Cyprus Business Now

A Cyprus Chamber of Commerce and Industry (Keve) delegation this week met with the Cyprus-Greece Business Association and the Institute of Certified Public Accountants of Cyprus (Selk) in Athens, where they jointly agreed on a number of new initiatives to expand the economic and business cooperation between the two countries.

During the meetings, the economic, commercial and business relations of the two countries were reviewed, with both sides expressing their willingness to undertake new initiatives with the aim of expanding and expanding cooperation across all sectors of the economy.

In this context, according to an announcement by Keve, it was agreed to organise a conference in Cyprus, where the Ministers of Development and Investments and Finance of Greece will inform the business world of Cyprus about the Greek economy’s current landscape, with the aim of helping Cypriot businesses who wish to operate in Greece.

It is also reported that the two Greek ministers assured the Cypriot mission of supporting the efforts of both countries’ chambers and, more broadly, of each country’s business community, to expand their cooperation.

There was an annual increase of 11 per cent in August 2022, compared to the corresponding month last year, in the total sales of petroleum products in Cyprus, reaching a total of 122,078 tons, according to a report by the Cyprus Statistical Service.

Based on the report, there was an increase in oil supplies to aeroplanes (31.6 per cent) and ships (30.5 per cent), as well as sales of asphalt (34.8 per cent), light fuel oil (27.0 per cent), heating oil (12.8 per cent) and LPG (10.1 per cent).

However, there was a decrease in the sales of heavy fuel oil (-78.4 per cent), diesel (-4.7 per cent) and gasoline (-2.9 per cent).

In addition, sales from petrol stations showed a decrease of 4.4 per cent, falling to 52,018 tons.

Total sales of petroleum products in the month of August 2022 compared to July 2022 increased by 4.2 per cent.

Gasoline sales increased by 3.5 per cent, while diesel sales decreased by 7.8 per cent.

Oil supplies to aeroplanes registered a marginal increase of 0.8 per cent.

Total oil inventories at the end of August 2022 increased by 3.2 per cent compared to the end of the previous month.

Finally, between January and August 2022, the total sales of petroleum products increased by 17.5 per cent, compared to the corresponding period of the previous year.

The Cyprus Stock Exchange (CSE) ended Wednesday, September 28 with losses.

The general Cyprus Stock Market Index was at 73.22 points at 12:42 during the day, reflecting a drop of 0.97 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 43.93 points, which represents a decrease of 0.99 per cent.

The total value of transactions came up to €43,299.

In terms of the sub-indexes, the main, hotel and investment firm indexes fell by 1.69 per cent, 0.49 per cent and 0.92 per cent respectively. The alternative index rose by 0.7 per cent.

The biggest investment interest was attracted by the Bank of Cyprus (-2.76 per cent), Logicom (no change), Hellenic Bank (-1.89 per cent), K + G Complex Company (-4.17 per cent), and Atlantic Insurance (no change).