Cyprus Business Now

President of the Cyprus Ports Authority Antonis Stylianou this week spoke about the significant economic losses incurred by the Republic of Cyprus due to recent events in the Gulf of Aden and the Suez Canal.

Stylianou highlighted that the recent crises in the Gulf of Aden and the Suez Canal have resulted in losses for the Republic of Cyprus, estimated at around 20 per cent.

He said that this percentage encompasses both the metric tons of cargo containers, commonly referred to as TEUs (Twenty-Foot Equivalent Units), and the general cargo, witnessing a reduction of approximately 18 per cent and 17 per cent, respectively.

Speaking on the broader maritime shipping sector, Stylianou pointed out a considerable decrease of about 22 per cent.

He attributed this decline as a direct consequence of the crisis involving the Houthi rebels and the ongoing pirate activities in the wider region of the Suez Canal.

Finally, the president of the Cyprus Ports Authority expressed his concerns about the substantial impact of these events on the country’s maritime and trade activities.

The Cyprus Chamber of Commerce and Industry (Keve), in collaboration with the European Chambers of Commerce, on Friday held a seminar for social partners discussing the implementation of the European Agreement Framework for Digitisation.

According to a statement by Keve, the seminar featured presentations on the European Agreement for Digitisation in the workplace, professional safety and health in the digital era, communication within the work environment (connectivity and disconnection terms), and career counselling in the age of digitisation (Digital Skills and Employment Security).

During his address, Minister of Labour Yiannis Panayiotou stressed that technology is not a threat but a significant opportunity that should be utilised by all social partners.

He highlighted that concurrent economic development, prosperity, balance, stability, and harmony among societal factors are essential ingredients for success.

Panayiotou also stated that labour relations are a crucial pillar in societal development and should be appropriately regulated.

According to Keve, participants exchanged views on key points of the Framework Agreement, which includes provisions to ensure the necessary skills required in the digital age.

It addresses challenges in specific areas such as digital skills, ensuring employment, artificial intelligence, application of the human-in-command principle, respect for human dignity, and monitoring, as well as methods of connectivity and disconnection from the work environment.

Moreover, the Framework Agreement specifies measures that employers and employees can leverage based on their specific needs and circumstances.

This includes maximising opportunities in business, encouraging the development of strategic digital transformation initiatives supporting employment, and committing employers and employees to take initiatives and joint actions for the successful implementation of the agreement.

Representatives from the Ministry of Labour and Social Insurance, the Ministry of Education, Culture, Sports, and Youth, as well as trade unions and other organised entities, participated in the seminar, as stated in the announcement.

The Central Bank of Cyprus (CBC) on Friday announced that it has set the reference interest rate for usury purposes at 11.46 per cent, according to Article 314A of the Criminal Code Law, Chapter 154.

In accordance with the legal provision, the reference interest rate is calculated quarterly by the Central Bank of Cyprus and is subsequently published in the Official Gazette of the Republic of Cyprus.

Article 314A specifies that it is considered an offence when an individual, in the provision of any loan, extension, renewal, or prepayment of a loan, receives, collects, charges, agrees, or takes for oneself or a third party any financial benefit or property gains exceeding the reference interest rate.

The reference interest rate, which stands at 11.46 per cent, will be used as a benchmark to determine whether the terms of a loan or financial transaction involve usurious practices.

This legal measure aims to prevent and penalise the exploitation of borrowers through excessive interest rates and financial terms.

The Cyprus Stock Exchange (CSE) ended Friday, January 26 with profits.

The general Cyprus Stock Market Index was at 137.27 points at 12:32 during the day, reflecting an increase of 0.17 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 83.33 points, representing a rise of 0.20 per cent.

The total value of transactions came up to €130,984 until the aforementioned time during trading.

In terms of the sub-indexes, the main index rose by 0.24 per cent, the alternative index fell by 0.08 per cent, while the hotel and investment firm indexes remained unchanged.

The biggest investment interest was attracted by the Bank of Cyprus (+0.3 per cent), Hellenic Bank (+0.44 per cent), Petrolina Holdings (no change), Demetra Holdings (no change), and Salamis Tours (no change).