Lending criteria for Cypriot businesses became stricter in the second quarter of 2024, according to a report released on Wednesday by the Central Bank of Cyprus (CBC).

The report explained that this tightening of lending criteria for business was primarily driven by a reduced tolerance for risk among banks.

The CBC pointed out that this tightening of lending criteria contrasts with initial expectations of stability, reflecting the uncertainty in the broader financial environment.

In contrast, loan approval criteria for households remained unchanged. This applied to both housing loans and consumer credit, where all the factors influencing these criteria were deemed to have a neutral impact.

Artificial Intelligence (AI) is transforming workplaces in Cyprus today, offering higher salaries and more opportunities, according to chief scientist Demetris Skourides.

“Studies have shown that, even in emerging markets, automating routine tasks is expected to unlock the potential of lower-skilled workers,” Skourides explained, and Cyprus can benefit greatly by focusing on education, particularly in STEM fields, while also investing in upskilling its workforce.

“To take advantage of this global growth,” Skourides said, “the country must quadruple its rate of reskilling, upskilling, and AI adoption over the next five years.”

Cyprus will dispatch a business delegation to Slovakia and the Czech Republic to boost ties and foster collaborations across several sectors, according to an announcement released on Wednesday.

These sectors include information, communication, and technology (ICT), financial services, and investment funds.

The delegation will host business forums in Bratislava and Prague to facilitate this effort on November 26 and 28, 2024.

This initiative is being organised by the Cyprus Chamber of Commerce and Industry (Keve), in collaboration with the Ministry of Energy, Commerce, and Industry.

Additional partners in this effort include the Cyprus Trade Centre in Vienna, as well as the Cyprus-Czech Republic and Cyprus-Slovakia Business Associations.

Cyprus’ Ministry of Energy, Commerce, and Industry recently showcased the country’s business potential at the 11th China International Fair for Trade in Services (CIFTIS).

The participation at the fair, which was held in Beijing from September 12 to 16, 2024, aimed to attract international investment to the island.

Working alongside the Trade Centre of the Republic of Cyprus in Beijing, the Ministry set up an information booth at one of Asia’s largest exhibitions focused on the services sector.

The upgraded version of the government’s online tax portal, Tax For All, went live on Wednesday, the tax department said.

The website had been “interrupted” for five days.

However, with the website now back up and running, individuals and businesses will be able to submit their objections over value added tax (VAT) matters through the portal from Wednesday onwards.

The Tax For All portal was first opened last year, replacing its predecessor Taxisnet.

Cyprus’ transition to renewable energy sources has thus far been “slow”, environment commissioner Antonia Theodosiou said on Wednesday.

Speaking at a workshop on the future of water, energy, food, and the ecosystem in the Mediterranean region in Larnaca, she was keen to point out that the island “has abundant sunshine, which gives us huge opportunities to exploit solar energy as a sustainable alternative”.

Despite the availability of the natural resources, however, she said Cyprus’ transition to using them to generate electricity has been “slow”, which in turn “limits our ability to reduce carbon emissions”.

The Cyprus Stock Exchange (CSE) ended Wednesday, September 25 with losses.

The general Cyprus Stock Market Index was at 190.01 points at 13:22 during the day, reflecting a decrease of 0.41 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 115.66 points, representing a drop of 0.40 per cent.

The total value of transactions came up to €365,590, until the aforementioned time during trading.

In terms of the sub-indexes, the main index fell by 0.42 per cent, while the alternative, investment firm and hotel indexes rose by 0.07 per cent, 1.13 per cent and 0.81 per cent respectively.

The biggest investment interest was attracted by the Bank of Cyprus (-0.82 per cent), Hellenic Bank (-1.3 per cent), Demetra (+1.15 per cent), Atlantic Insurance (no change), and Lordos Hotels (+3.9 per cent).