Cyprus Business Now

The course and prospects of the Cypriot economy, as well as issues pertaining to EU funds until 2027, took centre stage during a meeting between Finance Minister Makis Keravnos and European Commissioner of Budget and Administration, Johannes Hahn, on Monday.

According to a statement from the Ministry of Finance, Keravnos took the opportunity to brief Commissioner Hahn on the economic developments of the Cypriot economy, highlighting the positive trajectory in 2022 and discussing future growth prospects.

In turn, Commissioner Hahn shared the European Commission’s intentions regarding the revision of the Multiannual Financial Framework 2021-2027 and the system of new resources for the EU budget.

Moreover, during the meeting, both the Minister and the Commissioner exchanged views on the challenges arising from increased interest rates and the Russian invasion of Ukraine.

In addition, Keravnos expressed Cyprus’ positions on the future direction and objectives of the European Budget, emphasising the country’s willingness to engage in constructive discussions on the proposals put forth by the European Commission.

The aim, the announcement explained, is to address the multifaceted challenges currently faced by the European Union.

Furthermore, the discussions explored how European Funds can continue to support EU economies.

Finally, Commissioner Hahn praised Cyprus for its effective utilisation of European funds, highlighting the country’s achievements in this regard.

Recent market research conducted by RAI Consultants on behalf of BPW Cyprus (Cyprus Federation of Professional Business Women) has shed light on the position of women in the economic and political sphere.

The findings of this extensive study were unveiled during the annual general meeting of BPW Cyprus held at the head offices of Hellenic Bank on Wednesday, May 17, 2023.

The research highlights that despite possessing the necessary skills, qualifications, and opportunities for professional advancement, women in Cyprus face significant obstacles that prevent them from progressing in their respective fields.

According to the study, a primary factor hindering their career growth is the burden of family and other responsibilities they bear.

During the presentation of the market research, Tassos Charalambous, the Managing Director of RAI Consultants, emphasised the urgent need for the state to re-evaluate existing working models and advocate for new ones that align with the modern needs of women.

He cited the example of women who juggle both work and motherhood, where the desire for professional advancement is often hindered by family obligations, even with the support of their partners.

This issue, he argued, should be addressed through modern work models that combat labour discrimination and facilitate the increased participation of women in high-ranking positions.

Moreover, the same challenges were noted in the political arena, where demanding hours further restrict women’s involvement.

The Cyprus Stock Exchange (CSE) ended Monday, May 22 with losses.

The general Cyprus Stock Market Index was at 108.70 points at 12:35 during the day, reflecting a decrease of 0.33 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 65.75 points, representing a drop of 0.32 per cent.

The total value of transactions came up to €159,774.

In terms of the sub-indexes, the main index fell by 0.37 per cent, while the alternative, hotel and investment firm indexes rose by 0.35 per cent, 0.53 per cent and 3.23 per cent respectively.

The biggest investment interest was attracted by the Bank of Cyprus (-1.16 per cent), KEO (no change), Demetra Holdings (+3.41 per cent), Logicom (no change), and the Cyprus Cement Company (+1.59 per cent).