Cyprus Business Now

The Cyprus Ministry of Energy, Commerce, and Industry on Monday announced an extension to the application deadline for the De minimis Grant Schemes, allowing private businesses more time to apply for participation in trade exhibitions taking place during the period 1/1/2023 – 31/12/2023.

The original deadline was set to expire soon, but now, interested parties have until Wednesday, September 20, 2023, to submit their applications.

Applicants are encouraged to submit their forms either by hand or via registered mail or private courier to the Ministry of Energy, Commerce, and Industry, Trade Service, located at Andreas Araouzou 6, 1421, Nicosia, Cyprus.

To make the application process more accessible, the Application Form, along with a comprehensive Information Brochure, is available for pickup at the Promotion of Trade in Goods Section of the Trade Service. Additionally, applicants can find the necessary forms and information on the Trade Service website at https://www.trade.gov.cy/gr.

For any inquiries or further details, interested parties are encouraged to contact the Trade Service at the following phone numbers: 22867234, 22867192, 22867268, or via email at [email protected].

This extension provides businesses with an excellent opportunity to participate in trade exhibitions and benefit from the De minimis Grant Schemes, which aim to promote and support private sector involvement in trade exhibitions throughout 2023.

Cyprus saw a surge in prices across various essential commodities during August 2023, with fresh vegetables leading the pack with a staggering 37 per cent increase compared to the same month in 2022, according to the Cyprus Consumer Association.

In a detailed breakdown, the most significant price increases, compared to August 2022, were observed in the following categories: lamb and goat meat prices rose by 29 per cent, sugar by 28.26 per cent, various printed materials by 27.82 per cent, and vegetables by 23.09 per cent.

In addition, lubricants rose by 22.26 per cent, ice cream by 21.47 per cent, preserved milk by 20.57 per cent, home services for the elderly and disabled individuals by 19.46 per cent, cheeses by 17.8 per cent, and frozen vegetables (excluding potatoes and other bulbs) by 16.96 per cent.

Furthermore, prices exceeding a 16 per cent hike were noted in August 2023 for beef and veal, as well as dried, smoked, or salted fish and seafood. Pet product prices also increased by 15.41 per cent.

The costs of dried vegetables, preserved or processed vegetables, and coffee all rose by more than 14 per cent, while pet-related products and services, soft drinks, tea, cocoa, olive oil, and fresh fruits all saw increases exceeding 13 per cent.

Prices for butter, non-alcoholic beverages, fruit and vegetable juices, other dietary products, and mineral water surged beyond 12 per cent.

Notably, prices for margarine and other vegetable fats, yoghurt, sewage services, and rice also recorded increases of over 10 per cent.

On the flip side, certain items experienced price decreases, including a 15.5 per cent drop in potato prices, a 14.8 per cent reduction in oil prices, and a 9.7 per cent decrease in audiovisual equipment costs. Air passenger transport prices fell by 7.9 per cent, while electricity, natural gas, and fuel prices dipped by 7.8 per cent, gasoline by 6.7 per cent, and transportation services by 6.6 per cent. Natural gas and lighting gas prices decreased by 6.2 per cent, and electricity by 5.9 per cent.

It’s worth noting that inflation in August 2023 registered a significant increase of 2.6 per cent compared to August 2022, following a previous month’s decline to its lowest level in the past 27 months at 1.5 per cent.

The Cyprus Stock Exchange (CSE) ended Monday, September 11 with profits.

The general Cyprus Stock Market Index was at 133.21 points at 13:41 during the day, reflecting an increase of 0.26 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 80.89 points, representing a rise of 0.26 per cent.

The total value of transactions came up to €54,783

In terms of the sub-indexes, the main index rose by 0.48 per cent while the alternative index fell by 0.54 per cent. The hotel and investment firm indexes remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (+1.37 per cent), Hellenic Bank (+0.44 per cent), Demetra Holdings (no change), Blue Island (+1.69 per cent), and Salamis Tours (-2.5 per cent).