Eurobank S.A. has announced that it now holds 55.3 per cent of the total issued share capital of Hellenic Bank.

The bank revealed that it has submitted a Mandatory Public Offer to acquire up to 100 per cent of Hellenic Bank’s issued share capital.

According to a statement from Eurobank, which was also sent to the Cyprus Securities and Exchange Commission (CySEC), the Cyprus Stock Exchange (CSE), and the Athens Stock Exchange, the offered consideration for acquiring Hellenic Bank shares is €2.56 per share, payable in cash to all shareholders who accept the Public Offer.

Following this development, the CSE announced the suspension of trading in the securities (shares and Convertible Capital Securities) of Hellenic Bank Public Company Ltd.

The CSE stated this was “in light of the public offer submitted to the shareholders of Hellenic Bank Public Company Ltd by Eurobank S.A. to acquire up to 100 per cent of the issued share capital of Hellenic Bank Public Company Ltd”.

The Cyprus Chamber of Commerce & Industry (Keve) on Tuesday announced the completion of the works aiming to upgrade its headquarters in Nicosia into a green building.

This initiative aligns with the organisation’s commitment to promoting sustainable practices among its members and contributing to a greener Cyprus.

“In recent years, the development of low-energy and low-carbon systems has become a primary objective of existing European and national policies,” Keve said in a statement.

The Cypriot economy grew by 3.4 per cent in the first quarter of 2024 compared to the same period in 2023, with the construction sector showing the largest increase at 10.2 per cent, according to a report released this week by the Cyprus Statistical Service.

Specifically, the growth rate of the economy for the first quarter of 2024 is estimated at 3.5 per cent compared to the same quarter of 2023.

However, after adjusting the gross domestic product (GDP) for seasonal variations and working days, the growth rate is calculated at 3.4 per cent.

The GDP at the end of the first quarter of 2024 amounted to €6.59 billion.

The volume and value of retail trade transactions in Cyprus saw a notable increase in April 2024 compared to the same month in 2023, according to a report released this week by the Cyprus Statistical Service.

Specifically, the Retail Trade Turnover Value Index rose by 6.5 per cent in April 2024 compared to April 2023.

During the same month, the Retail Trade Turnover Volume Index increased by 5.3 per cent compared to the corresponding month of the previous year.

For the period from January to April 2024, the value index is estimated to have increased by 5.7 per cent, while the volume index saw a rise of 5.0 per cent compared to the same period in 2023.

The return on equity for the Cypriot banking system after taxes reached 24.6 per cent at the end of 2023, compared to just 4.8 per cent at the end of 2022, according to a report released this week by the Cyprus Statistical Service (Cystat).

This report is based on key aggregated financial indicators of the Cypriot banking sector for the fourth quarter of 2023, published by the Central Bank of Cyprus (CBC), compiled from consolidated bank data.

Additionally, the total pre-tax profits of the banking sector from ongoing operations amounted to 2.2 per cent of total assets at the end of 2023, up from just 0.4 per cent at the end of 2022.

Reflect Festival successfully wrapped up another edition fueled by a passion for innovation and tech, bringing together 9,000 attendees to discuss technology, startups, and innovation.

The 7th edition marks the biggest conference ever organised in Cyprus’ history and the most international year of Reflect so far.

“We’re beyond ourselves seeing that the dream to transform Cyprus into a thriving tech and entrepreneurial hub is coming alive,” explained Stylianos Lambrou, the co-founder of Reflect Festival.

“Reflect’s rocket growth is the best possible testament to that, and I’m grateful to everyone who’s hustling with us to bring as much inspiration and as many ‘doers’ to the island as possible. This festival brings real, tangible change – and that’s what truly matters,” Lambrou added.

The Cyprus Research and Innovation Foundation (RIF) on Tuesday announced a new funding initiative totalling €300,000, aimed at strengthening innovation support structures, including incubators and accelerators for start-ups.

According to the announcement, the primary objective of the funding is to further develop local innovation support structures to provide high-quality services to start-ups.

These services, the announcement explained, are crucial for market penetration, income generation, and attracting private investment.

The maximum funding available is €10,000 per start-up that joins a specialised support programme, and up to €100,000 per support structure.

Cypriot airline Tus Airways on Tuesday announced it has become a member of the International Air Transport Association (IATA).

IATA is the trade association for the world’s airlines and represents 334 airlines and 83 per cent of total air traffic across the globe.

As a result of Tus Airways’ IATA membership, the airline’s passengers will now benefit from enhanced safety and security standards, the airline being integrated into IATA’s operational frameworks and procedures, and smoother connections as a result of their participation in IATA’s global network.

Unemployment in Cyprus has reached its lowest levels in the past 15 years, Labour Minister Yiannis Panayiotou said on Tuesday.

In the first quarter of 2024, unemployment was at 6 per cent, which is still higher than its 2009 levels at 4.6 per cent for the same period.

Since then, unemployment figures peaked in 2015 at 17.7 per cent and have been on a gradual decline since.

“Our state is a social one and our government is people-centred. Reducing unemployment and gradually creating conditions for full employment is a central government policy for the development of the economy and society’s cohesion,” Panayiotou said.

The governments of Cyprus and Egypt on Tuesday signed a memorandum of understanding which will facilitate Egyptian nationals wanting to work in Cyprus.

The agreement was signed by Cyprus Foreign Minister Constantinos Kombos and his Egyptian counterpart Sameh Shoukry with the aim of “regulating the entry and residence of Egyptian workers who come to Cyprus for employment in various sectors.”

The agreement was signed in Cairo as part of Kombos’ two-day trip to Egypt.

Local stakeholders appear to have thrown in their lot with a proposal of the ports authority (CPA) after the latter expressed its readiness to undertake the development of the Larnaca port and marina with its own resources, it emerged on Tuesday.

The CPA proposal ensures that projects will be carried out and that they can start immediately, president of the Larnaca Chamber of Commerce (Evel) Nakis Antoniou told local media.

The scenario being advanced is for the state to undertake two crucial infrastructure projects which had been included in the original large-scale contract with Kition Ocean Holdings.

The Cyprus Stock Exchange (CSE) ended Tuesday, June 4 with losses.

The general Cyprus Stock Market Index was at 160.01 points at 12:17 during the day, reflecting a decrease of 2.25 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 97.28 points, representing a drop of 2.26 per cent.

The total value of transactions came up to €493,016, until the aforementioned time during trading.

In terms of the sub-indexes, the main, alternative, and investment firm indexes fell by 2.73 per cent, 0.19 per cent, and 1.40 per cent respectively. The hotel index remained unchanged.

The biggest investment interest was attracted by the Bank of Cyprus (4.1 per cent), Hellenic Bank (-3.03 per cent), Demetra (-1.62 per cent), Logicom (-1.25 per cent), and Petrolina (-2.27 per cent).