Cyprus Business Now: weekly wrap-up

Here are the top business stories in Cyprus from the week starting October 16:

The priorities of the government are intertwined with the commitment to incorporate technology and digitisation into its policies, stated Undersecretary to the President, Irene Piki, on Tuesday, a sentiment echoed by House Speaker Annita Demetriou.

Piki noted that effective governance is not only about systems and structures but also involves placing people and their needs at the centre of every decision made.

Hermes Airports, the company managing both of Cyprus’ international airports, on Tuesday announced that Larnaca Airport claimed the top spot in the highly competitive category for airports with 5-10 million passengers at the Routes World 2023 event held in Istanbul, Turkey.

Cyprus witnessed a historic record in the value of investment funds funnelled into the local economy at the end of June, reaching an astounding €2.9 billion, out of a total of €10.7 billion of funds based here, according to a statement released on Monday by the Cyprus Investment Funds Association (CIFA).

The government should be looking into ways of tackling the longstanding issue of seasonality in the tourism industry, as well as improving connectivity to the island, according to a survey conducted by the Cyprus Incentives & Meetings Associates (CIMA).

During the summer, CIMA engaged 21 out of its 27 members, comprising a diverse mix of destination management companies (DMCs) and hotels, in a comprehensive assessment of the industry’s current landscape.

President Nikos Christodoulides announced several multi-million-euro projects in the municipalities and communities of the Famagusta district, highlighting the government’s commitment to the area’s development, during a gathering at the Ayia Napa marina on Thursday evening, October 19.

Bank of Cyprus CEO Panicos Nicolaou this week revealed a vision for Cyprus as a thriving business hub in the region, noting that the island has the potential for further growth.

National flag carrier Cyprus Airways on Wednesday unveiled plans to extend its schedule with new flights to the city of Nice, France, starting from December 12, 2023, with the airline set to operate two weekly flights on Tuesdays and Thursdays.

The European Central Bank (ECB) is not expected to raise interest rates at its upcoming session, as recent economic data indicates that its benchmark rates have reached levels conducive to achieving medium-term inflation targets, CBC governor Constantinos Herodotou said on Wednesday.

World Investor Week 2023 (WIW2023) has concluded successfully with a significant level of participation, according to a statement by the Cyprus Securities and Exchange Commission (CySEC), which collaborated with global supervisory authorities to highlight the importance of financial literacy.

Hellenic Bank on Wednesday released a statement explaining that in an increasingly volatile economic environment, Cypriot businesses require a stable and reliable partner, noting that with a customer-centric approach, in all aspects of its operations, the bank consistently supports its business clients, helping them meet their modern-day needs.

The Harmonised Index of Consumer Prices (HICP) in Cyprus increased by 4.3 per cent in September 2023, compared to the same month in 2022, according to the Cyprus Statistical Service.

This rise in inflation also represented a 0.2 per cent increase compared to the previous month.

The Bank of Cyprus on Thursday announced the launch of two new deposit products, known as “Step-Up,” designed to offer clients the opportunity to earn increased interest rates over an 18-month period.

These products are targeted at clients with deposits ranging from €20,000 to €500,000.

The Central Bank of Cyprus (CBC) on Thursday announced that it has officially launched a project aimed at implementing remote customer identity verification, known as digital onboarding, in collaboration with local banks.

In a bid to enhance their existing collaboration, the Department of Computer Science at the University of Cyprus and Wargaming Group Limited this week announced the signing of a Memorandum of Cooperation.

“The broader objective is to disseminate high-level technological knowledge, combined with technology transfer, among the parties involved, in order to strengthen their strategic position in the ever-evolving field of computer science,” the announcement stated.

National flag carrier Cyprus Airways on Friday released a report revealing its traffic results for the month of September 2023, with the airline having transported a total of 48,560 passengers during this period.

This represents a significant 30 per cent increase in passenger numbers when compared to the same month of the previous year, with the airline having carried a total of 37,427 passengers in September 2022.

The electricity transmission operators of both Cyprus and Greece signed a memorandum of understanding regarding the provision of technical services from Greece to Cyprus in view of the forthcoming EuroAsia interconnector project, an announcement said on Friday.

The memorandum was signed as the interconnector “requires close cooperation between the two sides to precisely study its operating scenarios, taking into account the individual characteristics of each electricity system.”