Cyprus Business Now: weekly wrap-up

Here’s a summary of the top business news stories from the week starting March 13.

Kedipes, the state-owned asset management company, has reported record inflows of €439 million for 2022, according to the Cyprus Mail. The funds will be used to repay the company’s outstanding debt.

In other news, over 70 per cent of housing scheme applications in Cyprus have been deemed eligible for potential loans, according to a report by the Ministry of Finance. This comes after the government announced a scheme to help boost the property market and manage bad loans.

A new research centre is set to launch the Cyprus Forum for Social Innovation, according to a statement by the centre. The forum aims to encourage and promote social innovation and entrepreneurship.

In banking news, four companies licensed by the Cyprus Securities and Exchange Commission (CySEC) have been banking with SVB and Signature Bank, as reported by the commission’s chairman and vice chairman.

However, the commission explained that their exposure to the two banks is limited and customer funds are not endangered.

Cyprus Airways has launched its winter schedule, with the airline waiving booking fees for customers. The move is aimed at boosting tourism and attracting more visitors to the island, the airline said.

The collapse of SVB is not expected to have a significant impact on the Cypriot economy, as reported earlier this week. The country’s exposure to SVB is said to be limited, and there is no evidence of any contagion risk.

In legal news, a Cypriot indie video game company has won a trademark battle against tech giant Apple, as exclusively reported by the Cyprus Mail earlier this week. The company had been fighting to keep its name, which Apple claimed was too similar to its own.

Elsewhere, the Cyprus Statistical Service reported that the country’s trade deficit soared to €1.39 billion in January 2023, up from €1.03 billion in the same month last year.

In tourism-related news, Ayia Napa Mayor Christos Zannetou remained cautiously optimistic about the future of the tourism sector in the country, citing positive signs received at an international fair in Berlin, Germany.

Finally, Cypriot banks have stated that they have no exposure to Credit Suisse, the Swiss banking giant that has been facing financial challenges following the collapse of Archegos Capital Management. The banks made the announcement after concerns had arisen regarding the impact of the Credit Suisse scandal on the financial stability of Cyprus.