Energy Minister George Papanastasiou on Friday expressed his hope that American multinational oil and gas corporation ExxonMobil’s decision to begin drilling for natural gas in block 5 of Cyprus’ Exclusive Economic Zone (EEZ) will “open new horizons”.

Speaking after a meeting attended by ExxonMobil vice president for global exploration John Ardill, President Nikos Christodoulides, and himself, he said that the corporation’s decision to drill in block 5, which contains a potential natural gas reservoir named ‘Electra’, constitutes a “milestone”.

“Depending on the findings … the company will decide how to commercialise this particular deposit, and we hope that the deposit will be something which will open horizons different from the usual ones,” he said.

The hoteliers’ association (Pasyxe) on Friday rejected the labour minister’s mediation proposal as they could not agree on it.

Labour Minister Yiannis Panayiotou’s proposal did not satisfy some members of the association, Pasyxe Director Philokypros Roussounides told the Cyprus News Agency (CNA) on Friday.

A day earlier Panayiotou had said that “agreement in principle for renewal of the hotel industry’s collective agreement was signed by the heads of the employers’ associations and trade unions and was expected to be ratified internally by each side.”

Completion of the process and the signing of the renewed collective agreement would ensure labour peace in the hotel industry until the end of 2027, the minister said.

Cyprus-based Anymaster, a service marketplace that connects clients with local service providers, has successfully raised €350,000 in funding, allowing it to expand to Athens, Greece.

The Cypriot startup allows customers to find a number of different professionals such as plumbers, electricians, or other skilled workers.

“We are thrilled to bring Anymaster to Athens and expand our footprint in the Greek market,” said Diana Verkhoturova, founder of Anymaster.

“Our platform will deliver significant benefits for both clients and service professionals,” she added.

The Central Bank of Cyprus (CBC) on Friday reported that 94 per cent of loans held by credit acquisition companies were categorised as non-performing (NPLs) as of June 30, 2024.

The report indicates a total loan balance of €20.98 billion, distributed almost equally between individuals (€10.64 billion) and businesses (€10.34 billion).

Of these, non-performing loans amounted to €19.66 billion, leaving just €1.31 billion classified as performing loans.

Cyprus and Greece have announced a joint €2 million funding call aimed at strengthening cooperation in research, innovation, and technology, according to an official announcement released this week.

This initiative, spearheaded by the Research and Innovation Foundation (RIF) of Cyprus and Greece’s General Secretariat for Research and Innovation (GSRI), is part of the European Partnerships Programme.

“The programme offers funding of up to €100,000 to promote and support cooperation between Greek and Cypriot research organisations and businesses,” the RIF said an an official announcement.

The Cyprus Securities and Exchange Commission (CySEC) this week announced its adoption of the European Banking Authority’s (EBA) guidelines on governance for issuers of asset-referenced tokens (ARTs).

These guidelines, issued in June 2024, aim to bolster the management and oversight of ART issuers, ensuring enhanced consumer and investor protection.

The Cyprus Stock Exchange (CSE) ended Friday, November 22 with losses.

The general Cyprus Stock Market Index stood at 198.91 points at 13:19, reflecting a decrease of 0.89 per cent.

The FTSE / CySE 20 Index was at 121.07 points, reflecting a drop of 0.91 per cent.

The total value of transactions amounted to €541,777 at the aforementioned time during trading.

In terms of the sub-indexes, the main and investment firm indexes fell by 1.39 per cent and 4.98 per cent respectively. The hotel index rose by 1.32 per cent while the alternative index grew by 0.39 per cent.

The biggest investment interest was attracted by the Bank of Cyprus (-0.23 per cent), Hellenic Bank (+0.23 per cent), Demetra (-5.06 per cent), Logicom (-2.01 per cent), and the Cyprus Cement Company (no change).