Cyprus Business Now

The Cyprus Securities and Exchange Commission (CySEC) recently made two decisions regarding the authorisations of two financial firms.

In its meeting held on December 4, 2023, CySEC, in accordance with section 8(1)(a) of the Investment Services and Activities and Regulated Markets Law of 2017 and section 4(7) of Directive DI87-05, decided to withdraw the Cyprus Investment Firm authorisation (Number 160/11) of Leverate Financial Services Ltd.

This action was taken due to the explicit decision of Leverate Financial Services Ltd to renounce its authorisation.

Furthermore, in its meeting on January 29, 2024, CySEC invoked article 12(1)(a) of the Alternative Investment Fund Managers Law and decided to withdraw the Alternative Investment Fund Manager authorisation of Deltamark Fund Management Ltd.

This withdrawal is a consequence of Deltamark Fund Management Ltd renouncing its authorisation.

These decisions underscore CySEC’s commitment to upholding regulatory standards in the financial sector and ensuring compliance with the relevant laws and directives.

In the face of unprecedented challenges, retailers are gearing up to navigate the evolving landscape of profit margins in the retail sector until 2030.

Factors such as inflationary pressures, continuous price hikes, and the disruptive impact of emerging technologies, coupled with sustainability efforts, are reshaping consumer behaviour.

The upcoming Cyprus Grocery Retail Conference aims to dissect these changes and help businesses formulate strategies to thrive in this environment.

Winning in the competitive retail arena demands embracing Environmental, Social, and Governance (ESG) indicators, making compromises to enhance consumer differentiation, and refining the omnichannel experience through automation.

Bold investments in technology and artificial intelligence are also identified as key drivers for success in this transformative era.

Andrea Petronio, Senior Partner and Head of Retail Practice in Italy, Turkey, and Greece at Bain & Company Italy, Inc., will share his extensive expertise and insights at the conference.

Petronio, a seasoned professional with vast experience in the retail sector, will provide valuable advice to attendees on overcoming challenges and seizing opportunities.

The conference is aimed at CEOs, commercial directors, supply chain managers, brand managers, and professionals engaged in wholesale and retail trade of Fast-Moving Consumer Goods(FMCG).

With renowned speakers from Cyprus and abroad, the event promises to be an enlightening platform for discussing challenges and opportunities in the retail sector in Cyprus.

The Cyprus Stock Exchange (CSE) ended Tuesday, February 13 with losses.

The general Cyprus Stock Market Index was at 140.48 points at 12:53 during the day, reflecting a decrease of 0.16 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 85.31 points, representing a drop of 0.18 per cent.

The total value of transactions came up to €110,717.

In terms of the sub-indexes, the main index fell by 0.31 per cent while the investment firm index remained unchanged. The hotel and alternative indexes rose by 0.31 per cent and 0.18 per cent respectively.

The biggest investment interest was attracted by the Bank of Cyprus (-0.57 per cent), Blue Island (+1.8 per cent), Demetra Holdings (no change), and Logicom (-0.66 per cent).