The International Monetary Fund (IMF) on Wednesday praised Cyprus for its strong economic recovery and fiscal discipline, while also recommending continued efforts to reduce public debt and address long-term needs following the latest Article IV consultation with the country.

The executive board approved the assessment conducted by IMF staff who visited Cyprus, emphasising the importance of maintaining substantial primary surpluses and gradually phasing out subsidies.

They also highlighted the need for investments and reforms to sustain growth and tackle challenges such as an ageing population and climate change.

Moreover, the IMF agreed that Cyprus’ fiscal policy for 2024 is appropriate, stressing the necessity to reduce public debt below 60 per cent of GDP.

The ten most expensive property sales in Cyprus amounted to an impressive €16.2 million in April of this year, with Limassol continuing to feature prominently at the higher end of the market, according to a report released on Wednesday by real estate analytics firm Ask Wire.

The highlight of these high-profile transactions was a house in Paphos’ Kouklia, which sold for a staggering €3m.

The report showed that the Limassol district once again dominated the list with six transactions, complemented by Paphos with three sales and Nicosia with one.

The transactions in Limassol alone totalled €10.3m, underscoring its prominence in the high-end market.

Meanwhile, the Paphos district recorded €4.9m worth of transactions, while the capital, Nicosia, recorded a transaction worth €1m.

The Cyprus Research and Innovation Foundation (RIF) on Wednesday announced three new national funding programmes aimed at enhancing research excellence and increasing participation and success in the European Research Council (ERC), in the context of Horizon Europe.

According to the announcement, the total budget allocated for these schemes amounts to €1.8 million.

The foundation explained that the first programme, titled the Vision ERC, is a new funding tool designed to support both emerging and experienced researchers through national funding, enabling them to later participate in ERC calls under the Horizon Europe programme.

The funded projects must focus on research activities that will form the basis of their ERC proposal. The programme’s budget is €1 million, with a maximum funding of €100,000 per project.

Tototheo Maritime, a group of companies offering a range of services in the field of maritime satellite communication technologies, on Wednesday announced its strategic rebranding to Tototheo Global.

“This significant milestone marks Tototheo’s evolution to a global leader in technology solutions,” the announcement said, noting that “Tototheo Global is now set to deliver comprehensive, innovative services across multiple sectors, including land, sea, and air, with a strong emphasis on connectivity, IoT, AI-driven analytics, and custom software development”.

Moreover, the company said that its commitment to technological innovation and connectivity excellence will be showcased through its new brand identity at the Posidonia 2024 exhibition in Athens.

“As Tototheo Global, we embrace a vision that transcends traditional boundaries, integrating our maritime expertise with groundbreaking terrestrial technology solutions,” said Socrates Theodosiou, co-CEO of Tototheo Global.

In a significant move to support the extensive professional community of Cypriots in Greece and to further foster synergies between Cypriot and Greek professionals, the Embassy of Cyprus in Athens has spearheaded the establishment of the Association of Cypriot Professionals in Greece.

This initiative saw the attendance of numerous Cypriot entrepreneurs operating in Greece, highlighting the substantial interest in the formation of the association.

The initiative enjoys the backing of the Ministry of Foreign Affairs, the Cyprus Investment Promotion Agency, commonly known as Invest Cyprus, and the Cyprus Chamber of Commerce and Industry (Keve).

According to statements made this week, the association aims to forge a robust network among the many Cypriots working in Greece—a network that has been notably absent until now. This organisation is expected to advocate for their collective interests and facilitate collaborations between Cypriot and Greek entrepreneurs.

The Cyprus Stock Exchange (CSE) ended Wednesday, May 29 with losses.

The general Cyprus Stock Market Index was at 165.70 points at 11:55 during the day, reflecting a decrease of 0.14 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 100.80 points, representing a drop of 0.14 per cent.

The total value of transactions came up to €39,891 until the aforementioned time during trading.

In terms of the sub-indexes, the main index fell by 0.13 per cent while the alternative and investment firm indexes fell by 0.04 per cent and 0.8 per cent respectively. The hotel index remained stable.

The biggest investment interest was attracted by Petrolina Holdings (no change), Blue Island (+0.95 per cent), Hellenic Bank (-1.12 per cent), Demetra (+0.81 per cent) and Minerva Insurance (+6.9 per cent).