Cyprus Business Now

The Research and Innovation Foundation (Idek) recently organised a two-day information day aimed at highlighting the funding opportunities offered by the European Innovation Council through the Framework Programme for Research and Innovation of the European Commission, known as “Horizon Europe”.

According to an announcement, the foundation considers the event to have been a great success, with over 100 participants in attendance.

Moreover, attendees had the opportunity to learn about the EIC Pathfinder, EIC Transition, and EIC Accelerator Programmes, which are all designed to support innovation and research projects across Europe.

The event featured speakers from the European Commission, evaluators of proposals, and members of the EIC Jury. In addition, attendees received information about the services of the National Contact Points of Cyprus for the “Horizon Europe” Programme, and they had the opportunity to watch presentations on good practices for pitching an idea or a proposal.

The event was sponsored by the Enterprise Europe Network Cyprus, which provides free consulting services to Cypriot businesses that want to invest in knowledge, research, technology, and innovation.

The foundation stated that this was just the first in a series of events planned by Idek that will focus on the European Innovation Council.

The next event is a webinar titled “Tips, Techniques and Good Practices for Winning EIC Accelerator Applications,” which will be held on April 11, 2023, from 10 a.m. until 1 p.m.

According to the announcement, the aim of this webinar is to inform agencies about the requirements and participation process for the EIC Accelerator programme and to provide techniques that will help in the development of competitive proposals.

“The European Innovation Council provides significant funding opportunities for innovative and research-driven projects, and Idek is dedicated to ensuring that these opportunities are accessible to all interested parties,” the foundation said.

“With their continued efforts, Idek aims to support innovation and research projects across Cyprus and Europe, ultimately driving economic growth and societal progress,” it concluded.

According to Eurostat, the statistical office of the European Union, in February 2023, Cyprus experienced a 1.6 per cent increase in the seasonally adjusted volume of retail trade compared to January 2023, and an 8.3 per cent increase compared to February 2022.

According to Eurostat, Cyprus had the highest increase in retail trade volume among EU member states compared to the previous month and year.

Conversely, during the same period, the seasonally adjusted volume of retail trade decreased by 0.8 per cent in the euro area and 0.9 per cent in the EU, compared to January 2023, and by 3.0 per cent in the euro area and 3.1 per cent in the EU compared to February 2022.

Moreover, the volume of retail trade decreased in the euro area by 1.8 per cent for automotive fuels, 0.7 per cent for non-food products, and 0.6 per cent for food, drinks, and tobacco in February 2023 compared to January 2023.

In the EU, the volume of retail trade decreased by 1.4 per cent for automotive fuels, 1.0 per cent for non-food products, and 0.6 per cent for food, drinks, and tobacco.

Among the EU member states, the largest monthly decreases in total retail trade volume were recorded in Slovenia, Hungary, Poland, and Sweden, while Cyprus, Luxembourg, and Belgium recorded the highest increases.

Meanwhile, in terms of yearly trends, the volume of retail trade decreased in the euro area by 4.9 per cent for food, drinks, and tobacco and by 1.8 per cent for non-food products, while it increased by 1.1 per cent for automotive fuels compared to February 2022.

In the EU, the retail trade volume decreased by 4.9 per cent for food, drinks, and tobacco and by 1.9 per cent for non-food products, while it grew by 0.1 per cent for automotive fuels.

Finally, among EU member states, Hungary, Sweden, and Germany recorded the largest yearly decreases in the total retail trade volume, while Cyprus, Luxembourg, and Spain recorded the highest increases.

The Cyprus Stock Exchange (CSE) ended Tuesday, April 11 with losses.

The general Cyprus Stock Market Index was at 107.25 points at 13:52 during the day, reflecting a decrease of 0.09 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 64.85 points, representing a drop of 0.08 per cent.

The total value of transactions came up to €494,654.

In terms of the sub-indexes, the main index rose by 0.1 per cent while the remaining indexes remained unchanged from the previous day.

The biggest investment interest was attracted by the Bank of Cyprus (-1.54 per cent), Hellenic Bank (+1.22 per cent), Vassiliko Cement Works Public Company (-0.72 per cent), Atlantic Insurance (+5.06 per cent), and Alkis H. Hadjikyriacos (Frou Frou Biscuits) Public Ltd (+7.2 per cent).