Cyprus Stock Exchange (CSE) president Marinos Christodoulides, has called for greater state support for the exchange, saying that it has a critical role as a tool for economic and corporate development.

In statements made to the Cyprus News Agency (CNA), Christodoulides stressed that “the stock exchange should be fully utilised by the government and the country’s businesses to secure a prominent position in the Cypriot ecosystem, similar to its role in developed countries worldwide”.

He also said that the legal review of the bill for the privatisation of the CSE by the attorney general’s office is expected to be completed by the end of February 2025.

Christodoulides pointed out that, in pursuit of this goal, the stock exchange has expanded its services and investments to increase its value and broaden its operations, making it more attractive to potential investors.

Deputy Shipping Minister Marina Hadjimanolis visited Doha from February 4 to 6, in a move to strengthen maritime ties, according to an announcement released on Friday.

Invited by Qatar’s Minister of Transport, the visit provided an opportunity for key discussions on enhancing sustainable development and expanding maritime infrastructure”, with a focus on deepening cooperation between the two countries.

During her meetings, Hadjimanolis held talks with Sheikh Mohammed bin Abdulla bin Mohammed Al Thani, Qatar’s Minister of Transport, where discussions centred on broadening collaboration across various aspects of the maritime sector.

Sustainable practices and the challenges facing the industry were key topics, as the Qatari Minister outlined his country’s advanced maritime infrastructure and the scope for further cooperation.

The Bank of Cyprus on Friday announced that it has introduced a new operational model for its branch network.

According to the bank, this aims to enhance customer service through a combination of modernisation, efficiency, and personalised support.

The updated structure includes four distinct types of branches designed to cater to different banking needs.

Under the new model, standard branches will continue to provide the full range of banking services, including cashier transactions, general customer support, and financing.

These branches, the bank said, will be located in central urban areas and rural regions “to ensure comprehensive service coverage”.

The latest edition of the Supply Chain & Logistics Conference & Exhibition examined the crucial role of the supply chain in modern business, emerging trends, and new opportunities for improvement.

The conference, which was held with the support of Hellenic Bank, also delved into the challenges facing the supply chain sector.

Andreas Papadopoulos, Head of the Small and Medium Enterprises Unit at Hellenic Bank, affirmed that the bank supports businesses in the sector through this transition and in tackling broader challenges.

“Hellenic Bank is ready to provide comprehensive solutions and specialised support to its clients, helping them adapt to new market challenges,” Papadopoulos said.

“Through flexible financing tools and advisory services, the bank strengthens businesses on their path to sustainable growth,” he added.

“At the same time”, he continued, “it consistently invests in innovation and technology, offering clients modern, efficient, and sustainable banking solutions that support their development in a demanding business environment.”

Central Bank of Cyprus (CBC) governor Christodoulos Patsalides praised the resilience of Cyprus’ economy in the face of global challenges on Thursday, during a monthly meeting of the Cyprus Shipping Chamber (CSC).

In his address at the meeting, Patsalides stated that Cyprus is well-equipped to sustain its growth despite risks stemming from climate change and geopolitical turbulence,

Speaking on the topic ‘Cyprus and the Euro Area: Navigating Growth, Stability and Opportunities’, he explained that the economy remains strong despite external pressures.

“Geopolitical risks, such as the ongoing war in Ukraine and conflicts in the Middle East, alongside rising international tensions, have increased economic uncertainty,” he observed.

He also said that “amid these challenges, the Cypriot economy has consistently demonstrated remarkable resilience and flexibility.”

This resilience, he continued, is clearly reflected in the recent upgrades by international credit rating agencies to category ‘A’, which further strengthen Cyprus’ reputation in international financial markets. 

A project to install electric ground power units (GPUs) for aircraft at Larnaca and Paphos airports is among 39 projects to be funded by the European Union, it emerged on Friday.

The project’s aim is to support the development of alternative fuel infrastructure in road, maritime and air transport.

Commissioner for sustainable transport and tourism Apostolos Tzitzikostas said the project “will add nearly 5,000 new charging points, including 626 mega-watt chargers, helping citizens choose zero-emission vehicles and contribute to a cleaner environment,” EU-wide.

The project to be funded in Cyprus is being coordinated by Hermes Airports, and aims to install 14 fixed power units and provide 17 mobile GPUs at Larnaca airport, as well as 17 fixed power units and 5 mobile GPUs at Paphos airport.

The proposed subsidy for the project amounts to about €3.6 million from the Connecting Europe fund, through its specialised alternative fuels infrastructure facility (AFIF) by which the EU is investing a total of €422 million, according to a press release by the European Commission.

The Cyprus Stock Exchange (CSE) ended Friday, February 7, with gains.

The general Cyprus Stock Market Index stood at 224.14 points at 12:56, reflecting a rise of 0.21 per cent.

The FTSE / CySE 20 Index was at 136.06 points, representing an increase of 0.23 per cent.

The total value of transactions came up to €195,456, until the aforementioned time during trading.

In terms of the sub-indexes, the main, alternative and investment firm indexes rose by 0.26 per cent, 0.04 per cent, and 0.31 per cent respectively. The hotel index remained unchanged.

The biggest investment interest was attracted by the Bank of Cyprus (+0.4 per cent), Demetra (no change), Constantinou Bros (-9.52 per cent), LCP Holdings and Investments (-10.00 per cent), and Leptos Calypso Hotels (no change).