Cyprus Business Now

The Cyprus Shipping Chamber this week expressed deep concern over recent assaults by paramilitary forces in Yemen on commercial vessels passing through the Red Sea and the Gulf of Aden.

According to the chamber, these incidents pose a significant risk to international shipping, and maritime safety, and violate international law and maritime regulations.

In a statement, the chamber supported the International Maritime Organisation’s call for an immediate halt to attacks on ships in the Red Sea and the Gulf of Aden, which endanger innocent sailors.

“The impact on the safety and well-being of the crews on these vessels, while serving global trade, should not be underestimated,” the statement reads.

Furthermore, the chamber noted that while the shipping industry is taking all necessary security precautions to protect ships and seafarers navigating these waters, robust international maritime safety policies in the region must continue to be reinforced.

Countries with influence in the area should ensure the safe passage of ships and their crews, reinforcing well-developed international maritime safety policies in the region.

The Council of Ministers gave the green light to the Research and Innovation Strategy and Action Plan for the 2024-2026 period, according to an official announcement released this week.

This strategy reflects the government’s commitment to promote and harness research and innovation as pillars of sustainable development, contributing to the country’s modernisation, attractiveness, and competitiveness, according to government spokesperson Konstantinos Letymbiotis.

The spokesperson noted that the strategy harnesses the country’s high potential in research and innovation, aiming to elevate development to the next level.

He explained that the focus lies on leveraging infrastructure, an externally-facing approach, and the interconnection of research with the economy’s productive sector, the local labour market, and entrepreneurial innovation.

He also stated that the government is implementing a series of reforms and targeted investments to create the necessary conditions for the substantive development of the research and innovation ecosystem.

Cyprus achieved a historic milestone in employment figures during the third quarter of 2023, touching a record high of 481,321 individuals in the workforce, according to a report by the Cyprus Statistical Service (Cystat).

The report noted that among the total number, 431,870 were employees, while 49,451 were self-employed.

Comparatively, according to preliminary estimates, total employment saw a notable increase of 1.3 per cent during the third quarter of 2023, compared to the corresponding quarter of 2022.

The most substantial percentage increases were observed in the sectors of Administrative and Support Activities (NACE Ν), Other Personal Services Activities (NACE S), and Accommodation and Food Service Activities (NACE I).

What is more, the report noted that actual working hours for the third quarter of 2023 were calculated at 216,986, registering a 1.7 per cent increase compared to the same period in 2022.

The sectors that notably experienced percentage increases in working hours were Other Personal Services Activities (NACE S), Administrative and Support Activities (NACE Ν), and Accommodation and Food Service Activities (NACE I).

These statistics signify a substantial growth trend in employment and working hours across various sectors, showcasing the economic vibrancy and expansion in Cyprus.

The Cyprus Stock Exchange (CSE) ended Friday, December 8 with losses.

The general Cyprus Stock Market Index was at 136.35 points at 12:25 during the day, reflecting a decrease of 0.47 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 82.83 points, representing a drop of 0.47 per cent.

The total value of transactions came up to €109,821 until the aforementioned time during trading.

In terms of the sub-indexes, the main and investment firm indexes fell by 0.6 per cent and 0.69 per cent respectively. The hotel index rose by 0.12 per cent while the alternative index grew by 0.02 per cent.

The biggest investment interest was attracted by the Bank of Cyprus (-1.15 per cent), the Cyprus Cement Company (+1.45 per cent), Hellenic Bank (-0.44 per cent), Petrolina Holdings (-1.82 per cent), and Demetra Holdings (-0.71 per cent).