Cyprus Business Now: weekly wrap-up

Cyprus’ Gross Domestic Product (GDP) growth rate and inflation rate are expected to reach 3 per cent, respectively, for 2023, consistent with the predictions made in May, according to a report released on Tuesday by the University of Cyprus’ Centre for Economic Research.

Local airline Cyprus Airways on Monday released a report detailing its performance during June 2023, during which it carried 59,110 passengers, doubling the figures from the same month of the previous year, when it carried 29,979 passengers.

After a successful annual general meeting held on July 17, 2023, the CFA Society Cyprus has introduced its newly elected board of directors for the term 2023-2024, led by the newly appointed president Andreas Kleanthous, according to an announcement released on Tuesday.

In what was described as an “unbelievable incident” exposing the audacity of illegal property brokers, a woman, posing as a real estate agent, approached the president of the Cyprus Real Estate Agents Registration Council, Marinos Kineyirou, seeking collaboration.

The Republic of Cyprus’ government bond yields have recently shown signs of stabilisation, with the average weighted yield of July bonds reaching 3.64 per cent, compared to 3.61 per cent in the previous month.

In an effort to strengthen their existing cooperation and explore opportunities in the realm of technology and cybersecurity, the Digital Security Authority and the Cyprus Chamber of Commerce (Keve) recently signed a Memorandum of Understanding.

The ceaseless pursuit of success does not come without drawbacks, potentially resulting in business professionals, among other people, feeling empty and unfulfilled, according to Cypriot author Philippos Aristotelous.

Ariana Resources plc, a mineral exploration and development company listed on AIM, a market for small and medium-size growth companies on the London Stock Exchange, has announced a significant update regarding its Cypriot subsidiary Venus Minerals.

The Cyprus Securities and Exchange Commission (CySEC) this week announced a decision to impose a massive fine of €400,000 on the Cyprus investment firm Goldenburg Group Ltd.

The Gen Y Innovation Network, the youth entrepreneurial arm of the UK-Cyprus Enterprise Council (UKCEC), in collaboration with the EPISTEME organisation, recently held an event titled ‘Tech Startups: Opportunities and Challenges’ in London, according to an announcement released this week.

Cyprus’ rental prices across all property types experienced a rise during the second quarter of the year, according to a report released on Thursday by Ask Wire, a Cypriot tech-informed real estate company. The report looked at both property sales and rental cost fluctuations.

The tourism ties between Cyprus and China, the world’s most populous country, took centre stage at the “China-Cyprus Tourism Promotion Webinar”, which was held earlier this week.

The Cyprus Securities and Exchange Commission (CySEC) on Thursday announced its decision to impose an administrative fine of €100,000 on Cyprus Investment Firm BDSwiss Holding Ltd.

The economic climate in Cyprus witnessed a decline in July 2023, with the Economic Sentiment Indicator (ESI) dropping by 2.7 units compared to June.

According to an announcement from the Centre for Economic Research at the University of Cyprus, the decrease in the ESI resulted from a deterioration in the business climate in the services sector and, to a lesser extent, a weakening of consumer confidence.