Cyprus Business Now

Cyprus Airways on Wednesday announced that Paul Sies has been appointed to the position of chief executive officer, with Sies officially assuming the role on May 20.

“Mr Sies has extensive experience and knowledge in the industry, including the International Air Transport Association (IATA),” the airline said.

“At the same time, he has been involved, with great success in the process of introducing many companies to the market and the transformation of several companies, both strategically and commercially,” it added.

Cyprus Airways shareholder Simon Camilleri said that Sies’ appointment further strengthens the airline.

Another shareholder, Mikhail Alenkin, said that the airline will “operate in a smoother way under Sies’ guidance”.

“The way he perceives the market in which we operate, as well as his organisational skills and his experience in management, make him the ideal choice to lead Cyprus Airways in this new chapter of our history,” Alenkin added.

“I am very proud to work with the Cyprus Airways team on a new challenge and mission,” Sies said.

“We want to create a sustainable future for this company and to make it the first choice of Cypriots and European tourists and businessmen who will visit Cyprus,” he added.

“At the same time, we want to make our company, an important gear and tool of the Cypriot economy,” Sies concluded.

Cypriot regulatory reporting firm Point Nine on Wednesday announced that it has entered into a partnership with Belgian regtech company b.fine.

The latter company said that through the partnership, it will be extending its capabilities with trade and transaction reporting, while also noting that Point Nine is the latest partner that has joined b.fine’s ecosystem, which is built around its own proprietary platform.

The platform was designed to make reporting less complex, more efficient and more cost-effective, through the automation and digitalisation of the reporting processes.

The Belgium-based company said that by including Point Nine’s solution for trade and transaction reporting into the b.rx Marketplace, it will be drastically extending its reporting coverage and will be able to offer a one-stop-shop experience for regulatory compliance.

Moreover, Point Nine and b.fine will support organisations to improve the quality and accuracy of their regulatory reporting for all regimes.

“Our aim is to provide a peace-of-mind trade and transaction reporting service to all market participants in the capital markets,” Point Nine CEO Andreas Roussos said.

“Our partnership with b.fine will combine our proficiency, in this way, will enable existing and potential clients to benefit from our leading products and services as well as their regulatory expertise,” Roussos added.

“Our idea of the b.rx Marketplace is to create an extensive RegTech ecosystem from which the reporting platform can be composed according to your needs,” b.fine CEO Klaas Van Imschoot stated.

“Partnering with Point Nine and making their platform available on the b.rx Marketplace allows us to go beyond regulatory reporting and provide financial institutions an answer to the trade and transaction reporting challenges,” he concluded.

The Cyprus Stock Exchange (CSE) ended Wednesday, May 25 with profits.

The main Cyprus Stock Market Index was at 66.77 points at 13:09 during the day, reflecting a rise of 0.59 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 40.08 points, which represents an increase of 0.60 per cent.

The total value of transactions came up to €34,206.

In terms of the sub-indexes, the main and alternative indexes rose by 0.02 per cent and 1.18 per cent respectively.

The investment firm and hotel indexes fell by 2.05 per cent and 1.39 per cent respectively.

The biggest investment interest was attracted by the Bank of Cyprus (1.48 per cent), Petrolina (+2.83 per cent), Salamis Tours (+4.96 per cent), the Cyprus Cement Public Company (no change) and Logicom (no change).