Cyprus Business Now

PwC Cyprus on Wednesday announced that it once again recognised the excellence of its trainee accountants, rewarding their significant distinctions in international exams by the Association of Chartered Certified Accountants (ACCA).

The honorees were acknowledged during a special ceremony at the company’s Experience Centre in Nicosia.

ACCA member Alice Simpson received recognition for ranking first overall in Cyprus in the September 2022 exam period and completed her ACCA qualification in December 2022.

Trainees Amin Fataliev, Gor Shahbazyan, Kirill Bogdanov, Alexander Kabanov, and student Thomas Thomaidis were also awarded for their outstanding performance in the ACCA exams.

PwC Cyprus CEO, Philippos Soseilos, and Chief People Officer, Anna Loizou, were present during the ceremony to commend the recipients for their achievements.

In their statements, Philippos Soseilos and Anna Loizou congratulated the awardees on their success, highlighting that the importance of acknowledging and rewarding excellence in a highly competitive environment is crucial as it encourages people to reach the maximum of their potential.

“We are proud of all the winners and wish them the utmost success,” Loizou said.

“We believe in our people and we are here to support them in any way they need so as to succeed in addressing the challenges of today and tomorrow,” she added.

The government announced this week that Cyprus showcased its shipping industry at the “Sea Asia” International Shipping Exhibition held in Singapore from April 25-27, 2023.

The Republic of Cyprus participated in the event with an information booth to promote itself as a key shipping centre in the Eastern Mediterranean region but also across the globe.

The Ministry of Energy, Commerce & Industry, in collaboration with the state’s trade centre in Beijing and the Deputy Ministry of Shipping, represented Cyprus at the event.

“The participation of Cyprus in the exhibition was part of a broader effort to highlight Cyprus as a regional and international shipping centre,” the announcement said.

“The goal was to promote and strengthen the Cypriot shipping sector and increase exports to existing and new Asian markets,” it added.

Moreover, Cyprus’ information booth was manned by a representative from the Deputy Ministry of Shipping and received visits from numerous business representatives.

Visitors were informed about the benefits of registering ships under the Cypriot flag and how to register companies in Cyprus through the Company Facilitation Unit operating at the Ministry of Energy, Commerce & Industry.

Total motor vehicle registrations in Cyprus increased by 6.3 per cent in April 2023, reaching 2,987, compared to 2,810 in April 2022, according to a report released this week by the Cyprus Statistical Service (Cystat).

In addition, registrations in the first quarter of the year saw a significant increase of 23.4 per cent.

According to the report, passenger saloon car registrations increased by 1.5 per cent in April 2023, rising to 2,282, from 2,249 in April 2022.

Moreover, total vehicle registrations in Cyprus during the period of January to April 2023 increased by 23.4 per cent, reaching 13,180, compared to 10,682 in the same period of 2022.

Among them, passenger saloon car registrations rose by 22.2 per cent, reaching 10,546, compared to 8,631 in the corresponding period of 2022.

What is more, 45.4 per cent of the total passenger saloon cars were new and 54.6 per cent were used cars.

Rental cars, in particular, saw a 25.3 per cent increase, reaching 1,717, while bus registrations also rose to 68 in the period between January and April 2023, up from 44 in the same period of 2022.

Registrations of cargo vehicles increased to 1,332 between January and April 2023, marking an increase of 19 per cent compared to the same period in 2022.

Specifically, light trucks have increased by 16.6 per cent to 1,044, heavy trucks by 51.4 per cent to 165, and road tractors (trailers) by 85.0 per cent to 37, while rental vehicles decreased by 9.5 per cent to 86.

The Cyprus Stock Exchange (CSE) ended Wednesday, May 10 with gains over the previous day.

The general Cyprus Stock Market Index was at 107.73 points at 13:20 during the day, reflecting an increase of 0.29 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 65.19 points, representing a rise of 0.31 per cent.

The total value of transactions came up to €194,468.

In terms of the sub-indexes, the main and alternative indexes rose by 0.31 per cent and 0.02 per cent respectively. Meanwhile, the hotel index fell by 0.95 per cent while the investment firm index remained stable.

The biggest investment interest was attracted by Vassiliko Cement Works Public Company (no change), the Bank of Cyprus (+0.41 per cent), Blue Island (no change), Hellenic Bank (+1.12 per cent), and Demetra (no change).