Cyprus Business Now: weekly wrap-up

Here are the top business stories in Cyprus from the week starting October 9:

President Nikos Christodoulides highlighted the significant role of the shipping industry in Cyprus’ economy during his address on Monday at the opening of the international Maritime Cyprus 2023 conference held in Limassol.

Cyprus’ economy may be resilient enough to withstand the fallout from the conflict between Israel and Hamas, however, the island may also be classed as a danger zone if the situation escalates into a broader war, economists cautioned on Monday.

The Cyprus Securities and Exchange Commission (CySEC) unveiled its comprehensive “Investor Guide to Sustainable Investing” on Monday, shedding light on the growing importance of sustainable investing and providing essential insights into this rapidly expanding investment landscape.

Cypriot real estate data analytics firm, Ask Wire, specialising in the Cyprus and Greece property markets, has successfully closed its extension funding round, according to a statement by the company.

The Cyprus property market is witnessing a downturn in the issuance of construction permits, with a simultaneous increase in the total value of authorised units.

This trend is evident in both the July 2023 monthly statistics and the figures for the first seven months of the year.

In a move aimed at bolstering its regulatory framework in the cryptocurrency sector, Cyprus is planning to introduce stringent penalties for cryptocurrency service providers (CSPs) who fail to register with the relevant authorities.

The Cyprus Securities and Exchange Commission (CySEC) on Tuesday issued a warning that certain people are impersonating CySEC representatives on social media platforms in order to defraud them.

President of the Cyprus Union of Shipowners Andreas Hadjiyiannis this week discussed the critical juncture facing European shipping, noting that the sector is currently fighting against a number of challenges.

Hadjiyiannis delivered these remarks during the customary dinner hosted by the Cyprus Union of Shipowners as part of the Maritime Cyprus 2023 conference, held on Monday evening, and presided over by the President of the Republic of Cyprus Nikos Christodoulides.

The International Monetary Fund (IMF) on Tuesday lowered its growth projections for Cyprus for the year 2023, citing various economic factors for this decision.

Ariana Resources, an AIM-listed mineral exploration and development company with gold mining interests in Europe, as well as copper-gold exploration and development projects in Cyprus and Kosovo, has released its unaudited interim results for the six months ending June 30, 2023.

The ambassador of Finland and the mayor of Paphos confirmed their interest in building close cooperation in the fields of tourism and culture.

In a meeting held on Tuesday at the Paphos municipal hall, Mayor Phedonas Phedonos and Ambassador of Finland Harri Mäki-Reinikka discussed further expansion and strengthening of such cooperation.

Alpha Bank Cyprus on Wednesday announced that it has undergone a reorganisation of its management structure, combined with an expansion of its executive committee, according to a company statement.

Cyprus has experienced a 3.85 per cent reduction in ship management revenues for the first half of 2023, according to a survey on ship management conducted by the Central Bank of Cyprus (CBC), the results of which were released on Wednesday.

The International Monetary Fund (IMF) has painted a positive picture of Cyprus’ fiscal outlook, predicting significant primary surpluses and a substantial reduction in public debt, expected to dip below the Maastricht Treaty’s 60 per cent of GDP limit.

Cyprus has reported a government surplus of €881.9 million, equivalent to 3.1 per cent of the Gross Domestic Product (GDP), according to preliminary fiscal results released by the state’s statistical service for the period of January to August 2023.

The Cyprus Chamber of Commerce & Industry (Keve) on Thursday announced that it has partnered with the EU-Georgia Business Council and received support from the Cyprus-Georgia Business Association, in a bid to enhance economic and business ties between Cyprus and Georgia.

Cyprus’ construction sector has seen significant developments in the third quarter of 2023, with both price indices and production on the rise, according to a report released this week by the Cyprus Statistical Service (Cystat).

Cyprus’ tourism sector is jittery as concerns are mounting that the conflict in neighbouring Israel could see its second largest market dwindle.

President Nikos Christodoulides held a meeting on Thursday with key stakeholders, where he was told that arrivals from Israel had hit 300,000 so far this year.

Limassol port management company DP World recently concluded a three-month internship programme for students specialising in shipping and related fields, in a bid to strengthen its ties with the local community and invest in emerging talents.

Cyprus’ trade deficit for the period of January to August 2023 reached €5.8 billion, compared to €5.2 billion during the same period in 2022, according to a report released this week by the state’s statistical service.

Cyprus-based Yotam Werzansky-Orland, Esq., CEO of KWO Strategy Ltd., has earned his place among the world’s top 300 innovation and intellectual property (IP) strategists, as recognised by the prestigious annual IAM Strategy 300 ranking.

Finally, Cyprus and Egypt are currently experiencing more immediate credit risks compared to other nations due to the Israel-Hamas conflict, according to a report by Germany-based ratings agency Scope Ratings.