Cyprus Business Now

The Cyprus Shipping Chamber (CSC) on Friday announced that it welcomes the positions adopted by the Environment Committee (ENVI) of the European Parliament regarding the revision of the EU Emissions Trading System (EU ETS).

The system comes under the “Fit for 55” legislative package and, among other things, concerns the role of commercial operators and the creation of a dedicated fund for the shipping sector.

The chamber explained that the ENVI Commission recognises the important role of commercial operators in the decarbonisation of shipping and in accordance with the “polluter pays” principle.

Moreover, the commission has proposed the inclusion of a binding clause in contracts between shipowners and commercial operators with the latter being responsible for the cost of pollutants where they determine the cargo carried or the route and speed of the vessel,” the chamber said in a statement.

“The ENVI Commission is also proposing the creation of a dedicated fund for the Shipping sector, where at least 75 per cent of the revenue from emissions allowances in the EU ETS will be invested back towards the Shipping industry’s decarbonisation efforts,” the chamber stated.

Finally, the CSC said that it will continue to cooperate with all stakeholders involved in the legislative process of the “Fit for 55” package and with the Cyprus Shipping Deputy Ministry, in order to achieve “ambitious but at the same time achievable” environmental goals for the shipping sector as it transitions to zero-emission.

Cyprus Investment Fund Association (CIFA) president Andreas Yiasemides on Friday said that the investment fund sector continued to grow during the past two years despite the adverse effects of the pandemic.

Citing data by Cyprus Securities and Exchange Commission (CySEC), Yiasemides noted that between the end of 2019 and 2021, investment fund activity grew by 39.7 per cent while the funds themselves grew by 47.6 per cent.

“Over the past few months, the war in Ukraine has caused yet another unprecedented situation, with an uncertain outcome,” Yiasemides told InBusiness TV.

“Regarding Cyprus, we’re already seeing the repercussions in the fields of energy, tourism, as well as the provision of professional services, but CIFA continues to adapt to the new conditions and continues to carry out its efforts,” he added, explaining that this includes the continued education of its members, as well as the push for regulatory reform.

The association will hold its general annual meeting on May 26 in Nicosia, where the agenda will include analyses of recent developments.

The Cyprus Hotels Association (Pasyxe) this week called for the development of the ties between Cyprus and Egypt, including through the creation of common tourist packages.

The statements were made during a meeting between the association, spearheaded by Pasyxe president Charis Loizides, and Egyptian ambassador Amr Hamza.

The meeting took place at the association’s headquarters in Nicosia.

According to a statement issued by Pasyxe, the meeting involved an exchange of information between the two parties on how the pandemic affected the economy, including in terms of the labour shortages caused during this time.

Regarding the latter point, it was mentioned that Egypt could become a supplier of experienced labour to the Cypriot tourism industry.

“Both the Ambassador of Egypt and Pasyxe stressed the need to continue efforts to further strengthen relations between the two countries, as well as to create joint tourism packages for tourism development,” the association said in the statement.

The Cyprus Stock Exchange (CSE) ended Friday, May 20 with losses.

The main Cyprus Stock Market Index was at 66.71 points at 12:30 during the day, reflecting a drop of 0.18 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 40.05 points, which represents a decrease of 0.22 per cent.

The total value of transactions came up to €78,000.

In terms of the sub-indexes, the alternative index rose by 0.1 per cent, while the investment firm, main and hotel indexes fell by 2.98 per cent, 0.75 per cent and 0.07 per cent respectively.

The biggest investment interest was attracted by the Bank of Cyprus (+0.81 per cent), Logicom (-1.09 per cent), Salamis Tours (-8.48 per cent), Petrolina Holdings (-1.8 per cent) and Demetra Holdings (-3.23 per cent).