This decrease brought the NPE ratio to 6.5 per cent of total loans, an improvement from 6.9 per cent in June, according to the Central Bank of Cyprus (CBC).
The central bank attributed this reduction to several factors. Firstly, loan repayments, including debt-for-asset swaps involving real estate, played a significant role.
Additionally, loans that were successfully restructured and reclassified as performing after completing the monitoring period contributed to the decline.
He stated that foreign investment is not only beneficial but essential, explaining that it “drives liquidity, creates skilled jobs, and transfers valuable know-how to Cyprus—key factors in fostering economic prosperity.”
Despite global uncertainties, Demetriades highlighted the sector’s potential for growth, underscoring the importance of attracting foreign capital to sustain and expand Cyprus’ economy.
“Attracting foreign direct investment remains at the heart of our strategy,” he said, emphasising the ongoing effort to cultivate a more business-friendly environment.
Speaking on CyBC’s morning programme Proino Dromologio, Panayiotou clarified that the revision of the sector’s collective agreement aimed to address economic growth and rising living costs for workers, without any justification for passing on the minimal wage increases to consumers.
Panayiotou explained that wage and service increase only contribute less than 1 per cent to overall production costs, according to verified data from social insurance and other relevant services.
Despite this, construction companies announced a price hike of approximately 5 per cent, prompting sharp criticism from the government.
“This price increase for concrete is entirely unjustified,” the labour minister said, urging the construction industry to reconsider and warning that profiteering cannot go unchecked.
Global investment fund CarVal Investors has reduced its shareholding in the Bank of Cyprus to 5.9 per cent, according to an announcement made by the bank on the Cyprus Stock Exchange (CSE).
The investment firm’s previous stake stood at 6.1 per cent, following a reduction from 9.1 per cent in October of last year.
According to an announcement, the meeting aimed to “refine strategies that enhance the global standing of the Cyprus flag amidst ongoing challenges in the maritime sector”.
The committee, composed of prominent shipowners from Greece and Cyprus, tackled a range of topics including the promotion of the Cyprus flag and the broader issues currently impacting global shipping.
Discussions focused on leveraging technological innovations and addressing environmental regulations to bolster the flag’s competitive edge.
It advised loan holders to file complaints with the Consumer Protection Service, operating under the Ministry of Energy, Commerce, and Industry, as well as with the Financial Ombudsman.
In an official statement, the association reminded the public of its ongoing efforts to address unfair clauses in loan contracts, highlighting its latest announcement dated July 8, 2024.
The latest iteration of the bill on the matter includes bottles of four different sizes – 330 millilitres, 500ml, 750ml, and one litre – with Papanastasiou saying that it also foresees a uniform price across the board in the points of sale which will be included in the law.
“The aim is to provide a product to the market with a reasonable profit margin for all the businesses, and, at the same time, to protect consumers,” he said.
Speaking at a conference about the future of agriculture, she said the government aims to “strengthen agricultural research” and promote the “adoption of sustainable practices”.
“Therefore, we are moving forward with actions which will ensure the adequacy and quality of production, while at the same time protecting the environment and strengthening the position of our farmers in the market,” she said.
To this end, she pointed to a soon-to-be announced “large investment measure” worth €65 million, which, she said, “constitutes another decisive step in strengthening the agricultural sector”.
The Cyprus Stock Exchange (CSE) ended Tuesday, January 14, with gains.
The general Cyprus Stock Market Index stood at 225.53 points at 13:01, reflecting a rise of 0.47 per cent.
The FTSE / CySE 20 Index was at 137.25 points, representing an increase of 0.45 per cent.
The total value of transactions came up to €99,811, until the aforementioned time during trading.
In terms of the sub-indexes, the main, alternative, and investment firm indexes rose by 0.44 per cent, 0.64 per cent and 0.02 per cent respectively. The hotel index remained unchanged.
The biggest investment interest was attracted by the Bank of Cyprus (+0.21 per cent), Logicom (+3.35 per cent), Demetra (no change), Salamis Tours (no change), and the Cyprus Cement Company (+3.53 per cent).
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