Cyprus Business Now

AstroBank on Tuesday released its financial results for the year ending December 31, 2023, reporting a profit after tax of €30.4 million, while also marking a Return on Equity (RoE) of 13.9 per cent, compared to a profit of €12.2 million and RoE of 6.2 per cent in the previous year.

Aristidis Vourakis, AstroBank’s Chief Executive Officer, said that “2023 has been a remarkable year for AstroBank”.

“The systematic efforts during the last years, towards a focused business model, streamlined operations, and reshaping and derisking of our balance sheet, together with the favourable interest rate and macroeconomic environment, have supported delivering a strong financial performance,” he stated.

To enhance and raise awareness among businesses on issues related to cybersecurity, the Cyprus Chamber of Commerce and Industry (Keve), in cooperation with the Digital Security Authority (DSA), co-organised the second “Cyber Security Weekend” from April 12 to 14, 2024, in Larnaca.

According to a statement released on Tuesday by the chamber, executives from the management and technical teams of 10 companies attended the event.

In addition, the event allowed participants to be extensively informed about cybersecurity issues on a theoretical level by the experts in attendance, addressing policy, culture, and technical matters.

Chief Scientist Demetris Skourides recently concluded a series of meetings in Tokyo, seeking to bolster cooperation between Cyprus and Japan in the fields of research and innovation.

According to an announcement released on Tuesday by the Research & Innovation Foundation (RIF), during his visit to Japan, Skourides engaged in key discussions and meetings, underscoring the government’s commitment to advancing international collaboration in research, innovation, and technology.

Deputy Minister of Tourism Kostas Koumis and Ambassador Khaled Yusuf Ahmed Al Jalahma from the Kingdom of Bahrain, who is based in Tel Aviv, held a meeting on Tuesday in Nicosia, according to an announcement released by the Cypriot tourism ministry on Tuesday.

During the meeting, there was an exchange of views on tourism relations between the two countries, with a particular emphasis on the issues of air links and the promising prospects currently being presented.

The social insurance fund (SIF) is financially viable until at least the year 2080, meaning there is no need to raise the age of retirement, according to the findings of an actuarial study outlined by Labour Minister Yiannis Panayiotou on Tuesday.

Panayiotou said the actuarial review was carried out by the International Labour Organisation, a UN agency. The study has a reference date of December 31, 2020. Its main finding is that the SIF in Cyprus is financially viable through to the year 2080, based on various assumptions.

Rural areas across Cyprus are to receive “ultra-high-speed” fibreoptic internet networks, Digital Policy Deputy Minister Nikodemos Damianou said on Tuesday.

Speaking at the launch of a €35 million government project to expand fibreoptic coverage to “areas where there is no investment interest from the market”, he said the government plans to “ensure equal access to gigabit connectivity for everyone, without exception.”

The project is planned to be completed by 2026, with the deputy ministry to also invest €10m in subsidising new fibreoptic internet subscriptions for a total of 82,000 households.

The ferry service to Greece has seen enormous success, “exceeding all desired expectations,” Deputy Shipping Minister Marina Hadjimanoli.

The Cyprus-Piraeus ferry will start its third year of operations at the end of next month.

During last year’s operating period, 7,407 passengers and 455 pets travelled on the Cypriot-flagged ship Daleela, while 2,496 vehicles were transported.

The Cyprus Stock Exchange (CSE) ended Tuesday, April 16 with losses.

The general Cyprus Stock Market Index was at 144.54 points at 18:20 during the day, reflecting a decrease of 0.85 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 87.73 points, representing a drop of 0.88 per cent.

The total value of transactions came up to €595,266.

In terms of the sub-indexes, the main and investment firm indexes fell by 1.43 per cent and 2.14 per cent respectively. The hotel index remained unchanged while the alternative index rose by 0.52 per cent.

The biggest investment interest was attracted by the Bank of Cyprus (-1.1 per cent), Hellenic Bank (-0.42 per cent), Demetra (-2.07 per cent), Petrolina (-1.12 per cent), and Woolworth Cyprus Properties (-2.78 per cent).