Cyprus Business Now

Minister of Justice Marios Charalambous this week met with the president of the Cyprus Chamber of Commerce and Industry (Keve) Stavros Stavrou, along with a delegation from the chamber’s executive committee.

They discussed various issues falling under the jurisdiction of the Ministry of Justice, which concern Cyprus’ business and industrial community.

In a statement, Keve said that the meeting also addressed the need to promote arbitration and mediation as tools for relieving the courts’ congested backlog of cases.

Additionally, discussions touched upon the creation of specialised courts, such as the operation of a Commercial Court, Admiralty Court, and a Court of Auctions in Limassol.

Moreover, the talks also addressed issues arising from lobbying legislation.

The Keve president, as mentioned in the statement, also highlighted the matter of increased delinquency, especially in light of recent incidents that intensify citizens’ feelings of insecurity and “negatively impact Cyprus’ image as a safe country,” urging the state’s more active intervention to eliminate such phenomena.

A new legislative proposal discussed by the House Committee on Energy, Commerce, and Industry is set to introduce 10-carat gold items into the Cypriot market.

The proposal, which is now advancing to the plenary session, aims to diversify the offerings in the gold industry and provide consumers with more choices.

According to information presented to the committee by the Organisation for the Marking of Objects and Precious Metals, the law will categorise 10-carat gold, commonly used in other EU countries, opening up opportunities for the goldsmith industry to introduce new products to the market.

At the same time, an amendment to the law grants authorised personnel, from the organisation mentioned above, the authority to impose fines related to offences involving the sale of objects made from precious metals.

Previously, such fines had to be pursued through law enforcement or the judiciary.

The president of the committee, Kyriacos Hadjiyiannis, a member of Disy, expressed his approval of the addition of this new gold category.

He highlighted the potential for these items to be offered to consumers at more affordable prices.

He also said that the provision for extrajudicial resolution of offences helps combat bureaucracy in the regulatory process.

This legislative initiative reflects a concerted effort to enhance the gold market in Cyprus, offering a broader range of products to consumers while streamlining regulatory procedures.

Minister of Finance Makis Keravnos this week met with a delegation from the Paphos Chamber of Commerce and Industry (Evep), discussing key matters concerning the further development of entrepreneurship in Paphos.

According to a statement released by the Ministry of Finance, the delegation was led by George Mais, the chamber’s president.

During the meeting, a wide range of economic issues was discussed, encompassing both general economic considerations and specific concerns relevant to the Paphos Chamber of Commerce and Industry.

Among these, the ministry said, the focal point was the continued growth of the business community in Paphos, which is to be achieved through a series of proactive initiatives.

The discussions aimed to exchange views on strategies that would contribute to the overall economic well-being of Paphos and address specific challenges faced by the local business community.

Moreover, emphasis was placed on collaborative efforts between the government and the Paphos Chamber of Commerce to stimulate entrepreneurship and foster a conducive environment for business growth.

The Ministry of Finance highlighted its commitment to working closely with local chambers of commerce to implement policies that support economic development at the regional level.

The Cyprus Stock Exchange (CSE) ended Wednesday, February 14 with minor profits.

The general Cyprus Stock Market Index was at 140.63 points at 13:42 during the day, reflecting an increase of 0.02 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 85.39 points, remaining unchanged from the previous day.

The total value of transactions came up to €263,227.

In terms of the sub-indexes, the main and investment firm indexes rose by 0.07 per cent and 0.57 per cent respectively. The alternative index fell by 0.03 per cent while the hotel index dropped by 2.59 per cent.

The biggest investment interest was attracted by the Bank of Cyprus (-0.58 per cent), Hellenic Bank (+0.43 per cent), Demetra Holdings (+0.58 per cent), Logicom (no change), and Lordos Hotels (-5.26 per cent).