The Cyprus Securities and Exchange Commission (CySEC) on Tuesday announced the official release of its regulatory sandbox, with the presentation of the launch taking place during an online event.

In its announcement, the commission said that “this initiative marks a significant milestone in the advancement of financial, regulatory, and supervisory technologies (FinTech, RegTech, and SupTech) in Cyprus”.

During the presentation, CySEC chairman George Theocharides stated that the commission’s vision “is to ensure that Cyprus’ securities market is one of the safest, most reliable and attractive destinations for investment”.

Furthermore, he mentioned that the regulatory sandbox is “helping us achieve this vision, while also addressing the challenge of keeping pace with ever-increasing developments in Europe’s financial sector”.

Cyprus’ tourism revenue soared to its highest level for the month of March in at least 23 years, achieving a robust increase of 15.5 per cent compared to the same period last year, according to a report released this week by the Cyprus Statistical Service (Cystat).

The report noted that the first quarter of this year witnessed an overall revenue boost of 11.7 per cent compared to the corresponding period in 2023.

March alone saw tourism revenue reach an impressive €113 million, up from €97.8 million in March 2023.

According to the statistical service, this marks the highest revenue documented in the month of March since records began in 2001.

Cyprus is excelling in the fields of research and innovation, according to Deputy Minister of Research, Innovation, and Digital Policy Nikodimos Damianou.

Damianou this week visited the Cyprus Institute, where he met with its president Stavros Malas, as well as members of the administrative staff.

Damianou expressed his delight at Cyprus’ leading position in research and innovation, highlighting the significant growth of the ecosystem.

“A decade or fifteen years ago, this ecosystem was in its infancy,” he said.

“Now, it has developed to such an extent that it gives us great hope for the future,” he added.

Eurobank on Monday, June 10, purchased an additional 503,934 shares in Hellenic Bank at a total cost of €1.29 million, increasing its stake to 55.42 per cent, with this purchase being made at €2.56 per share.

In an announcement released this week, Eurobank S.A., a subsidiary of Eurobank Ergasias Services and Holdings S.A., confirmed the acquisition.

It should be noted that with this purchase, Eurobank now directly holds 228,789,554 shares in Hellenic Bank.

Government employment in Cyprus reached an average of 54,835 individuals from January to May 2024, marking an increase of 2,684 persons or 5.1 per cent compared to the same period from the previous year, according to a report released on Tuesday by the state statistical service.

According to the report, government employment stood at 54,826 persons in May alone.

In the public service, there were 12,032 permanent employees, 4,248 indefinite-term employees, 1,271 fixed-term employees, and 5,838 hourly-paid workers.

Permanent employees made up the largest portion of the public service workforce at 51.4 per cent, while fixed-term employees represented the smallest portion at 5.4 per cent.

The companies constructing the delayed liquified natural gas (LNG) import terminal at Vasiliko are open to exploring alternative agreements beyond the scope of the current contract, Energy Minister Geroge Papanastasiou said on Tuesday.

Speaking after the House energy committee met behind closed doors, the minister said the two contracting parties, Etyfa and the Chinese company CPP, have shown a willingness to reach a different agreement regarding the completion timeline of the terminal.

“All alternatives are on the table” and are under discussion between the contracting parties, stressed the energy minister.

The Cyprus Stock Exchange (CSE) ended Tuesday, June 11 with profits.

The general Cyprus Stock Market Index was at 162.83 points at 13:06 during the day, reflecting an increase of 1.11 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 99.04 points, representing a rise of 1.14 per cent.

The total value of transactions came up to €609,565, until the aforementioned time during trading.

In terms of the sub-indexes, the main and investment firm indexes rose by 1.94 per cent and 5.59 per cent respectively. The alternative index fell by 0.61 per cent while the hotel index remained unchanged.

The biggest investment interest was attracted by the Bank of Cyprus (+0.48 per cent), Hellenic Bank (+0.78 per cent), Atlantic Insurance (-9.09 per cent), Lordos (-1.56 per cent), and Demetra (-5.66 per cent).