The year 2023 marked the highest annual inflows since the establishment of the state-owned asset management company Kedipes in 2018, according to statements made on Tuesday by chairman Lambros Papadopoulos.

As of December 31, 2023, Kedipes’ cash inflows amounted to €440.8 million, compared to the revenue of €438.7 million recorded in 2022.

Moreover, in the fourth quarter of 2023, cash inflows reached €129.6m, a 38.2 per cent increase compared to €93.7m in the third quarter of 2023, and a 13.6 per cent increase compared to €114.1m in the fourth quarter of 2022.

Platres’ Forest Park Hotel has been sold to forex and CFD brokerage firm XM for over €10 million, with a major €15 million renovation expected to follow, according to reports released on Tuesday.

According to local outlet InBusinessNews, “XM has taken over 100 per cent of the hotel’s share capital in a deal that exceeds €10 million”.

Furthermore, a comprehensive renovation plan is on the horizon, with an estimated budget of around €15 million, aiming to elevate the hotel to the Swiss standards reminiscent of the iconic St. Moritz resorts.

Deputy Minister of Tourism Kostas Koumis will be undertaking significant diplomatic engagements in Berlin as he leads the Cypriot delegation at the renowned ITB Berlin tourism exhibition, according to an announcement released on Tuesday.

The announcement, published by the Deputy Ministry of Tourism, noted that during his visit to Germany, Koumis has scheduled political meetings with tourism ministers from Greece, Israel, and Malta.

These meetings, the announcement explained, “aim to foster collaborative efforts and strengthen ties in the tourism sector between Cyprus and these nations”.

A proposal to establish a special category of “rural hotels” was discussed by the House commerce committee on Tuesday.

The proposed law, tabled by Disy MPs Kyriakos Hadjiyiannis and Nikos Sykas, would amend current legislation on regulation, establishment and operation of hotels and tourist accommodation.

“The categorisation of mountain resorts means that we can exercise a differentiated policy for this category of hotels,” Hadjiyiannis said after the session, noting that these hotels are not the same as properties in coastal or urban areas.

Cyprus saw a decrease of 13.8 per cent in the number of registered unemployed individuals in February 2024, compared to the corresponding month of 2023, according to a report released by the Cyprus Statistical Service (Cystat) on Tuesday.

Specifically, the announcement highlighted that, compared to February 2023, there was a decrease of 2,293 persons, from 14,304 to 11,687.

The Cyprus Employers and Industrialists Federation (Oev) has responded to the overwhelming interest in its educational programme “Telecommuting and Flexibility in Employment” by organising a second seminar scheduled for March 13, 2024.

The seminar will take place at the Oev Lecture Hall in Nicosia. The decision to host an additional session comes as a result of the heightened demand from professionals seeking to participate in the programme.

To address any inquiries or seek further clarification, individuals are encouraged to contact Oev by phone at 22 643 000 or via email at [email protected] and [email protected].

It’s important to note that due to the increased interest in the programme, priority will be given on a first-come, first-served basis.

The Cyprus Stock Exchange (CSE) ended Tuesday, March 5 with losses.

The general Cyprus Stock Market Index was at 145.92 points at 13:16 during the day, reflecting a decrease of 0.13 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 88.66 points, representing a drop of 0.11 per cent.

The total value of transactions came up to €67,661.

In terms of the sub-indexes, the main and investment firm indexes fell by 0.38 per cent and 0.55 per cent respectively. The hotel index remained unchanged while the alternative index rose by 0.56 per cent.

The biggest investment interest was attracted by Vassiliko Cement Works Public Company (+1.86 per cent), Demetra Holdings (no change), the Cyprus Cement Company (no change), the Bank of Cyprus (-0.56 per cent), and Salamis Tours (no change).