Cyprus Business Now: weekly wrap-up

• Here are the top business stories in Cyprus from the week starting June 12:

Cyprus-based investor Alexey Gubarev has recently become the owner of the land where Sodap’s wine factory was for over €32 million, according to an announcement released this week.

Cypriot lender AstroBank on Monday announced that it has raised its deposit rates, describing the move as a response to the needs of its clientele and the Cypriot economy in general.

The Cyprus Development Bank (CDB Bank) on Monday launched a new depository product with flexible terms and an interest rate of up to 2.05 per cent.

Cyprus and Greece have taken different paths toward resolving the previously sizable number of non-performing loans (NPLs) in each country, according to a recent piece of analysis by rating agency DBRS Morningstar.

The issuance of Additional Tier 1 (AT1) capital bonds has generated significant interest, following the exchange of the previous, more expensive AT1 bonds worth €220 million, with an interest rate of 12.50 per cent, issued in 2018.

In a groundbreaking initiative, the Cyprus Institute successfully organised its first networking seminar, titled “Innovation Workshop and Speed Networking Event,” aimed at bridging the gap between research and industry in Cyprus.

Cyprus’ trade deficit reached €3.11 billion during the period of January to April 2023, according to the latest report released by the Cyprus Statistical Service (Cystat).

Cypriot non-profit association TechIsland on Wednesday announced the second workshop of its “Startup School” series.

The significant improvement in the yield margins of yesterday’s issuance of AT1 capital bonds reflects the bank’s transition into a sustainable and profitable banking institution, according to Bank of Cyprus CEO Panicos Nicolaou.

Cyprus Deputy Minister of Tourism Kostas Koumis this week led a delegation on a visit to Dubai and Abu Dhabi with the purpose of assessing the tourism potential in these markets and their general region.

In talks in Jerusalem on Thursday, Cyprus and Israel discussed cooperation in the development of regional gas infrastructure, such as the ‘Cyprus Gateway’ initiative aiming to transfer natural gas via the island to Europe, including from Israeli offshore reserves.

Fuel and electricity prices are set to rise as of July 1 following the expiration of the relief measures for consumers introduced last year.

The European Institute of Innovation and Technology (EIT) and the Research and Innovation Foundation (Idek) this week co-organised an Info Day at the A.G. Leventis Gallery, where they unveiled plans for the launch of the ‘EIT Community RIS Hub’ in Cyprus, according to an announcement released on Thursday.

DataArt, a global software engineering firm recently marked its first year in Cyprus, an event which coincided with the opening of its new premises in Larnaca.

Cyprus-based fintech firm Armenotech, alongside its international strategic partner, Tempo France, recently stated that EURO-pegged stablecoins have “the most promising and highest potential trajectory in the modern finance world”, with the two companies citing
their joint internal research and analysis.

National investment promotion agency, known as Invest Cyprus, chairman Evgenios Evgeniou showcased Cyprus’ ambitious investment strategy during a high-profile event at The Economist Conference in London earlier this week.

Salamis Lines Ltd, a member of the Salamis Organisation, announced this week that it has acquired a new container ship named “IONIA”, which has subsequently been registered in the Cypriot Registry.

The hourly labour costs in Cyprus recorded a 5 per cent increase during the first quarter of 2023, compared to the corresponding quarter of the previous year, according to a report utilising preliminary data released by the state’s statistical service on Friday.

Cyprus Airways and Aegean Airlines this week announced their plan to work together on codeshare flights, which will start on June 20, with the aim of improving connectivity and travel options for passengers travelling to and from Cyprus.

The general assembly of the European Underwater Federation (EUF) is taking place in Cyprus between June 17 and June 19, according to a statement released this week.

The assembly is being attended by 20 representatives from various European countries, including Austria, Finland, Denmark, the United Kingdom, Germany, Israel, Italy, Belgium, and the Netherlands.