A delegation from the International Monetary Fund (IMF) on Friday held informal discussions with members of the House Finance Committee during their technical assistance mission to Cyprus.

The visit was arranged following a request from the Finance Ministry with the ultimate objective of streamlining the state salary structure.

According to parliamentary sources cited by the Cyprus News Agency (CNA), IMF technocrats have prepared a study and submitted it to the Finance Ministry for review.

The key finding highlighted by the IMF experts, the agency explained, is the necessity to reduce the level of state salaries.

State-owned asset management company Kedipes announced on Friday that a €60 million cash payment was made on June 26, as previously mentioned in the company’s most recent operational management progress report for the first quarter of 2024.

This payment pertains to the cash flows of the second quarter of 2024 and is part of the ongoing repayment of state aid received by the former Cyprus Cooperative Bank.

According to Kedipes’ statement, the total cash repayment amount for 2024 is projected to reach €200 million.

Since the commencement of Kedipes’ operations in 2018, the total cash repayment towards state aid has amounted to €1.36 billion.

The economic climate in Cyprus improved slightly in June, with the Economic Sentiment Indicator (ESI) rising by 0.6 points compared to May 2024, according to a report released this week by the Economics Research Centre of the University of Cyprus (CypERC).

The report noted that the increase in the ESI was driven by strengthened consumer sentiment and, to a lesser extent, improved business sentiment in the services sector.

Moreover, the centre reported that the limited improvement in the services sector was due to more positive assessments of the current business situation.

However, business expectations for turnover in the next quarter were more pessimistic in June.

Industrial production in Cyprus recorded an 8.2 per cent increase year-on-year during April 2024, according to a report released this week by the Cyprus Statistical Service (Cystat).

The Industrial Production Index for April 2024 reached 106.8 points, with 2021 acting as the base year set at 100 points, reflecting an 8.2 per cent rise compared to April 2023.

From January to April 2024, the index showed a 5.9 per cent increase compared to the same period the previous year.

The manufacturing sector saw a 7.3 per cent increase compared to April 2023. Other sectors also reported growth, including mining and quarrying (36.9 per cent), water supply and materials recovery (31.2 per cent), and electricity supply (2.1 per cent).

Eurobank has been awarded a prestigious distinction in the field of post-custodial services, being named “Best Sub-Custodian Bank 2024” in Cyprus and Greece by the esteemed Global Finance magazine.

This accolade marks Eurobank’s top distinction as the Best Sub-Custodian Bank in both Cyprus and Greece and notably, it is the 18th distinction of the Eurobank Group since 2006, clearly demonstrating the high quality of the Bank’s services over time.

According to an announcement by the bank, this “continued recognition emphatically underlines Eurobank Group’s successful strategy of providing high-quality, innovative post-trade services to institutional and retail clients”.

Global Finance magazine annually highlights the top performers among banks based on a multi-factor criterion set, including customer relationship, quality of services, technology platforms, and the ability to respond immediately to a range of regulatory changes.

Seven innovative Cypriot small and medium-sized enterprises (SMEs), members of the Cyprus Association of Research & Innovation Enterprises (CARIE), part of the Cyprus Chamber of Commerce and Industry (Keve), participated in the defence and security exhibition Eurosatory 2024, which took place in Paris from June 17 to 21.

According to a statement released on Friday by Keve, the Cypriot companies that attended the exhibition were ADDITESS (Advanced Integrated Technology Solutions & Services, Cellock Ltd, CyRIC (Cyprus Research & Innovation Centre), eBOS Cyprus, Encorp – Engineering Corporation, SignalGenerix Ltd, and Swarmly Ltd.

Moreover, Keve highlighted the significance of their participation in Eurosatory 2024, describing it as a major development for the Cypriot defence and security industry.

“These companies are leaders in their field, developing innovative products and services that cover a broad spectrum of needs, from cybersecurity and telecommunications to advanced aviation and naval solutions,” the chamber said in its statement.

Maritime firm Prevention at Sea, based in Cyprus, has recently been honoured with a feature in the GreenTech and Decarbonisation category on the newly updated Global Maritime Tech Startup Map for 2024, curated by Flagship Founders.

This accolade is particularly significant given Flagship Founders’ stringent selection criteria, which focus on companies founded within the past decade that are committed to software innovation within the maritime domain.

The map highlights the pioneers and disruptors of the maritime industry, and Prevention at Sea is delighted to be recognised as a leader in this space.

Furthermore, the company remains committed to continuing its provision of cutting-edge software solutions that contribute to a greener, safer, and more efficient maritime industry.

The Cyprus Stock Exchange (CSE) ended Friday, June 28 with minor profits.

The general Cyprus Stock Market Index was at 160.49 points at 13:06 during the day, reflecting an increase of 0.37 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 97.62 points, representing a rise of 0.38 per cent.

The total value of transactions came up to €261,365, until the aforementioned time during trading.

In terms of the sub-indexes, the main index rose by 0.59 per cent, while the alternative and hotel indexes fell by 0.5 per cent and 0.26 per cent respectively. The investment firm index remained unchanged.

The biggest investment interest was attracted by the Bank of Cyprus (+2.05 per cent), Hellenic Bank (no change), Salamis Tours (no change), the Cyprus Cement Company (-4.71 per cent), and Petrolina (-1.11 per cent).