Cyprus Business Now

Deputy Minister of Shipping Vassilis Demetriades met with Japanese ambassador Yoshio Yamawaki on Monday, where both sides reiterated that Cyprus and Japan continue to strengthen their bilateral cooperation, particularly in the shipping sector.

According to a statement from the Deputy Ministry of Shipping welcoming the Ambassador of Japan, Demetriades expressed his satisfaction for the continuous strengthening of bilateral cooperation between Cyprus and Japan, especially in terms of the maritime industry.

He also underlined the important role that the operation of the Maritime Office of the Republic of Cyprus in Tokyo will play in the further deepening of these relations in the coming months.

The two sides underlined the importance of developing synergies in various aspects of shipping, such as the green transition and technology, which can lead to mutually beneficial results both, including in terms of shaping common approaches within the framework of the International Maritime Organisation (IMO).

Cypriot telecommunications company Cyta recently announced that it has signed a memorandum of understanding that will ensure its staff further development and education, boosting the organisation’s institutional innovation.

According to an announcement released by the four distinct labour unions that represent Cyta’s staff, the agreement was signed after several months of talks between Cyta and the unions.

The four unions expressed their appreciation and satisfaction with the outcome of the talks, thanking the Cyta chairman MichaelIoannidesm, along with the remaining members of the board of directors, for the respect they showed the unions and their positions in this matter.

The announcement stated that “the trade union movement in Cyta, united and strong, proved once again that its action is governed by modern concepts and policies, which align the effort for sustainability and further development of the organisation, together with the well-meaning interests of the employees”.

“We dared, consciously and fully aware of our aspirations, understanding the messages and imperatives of the times, to proceed with a huge change in the structure, operation and flexibility of the organisation, pushing for the evolution and improvement of a large portion of employees at all levels, such as hourly staff and employees in subsidiaries, as well as in the introduction and development of modern and merit-based evaluation, promotion and remuneration methods”, the announcement added.

Finally, the unions stated that the signing of the memorandum of understanding is “not the end of the road in this process, but within this agreed framework, the dialogue will continue and intensify on all issues, with the aim of reaching a final agreement proposal with the administration of the organisation, for the future of Cyta, always within the framework of its public character and its mission as the largest provider of telecommunications services in Cyprus”.

The Cyprus Stock Exchange (CSE) ended Monday, February 6 with losses.

The general Cyprus Stock Market Index was at 97.59 points at 13:07 during the day, reflecting a decrease of 0.48 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 58.92 points, representing a drop of 0.49 per cent.

The total value of transactions came up to €48,078.

In terms of the sub-indexes, the main and investment firm indexes both fell, dropping by 0.74 per cent and 1.88 per cent respectively.

The alternative index rose by 0.03 per cent while the hotel index remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (-0.49 per cent), Hellenic Bank (-0.64 per cent), Salamis Tours (+4.97 per cent), Logicom (no change), and Demetra (-2.05 per cent).