritage.

Klitou has been the Honorary Consul of The Republic of Romania in Cyprus since January 2014, while he has also been serving as the president of the Cyprus – Romania Business Association since March 2019.

The fifth iteration of the Cyprus International Tax Conference, taking place in Nicosia on Tuesday, will examine the current tax landscape, with particular focus on the most critical developments in the field, as well as possible future actions and policies.

“Businesses of all sizes are called upon to manage the ongoing changes in EU tax policy and at the same time respond to a world of rapid digital transformation, the lasting effects of the pandemic and the ever-increasing focus on the ESG agenda,” the conference’s organisers said, referencing some of the recent developments that chief financial officers (CFOs) must take into account.

Additional points of focus that the conference will seek to analyze and examine include the eurozone’s growth prospects, the global economy, supply chain disruptions and other political and social sources of unrest, the growth of e-commerce, remote working, as well as ongoing efforts to contain tax evasion.

“With all of the changes currently happening in the tax sector, CFOs need to be aware of the trends affecting their 2022 tax liabilities and address all challenges before it is too late,” the organisers said.

The desire for further cooperation in the fields of olive growing, fisheries (aquaculture), agricultural research, and water management was expressed during a meeting between the Minister of Agriculture Costas Kadis and Egyptian ambassador Amr Hamza.

The meeting, which took place on Tuesday, saw the two parties reaffirm the excellent relations between the two countries, while also discussing ways to bolster bilateral cooperation in a number of fields.

In addition, the Cypriot minister made special reference to the initiative announced by the President of the Republic for regional cooperation and coordination to address climate change in the Eastern Mediterranean and the Middle East, with a view to contributing to the implementation of the Paris Agreement.

The action plan is expected to be finalised at the next Ministerial Meeting to be held in Cyprus in June, with a view to ratifying it in October.

The Egyptian ambassador expressed his satisfaction with Cyprus’ initiative, as well as its support from Egypt, and thanked the minister for the constructive meeting and cooperation.

The Cyprus Stock Exchange (CSE) ended Monday, March 14 with profits.

The main Cyprus Stock Market Index was at 65.10 points at 12:57 during the day, reflecting a rise of 2.18 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 39.09 points, which represents an increase of 2.25 per cent.

The total value of transactions came up to €28,315.

In terms of the sub-indexes, the main and alternative indexes rose by 2.78 per cent and 0.94 per cent respectively, while the investment firm index fell by 0.5 per cent. The hotel index remained stable.

The biggest investment interest was attracted by the Cyprus Cement Compay (-1.92 per cent), the Bank of Cyprus (+4.4 per cent), Hellenic Bank (+2.9 per cent) Logicom (+3.37 per cent), and Demetra Holdings (-0.55 per cent).