Cyprus Business Now

The Cyprus Association of Travel Agents (ACTA) this week announced its new administrative council for the term 2023-2026, appointing Harris Papacharalambous as the new president.

In a statement released following the annual general assembly held on December 5, 2023, the association confirmed the election of the new administrative council.

During its inaugural session on December 12, 2023, the council members were officially appointed.

The new Vice President for Airline Affairs and Airports is Panos Charalambous, Christos Asprou as Vice President for Inbound Tourism, Christos Christou as Vice President for Outbound Tourism, Marios Sokratous as Treasurer, Antonis Orthodoux as Press Officer.

Board members include Andreas Kakkouras, Andreas Papakyprinos, Evi Araouzou, Mary Spyrou, and Nicolas Christofi.

Vasilis Stamataris, the outgoing president, who will continue to attend the council meetings as the immediate past president, extended his best wishes to the new administrative council, expressing his commitment to supporting them whenever needed.

The newly elected President, Harris Papacharalambous, pledged to work diligently for the interests of travel agents and the broader good of tourism in Cyprus.

In addition, he highlighted the importance of collaboration with all involved stakeholders in these efforts.

During the general assembly, it was decided that the association would update its name to the “Cyprus Association of Travel and Tourist Agents.”

This adjustment aims to better represent the work of its members, encompassing both inbound and outbound tourism, directly or indirectly representing the majority of tourists visiting Cyprus annually.

To promote Cyprus as an international business hub, the Ministry of Energy, Commerce, and Industry, in collaboration with the Cyprus Chamber of Commerce and Industry (Keve), recently held a business forum in Vienna, Austria.

According to a statement released this week by the ministry, the forum, which hosted representatives from 10 Cypriot companies as part of the business delegation, featured presentations by ministry officials and Cypriot company representatives.

The focus was on highlighting Cyprus’ competitive advantages in the service sector.

Following these presentations, Cypriot businesses engaged in one-on-one meetings with corresponding Austrian companies.

The aim was to explore potential collaborations and partnerships between the two nations.

The business forum, held at the premises of the Austrian Economic Chamber, attracted representatives from more than 85 Austrian companies, alongside the ambassador of the Republic of Cyprus to Austria, Andreas Ignatiou.

An additional 25 Austrian companies visited the event to conduct face-to-face meetings with representatives of Cypriot companies, fostering discussions around potential collaborations and business opportunities.

The latest data from the Cyprus Statistical Service (Cystat) revealed a 5.6 per cent annual growth in the Labour Cost Index during the third quarter of the year, marking a slight deceleration compared to the previous quarter.

Breaking down the components of the index, both the wages and salaries per hour worked and the non-wage costs per hour worked demonstrated increases of 5.8 per cent and 4.8 per cent respectively, in comparison to the corresponding quarter of the previous year.

Adjusted for seasonal fluctuations, the Labour Cost Index displayed a 0.6 per cent increase compared to the previous quarter.

When considering the hourly labour cost related to wages and salaries, seasonally adjusted, it showed a 0.7 per cent rise, while the hourly non-wage cost, adjusted for seasonal variations, experienced a 0.4 per cent increase.

The second quarter of 2023 witnessed a 6.4 per cent hike in the Labour Cost Index, while the first quarter saw a growth of 4.4 per cent.

Finally, as per the statistical service, the index serves as an indicator of inflationary pressure resulting from developments in the labour market.

The Cyprus Stock Exchange (CSE) ended Friday, December 15 with profits.

The general Cyprus Stock Market Index was at 135.73 points at 13:05 during the day, reflecting an increase of 0.44 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 82.39 points, representing a rise of 0.39 per cent.

The total value of transactions came up to €36,202 until the aforementioned time during trading.

In terms of the sub-indexes, the main, alternative, investment firm, and hotel indexes all rose, increasing by 0.76 per cent, 1.45 per cent, 0.71 per cent, and 5.28 per cent respectively.

The biggest investment interest was attracted by the Bank of Cyprus (-0.59 per cent), Hellenic Bank (+0.44 per cent), Demetra (+0.73 per cent), KEO (+3.13 per cent), and Atlantic Insurance (+1.19 per cent).