Cyprus Business Now

The Cyprus Chamber of Commerce and Industry (Keve) this week announced that its business mission, led by Deputy Minister of Tourism Kostas Koumis, departed on Tuesday for the city of Almaty, Kazakhstan.

According to an announcement by the chamber, the mission includes representatives from Cypriot companies across various sectors of the local economy.

What is more, the ministry explained that during the mission’s stay in Kazakhstan, a business forum will be held to present the prospects of the Cypriot economy and its various business sectors.

Networking meetings between members of the Cypriot delegation and representatives of Kazakhstani companies will also take place, aiming to discuss partnership opportunities.

Among other activities, the Deputy Minister of Tourism will meet with officials from the government of Kazakhstan and deliver a speech at the business forum scheduled for Wednesday.

The organisation of this business mission falls within the broader efforts of the Cypriot government to promote Cyprus as a regional and international business centre.

The Independent Union of Public Servants of Cyprus (Asdyk) on Tuesday called for the introduction of legislation regulating remote working in the public sector.

The union issued a statement urging the Ministry of Finance to “promptly establish a legislative framework that ensures the provision of remote working opportunities in the public sector”.

“Asdyk expresses its belief that the utilisation of remote working by public employees will only bring about advantages,” it added.

Moreover, in its announcement, the union welcomed the submission of a draft bill titled “Regulation of the Teleworking Framework Act of 2023” by the Ministry of Labour and Social Insurance.

The bill seeks to regulate the rights of employees and the obligations of employers in cases where an agreement is reached to provide remote working, however, this is exclusively in the private sector.

The proposed draft bill explicitly stipulates that remote working opportunities will be implemented on a voluntary basis and upon agreement between the parties, employer and employee.

The union highlighted the fact that the discussion of the proposed draft bill began this week in the House of Parliament and anticipates swift action by the political parties involved.

“What surprises us is why the Ministry of Finance has not submitted a regulatory bill for remote working in the public sector simultaneously with the Ministry of Labour,” the union said.

“Since our organisation’s consultation with the Department of Public Administration and Personnel, there has been no clear timeline provided by the Ministry of Finance regarding the submission of the draft bill to the House of Parliament,” it added.

The announcement acknowledged that it would be desirable if the draft bill is presented to the House of Parliament before the closure of the legislative session for summer recess, allowing for its examination during the new session of the house’s proceedings.

In conclusion, the union noted that “during the recent pandemic crisis, remote working was predominantly employed by the public service sector, yielding favourable results despite the limited time available for its preparation and organisation”.

The Cyprus Stock Exchange (CSE) ended Tuesday, June 20 with negligible profits.

The general Cyprus Stock Market Index was at 117.67 points at 13:49 during the day, reflecting an increase of 0.02 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 71.18 points, remaining unchanged from the previous day.

The total value of transactions came up to €159,120.

In terms of the sub-indexes, the main and hotel indexes rose by 0.3 per cent and 0.66 per cent respectively, while the alternative index fell by 0.69 per cent. The investment firm index remained unchanged.

The biggest investment interest was attracted by the Bank of Cyprus (-0.33 per cent), Hellenic Bank (+1.58 per cent), Vassiliko Cement Works Public Company (-0.74 per cent), Petrolina Holdings (-2.65 per cent), and Demetra (no change).