Cyprus Business Now

International investment company XM this week announced its active involvement in supporting education and skills development through a sponsorship agreement with ARIS (A Really Inspiring Space), allowing the company to contribute to the development of innovative technology-based businesses in Cyprus.

ARIS, a non-profit organisation established in collaboration with Deloitte Cyprus, serves as a structured platform offering guidance, structure, and networking opportunities for emerging ventures. The partnership aims to bolster education and skills-development initiatives within the startup and scale-up ecosystem.

ARIS’s accelerator programme, operational for the past six years, is crafted by Deloitte’s Centre for Innovation and Entrepreneurship.

The programme targets start-ups looking to expedite their market trajectory and scale-ups seeking financial or business support for expansion.

Additionally, it plays a vital role in contributing to the overall development of the innovation ecosystem.

The 26-week accelerator programme provides an intensive training curriculum designed to optimise business models and accelerate go-to-market strategies.

Participating companies benefit from the modern co-working space in Limassol, business support through specialised seminars, and mentorship matching with experts across various domains, emphasising commercialisation, financial strategies, and business sectors.

To date, ARIS has actively supported over 30 companies, making a significant impact on the innovation and entrepreneurship ecosystem. The recent addition of four startups, three of which are based in Cyprus, on November 20, 2023, underscores the programme’s ongoing success.

These startups have engaged in educational seminars covering various aspects such as business model improvement, pitching skills development, funding opportunities, technology consulting, branding fundamentals, and legal matters, and have received guidance from Deloitte professionals and external mentors.

The Cyprus Statistical Service (Cystat) has projected a growth rate of 2.5 per cent for the country’s economy in real terms for the year 2023, according to recent measurements.

The service noted that in current values, the Gross Domestic Product (GDP) shows a percentage change of 7.1 per cent.

The positive growth trajectory in GDP is primarily attributed to a number of key sectors.

These include hotels and restaurants, construction, wholesale and retail trade, repair of motor vehicles and motorcycles, administrative and support service activities, information and communication, as well as transportation and storage.

In addition, the service said that Cyprus’ economic growth rate for the fourth quarter of 2023 remains positive, calculated at 2.1 per cent compared to the same quarter in 2022.

When factoring in adjustments for seasonal variations and working days, the revised growth rate stands at 2.2 per cent.

The positive momentum in GDP, Cystat continued, is primarily driven by sectors such as hotels and restaurants, transportation and storage, construction, information and communication, wholesale and retail trade, repair of motor vehicles, arts, entertainment, and recreation, repair of household goods, and other activities.

Executive Manager of the Paphos Regional Tourism Board (Etap) Nasos Hadjigeorgiou has expressed cautious optimism about this year’s winter tourist season, despite acknowledging challenges and fluctuations in reservations from key markets.

In statements made to the Cyprus News Agency (CNA), Hadjigeorgiou said that flight schedules to Paphos are at high levels this year, reaching the best in recent times, excluding the Israeli market.

However, he noted that there is currently a slowdown in reservation flow from significant tourism markets, such as the United Kingdom and Germany.

He further added that April, in particular, shows a notable slowdown, noting that bearing the current numbers in mind, there might be possible losses in the first quarter compared to 2023 and 2019.

At the same, Hadjigeorgiou stated that Etap Paphos has “a different estimation regarding the losses from the Israeli market compared to other entities”.

He said that “flights to Larnaca are already in operation, while other airlines are waiting to commence as soon as conditions permit”. He also expressed hope for the resumption of flights to Paphos airport as soon as possible.

Chair of the Single Resolution Board Dominique Laboureix has commended Cypriot banks for their progress in aligning with the Minimum Requirements for Own Funds and Eligible Liabilities (MREL).

It should be noted that MREL serves as a capital tool, incorporating instruments such as bail-in bonds, and secondary capital issued by banks beyond their own funds.

This initiative aims to strengthen banks’ capacity to absorb losses and enhance their ability to undergo restructuring in times of crisis, reducing the likelihood of resorting to taxpayer funds.

Deputy Minister of Shipping Marina Hadjimanolis will be conducting visits to Athens and Brussels this week, according to an official announcement by her ministry released on Monday.

The announcement stated that Hadjimanolis will be in Athens on March 5, where the Deputy Ministry of Shipping will host an event commemorating the 60th anniversary of the creation of the Cyprus Shipping Registry.

The gathering will be attended by the maritime community of Greece, a pivotal supporter and contributor to the development of the Cypriot flag.

The Cyprus Stock Exchange (CSE) ended Monday, March 4 with losses.

The general Cyprus Stock Market Index was at 145.66 points at 12.46 during the day, reflecting a decrease of 0.02 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 88.49 points, representing a drop of 0.03 per cent.

The total value of transactions came up to €137,523.

In terms of the sub-indexes, the main and investment firm indexes fell by 0.11 per cent and 1.1 per cent respectively. The hotel index remained unchanged while the alternative index rose by 0.02 per cent.

The biggest investment interest was attracted by Vassiliko Cement Works Public Company (-1.21 per cent), the Bank of Cyprus (-0.28 per cent), Hellenic Bank (+0.81 per cent), Salamis Tours (+2.15 per cent), Demetra (-1.12 per cent), and Logicom (no change).