Cyprus Business Now

Hellenic Bank is reportedly on the verge of finalising a deal with French insurer CNP Assurances to acquire its insurance operations in Cyprus, it emerged on Wednesday.

Citing sources within the market, the Cyprus News Agency (CNA) said that the agreement may be sealed as early as the end of this week.

The acquisition is expected to result in the formation of the largest insurance group in Cyprus, commanding substantial market shares in both the life and general insurance sectors.

The Department of Higher Education of the Ministry of Education is set to implement a project aimed at linking the country’s higher education with the labour market, according to an announcement released on Wednesday.

This initiative, the first of its kind being implemented by the department, will be conducted in collaboration with PwC Cyprus, under a project proposed and included in the Recovery and Resilience Plan of the Republic of Cyprus, centred around the development of a national graduate tracking mechanism, in conjunction with the design and implementation of an employers’ skills survey.

The latter part of the project, titled the CyEmployers survey, aims to better align the skills acquired through higher education with the needs of the labour market, thus enhancing employment prospects for graduates of Cypriot higher education institutions and forecasting future labour market needs in terms of skills.

The 25th edition of the Travel Expo Cyprus, held from April 19th to 21st at the Cyprus state fair grounds, welcomed more than 10,000 visitors, both local and international, who were keen to explore the array of travel packages on offer.

Organised by the Association of Cyprus Travel Agents (ACTA) and Display Art Plc, the exhibition proved to be a success, bringing together both tourism industry stakeholders and people interested in finding out more about the sector.

According to a press release from the association, attendees had the opportunity to peruse a diverse range of travel offerings, gathering valuable insights and information on holiday destinations, tour packages, and travel experiences.

London-based investment fund Helikon Investments Limited has raised its stake in the Bank of Cyprus, according to an announcement by the bank.

The Italian investment fund disclosed that its voting rights, corresponding to shares in the bank, now amount to 4.04 per cent of the share capital, up from the previous 2.04 per cent.

Bank of Cyprus had previously announced a dividend payout of 25 cents per ordinary share for the year 2023, with the ex-dividend date set for April 25.

A massive gap in mutual understanding between the state and the managing consortium seems to be at the core of the stalled multibillion Larnaca port and marina project, with the company issuing a scathing statement against the ministry of transport on Wednesday.

Kition Ocean Holdings is fully prepared “as soon as it gains clarity” to proceed with the Larnaca port and marina project, the company announced, in the wake of the transport minister threatening legal action over ongoing delays.

In a statement the company lambasted the minister of transport’s communication methods and questioned the sincerity of the state’s intentions to see the project to fruition in appropriate ways.

The Cyprus Stock Exchange (CSE) ended Wednesday, April 24 with minor profits.

The general Cyprus Stock Market Index was at 145.18 points at 12:00 during the day, reflecting an increase of 0.08 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 88.10 points, representing a rise of 0.07 per cent.

The total value of transactions came up to €99,749, until the aforementioned time during trading.

In terms of the sub-indexes, the main and investment firm indexes fell by 0.13 per cent and 1.46 per cent respectively. The hotel remained unchanged while the alternative index rose by 0.25 per cent.

The biggest investment interest was attracted by the Bank of Cyprus (+1.62 per cent), Hellenic Bank (-0.43 per cent), Demetra (-1.48 per cent), Salamis Tours (no change), and Vassiliko Cement Works Public Company (no change).