Bank of Cyprus shareholders on Friday approved the listing of the bank’s ordinary shares on the Athens Stock Exchange (ATHEX), pending a delisting from the London Stock Exchange (LSE).

The shareholder vote took place during an extraordinary general meeting (EGM) at the bank’s headquarters in Nicosia.

The move, subject to final approval from the ATHEX Listing Committee on September 17, 2024, marks a significant step for the bank as it prepares to delist from the London Stock Exchange (LSE).

The meeting was attended by 36 shareholders, either in person or by proxy, representing over 213 million shares, which is 48.08 per cent of the bank’s total issued share capital.

Magify, a Cyprus-based business intelligence and LiveOps platform for game developers, has raised €1 million in funding from Steam Power Investments, founded by former executives of Melsoft.

According to an official announcement, the new funding will support further product development, enhance AI features, and help Magify expand into new markets. This follows an earlier investment from Narwhal Accelerator in June.

The announcement explained that “Cyprus is a growing hotbed for the mobile gaming industry, with a vibrant development scene including around 268 gaming companies as of August 2024, as well as leading game makers”.

Visitor numbers at restaurants, cafes and bars in Cyprus reached 90 per cent of their total capacity in August, according to Neophytos Thrasyvoulou, president of the Federation of Leisure Centre Owners (Osika).

Speaking to the Cyprus News Agency (CNA), Thrasyvoulou noted that “August was a positive month for the sector, although some areas, such as Polis Chrysochous, experienced lower-than-expected weekday traffic”.

Despite this, he said that “August saw satisfactory visitor numbers at leisure centres, thanks to an influx of local visitors”.

Thrasyvoulou went on to mention that an increase in flights during September and October may provide an uplift to the sector, leading to increased traffic at restaurants and other similar businesses.

The Bank of Cyprus on Friday announced an immediate reduction in its reference rate for loans linked to the European Central Bank’s (ECB) base interest rate.

According to the bank, the rate will drop from 4.25 per cent to 3.65 per cent, effective from September 18, 2024.

The bank explained that this move is a reaction to the ECB’s decision to lower interest rates.

According to the bank, nearly 8,000 borrowers whose loans are tied to the ECB base rate will see their monthly repayments decrease immediately.

Larnaca Marina’s berthing fees are “considered very competitive” compared to other commercial marinas on the island, according to the transport ministry.

The ministry made the statement as part of its preparations for the end of the contract concerning the integrated development of Larnaca Port and Marina, which terminates on May 27, 2024.

In a bid to ensure the “smooth and uninterrupted operation” of Larnaca’s port and marina infrastructure following this transition, the ministry mentioned that “maintenance and security services at the marina have already commenced and have continued ‘unhindered’ since its takeover”.

Gross betting revenue in Cyprus reached €287.8 million during the second quarter of 2024, according to the National Betting Authority.

The authority clarified that this figure refers to both in-shop betting (Class A) and online betting (Class B).

According to the financial results announced by the National Betting Authority for Q2 of 2024, the gross betting revenue reached €287.8m, marking a 12 per cent increase compared to the corresponding quarter of 2023, €256.5m.

Gross betting revenue saw a 41 per cent rise compared to Q2 of 2022, €203.7m.

Deputy Minister of Shipping Marina Hadjimanolis recently highlighted the importance of maritime education while speaking at the ceremony of the Merchant Marine Academy of Chios.

During her speech, which took place on September 7, Hadjimanoli said that “our seafarers are the backbone of global shipping,” and stressed that “the main aim of the Deputy Ministry is to ensure that all ships operate efficiently and safely”,

“Our support to maritime professions, through actions and encouraging young people to love the sea, is a given,” she said, pointing out that modernising shipping curricula is essential to train the next generation of maritime professionals.

The Cyprus Chamber of Commerce and Industry (Keve) this week announced the establishment of the Cyprus-Baltic States Business Association.

According to an announcement from the chamber, this initiative was implemented “in the context of its continuous effort to open new roads and prospects for Cypriot companies”.

The chamber explained that the new association was created with “the goal of promoting, expanding and encouraging economic and trade relations between Cyprus and the Baltic states”. 

Bringing the Emirates into the Great Sea Interconnector (GIS) was at the centre of President Nikos Christodoulides’ trip to Abu Dhabi on Wednesday and the next few days will be decisive, with the president’s upcoming trip to Athens the next reference point on the future of the GSI.

Government spokesman Konstantinos Letymbiotis said there were no pressing timeframes for the GSI but that time was not unlimited either.

The UAE seems particularly interested in picking up the project, which would however also have diplomatic considerations.

The situation at Paphos airport is “unbearable”, Paphos district tourism development and promotion company (Etap) chairman Kyriacos Drousiotis said on Friday.

“The situation is now unbearable at Paphos airport in almost the entire range of check-ins, departures, arrivals, as well as outdoor areas for short stays,” he said.

For this reason, he called for the finalisation of agreements to upgrade the airport’s infrastructure, with the aim of “all the required extensions and upgrades being able to begin without delay.”

The Cyprus Stock Exchange (CSE) ended Friday, September 13 with minor losses.

The general Cyprus Stock Market Index was at 184.58 points at 12:40 during the day, reflecting a decrease of 0.49 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 112.39 points, representing a drop of 0.48 per cent.

The total value of transactions came up to €54,065, until the aforementioned time during trading.

In terms of the sub-indexes, the main index fell by 0.57 per cent, the alternative index decreased by 0.16 per cent, while the hotel index remained stable, and the investment firm index dropped by 0.37 per cent.

The biggest investment interest was attracted by Bank of Cyprus with €14,105 (-0.82 per cent), Salamis Tours with €13,360 (no change), Demetra Investments with €8,014 (-0.37 per cent), Logicom with €5,955 (-0.68 per cent), and KEO with €3,627 (no change).