Cyprus Business Now

Cyprus Union Of Shipowners president Andreas Hadjiyiannis on Wednesday hailed the recent decision by the European Parliament to approve shipping’s inclusion in the EU emissions trading system.

The plan provides that as of next year ships travelling between EU ports will pay for 100 per cent of their greenhouse gas emissions, while voyages between the EU and the rest of the world will incur 50 per cent of the charge.

That 50 per cent cap will rise to 100 per cent from the beginning of 2027.

75 per cent of the revenue raised from shipping will be diverted to a fund to support maritime decarbonisation efforts.

“The Cyprus Union Of Shipowners will continue deliberating with EU bodies to ensure the swift and effective implementation of the new framework,” Hadjiyiannis said.

“This is the only solution that ensures the safe and seamless continuation of cheap maritime transport as people have known it in recent decades,” he added.

The Institute of Certified Public Accountants (Selk) this week announced the formation of its new board for the following year.

The institute’s recent annual general meeting saw the election of two new board members, Grant Thornton Cyprus CEO Stavros Ioannou and EY Cyprus board member and head of assurance services Andreas Avraamides.

Moreover, Globaltraining CEO Odysseas Christodoulou and Eurobank Cyprus general manager and CEO Demetris Shacallis were reelected to the Selk board.

Finally, Selk thanked outgoing board members EY Cyprus managing partner Stavros Pantzaris and BDO Cyprus managing partner and head of tax Karlos Zangoulos for their contributions.

The Cyprus Stock Exchange (CSE) ended Wednesday, June 29 with losses.

The general Cyprus Stock Market Index was at 68.93 points at 13:23 during the day, reflecting a drop of 0.88 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 41.26 points, which represents a decrease of 0.91 per cent.

The total value of transactions came up to €88,456, marking a rise in activity from the previous few days.

In terms of the sub-indexes, the main and alternative indexes fell by 0.64 per cent and 1.02 per cent respectively.

The investment firm index rose by 3.47 per cent while the hotel index remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (-1.9 per cent), Logicom (+4.26 per cent), Petrolina Holdings (-1.85 per cent), Demetra (+3.72 per cent) and Vassiliko Cement Works (-1.5 per cent).