Cyprus Business Now

Consulting and advisory firm PwC Cyprus this week announced that it hosted another successful ACCA Award Ceremony, held at the organisation’s Experience Centre, in the presence of Philippos Soseilos, CEO of PwC Cyprus, and Anna Loizou, Chief People Officer.

According to the announcement, the ceremony was organised to honour the achievements of the company’s ACCA trainees and students in the recent ACCA examinations.

The company said that it is “delighted to recognise the exceptional talent and dedication” of individuals honoured during the ceremony.

The people who received awards include:

● Theofilos Christou (ACCA Student): Achieved First Place in Cyprus and 18th Worldwide in Strategic Business Reporting (SBR) paper in the June 2023 exam session.

● Ghina Kardas (ACA Trainee, 2021 Intake): Secured First Place in Cyprus and 12th Worldwide in Financial Management (FM) paper in the June 2023 exam session.

● Sauli Sheykho (ACA Trainee, 2021 Intake): Attained First Place in Cyprus and 36th Worldwide in the Audit and Assurance (AA) paper in the September 2023 exam session.

● Yannis Komodromos (ACCA Trainee, 2021 Intake): Earned First Place in Cyprus and 37th Worldwide in Advanced Financial Management (AFM) in the September 2023 exam session.

Philippos Soseilos, CEO of PwC Cyprus, said that “the achievements of our trainees and students in the ACCA examinations are a testament to their hard work, dedication, and the high-quality training provided by PwC Cyprus”.

“We are immensely proud of their success and are committed to continuing our support for their professional growth and excellence,” he added.

“These accomplishments highlight the individual talents but also reinforce the strength of our training programmes in nurturing future leaders in finance and accounting,” Soseilos concluded.

The industrial sector in Cyprus experienced a notable 6.4 per cent increase in business volume during the period of January to November 2023, compared to the same period in 2022, according to a report released this week by the state’s statistical service.

According to the report, the Industrial Business Cycle Index reached 193.4 units in November 2023, with 2015 being used as the base year, indicating a 2.1 per cent rise compared to November 2022.

Within the manufacturing sector, the index for November 2023 reached 190.5 units, marking a 3.4 per cent increase compared to November 2022.

Substantial growth was also observed in the areas of mining and quarrying, recording a notable 12.4 per cent surge, as well as in water supply and material recovery, experiencing a 10.0 per cent increase.

On the other hand, a decrease of 5.4 per cent was noted in the electricity supply sector.

The Cyprus Stock Exchange (CSE) ended Monday, February 5 with profits.

The general Cyprus Stock Market Index was at 138.90 points at 12:39 during the day, reflecting an increase of 0.49 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 84.33 points, representing a rise of 0.52 per cent.

The total value of transactions came up to €283,468.

In terms of the sub-indexes, the main index rose by 0.85 per cent while the alternative and hotel indexes fell by 0.3 per cent and 0.34 per cent respectively. The investment firm index increased by 2.58 per cent.

The biggest investment interest was attracted by the Bank of Cyprus (-0.88 per cent), Hellenic Bank (+1.3 per cent), Logicom (no change), Salamis Tours (+0.58 per cent), and Vassiliko Cement Works Public Company (no change).