Cyprus Mail
BusinessCyprusCyprus Business News

Cyprus Business Now

larnaca cyprus business now
Photo by Larnaca regional tourism board (ETAP)

Hellenic Bank and bank workers’ union (Etyk) clinched a deal over collective agreements on Friday, after a government-supported mediation process.

Labour Minister Yiannis Panayiotou heralded the development “after a long period of disagreements”.

He described it “as an important day for labour relations in the banking sector.”

 

The Cyprus Securities and Exchange Commission (CySEC) on Friday announced a decision to impose fines amounting to €360,000 on the Cyprus Investment Firm (CIF) MCA Intelifunds.

“The Board of CySEC reached this decision after identifying a series of violations of the Investment Services and Activities and Regulated Markets Law of 2017 by MCA Intelifunds following an inspection of the CIF conducted in September 2022,” the commission said.

According to CySEC, MCA Intelifunds has been fined for several violations.

 

The Commonwealth and the Republic of Cyprus have taken a significant step forward by signing a three-year Memorandum of Understanding (MoU) for the establishment of a Commonwealth Blue Charter Centre of Excellence in Larnaca.

This initiative aims to strengthen governance for a sustainable blue economy and support scientific research for ocean protection.

Hadjimanoli said that “Cyprus recognises that the challenges facing our oceans are immense and cannot be tackled by any one nation in isolation. This is why we have adopted the Commonwealth Blue Charter.”

 

The Cyprus Chamber of Commerce & Industry (Keve), in collaboration with the Ministry of Energy, Commerce, and Industry, has announced a call for proposals for the EENergy project, offering grants of up to €10,000 for energy efficiency actions.

The call, open until May 15, 2024, at 17:00 CET, aims to support at least 1,800 Small and Medium-sized Enterprises (SMEs) through the development of action plans by Sustainability Advisors of the Enterprise Europe Network (EEN).

 

Deputy Minister of Research Nicodemos Damianou on Friday stated that the public can expect to see concrete progress in the digital transition within the year, referring to specific timelines for achieving key milestones outlined in the state’s digital policy.

Damianou, speaking to the Cyprus News Agency (CNA), highlighted that the “digital assistant,” utilising artificial intelligence, is expected to become operational in the fourth quarter of the current year.

Moreover, he mentioned that the e-justice platform is set to launch in September, while plans are underway in the fourth quarter to relocate all state data centres to a secure site to effectively address any issues related to their current location.

 

The Cyprus Chamber of Commerce & Industry (Keve), in conjunction with the Ministry of Energy, Commerce, and Industry and the Cyprus Youth Organisation (Onek), this week announced the second call for proposals for the New Entrepreneurship Support Scheme.

The total budget allocated for the scheme amounts to €20 million and is subject to modification.

According to the announcement, the “scheme aims to foster, support, and promote entrepreneurship, with a particular emphasis on specific demographic groups such as young individuals and women seeking to engage in entrepreneurial activities across various economic sectors”.

 

The Cyprus Stock Exchange (CSE) ended Friday, April 19 with losses.

The general Cyprus Stock Market Index was at 144.19 points at 12:30 during the day, reflecting a decrease of 0.72 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 87.51 points, representing a drop of 0.73 per cent.

The total value of transactions came up to €20,906, until the aforementioned time during trading.

In terms of the sub-indexes, the main, alternative, investment firm and hotel indexes fell by 0.94 per cent, 0.02 per cent, 0.84 per cent, and 0.36 per cent respectively.

The biggest investment interest was attracted by the Bank of Cyprus (-1.1 per cent), Logicom (-0.7 per cent), Demetra (-0.85 per cent), Hellenic Bank (+0.85 per cent), and Louis (-3.48 per cent).

Follow the Cyprus Mail on Google News

Related Posts

Turkish Cypriot leader condemns political exploitation of Mosque vandalism

Jonathan Shkurko

Row over Vasiliko terminal deepens

Jean Christou

UK aid reaches Gaza via Cyprus maritime corridor

Jonathan Shkurko

Fire in Liopetri burns one hectare of unharvested crops

Staff Reporter

Legal Service questions timing behind anti-corruption spat

Andria Kades

Auditor-general files opposition proceedings

Andria Kades