Cyprus Business Now

There was an increase of more than half a billion euros in terms of the assets belonging to investment organisations in Cyprus in March 2023, compared to December 2022, according to a report released on Wednesday by the Central Bank of Cyprus (CBC).

According to the report, the number of investment institutions in March 2023 increased to 290, up from 286 in December 2022.

What is more, the assets of these organisations marked a 7 per cent increase compared to the fourth quarter of 2022 and amounted to €8.3 billion, compared to €7.7 billion in December 2022.

The Central Bank report noted that the increase is primarily attributed to the value of the shares that the investment organisations had in their assets, which amounted to €6.48 billion, compared to €5.98 billion in December 2022.

Finally, it should be noted that the portfolio of shares at the end of March corresponded to 78 per cent of the total assets belonging to investment organisations.

The Cyprus Chamber of Commerce and Industry (Keve) this week announced an exciting opportunity for sustainability experts and consultants to join the Island Sustainable Tourism Action through the Resilient SMEs (I-STARS) project.

This EU co-funded initiative aims to support tourism enterprises based on islands in their journey towards recovery and sustainability by 2030.

Keve, in collaboration with five other organisations from Greece, Ireland, Italy (Sicily), and Spain (Mallorca), is set to launch an ‘Open Call for SMEs’ later this year.

Through this call, tourism businesses will have the chance to apply for a grant of up to €5,600 in the form of a voucher.

The voucher can be redeemed for services provided by sustainability experts and service providers, enabling tourism SMEs to enhance their awareness, development, and capacity to integrate sustainable innovations into their business practices.

Embracing sustainability, resilience, and circularity will position these businesses as competitive players in the rapidly evolving global tourism market.

To kickstart the process, the chamber is now seeking experts and consultants interested in joining the I-STARS Sustainability Experts Directory.

These professionals should have experience in assisting tourism businesses in their transition towards sustainability by offering various services.

Applicants are encouraged to review the ‘Guide for Applicants’ accessible at [link to the guide]. The deadline for submissions is Wednesday, June 14, 2023. However, it is important to note that space in the I-STARS Sustainability Experts Directory is limited, and applications will be evaluated on a first-come, first-served basis.

For additional information or inquiries, interested individuals can contact Keve at 22-889840 or reach out to Demetra Palaonda ([email protected]) or Maria Klokkari ([email protected]) directly.

The Cyprus Stock Exchange (CSE) ended Wednesday, May 24 with profits.

The general Cyprus Stock Market Index was at 108.93 points at 13:21 during the day, reflecting an increase of 0.07 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 65.89 points, representing a rise of 0.08 per cent.

The total value of transactions came up to €51,359.

In terms of the sub-indexes, the main index fell by 0.04 per cent, while the hotel and alternative indexes rose by 0.88 per cent and 0.36 per cent respectively. The investment firm index remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (-0.39 per cent), Hellenic Bank (-0.56 per cent), K+G Complex (+1.29 per cent), and Lordos United Plastics (-7.43 per cent).