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Cyprus Business Now: weekly wrap-up

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Here are the top business stories in Cyprus from the week starting November 6:


The total value of non-performing loans (NPLs) in the Cypriot banking system at the end of August 2023 saw a decrease of €16 million, dropping to €2.08 billion from €2.10 billion at the end of the previous month.

The European Institute of Management and Finance (EIMF) on Monday hosted a roundtable discussion featuring representatives from key market and economic entities under the title, “Investing in Professional Skills as an Accelerator of Sustainable Economic Development.”

The number of registered unemployed individuals in Cyprus decreased by 17.4 per cent in October 2023, reflecting a drop of 1,951 people, compared to October 2022.

Cyprus witnessed record-breaking tourism revenue in August 2023, marking a substantial annual increase of 20.8 per cent, according to a report by the state’s statistical service.

Energy Minister George Papanastasiou revealed on Tuesday what Cyprus’ proposal to break the deadlock with Chevron’s negotiations on the Aphrodite gas field entails.

The European Investment Fund (EIF) of the European Investment Bank (EIB), along with Cypriot Finance Ministry, this week announced the launch of Cyprus’ very first equity fund.

Cyprus Deputy Minister of Tourism Kostas Koumis attended the prestigious World Travel Market (WTM) in London this week, bolstering Cyprus’ presence at the event, and relaying optimism about the prospects for 2024.

The European Council recently announced changes to the EU list of non-cooperative countries for tax purposes, with several nations being removed and added to the list.

AstroBank announced on Tuesday that, following a statement issued on September 11, 2023, regarding the potential acquisition of the Cyprus Development Bank (CDB), the two entities have failed to reach a mutual agreement.

The Cyprus Economy and Competitiveness Council (Soak) on Wednesday submitted a comprehensive set of measures and recommendations aimed at tackling the pressing issue of affordable housing in Cyprus.

Invest Cyprus president Evgenios Evgeniou on Wednesday called on the Cypriot business community to put forth ideas aimed at attracting foreign investment, which are in line with the priorities of the new development model, as defined in the country’s long-term strategy entitled ‘Vision 2035′.

Cyprus has seen a 7.3 per cent reduction in the number of building permits issued during the first eight months of 2023 when compared to the same period the previous year, according to a report by the state’s statistical service.

A court decision awarding over €780,000 to a depositor who lost his Laiki Bank savings due to the 2013 ‘haircut’ ignited a wave of reactions on Thursday, with the attorney general’s office immediately appealing the decision, while others slammed the “golden boys” at the banks for prioritising their bonuses over due diligence.

Deputy Minister of Tourism Kostas Koumis on Thursday expressed great satisfaction with the outcomes of the meetings held during this week in London, in the context of the annual World Travel Market (WTM).

Cypriot firm Ask Wire, a technology-informed real estate company, on Thursday released its quarterly report for the local property market.

The report indicated a mixed outlook for the real estate market in Cyprus, despite the annual increases in rental values across various property types.

Eurobank Cyprus hosted a working dinner on Thursday at the Hilton Hotel in Nicosia, featuring top executives from India’s leading investment firm, UTI International, according to an announcement released on Friday.

Hellenic Bank is expected to present its financial results for the first nine months of 2023 on November 21, according to an announcement released this week.

The Cyprus Development Bank (CDB Bank) has been reported to be in discussions with an Armenian banking institution regarding a potential acquisition, following the breakdown of talks with AstroBank, according to a report released on Friday by the Cyprus News Agency (CNA).

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