Cyprus Business Now

Serious concerns were raised on Tuesday over whether the company assigned to take on the expansion and restoration of Larnaca port will be able to complete the works.

The company, Kition Ocean Holdings, was assigned the €1.2 billion project two years ago but has yet to start any of the works, it has emerged.

Works on the project, according to what had originally been announced, were meant to start in April 2023, but received an extension to March-April 2024. However, this condition has also not been met, and works are now meant to start in June 2024.

Chevron has submitted its proposal for developing the Aphrodite gas field, the energy ministry announced on Tuesday.

The development comes after months of negotiations over how the natural gas reserves in Block 12 will be exploited.

According to the energy ministry, the submission is geared towards improving the agreed framework of developing the gas field within the agreed timeframe.

Lidl Cyprus stood out at this year’s Cyprus Retail and Sales Awards, which highlight practices and achievements that pave the way for commercial activity in Cyprus.

The company attained very important distinctions, being named ‘Retail Business of the Year’, proving it is continually evolving and innovating, adopting practices that meet the challenges of one of the most competitive and demanding of sectors, such as sales.

The Cyprus Statistical Service (Cystat) on Tuesday released a report showing an increase in the average gross monthly earnings of employees during the fourth quarter of 2023, when compared to the same period in 2022.

According to the report, the average gross monthly earnings were estimated to stand at €2,693 during the fourth quarter of 2023, marking a noteworthy rise from €2,535 in the fourth quarter of 2022, reflecting a 6.2 per cent increase.

The accommodation and food service sector was the second-largest contributor to both the economy and employment in Cyprus in 2021, according to Eurostat, the EU’s statistical service.

Specifically, accommodation and food service activities had the largest contribution to the added value of the business economy in Greece, accounting for 6.5 per cent of the added value of the business economy in the country.

This was closely followed by Cyprus with 6 per cent, and then Croatia with 5.4 per cent.

Cablenet has broken the 10 per cent market share barrier in mobile contract subscriptions, climbing to third position, according to a report published by the Office of the Commissioner for Electronic Communications and Postal Regulation (OCECPR).

The company noted that the report, which covers the period until the end of 2023, is “fully aligned with Cablenet’s 2023 financial performance”.

According to the data released in the report, Cablenet continues to increase its mobile subscriber market share.

Rent control in Cyprus has turned into a cumbersome obstacle, casting a shadow over the local property market and stifling both development and investment opportunities, according to the Cyprus Real Estate Agents Registration Council.

Specifically, the council referred to the Rent Control Law of 1983. This law intervenes in the relationship between landlord and tenant, imposing certain obligations on them.

“Rent control has evolved over the years into a painful saga, now plaguing those involved in Cyprus’ property market as it poses numerous issues,” Cyprus Real Estate Agents Registration Council president Marinos Kineyirou said.

“Unfortunately, it continues to apply in our country despite its initial purpose – established in 1974 to protect refugees from exploitation – becoming obsolete years ago,” he added.

Thanks to activities carried out during European Mobility Week, Nicosia municipality secured the fifth position at the 2023 European Mobility Week awards among 65 other municipalities shortlisted.

Special mention of the municipality’s actions was made during the award ceremony in Brussels.

European Mobility Week took place between September 16 and 22, 2023.

The Cyprus Stock Exchange (CSE) ended Tuesday, April 2 with losses.

The general Cyprus Stock Market Index was at 144.80 points at 17:53 during the day, reflecting a decrease of 0.36 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 87.93 points, representing a drop of 0.37 per cent.

The total value of transactions came up to €546,827.

In terms of the sub-indexes, the main and alternative indexes fell by 0.46 per cent 0.3 per cent respectively. The investment index declined by 1.79 per cent. The hotel index remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (+1.63 per cent), Hellenic Bank (-1.67 per cent), Demetra (-1.82 per cent), Blue Island (-0.97 per cent), and Petrolina (-0.99 per cent).