Cyprus Business Now: weekly wrap-up

Below are the top business stories from Cyprus from the week starting May 8:

The Deputy Minister of Shipping, Marina Hadjimanoli, emphasised the importance of competitiveness, resilience, and anticipation of new trends and challenges in the shipping industry.

National flag carrier Cyprus Airways on Friday announced a significant increase in its passenger volume for April 2023, providing further evidence of the travel industry’s ongoing recovery from the dire effects of the pandemic.

The employees of two Cypriot firms which were recently sanctioned by the UK, on Thursday sent an open letter decrying the effects that the freezing of these companies’ accounts has had on them, saying that they are now “without work and without pay”.

Hellenic Bank on Wednesday released a statement summarising its presence at the annual Nicosia Economic Congress, which took place the day before, including its strategy and plans for the future.

The Research and Innovation Foundation’s (IDEK) Central Knowledge Transfer Office (CKTO) this week announced that it has started officially accepting applications from interested parties.

President Nikos Christodoulides on Tuesday addressed the Cyprus Shipping Chamber’s annual general meeting, praising the association for its efforts in boosting the local maritime sector, and consequently elevating the country’s profile on the global stage.

Central Bank of Cyprus governor Constantinos Herodotou on Tuesday addressed the annual Nicosia Economic Congress, providing analysis and commentary on the country’s economy, both for the previous year, as well as in terms of short-to-medium term prospects.

President Nikos Christodoulides on Tuesday delivered the keynote speech at this year’s Nicosia Economic Congress, focusing on his administration’s commitment to economic progress and development, while also acknowledging the challenges that lie ahead.

Sebastian Ebel, the Chief Executive Officer of TUI, a leading tourism company, this week declared that the era of inexpensive flights has come to an end, noting, however, that Cyprus is among the more affordable destinations.

Paphos is set to experience its best flight schedule in 30 years, according to Nasos Hadjigeorgiou, the head of the Paphos Regional Board of Tourism (Etap).

Interest rates for housing loans increased by 1.25 per cent in March 2023, compared to February 2023, according to the most recent data published by the Central Bank of Cyprus (CBC).

The value of real estate sold in Cyprus during the first quarter of 2023 reached €1.7 billion, according to a report released on Monday by the Department of Land and Surveys.