Cyprus Mail
Banking and FinanceBusinessCyprusCyprus Business NewsCyprus by the NumbersEnergy

Cyprus Business Now

cyprus business now limassol buildings high rise towers 1

The Institute of Certified Public Accountants of Cyprus (Selk) this week released a statement congratulating newly-elected president Nikos Christodoulides for his recent election victory.

“We also extend our congratulations to all the new members of the Cabinet of Ministers and appointed members of the government,” Selk also said in its statement.

“Selk, as an active organisation, expresses its intention to cooperate with the relevant ministries and economic entities, providing ideas, support and technocratic expertise when and where necessary, so that there are development prospects for the Cypriot economy and society in general,” the institute concluded.

 

Cypriot insurer Eurolife this week announced that it has been selected as the best life insurance company in Cyprus at the Global Insurance Awards 2022, as awarded by World Finance magazine.

“The methodical manner, insight and professionalism with which Eurolife has faced the pressures and uncertainties caused by the Covid-19 pandemic, has ranked it at the top as the Best Life Insurance Company in Cyprus for 2022, as it did in 2021,” the company said.

According to an announcement, the jury decided to rank Eurolife in first place after taking into account its business principles and approach, resilience, operational attributes and wide range of life and health insurance plans.

“The strong recognition and trust from its customers prove that Eurolife meets their highest expectations and requirements for innovative and customer-centric life and health insurance plans,” the company stated.

“These are the key factors of differentiation and success of Eurolife, as the company that is at the forefront of knowledge in life insurance in Cyprus,” it added while noting that “Eurolife’s corporate responsibility actions and approach also have a positive impact on society.

Finally, the company said that it is dedicated to being innovative and transforming its business model according to the demands of the digital age.

 

The total volume of petroleum product sales in Cyprus reached 110,756 tons in January 2023, marking a decrease of 1.5 per cent compared to January 2022, according to a report released this week by the Cyprus Statistical Service (Cystat).

According to the report, there was a drop in oil supplies to ships by 35.7 per cent, as well as in kerosene sales by 42 per cent.

Heating oil sales decreased by 31.7 per cent, heavy fuel oil by 25.6 per cent and LPG by 22.1 per cent.

Conversely, an increase was recorded in the supply of oil to aeroplanes, with a rise of 47.1 per cent, while asphalt sales also increased by 26.6 per cent.

Gasoline sales increased by 13.4 per cent, light fuel oil by 12.8 per cent and diesel by 6.8 per cent.

However, sales from petrol stations experienced a decrease of 3.4 per cent, dropping to 52,822 tonnes.

Compared to December 2022, the total sales of petroleum products fell by 6.3 per cent in January 2023.

Furthermore, the sales of motor oil fell by 13.6 per cent and gasoline by 12.8 per cent, while a marginal increase of 2.3 per cent was observed in oil supplies to aeroplanes.

Finally, total oil inventories at the end of January 2023 decreased by 4.1 per cent compared to the end of the previous month.

 

The Central Bank of Cyprus (CBC) has announced its intention to implement a project that seeks to further reduce non-performing loans (NPLs), combined with the bolstering of Cyprus’ financial stability.

“The aim is to form a systemic solution that, together with existing tools, can contribute to a possible further reduction of NPLs as well as other problem assets found in the Cypriot banking system,” the CBC said.

Moreover, according to the announcement, the implementation of the project was undertaken, following an international tender, by a consortium of companies with proven experience in deleveraging methods of the financial sector across the globe.

Meanwhile, Central Bank governor Constantinos Herodotou stated that “in collaboration with an international consortium of consultants, we are starting a new effort aimed at formulating a systemic solution that can be implemented for the possible reduction of the NPL stock in the domestic banking system”.

He added that with such a solution “we will be better prepared to face any future challenges”.

“This initiative will have a positive impact on the resilience of the banking sector, further strengthen financial stability and work to the benefit of the country’s economy,” Herodotou concluded.

 

The Cyprus Stock Exchange (CSE) ended Friday, March 3 with losses.

The general Cyprus Stock Market Index was at 110.94 points at 13:29 during the day, reflecting a decrease of 0.26 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 67.07 points, representing a drop of 0.27 per cent.

The total value of transactions came up to €732,395.

In terms of the sub-indexes, the main, alternative and investment firm indexes fell by 0.33 per cent, 0.13 per cent and 1.65 per cent respectively. The hotel index remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (-0.38 per cent), Hellenic Bank (no change), Logicom (+0.93 per cent), Vassiliko Cement Works Public Company (-0.75 per cent), and Ble Kedros (+1.88 per cent).

Follow the Cyprus Mail on Google News

Related Posts

Guinness World Record for mountain fitness session

Jonathan Shkurko

Human limb found in Paphos

Staff Reporter

Birds poisoned in Nicosia, Green party charges

Andria Kades

Schools in Cyprus to mark Pontian Greek genocide

Staff Reporter

Attempted murder in Nicosia

Andria Kades

Establishing fate of missing ‘top priority’ for govt