The Research and Innovation Foundation (Idek) on Friday announced the launch of a new call for proposals for the programme titled ‘Proof of Concept for Technology and Knowhow Applications’.

The programme has a total budget of €700,000 and maximum funding per project of €40,000.

The foundation explained that the programme is designed to facilitate the preliminary investigation of possible industrial applications of certain technologies and other related expert know-how.

“Through this programme, it is expected that beneficiary organisations will have the opportunity to verify the industrial application potential of a technology/knowhow before being involved in a broader scale research project of Technological Development and Innovation,” the foundation said.

Furthermore, according to the announcement, a budget of €200,000 will be allocated to projects falling under priority sectors.

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These include transport, shipping, smart specialisation strategies for the environment, as well as ICT or sustainable growth. and

Regarding shipping, the foundation explained that applicable solutions concern the investigation of an industrial application of technology in a number of areas.

These include remote inspections and surveys of the hull, machinery or equipment on board and the remote audit and verification of safety or security management systems.

They also include the digitalisation of services used in maritime administration, the monitoring and response against cyber threats and attacks, and energy saving through the use of alternative fuels.

Moreover, solutions can also concern the prevention and timely response to pollution incidents and maritime casualties within Cyprus’ coastal ecosystem.


Hermes Airports on Friday announced that its board of directors has elected Christophe Petit as its new chairman.

Petit has been serving as a member of the Hermes board since 2006.

He is also the deputy CEO of Bouygues Batiment International, as well as the president of Bouygues Construction Airport Concessions Europe.

During the same meeting, which took place on Thursday, Iacovos Iacovou, chairman and chief executive officer of Iacovou Brothers Ltd, was appointed as the vice-chairman of the board.

According to a press release by the company, in his statement following the election process, Petit expressed his sincere gratitude to the members of the board for their trust and assured them that he would continue to work towards the ongoing development of Cyprus’ two international airports.

“The board of directors acknowledges and thanks Panayiotis Hadjipantelis, chief executive officer of Hellenic Mining Group, for his contribution to the airports in serving the position of the chairman of the board since 2015,” the company said.

Finally, Nicos Shacolas will remain in his position as the honorary life chairman of Hermes Airports’ board.

TUS Airways, Cyprus’ largest airline, announced on Friday that it has increased its flight frequency for August from two to three weekly flights on its Larnaca – Paris route, due to strong passenger demand.

The company will connect Cyprus and France (Paris CDG Airport) with four weekly flights, every Monday, Friday, and Saturday from Larnaca and every Sunday from Paphos.

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The company said that this will enable it to provide additional capacity and flexibility in its customers’ travel arrangements.

The Cyprus Stock Exchange (CSE) ended Friday, July 8 with profits.

The general Cyprus Stock Market Index was at 67.44 points at 13:06 during the day, reflecting a rise of 0.39 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 40.36 points, which represents an increase of 0.4 per cent.

The total value of transactions came up to €2,036.

In terms of the sub-indexes, the main index rose by 0.64 per cent, while the alternative, hotel and investment firm indexes remained stable.

The biggest investment interest was attracted by Vassiliko Cement Works (no change), the Bank of Cyprus (+0.62 per cent), Logicom (+0.57 per cent), Hellenic Bank (+1.22 per cent) and Claridge (no change).