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Cyprus Business Now: weekly wrap-up

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Here are the top business stories in Cyprus from the week starting May 22:

Talks between the government and US energy giant Chevron appeared to move in a positive direction on Friday, after a meeting at the presidential palace ended on a high note over the possibility of utilising the Aphrodite field for Cyprus’ local electricity production.

The Electricity Authority of Cyprus (EAC) is partly to blame for Cyprus’ energy woes and high prices, but the state has let the people down, Energy Minister George Papanastasiou said on Thursday.

Energy expert Charles Ellinas on Monday brushed aside comments made by Eni CEO, Claudio Descalzi that no EastMed pipeline could be feasible without Turkey, to which the government issued a subdued response last week.

Non-profit organisation TechIsland this week announced the launch of “Startup School,” an innovative workshop series designed to empower startups in Cyprus.

In line with the upward trend in global central bank interest rates driven by high inflation, domestic bond yields issued by the Republic of Cyprus have continued their upward trajectory.

The highly anticipated Best Invest Congress is set to take place on May 29-30 at the Parklane Hotel in Limassol, bringing together experts and stakeholders from the local business and technology community to share their insights.

European University Cyprus this week announced that in collaboration with the International Union of Tourism Policy and Middlesex University, will be holding an international tourism conference in Cyprus.

The Cyprus Composite Leading Economic Index (CCLEI) maintained a positive growth rate in April 2023, bolstering economic forecasts, according to a report released on Wednesday by the Centre of Economic Research at the University of Cyprus.

Cypriot telecommunications company Cyta this week officially announced its collaboration with ABS, a prominent international satellite provider.

The Cyprus Chamber of Commerce and Industry (Keve) on Wednesday that it participated in a trilateral meeting on May 23, 2023, alongside the Turkish Cypriot Chamber of Commerce (KTTO), and the Special Representative of the UN Secretary-General in Cyprus, Colin Stewart.

The Cyprus University of Technology (Tepak) and the Chamber of Commerce of Famagusta this week announced that they will collaborate on the launch of a ‘free university’ initiative in Famagusta.

The Ministry of Energy, Commerce, and Industry on Tuesday announced that, in collaboration with the Cyprus Chamber of Commerce and Industry (Keve) and the state’s Trade Centre in Dubai, organised a business mission in Dubai on May 10, 2023.

Property sales rose by 20 per cent between January and the middle of May, compared to the corresponding period of 2022, according to the head of the Department of Lands and Surveys Elikkos Elia.

Around a third of tourist nights spent in Cyprus, and the EU, in 2022 were recorded in July and August, data released by Eurostat on Wednesday showed.

Sports tourism is one of the fastest growing sectors of tourism, the President of the Cyprus Sports Organisation (Koa) Andreas Michaelides said on Wednesday at the 3rd Sports Tourism conference on “Development, sustainability and innovation of Sports Tourism services” organised in Nicosia.

 

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