Cyprus Business Now

Cyprus has witnessed a notable increase in bounced cheques, with 26 such incidents totalling €276,202 reported in September 2023 alone.

This concerning trend has landed 15 individuals (comprising 12 legal entities and 3 individuals) on the Central Information Registry’s (CIR) preliminary list, maintained by the Central Bank of Cyprus (CBC), for insufficient cheque funds.

As revealed in statistics published by the CBC this week, the period from January to September 2023 saw a concerning total of 271 bounced cheques, accumulating to €970,121.

These incidents involved 168 individuals (comprising 92 legal entities and 76 individuals), compared to the previous year’s data, which included 238 cases, amounting to €1,339,889.

Furthermore, the CBC’s data indicates that the number of individuals newly added to the CIR as of September 2023 amounted to 14 individuals.

Among them, 5 cases pertained to legal entities, 5 to individuals, and 4 to natural persons who controlled legal entities.

Throughout the first nine months of this year, a total of 207 individuals (including 36 natural persons) were registered with the CIR.

This marks a notable increase compared to the 192 cases recorded during the same period in 2022.

The Cyprus Port Authority on Thursday presented the prospects and development plans for the Vasiliko-Zygi port area, outlining investment and growth opportunities that may interest Indian companies and consortiums.

The update was provided to India’s Minister of Ports, Inland Waterways, and Shipping, Shantanu Thakur, and his delegation.

According to an announcement by the Cyprus Port Authority, the organisation emphasised that Cyprus’ geographic location at the crossroads of three continents and adjacent to the Suez Canal, one of the world’s most vital maritime routes, presents a unique and compelling opportunity for globally-reaching enterprises, particularly in the maritime and port development sectors.

Present at the meeting were Antonis Stylianou, President of the Port Authority’s Board of Directors, and Anthimos Christodoulides, General Director.

This collaboration between Cyprus and India highlights the increasing global interest in enhancing maritime and economic partnerships.

The employment rate within the Cyprus government experienced a decrease of 373 individuals (-0.7 per cent) in September 2023, compared to the same month in 2022, bringing the total to 52,228 employees, according to a report released this week by the state’s statistical service.

This decline is primarily attributed to the transfer of Hourly Paid Personnel from the Ministry of Health to the Organisation of State Health Services, which falls under the Broad Public Sector, a shift that took place in January 2023.

A detailed breakdown of the figures reveals a decrease of 708 individuals (-2.8 per cent) in permanent staff, from 25,610 to 24,902 personnel.

However, temporary staff numbers witnessed an increase of 1,886 individuals (10.2 per cent), rising to 20,404 in comparison to 18,518 in September 2022.

The decrease in the employment rate is evident across all categories of permanent personnel, while an increase is observed in all categories of temporary personnel.

The most significant reduction is noted in permanent staff in the Educational Service sector (-2.9 per cent), with the largest increase found in the temporary staff of the Educational Service sector (15.1 per cent). In addition, Hourly Paid Personnel showed a decrease (-18.3 per cent).

In comparison to August 2023, there was a slight rise of 0.5 per cent in overall employment rates.

The most notable variations were in permanent and temporary staff within the Educational Service sector (a decrease of -2.4 per cent and an increase of 10 per cent, respectively).

Employment across other personnel categories remained relatively stable, maintaining similar levels to those of August 2023.

The Cyprus Stock Exchange (CSE) ended Thursday, October 12 with losses.

The general Cyprus Stock Market Index was at 128.44 points at 14:44 during the day, reflecting a decrease of 0.33 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 77.88 points, representing a drop of 0.32 per cent.

The total value of transactions came up to €332,959.

In terms of the sub-indexes, the main and investment firm indexes fell by 0.54 per cent and 0.75 per cent respectively. The hotel index rose by 1.44 per cent while the alternative index increased by 0.35 per cent.

The biggest investment interest was attracted by the Vassiliko Cement Works Public Company (+0.65 per cent), the Bank of Cyprus (-1.34 per cent), Demetra (-0.78 per cent), and Logicom (no change).