Cyprus Business Now

President of the Paphos Chamber of Commerce (Evep) George Mais has called upon the government to boost entrepreneurship in the district, highlighting the challenges faced by the business community in Paphos.

These challenges, he explained, are closely related to the repercussions of the war in Ukraine and the more recent developments in the Middle East.

Speaking to the Cyprus News Agency (CNA), Mais attributed these issues to international economic uncertainty, inflationary pressures, high interest rates, and the indecision of the political system to enact regulations and other efficiency-related initiatives.

He also stressed that businesses are in a precarious position, and this situation must be acknowledged, as it ultimately threatens the region’s economy.

He also pointed out that the government should take specific actions, such as providing incentives (tax, urban planning, and others) to encourage entrepreneurship, mergers, and corporate restructuring.

Furthermore, he urged the government to improve the business environment by reducing bureaucracy and implementing necessary institutional reforms, such as expediting justice system-related processes.

Mais also highlighted that the banking system is “not at all business-friendly”. Apart from the high interest rates imposed by the banks, he said, they have “increased their other charges to an excessive degree and have become very strict in providing financing and liquidity to businesses”.

Moreover, the president of the Paphos Chamber of Commerce called on the government to address the distortions in these three areas and attempt to rectify them.

He stressed that businesses, in addition to the significant risks they undertake, should not have to deal with excessive government bureaucracy and an inefficient system on a daily basis.

“Solutions need to be found here and now because the business community is struggling and suffering daily,” he concluded.

TheSoul Publishing, a Cyprus-based global leader in digital content creation, on Monday announced a strategic partnership with E. Mishan & Sons, Inc. (Emson), a family-owned business renowned for investing in, importing, and distributing innovative products.

This collaboration introduces a new line of DIY craft kits, based on TheSoul Publishing’s wildly popular 5-Minute Crafts brand, now available on Walmart.com and currently rolling out across 2400 Walmart stores in the United States and Canada.

The partnership aims to inspire creativity and empower individuals and families to engage in hands-on activities, fostering a love for arts and crafts. 5-Minute Crafts is the most-watched DIY brand in the world, with over 850 million social media subscribers.

The DIY kits cater to a wide range of audiences, with separate options designed for adults and families with children – showcasing various interactive projects, including slimy ‘ice cream’ making, hand plaster design, rock painting, and glow-in-the-dark activities.

To bolster the success of this collaboration, TheSoul Publishing will launch a massive 360-degree marketing campaign on both social media and television using the familiar “As Seen on TV,” slogan, as well as the updated “As Seen on Social” version.

This campaign will include content from the 5-Minute Crafts team that will be filmed inside five Walmart stores, in a first-of-its-kind collaboration.

“We are thrilled to collaborate with Emson to bring the fun and excitement of 5-Minute Crafts to homes across North America,” Patrik Wilkens, Vice President of Operations at TheSoul Publishing, said.

“Emson shares our passion for innovation and creativity, and this will allow us to inspire millions of families and individuals to explore their artistic potential with some truly amazing products,” he added.

The Cyprus Stock Exchange (CSE) ended Monday, October 30 with losses.

The general Cyprus Stock Market Index was at 125.55 points at 12:18 during the day, reflecting a decrease of 0.1 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 76.09 points, representing a drop of 0.08 per cent.

The total value of transactions came up to €104,448.

In terms of the sub-indexes, the main, alternative and investment firm indexes fell by 0.27 per cent, 0.04 per cent and 2.99 per cent respectively. The hotel index remained unchanged.

The biggest investment interest was attracted by the Bank of Cyprus (+0.71 per cent), Hellenic Bank (no change), Demetra (-3.1 per cent), Logicom (+1.53 per cent), and CLR Investment Fun (+20 per cent).