The flow of tourists travelling from Israel to Cyprus is expected to be restored to last year’s levels within the next month, Association of Cyprus Travel Agents (Acta) chairman Charis Papacharalambous said on Wednesday.
Papacharalambous was evaluating the forthcoming high season on the occasion of the Acta’s 70th anniversary and said tourist traffic to the island is expected to slightly decrease this year compared to last due to the ongoing situation in the Middle East.
Moreover, he remained optimistic about a forthcoming increase in traffic from Israel but said that tourist traffic heading in the opposite direction may take more time to reach last year’s levels.
The Bank of Cyprus (BoC) on Wednesday announced that it has obtained approval from the European Central Bank (ECB) to pay a cash dividend and to conduct a share buyback programme, noting that this reflects the group’s strong financial performance and strategic progress.
‘Our ongoing commitment to delivering sustainable value to shareholders is demonstrated by our intended distribution comprising a significant cash dividend and our inaugural planned share buyback,” Chairman of the Group Takis Arapoglou stated.
“The total quantum of cash dividend is around five times higher than last year’s dividend and reflects the group’s strong financial and operational performance in 2023 which resulted in a rapid organic capital build-up,” he added.
Cyprus’ Finance Minister Makis Keravnos on Wednesday met with the president and members of the board of directors of Eurobank Holdings, during which he underscored the significance of attracting foreign investments for the government of the Republic of Cyprus.
He also extended a warm welcome to the recent business activities of the bank in Cyprus.
The Israel Tax Authority (ITA) has initiated a comprehensive operation aimed at identifying assets, income and companies owned by Israeli nationals in Cyprus that should be subject to Israeli taxation, according to a report published by Israeli news outlet Globes.
Driven by the necessity to address revenue shortfalls and as part of the authority’s head Shay Aharonovich’s campaign against tax evasion and the black economy, ITA has turned its attention to Israelis conducting business in Cyprus who may not be reporting their income in Israel while maintaining Israeli residency.
Cyprus’ Construction Materials Index experienced a decrease of 2.23 per cent during the first two months of 2024, when compared to the same bimonthly period from the previous year, reflecting a moderation in material prices within the construction sector.
According to a report released on Wednesday by the Cyprus Statistical Service (Cystat), in February, the Index stood at 116.95 units, with 2021 being set as the base year, with a value of 100 units. This marks a decrease of 0.06 per cent compared to the previous month.
The Commissioner for State Aid Control Stella Michaelides on Wedneday published her decision on a scheme for Small and Medium Size Enterprises (SMEs), titled “Circular Economy Project in Small and Medium Enterprises (SMEs)”, according to which the total amount for aid granted has been set at €400,000.
At the same time, the plan sets €30,000 as the minimum investment required for an SME to be eligible for a grant. The applicable period for the scheme covers the years 2024 to 2026.
The largest conference on local governance in Cyprus, Cyprus Forum Cities, is set to return to Limassol on April 18-19, 2024, for its second consecutive year.
The two-day forum will feature high-level discussions on the holistic development of municipalities and communities. It is organised by Oxygen for Democracy in collaboration with the municipality of Limassol and Tepak.
“Cyprus Forum Cities brings together experts, technocrats from the public and private sectors, academia, and civil society with the aim of collectively designing strategies for a sustainable future for cities and shaping a modern and flexible local governance,” an announcement said.
“Cyprus Forum Cities consolidates the series of 2040 events organised in recent years by Oxygono, into a major conference on local governance in Cyprus,” it added.
Moreover, this year’s event will highlight crucial issues such as automation and electrification in the transportation sector, the implementation of reform in local governance, digital transformation and smart cities, waste management and the circular economy, sustainable tourism development, and the housing crisis.
Discussions will also revolve around the role of the European Parliament in citizens’ daily lives, the EU’s role in local governance, as well as the importance of youth participation in shaping European policies.
The aim of Cyprus Forum Cities is to raise awareness, foster discussions, and seek solutions to the challenges faced by urban and rural centres in Cyprus.
According to the latest report from the Cyprus Statistical Service (Cystat), the total employment within the government sector in February 2024 reached 54,697 individuals. The breakdown of employment figures shows that 23,161 individuals were employed in the Public Service, 17,575 in the Educational Service, and 13,961 in the Security Forces.
Within the Public Service, there were 11,953 permanent employees, 4,275 individuals employed on indefinite-term contracts, 1,245 individuals on fixed-term contracts, and 5,688 hourly employees. Permanent employees accounted for the majority in the Public Service, constituting 51.6 per cent of the workforce, while fixed-term employees represented the smallest proportion at 5.4 per cent.
In the Educational Service, 11,888 individuals were permanent employees, 1,186 were on indefinite-term contracts, 4,360 were on fixed-term contracts, and 141 were hourly employees. Permanent employees dominated the Educational Service, comprising 67.6 per cent of the workforce, with hourly employees making up the smallest fraction at 0.8 per cent.
Regarding the Security Forces, there were 8,209 permanent employees, 4,726 on indefinite-term contracts, 300 on fixed-term contracts, and 726 hourly employees. Permanent employees constituted the majority in the Security Forces, comprising 58.8 per cent of the workforce, while fixed-term employees represented the smallest proportion at 2.1 per cent.
Starting from January 2024, the distinction between permanent and temporary staff has been abolished. The Statistical Service has restructured the government personnel into permanent employees, individuals on indefinite-term contracts, those on fixed-term contracts, and hourly personnel. The data for January 2024 has been revised accordingly.
E&G Economides LLC recently announced the promotion of Virginia Adamidou, to the position of Partner.
According to an official announcement from the company, Adamidou will continue to lead her team in her new role, focusing on the areas of Corporate & Commercial, Banking & Finance, Real Estate, Capital Markets and Investment Funds, while also targeting new opportunities.
“We are thrilled to welcome Virginia as a Partner,” said Managing Partner George Economides.
“Her leadership and commitment to excellence demonstrate and prove our firm’s focus on quality, meritocracy and rewarding career paths for our talented professionals,” he added.
The Cyprus Stock Exchange (CSE) ended Wednesday, March 20 with profits.
The general Cyprus Stock Market Index was at 144.11 points at 13:04 during the day, reflecting an increase of 0.35 per cent over the previous day of trading.
The FTSE / CySE 20 Index was at 88.15 points, representing a rise of 0.35 per cent.
The total value of transactions came up to €506,262.
In terms of the sub-indexes, the main and hotel indexes rose by 0.44 per cent and 0.23 per cent respectively. The alternative index fell by 0.08 per cent while the investment firm index remained unchanged.
The biggest investment interest was attracted by Vassiliko Cement Works Public Company (no change), Demetra Holdings (no change), Logicom Public (no change), Hellenic Bank (-2.04 per cent), and the Bank of Cyprus (+3.68 per cent).
