Cypriot banks made significant repayments on loans from the European Central Bank’s (ECB) Targeted Longer-Term Refinancing Operations (TLTROs) in March of this year, according to data released on Monday by the Central Bank of Cyprus (CBC).

According to the CBC’s balance sheet, a total of €1.8 billion in TLTROs were repaid in March. The Bank of Cyprus repaid €1.7 billion, while Astrobank repaid €100 million, as indicated in the financial statements of the two banks.

As a result, the outstanding TLTRO balance on the CBC’s balance sheet fell to €2.7 billion at the end of March from €4.5 billion at the end of February.

The multibillion Larnaca port and marina project was scrapped on Monday amid rifts between both parties.

The government moved to terminate the deal after the legal service opined Kition Ocean Holdings was in breach of contract.

The government, Transport Minister Alexis Vafeades said, was left with no choice but to terminate the contract.

The project will now only be able to move forward with a new tender.

The Cyprus Stock Exchange (CSE) and the Hellenic Energy Exchange (HEnEx) will sign a Memorandum of Understanding (MOU) governing negotiations on the secondary market of Guarantee of Origin certificates from renewable energy sources, it emerged on Monday.

The signing ceremony is scheduled for Thursday, May 30, 2024, at the Presidential Palace.

According to a statement released on Monday by the CSE, as part of its ongoing efforts to expand markets, products, and services, and align with modern developments, it has been actively involved in the energy sector.

The Cyprus Composite Leading Economic Index (CCLEI) has maintained its annual growth rate for April, mirroring the figures recorded in March, despite significant challenges, according to a report from the Economics Research Centre (CypERC) of the University of Cyprus.

In its latest assessment, the CypERC noted that “prevailing international developments and uncertainties have inevitably impacted the CCLEI, particularly the international leading indicators that comprise it”.

The report further indicated a deterioration in the Economic Climate Index both within Cyprus and the broader euro area.

More and more Cypriots are turning to package holidays, following the worldwide trend set for an 11 per cent comeback for the industry in 2024, according to claims made on Monday.

President of the Association of Cyprus Travel Agents (ACTA) Akis Kelepeshis cited upgraded travel agent technology and the convenience of someone else being responsible for the logistics as the main two reasons fuelling the rise.

He told Sigmalive that the Covid lockdowns promoted purchasing traffic in all sectors towards the web, including travel.

Energy expert Charles Ellinas discussed the challenges Cyprus is facing in its liquefied natural gas (LNG) import plans due to geopolitical tensions in the Eastern Mediterranean.

With Turkey blocking exploration activities in Cyprus’ exclusive economic zone (EEZ), efforts to establish a floating LNG facility are hindered.

This situation complicates Cyprus’ energy strategy and highlights the broader regional geopolitical issues affecting energy security.

Cape Aspro and Petra tou Romiou could be included in the Unesco Cultural heritage list if a proposal by Environment Commissioner Antonia Theodosiou and the communities of Pissouri and Kouklia is approved.

Speaking on Saturday, she said the community council of Pissouri is pushing for international recognition of the area for its culture, natural environment and impressive geomorphology.

“The unparalleled beauty of Cape Aspros, the biodiversity, history and mythology that accompany it are important components to be able to promote its inclusion as a monument of natural and cultural heritage in the Unesco World Heritage List,” she said.

The Cyprus Stock Exchange (CSE) ended Monday, May 27 with losses.

The general Cyprus Stock Market Index was at 166.43 points at 12:39 during the day, reflecting a decrease of 0.11 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 101.23 points, representing a drop of 0.1 per cent.

The total value of transactions came up to €180,329 until the aforementioned time during trading.

In terms of the sub-indexes, the main and hotel indexes fell by 0.18 per cent and 0.47 per cent respectively. The alternative index rose by 0.41 per cent while the investment firm index increased by 0.8 per cent.

The biggest investment interest was attracted by Petrolina Holdings (+4.94 per cent), KEO (-0.93 per cent), Demetra Holdings (+0.81 per cent), the Bank of Cyprus (-1.52 per cent), and the Cyprus Trading Corporation (no change).