The Cypriot government on Wednesday provided an update on its strategic campaign to improve the country’s reputation on the global stage.

This effort is being spearheaded by Invest Cyprus and the presidency of the Republic of Cyprus, in partnership with international communications agency Kreab.

Kreab is a Stockholm-based consulting firm, specialising in communication strategy, reputation management and public affairs.

Cyprus was represented at the annual general assembly of the European Community Shipowners’ Association (ECSA) and the meeting of its board, held on December 10 in Brussels.

Representatives of the Cypriot shipping industry participated in discussions aimed at securing the future of European shipping in an era of ambitious climate goals and intensifying global competition. 

According to a statement from the Cyprus Shipping Chamber (CSC), the agenda covered strategies across various sectors of the association, designed to strengthen the voice of the European shipping industry and ensure its sustainable development.  

Cyprus’ parliament this week approved a new law extending the interval for general property valuations from three to five years.

The change aims to optimise resources and streamline operations within the Department of Lands and Surveys.

This decision was welcomed by the Cyprus Real Estate Agents Registration Council, which released a statement praising the amendment.

“This is an issue we have consistently raised during discussions with government officials, and we are pleased to see it addressed,” said Marinos Kineyirou, president of the council, who has previously expressed support for such a move.

Cabinet on Wednesday approved the creation of an interministerial committee for pension reform, Labour Minister Yiannis Panayiotou said.

It will include the labour and finance ministers, undersecretary to the president, deputy welfare minister, gender equality commissioner and the citizens’ commissioner.

“This is indicative of the importance the government is placing on improving the pension system.”

The government on Wednesday approved a scheme subsidising interest rates on housing loans, aimed at combating the impact of high interest rates and inflationary pressures.

The cabinet’s decision said individuals who obtained a housing loan between January 1, 2022 and December 31, 2023 which was not aimed at restructuring a previous loan and is with a variable interest rate are eligible to apply.

The loan must have been obtained to purchase or construct a primary property, including the land.

Additionally, the loan cannot exceed €400,000 and the annual family income should not be more than €50,000. Applicants should have settled all their income tax dues.

The Bank of Cyprus on Wednesday announced that it has renewed its ‘Equality Employer’ certification, recognising its efforts to promote gender equality in the workplace.

According to the announcement, the certification reflects the bank’s commitment to equal opportunities and fostering an inclusive environment.

According to an announcement, the renewal was conducted by the Labour Ministry’s national certification body, which is responsible for the implementation of good practices on gender equality in the working environment.

It followed a comprehensive evaluation process that included both qualitative and quantitative assessments to verify the implementation of policies ensuring gender equality, equal pay, and work-life balance.

The Finance Ministry on Wednesday announced that the Republic of Cyprus and the Sultanate of Oman have signed a double tax treaty.

According to the ministry, the treaty, which was officially signed on December 8, establishes a Double Taxation Avoidance Agreement (DTAA) and includes provisions to prevent fiscal evasion on income taxes.

The agreement was signed on behalf of Cyprus by Andreas S. Kakouris, permanent secretary at the Ministry of Foreign Affairs, and on behalf of Oman by the director general of the Ministry of Foreign Affairs.

Government employment in Cyprus reached 55,243 people in November, according to the latest data from the state’s statistical service.

This represents an increase compared to the average government workforce of 54,229 during the January–November 2024 period.

That figure marked a rise of 1,698 employees, corresponding to an increase of 3.2 per cent, from the same timeframe in 2023.

The Cyprus Stock Exchange (CSE) ended Wednesday, December 11 with losses.

The general Cyprus Stock Market Index stood at 213.14 points at 12:33, representing a decrease of 0.07 per cent.

The FTSE / CySE 20 Index was at 129.67 points, reflecting a drop of 0.06 per cent.

The total value of transactions amounted to €233,210 at the aforementioned time during trading.

In terms of the sub-indexes, the main and hotel indexes fell by 0.15 per cent and 1.02 per cent respectively. The alternative index fell by 0.4 per cent while the investment firm index dropped by 0.03 per cent.

The biggest investment interest was attracted by the Bank of Cyprus (-0.66 per cent), Logicom (no change), the Cyprus Cement Company (+0.68 per cent), Hellenic Bank (no change), and Demetra (no change).