Cyprus Business Now

In Q3 of 2023, the Cyprus Securities and Exchange Commission (CySEC) directed 335 Collective Investment Organisation Management Companies, with €8.6 billion in Assets Under Management.

This marked a slight increase from the previous quarter. Notably, 59 per cent of these assets came from Alternative Investment Fund Managers. UCITS primarily invested in Transferable Securities, while investments in Private Equity and Real Estate by Other Undertakings for Collective Investment were notable.

Cyprus-based Collective Investment Organisation Management Companies held 76 per cent of assets under management (AUM), with 27 per cent invested in Cyprus, mainly in Private Equity and Real Estate. UCITS investors were mostly private individuals, while investors in Other Investment Entities.

The Cyprus Shipping Chamber has officially signed the renewal of the Collective Agreement for seafarers employed on Cypriot-flagged vessels. The agreement, inked in collaboration with the two Cypriot Maritime Unions, trade unions Sek and Peo, along with the Cyprus Employers and Industrialists Federation (OEB), sets terms for the period January 1, 2024, to December 31, 2025.

The renewed Collective Agreement highlights a commitment to internationally accepted basic labour standards, particularly focusing on the remuneration of seafarers. This two-year agreement is a testament to the strong cooperation among the involved entities in Cyprus, signalling a pioneering for maritime labour relations in the section.

In a move emphasising the industry’s dedication to sustaining a favourable environment for seafarers, the Collective Agreement reaffirms a pledge to continuous dialogue and cooperation. The proactive approach of all stakeholders not only ensures the well-being of maritime professionals but also positions Cyprus as a contributor to the global shipping landscape.

On Friday, January 12, the Cyprus Stock Exchange (CSE) concluded the last stock market session of the week with marginal losses. The General Index of the CSE closed at 136.12 points, indicating a decrease of -0.02 per cent.

Similarly, the FTSE/CySE 20 Index closed at 82.60 points, reflecting a slight decline of -0.05%. Notably, VCW, with a turnover of €63.9 thousand, closed unchanged at €3.22.

Meanwhile, the Hellenic Bank share held steady at €2.25, with no change, and achieved a trading volume of €37.7 thousand. In contrast, Bank of Cyprus shares closed at €3.39, reflecting a 0.59 per cent loss, with a trading volume of €19.4 thousand.

The Main Market recorded a marginal decline of 0.03 per cent, while Hotels closed with a 1.22 per cent loss. Conversely, the Alternative Market and Investments saw marginal gains of 0.13 per cent and 0.68 per cent, respectively.

The securities of Vasiliko Cement attracted the most significant investment interest at €63,940 (closing price €3.22 – no change). Following closely were Tsokkos Hotels with €12,749 (closing price €0.062 – up 6.90 per cent), and Logicom with €11,625 (closing price €3.00 – no change).