Licenses to explore in offshore blocks 2, 3 and 9 have expired and have not been renewed after no exploitable amounts of natural gas were found there, Energy Minister George Papanastasiou told the Cyprus News Agency.
The development also signals the departure of Kogas from Cyprus’ EEZ. The Korean firm held 20 per cent of the rights in the consortium with ENI (the operator) in the three blocks in question. ENI now retains exploration rights in four other offshore blocks – 6, 7, 8 and 11 – in partnership with France’s Total.
The offer, initially submitted on November 12, 2024, aimed to acquire up to 100 per cent of the issued share capital.
This move successfully secured EVH Investments a 91.18 per cent control of the company.
Ask Wire CEO Pavlos Loizou stated that the company’s latest report for the fourth quarter of 2024 “reflects a market in transition, balancing strong fundamentals with evolving dynamics.”
“Demand for apartments remains healthy, supported by resilience in tourism, which is set for a record year in 2025,” he said.
Furthermore, he explained that “new housing supply is beginning to ease pressure on residential prices and rents, offering relief to a market that has faced rapid growth in recent years.”
Specifically, the interest rate has been reduced by 0.25 per cent, from 3.15 per cent to 2.90 per cent, effective from February 5, 2025.
In its announcement, Hellenic Bank explained that this latest reduction is “a response to the latest interest rate cut by the European Central Bank (ECB)”, which lowered its three key interest rates by 0.25 per cent on January 30.
What is more, the bank stated that this “reduction also affects the interest rates on loans linked to interbank Euribor rates, benefiting over 6,000 borrowers“.
These agreements focus on maritime cooperation and mutual recognition of certificates of competency for merchant ship officers and were signed with Sultanate of Oman’s Ministry of Transport, Communications and Information Technology.
The MoUs affirm the mutual intent of both Cyprus and Oman to bolster cooperation at a bilateral level and within international maritime organisations.
The sector performed strongly in 2024, with net interest income reaching €1.54 billion and total profits exceeding €952 million. However, ECB rate cuts may narrow margins.
Beyond lending, banks aim to boost non-interest income. With a stable outlook, they are well-positioned for sustained growth despite monetary policy shifts.
Clerides explained to the Cyprus News Agency (CNA) that while the direct impact on Cyprus might be limited, the broader economic slowdown caused by these tariffs could still affect the country.
Commenting on recent statements by US President Donald Trump about imposing tariffs against European products, Clerides explained that such measures have already disrupted the international economy, as seen with previous tariffs on Canada, Mexico, and China.
“This tariff war is not good news; it might lead us into unpredictable complications,” he said, emphasising the difficulty in foreseeing the full consequences at this moment.
According to an official announcement, the meeting aimed to strengthen cybersecurity cooperation.
The conference, titled ‘Protecting Today, Organising Tomorrow,’ featured maps of Greece and Cyprus, reflecting the ongoing collaboration between the two countries in the field.
Damianou discussed the coordinated efforts taking place. “This is consistent with actions that are being taken both at the level of the leaders of our two countries and individual actions that we are planning and discussing with minister Papastergiou,” he said.
The report, which covers the first half of 2024, provides an overview of key trends in non-cash payment methods in Cyprus, offering insights into the usage of payment cards and terminals by the public.
Non-cash transactions are classified into six categories: credit transfers, direct debits, payment cards, e-money transactions, cheques, and remittances.
The data is collected from all Cyprus-based payment service providers, including credit institutions, electronic money institutions, and payment institutions.
The retail trade turnover index in Cyprus increased by 5.8 per cent in December 2024 compared to the same month in the previous year, according to data released by the Cyprus Statistical Service (Cystat).
During the same period, the retail trade volume index recorded an annual rise of 3.6 per cent.
For the full year of 2024, the turnover index is estimated to have grown by 5.4 per cent, while the volume index increased by 4.3 per cent compared to 2023.
The Cyprus Stock Exchange (CSE) ended Tuesday, February 4, with losses.
The general Cyprus Stock Market Index stood at 223.13 points at 12:46, reflecting a drop of 0.37 per cent.
The FTSE / CySE 20 Index was at 135.49 points, representing a decrease of 0.38 per cent.
The total value of transactions came up to €277,723, until the aforementioned time during trading.
In terms of the sub-indexes, the main, alternative and investment firm indexes fell by 0.51 per cent, 0.03 per cent and 2.67 per cent respectively. The hotel index remained unchanged.
The biggest investment interest was attracted by the Bank of Cyprus (+0.41 per cent), Demetra (-2.71 per cent), Logicom (+0.55 per cent), Minerva Insurance (-2.44 per cent), and Ermes Department Stores (-7.5 per cent).
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