Cyprus Business Now: weekly wrap-up

• Here’s a summary of the top business news stories from the week starting April 17:

Cyprus has scored below the EU average in the 2022 Competitiveness Index: According to the annual Competitiveness Index, Cyprus scored 66.1 out of 100 points, below the EU average of 67.7 points, due to weak scores in the categories of innovation, education, and digitalisation.

The Bank of Cyprus has become the first bank in Cyprus and Greece to receive the European Central Bank’s approval to pay out dividends to its shareholders for the year 2021.

Company Law to be updated, Finance Ministry announces: The Cyprus Finance Ministry has announced plans to update the country’s Company Law, which includes a new set of rules for shareholder meetings, voting procedures, and electronic communication, among other provisions.

EU ministers discuss business and government green collaboration: EU ministers held a virtual conference to discuss how to better coordinate public and private sector efforts to support green investments and sustainability across the EU.

Venture capital firm 33East to manage Cyprus Equity Fund: Venture capital firm 33East has been appointed as the manager of the Cyprus Equity Fund, which aims to support innovative Cypriot startups and SMEs by providing them with the necessary capital and expertise.

Tourist arrivals up 61 per cent in Q1: The number of tourist arrivals to Cyprus in the first quarter of 2023 has increased by 61per cent compared to the same period last year, with the highest number of arrivals coming from Russia, followed by the UK and Israel.

Flurry of activity over Russian accounts: The Cyprus Central Bank has said that it is investigating a series of transactions involving Russian accounts in Cypriot banks amid concerns of money laundering and possible breaches of EU sanctions.

Invest Cyprus joins global association promoting best practices: Invest Cyprus, the country’s investment promotion agency, has joined the World Association of Investment Promotion Agencies to promote best practices in investment promotion and facilitate international partnerships.

Contract clause usually allows closing of bank account: Banks in Cyprus are allowed to close customers’ accounts if they breach the terms and conditions of their contracts, including cases where they engage in illegal activities or violate anti-money laundering regulations.

Thousands of accounts to be closed because of sanctions: Thousands of accounts held by Russian and other foreign nationals are expected to be closed by Cypriot banks in compliance with EU sanctions against Russia.

Cyprus tourism exhibition revamped to boost regional appeal: The Cyprus Tourism Organisation is revamping its annual tourism exhibition to attract visitors from the wider Eastern Mediterranean and Middle East regions, with a focus on promoting cultural and eco-tourism.

Cyprus sees 7.5per cent per cent rise in hourly wages in 2022: According to data released by the Cyprus Statistical Service, the average hourly wage in Cyprus increased by 7.5per cent in 2022 compared to the previous year, while the unemployment rate dropped from 8.7per cent to 6.2per cent.

Cyprus economic index grows in March, boosting forecasts for 2023: The Cyprus Economic Sentiment Indicator (ESI) increased by 1.5 points in March, according to the University of Cyprus, indicating an improvement in the country’s economic outlook for 2023.