Cyprus Business Now

In March 2024, total government employment in Cyprus reached 54,751 persons, as reported by the Cyprus Statistical Service (Cystat). Within this total, 23,208 individuals were employed in the Civil Service, 17,617 in the Educational Service, and 13,926 in the Security Forces.

Furthermore, nearly 30,000 companies in Cyprus are facing potential fines for failing to disclose updated information about their Ultimate Beneficial Owners (UBOs). This ongoing issue was once again addressed by the House commerce committee, emphasizing the importance of compliance in corporate governance.

In light of economic development, the Ministry of Energy, Commerce, and Industry announced the second phase of the New Business Activity Support Plan, which amounts to €20 million. This initiative is part of the broader “THALEIA” Programme for 2021-2027, supported by funds from both the European Union and the Republic of Cyprus, showcasing the government’s commitment to fostering economic growth.

Simultaneously, the I-STARS project has made significant strides in promoting sustainable tourism across Europe. By completing the selection process for 125 tourism businesses from Cyprus and other participating countries, the project underlines the industry’s increasing dedication to sustainability, with each selected business eligible for grants up to €5,600.

On another note, the Bank of Cyprus celebrated its 125th anniversary, with its chairman, Takis Arapoglou, highlighting the bank’s resilience and growth through challenging times, including the financial crisis of 2013. This resilience is attributed to the bank’s commitment to its core values and its significant contribution to the economic development of Cyprus.

Additionally, the Cypriot government is actively addressing social issues, with plans to create an online platform for reporting bullying. This initiative, discussed by Education Minister Athena Michaelidou, is in collaboration with Greece, indicating a regional effort to combat bullying and improve the welfare of children and families.

The Cyprus Stock Exchange (CSE) experienced slight declines on Thursday. The General Index closed at 145.96 points, marking a decrease of 0.35 per cent. In terms of transaction volume, the value stood at €268,379.

Similarly, the FTSE/CySE 20 Index also depicted a downtrend, closing at 88.64 points, which represents a loss of 0.34 per cent.

Breaking down the performance of individual stock market indices, the Main Market recorded a fall of 0.26 per cent, while the Alternative Market witnessed a more substantial decline of 0.50 per cent, and the Investment Companies Index decreased by 0.28 per cent. In contrast, the hotel sector remained unchanged, indicating a stable performance in this category.

Focusing on investment interest, Petrolina securities garnered significant attention with transactions amounting to €63,103, despite a 3.06 per cent drop in their closing price to €0.95. Following closely were the shares of Hellenic Bank, which attracted €58,011 in investments and maintained their value at €2.35. The Bank of Cyprus also drew investor interest with €57,537 in transactions, even though its shares fell by 0.82 per cent to close at €3.64.

Additionally, Dimitra Investments and Logicom were in the spotlight, with transaction values of €37,018 and €30,178, respectively, and closing prices of €0.968 (a 0.21 per cent decrease) and €2.90 (no change).