Cyprus Business Now

There was an increase of more than €19.5 million in the cost of overtime and allowances paid by the Republic of Cyprus in 2021, after the relaxation of restrictive measures that had been implemented the previous year to deal with the pandemic, according to a report released this week by the Treasury.

According to the report, the cost of overtime and allowances paid by the Republic of Cyprus for the year 2021 amounted to €159.38 million, while the corresponding amount for 2020 amounted to €139.81 million, resulting in a net increase of €19.5 million between the two years.

The Treasury said that this increase is primarily the result of the increase in activities and services after the relaxation of restrictive measures put in place to deal with the Covid-19 pandemic.

What is more, there was an increase of €1.5 million in the allowances given to the Civil Aviation Department, something attributed to the increase in air routes.

There was also an increase of €1.4 million in allowances related to education, which is due to the increase in sector-related actions.

Furthermore, there was an increase of €6.4 million in the allowances related to the activities of the Police, the Department of Public Administration and Personnel, Customs and the Taxation Department.

Finally, there was an increase of €7.7 million in the allowances for the state’s Health Services.

Consulting firm EY Cyprus on Tuesday held the Cyprus Attractiveness Forum, which analysed and examined the current and future landscape of the Cypriot economy.

In addition, the forum sought to be a platform for a meaningful exchange of views, bringing together government officials, private sector executives and other experts, allowing them to discuss the findings of the EY Attractiveness Survey Cyprus 2022, as well as the future of investment and business in Cyprus.

The event was held in collaboration with the Cyprus Chamber of Commerce and Industry (Keve), the Bank of Cyprus, as well as the national investment promotion agency Invest Cyprus.

“At a time of rising geopolitical tensions, inflationary trends, weakened global cooperation and far-reaching climate change, the global economy is headed for a multidimensional crisis,” the company said, noting that Cyprus has an important role to play.

“More than ever, decision-makers, businesses and organisations are called upon to adapt their strategies to meet future challenges and take advantage of opportunities,” it added, stressing that “foreign direct investment is of utmost importance to the recovery and transformation of our economy”.

Among the participants were Speaker of the House Annita Dimitriou, the Minister of Finance, Constantinos Petrides, the Deputy Minister of Research, Innovation and Digital Policy, Kyriacos Kokkinos, the Deputy Minister of Tourism Savvas Perdios, as well as the Ambassador of the United States of America (USA) in Cyprus, Judith Garber.

The sewerage board of Limassol – Amathus (Sala) on Tuesday announced that it met with Environment Commissioner Klelia Vasiliou.

The board was represented by Sala president Yiannis Tsouloftas, as well as its management team and other members.

The meeting focused on a number of issues concerning the board’s remit, future challenges, as well as environmental issues, to which the board said that it is particularly attentive.

On her behalf, the commissioner asked that each participant share their own personal views, opinions and thoughts about the aforementioned matters. According to the board, this resulted in a productive discussion taking place during the meeting.

“The board and the Environment Commissioner have determined that there is common ground in each party’s approach when it comes to managing these issues,” the board said in a statement.

“The board and the commissioner have pledged to continue bolstering their collaboration moving forward, allowing them to take common actions and reach targeted environmental objectives,” the board added.

The Cyprus Stock Exchange (CSE) ended Tuesday, October 25 with profits.

The general Cyprus Stock Market Index was at 75.81 points at 13:53 during the day, reflecting a rise of 0.07 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 45.50 points, which represents an increase of 0.07 per cent.

The total value of transactions came up to €78,433.

In terms of the sub-indexes, the main and alternative indexes fell by 0.02 per cent respectively, while the hotel and investment firm indexes remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (+0.7 per cent), Lordos United Plastic (-2.22 per cent), Hellenic Bank (-0.84 per cent), and Minerva Insurance (no change).