The Cabinet on Wednesday approved a revised start-up visa, according to Deputy Minister of Research, Innovation, and Digital Policy Nicodemos Damianou.

Damianou said that the revisions aim to make the scheme “more effective and attractive”.

Since its inception, the scheme has resulted in the establishment of 21 start-up companies in Cyprus.

“The revised scheme enhances our strategic objectives of bolstering the innovation and entrepreneurship ecosystem in Cyprus,” Damianou said following the Cabinet meeting.

Online broker Deriv this week announced the expansion of the company’s Cyprus-based operations to Nicosia.

Deriv, which opened its first Cyprus office in Limassol four years ago, said that the new office is set to open in mid-December and will be located at the Asteroid building.

“Cyprus plays a crucial role in the online trading industry,” said Rakshit Choudhary, co-CEO of Deriv.

“With Nicosia’s reputation as a thriving hub for innovation, our investment here not only strengthens our operational framework but also allows us to tap into the vibrant ecosystem of talent that Cyprus has cultivated,” he added.

Half of Cyprus’ hotels are open this festive season, offering special programmes for Christmas and New Year, according to Thanos Michaelides, president of the Cyprus Hoteliers Association (Pasyxe).

Speaking to the Cyprus News Agency (CNA), Michaelides siad that operating levels are consistent with last year.

“Most of the open hotels”, he said, “are in Larnaca and Paphos”.

“There are always special rates for Cyprus residents,” Michaelides added.

The Cyprus Shipping Chamber (CSC) announced that its director general Thomas Kazakos, has been appointed secretary general of the International Chamber of Shipping (ICS).

This makes Kazakos the first Cypriot to lead the global organisation. His term is set to begin on April 1, 2025.

According to the announcement, Kazakos was selected unanimously by the ICS board of directors from a field of internationally recognised candidates.

The Cypriot government is “ready” to begin consultations with both Greece’s independent transmission system operator Admie and the country’s energy ministry to find an agreement on “all matters” related to the Great Sea Interconnector, Energy Minister George Papanastasiou said on Wednesday.

On this matter, he was asked about reported “American concerns” over the feasibility of the interconnector, but was swift to point out that they are not “American concerns”, but rather concerns expressed by the American consulting firm the government has appointed to aid to evaluate the cost-benefit analysis submitted to the government by Admie.

“The company just happens to be American. We, the Republic of Cyprus, have rightly appointed a consulting firm, a worthy firm, which has provided some observations, some suggestions, and some amendments to some of the agreements proposed by Admie and which mainly concern future investors and shareholders,” he said.

Cyprus will respond in the coming days as to whether it will accept Chevron’s development and production plan for the Block 12 Aphrodite gas field, Energy Minister George Papanastasiou said on Wednesday.

The minister was answering questions from journalists after the cabinet meeting.

He said the updated development and production plan had already been delivered by the consortium.

“Cyprus will have to respond in the coming days whether it accepts it so that it can proceed with implementation,” Papanastasiou said.

An investigation will be launched over the fuel industry after suspicions of market distortion, the commission for the protection of competition announced on Wednesday.

The investigation will cover the time period between 2023 and 2024, taking into account data from the commerce ministry, press reports and “a broader perception that petrol prices differ by district and area”.

The commission said it has the power to conduct investigations into specific sectors of the economy or into specific types of agreements in different sectors of the market.

Thousands of people will benefit from the expected reductions in some banks charges and preferential interest rates for vulnerable groups that banks are set to announce by the end of the week, Finance Minister Makis Keravnos said on Wednesday.

The minister was speaking following a meeting led by President Nikos Christodoulides at the presidential palace with the participation of the CEOs of Bank of Cyprus and Hellenic Bank, the second such meeting this week. These talks, attended by Finance Minister Makis Keravnos, focused on easing financial burdens for individuals and businesses.

Referring to the results of the meeting, Keravnos said that the banks’ forthcoming actions would benefit “several thousand” citizens and “benefits” would emerge for the entire economy.

The Paralimni-Deryneia Municipality has joined forces with the Cyprus Sustainable Tourism Initiative (CSTI) to promote sustainable practices in the tourism sector.

According to an announcement released this week, this partnership aims to “enhance environmental awareness, protect natural resources, and boost sustainable development in the region”.

“The collaboration forms part of efforts to strengthen sustainability within the tourism industry, focusing on protecting the natural environment and fostering environmental awareness,” the municipality added in its announcement.

The Cyprus Stock Exchange (CSE) announced on Wednesday the introduction of a market maker framework.

The new framework, the CSE explained, aims at “enhancing the liquidity of listed securities and fostering a more competitive and flexible stock market”.

In addition, this move is part of the CSE’s broader strategy for modernising its operations and aligning with international stock exchange practices.

The Cyprus Securities and Exchange Commission (CySEC) has rolled out a revamped website aimed at improving navigation, accessibility, and features for regulated entities, investors, and the wider public.

“The redesigned website marks the first phase of our efforts to improve the user experience and provide enhanced user-friendly navigation and functionality for regulated entities, investors and the general public,” CySEC chairman George Theocharides said.

“With a modern clean design, the new website features improved user-friendly navigation and functionality for users as well as adaptability for smart devices,” CySEC said in a statement.

Cyprus is set on becoming a leading voice in maritime policy and bolstering its reputation as a global shipping hub, Shipping Deputy Minister Marina Hadjimanolis said during an event in Athens.

Reviewing the achievements of the Cyprus registry office in Greece, Hadjimanolis told business outlet Newmoney that “we managed to reach the goals we set for increasing the strength of our registry in 2024”.

“Since the beginning of 2024, 170 new ships have been registered in the Cyprus registry with a gross tonnage of over 4 million tons, with the strengthening of the registry (in net tonnage) since September 2023 being around 14 per cent,” she added.

She also noted that Greek shipping companies have played a key role in this growth.

The Cyprus Chamber of Commerce and Industry (Keve) this week announced the creation of the Cyprus-Uzbekistan Business Association.

The chamber stated that the new association is part of its “continuous efforts to foster new opportunities for Cypriot businesses”.

Moreover, according to the announcement, this initiative is “designed to enhance and expand economic and trade relations between Cyprus and Uzbekistan, paving the way for dynamic partnerships”.

“The association’s primary mission is to foster and strengthen collaborations between businesses in Cyprus and Uzbekistan,” the chamber added.

The Cyprus Stock Exchange (CSE) ended Wednesday, December 18 with slight losses.

The general Cyprus Stock Market Index stood at 212.93 points at 12:04, representing a drop of 0.19 per cent.

The FTSE / CySE 20 Index was at 129.46 points, reflecting a decrease of 0.19 per cent.

The total value of transactions amounted to €282,539.66 at the aforementioned time during trading.

In terms of the sub-indexes, the main index recorded a decline of 0.25 per cent, the investment firms index fell by 0.29 per cent, while the hotels index recorded a decline of 1.78 per cent.

Conversely, the alternative index showed gains of 0.03 per cent.

The biggest investment interest was attracted by Bank of Cyprus (€169,681, -0.44 per cent), Demetra Holdings (€41,220, -0.29 per cent), Hellenic Bank (€40,510, no change), Petrolina (€4,275, +1.18 per cent), and KEO (€1,894, no change).