Invest Cyprus on Thursday announced that it has being re-elected to the board of the ANIMA Investment Network.

Invest Cyprus CEO Marios Tannousis, stated that “our re-election to the ANIMA board is a significant success for Cyprus and Invest Cyprus”.

He also said that “collaboration and the exchange of good ideas and practices with leading counterpart organisations in the Mediterranean are crucial for sustainable development and the creation of new investment opportunities”.

The Cyprus Banking Association on Thursday confirmed that banks will announce their decisions on interest rate and fee reductions by the end of the week.

Spokesman Andreas Kostouris told state broadcaster Cybc radio that as each bank will pursue a different pricing and interest rate policy, separate announcements will be made.

Kostouris also said that critics of banks’ interest rate policy have been “extremely unfair,” adding that it would be wrong for those evaluating banks to assume that interest rates are reduced horizontally with any political intervention.

State-owned asset management company Kedipes has repaid €1.47 billion in state aid since the start of its operations in September 2018, according to an announcement released on Thursday.

This includes €310 million repaid in 2024, with €40 million disbursed in the third quarter and an additional €70 million in the fourth quarter.

The repayment reflects the organisation’s ongoing efforts to meet its obligations while managing its extensive portfolio.

In addition, Kedipes increased its reserve for the mortgage-to-rent scheme by €20 million, raising it from €80 million to €100 million, to support future property purchases amid rising applications under the scheme.

The Cabinet this week approved measures to expand labour market access for students and attract skilled professionals from abroad.

These initiatives aim to address growing employment demands and boost economic growth, Labour Minister Yiannis Panayiotou announced on Tuesday.

“In connection with the reduction of the unemployment rate to 5 per cent, the growth of the Cypriot economy and the corresponding growth of the labour market increase the need for staffing in specific sectors and professions with workers from abroad,” he said.

“To address these needs,” he continued, “it was decided to further widen the access of students and further attract skilled professionals to the Cypriot labour market”.

The Akamas municipality hosted between 700 and 750 civil marriages in 2024, generating approximately €420,000 in revenue, according to marriage officer Stella Demetriou.

Speaking to the Cyprus News Agency (CNA), Demetriou described the year as satisfactory despite a decline from 2023, when the municipality officiated 800 weddings, earning €500,000.

The petrol station owners’ association on Thursday expressed its concern over a looming investigation on suspected fuel price distortion, claiming it would yield no tangible results and only cause delays.

“This could last for four to six years and if any infringements are identified, a new investigation will be required which will take even longer.”

The association’s remarks came a day after the commission for the protection of competition announced it would be launching an industry-wide probe in the fuel industry. It was sparked by suspicions of market distortions after observing data and press reports.

Bernhard Schulte Shipmanagement (BSM), a third-party ship manager headquartered in Limassol, on Thursday announced that CEO Ian Beveridge will step down on January 1, 2025.

According to the announcement, Sebastian von Hardenberg, the company’s current CFO, will take over as CEO.

Beveridge will remain CEO of the Schulte Group and will also continue to support BSM as Chairman of its board, contributing his extensive experience and strategic acumen to further the development of the ship management entity.

The Construction Material Price Index in Cyprus reached 117.26 points in November 2024, with 2021 acting as the base year set at 100 points.

This reflects a slight monthly increase of 0.07 per cent, the Cyprus Statistical Service reported this week.

What is more, when compared to November 2023, the index recorded a 0.44 per cent rise.

The Harmonised Consumer Price Index (HCPI) in Cyprus increased by 2.2 per cent in November 2024, compared to the same month in 2023, according to the state’s statistical service.

However, on a month-to-month basis, the index recorded a decrease of 1 per cent.

The categories showing the highest annual increases were Recreation and Culture (7.8 per cent), Restaurants and Hotels (4.6 per cent), and Food and Non-Alcoholic Beverages (4.2 per cent).

The Cyprus Stock Exchange (CSE) on Thursday, December 19, saw no gains or losses.

The general Cyprus Stock Market Index stood at 213.29 points at 12:26, remaining unchanged from the previous day’s closing.

The FTSE / CySE 20 Index was at 129.69 points, also showing no change. At the same time, the total value of transactions amounted to €204,755.84.

In terms of the sub-indexes, the alternative and hotels indexes recorded gains of 0.79 per cent and 1.07 per cent, respectively.

The main and investment firms indexes saw declines of 0.18 per cent and 0.58 per cent, respectively.

The biggest investment interest was attracted by Bank of Cyprus (€90,978.85, no change), Hellenic Bank (€85,634.79, no change), Demetra Holdings (€18,661.02, -0.58 per cent), Salamis Tours (€12,600, no change), and Vassiliko Cement Works (€2,268, +1.89 per cent).