Cyprus’ Deputy Minister of Tourism Kostas Koumis on Thursday expressed optimism about the German tourist market, despite the ongoing challenges in the aviation sector, and the overall negative economic climate in Germany.

These remarks were made after the conclusion of the ministry’s participation at the ITB Berlin tourism exhibition, where Koumis led the Cypriot delegation.

“It is evident from our meetings that we can be optimistic, despite the significant challenges we face this year, such as the unprecedented situation in the aviation sector, which naturally affects flight schedules to many destinations and consequently to our country,” Koumis said.

Cyprus is gearing up for the 7th edition of its flagship technology event, Reflect Festival, set to return to Limassol with a fresh twist.

Scheduled for May 30-31, the event will be hosted at the Kolla Factory, offering a unique experience for the expected 10,000 attendees.

This year, Reflect Festival promises a series of exciting enhancements, including an intensified startup-investor program, a bustling expo featuring over 200 exhibitors, the introduction of a new Dome stage, and various networking events.

The festival’s co-founder, Stylianos Lambrou, expressed enthusiasm about the new venue, emphasizing the significance of bringing the event to Limassol’s historic centre for more than 30 side events.

Reflect Festival aims to solidify its distinctive position by uniting key professionals from Emerging Europe, Africa, and the Middle East, positioning Limassol as the epicentre of innovation.

The festival is poised to foster collaboration and innovation across these dynamic regions, creating a vibrant platform for technology and entrepreneurship.

The Cyprus Chamber of Commerce & Industry (Keve) announced on Thursday that it is set to host a seminar on “Managing Diversity and Conflict Negotiation”, in what is being described as a proactive initiative aimed at supporting its members.

According to an announcement by the chamber, this event is part of Keve’s broader efforts and its role as a partner in the European programme “InPluServ – Diversity Management and Conflict Negotiation for Inclusive Public Services – a web-based training resource for the management”.

The seminar, serving as the programme’s inaugural meeting, will take place on Tuesday, March 12, 2024, from 10:00 to 13:00 at the Keve building, 1st floor, Nicosia.

Cyprus saw a modest inflation increase of 1.8 per cent in February 2024, a development primarily driven by the services sector, according to a report released on Thursday by the Cyprus Statistical Service (Cystat).

Interestingly, this uptick follows a notable de-escalation in inflation rates observed in the preceding months, with decreases recorded in November and December 2023, as well as January 2024.

Despite this recent increase, it’s important to note that inflation remains below the European Central Bank’s target of 2 per cent for the Eurozone, indicating a relatively stable economic environment.

The Cyprus Stock Exchange (CSE) ended Thursday, March 7 with losses.

The general Cyprus Stock Market Index was at 147.23 points at 12:09 during the day, reflecting a decrease of 0.1 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 89.45 points, representing a drop of 0.1 per cent.

The total value of transactions came up to €74,263.

In terms of the sub-indexes, the main and investment firm indexes fell by 0.39 per cent and 1.15 per cent respectively. The alternative index rose by 0.68 per cent while the hotel index increased by 0.95 per cent.

The biggest investment interest was attracted by Vassiliko Cement Works Public Company (+2.48 per cent), the Cyprus Cement Company (no change), the Bank of Cyprus (-0.55 per cent), Salamis Tours (-0.53 per cent), and Logicom no change).