Credit rating agency Moody’s on Wednesday upgraded the baseline credit assessment (BCA) and adjusted BCA of Hellenic Bank, shifting its outlook from stable to positive.

Specifically, the agency raised the bank’s BCA from ba1 to baa3, its long-term deposit rating from Baa2 to Baa1, and its senior unsecured debt rating from Ba1 to Baa3.

The decision was based on a combination of factors, including Moody’s expectations that Hellenic Bank will maintain its improved financial strength.

Additionally, the recent one-notch upgrade of Eurobank S.A.’s ratings, which now holds stable long-term deposit ratings at Baa1 and a BCA of baa3, signals a greater capacity to support Hellenic Bank if necessary.

The agency explained that Hellenic Bank’s BCA upgrade reflects expectations that the bank will sustain its improved solvency profile.

Cyprus’ Construction Materials Price Index for February 2025 recorded an annual increase of 1.38 per cent, according to the latest data from the Cyprus Statistical Service (Cystat).

Meanwhile, prices for the first two months of the year rose by 0.94 per cent.

In February, the index reached 118.56 units, with 2021 acting as the base year set at 100 points, reflecting a monthly increase of 0.82 per cent compared to January.

The hourly labour cost in Cyprus increased by 5.6 per cent in the fourth quarter of 2024, according to preliminary data published this week by the Cyprus Statistical Service (Cystat).

This rise reflects ongoing pressure in the labour market, as well as the potential impact of broader economic conditions on wages and employer contributions.

What is more, the report showed that both wages and employer contributions increased during this period.

Players from Israel, Cyprus, and Jordan topped the list of nationalities spending the most on cash wagers at casinos in 2024, according to data submitted to House institutions committee.

They were followed by players from France, Greece, Cuba, Ukraine, Syria, Russia, and Saudi Arabia.

The figures, presented during discussions on a proposed law to lift the €10,000 cash transaction limit for casino gambling, show that Israelis wagered €93 million in cash last year.

Cypriots followed with nearly €78 million, while Jordanians spent €11.5 million.

Meanwhile, French and Greek players each wagered close to €7 million, with Kuwaitis spending around €5 million.

Syrians and Ukrainians bet nearly €4 million in cash, while Russians and Saudis exceeded €2 million.

The Bank of Cyprus witnessed a surge in trading activity during the latest session at the Athens Stock Exchange.

Specifically, shares worth €32 million changed hands through the sale of large stock packages at prices ranging between €5.54 and €5.74.

What is more, the bank’s stock reached its highest level since its return to the Athens Stock Exchange in September 2024, closing at €5.82 per share, marking an increase of 3.93 per cent.

At the same time, the share price also closed at a historic high on the Cyprus Stock Exchange, at €5.80 per share, reflecting a 4.32 per cent rise.

The Association of Cyprus International Financial Firms (ACIFF) used its annual general meeting to focus on the evolving regulatory landscape, financial resilience, and anti-money laundering (AML) compliance.

According to an official announcement from the association, discussions centred on the impact of MiCA, DORA, and AMLA regulations and the strategies needed for Cypriot financial firms to adapt to the new supervisory environment.

Senior industry executives and regulatory representatives analysed the latest developments and challenges, outlining strategies for firms to navigate the shifting market conditions.

Keynote speakers included George Theocharides, Chairman of the Cyprus Securities and Exchange Commission (CySEC), and George Karatzias, Executive Board Member of the Central Bank of Cyprus (CBC).

The Cyprus University of Technology (Tepak), the Association of Chartered Certified Accountants (ACCA), and Ernst & Young (EY) Cyprus on Wednesday announced a strategic collaboration to introduce the Accelerated Internship Route.

The programme aims to provide undergraduate students with valuable industry experience through internship opportunities at EY Cyprus.

The Accelerated Internship Route is open to students enrolled in the BSc Commerce, Finance and Shipping, BSc Management, BSc Hotel and Tourism Management, and the newly introduced BSc Finance and Accounting programmes at Tepak.

Cyprus is poised to reap significant benefits as an investment destination following last week’s approval by the Councils of a new plan to provide urban incentives for developments in both primary and secondary education sectors.

Initiated by the Ministry of Interior, this plan aims to bolster the education sector—a fundamental pillar of the state’s strategy for societal and economic development.

This dual-purpose initiative not only seeks to attract investment from both local and international sources into the burgeoning educational sector but also addresses the pressing need for more educational options.

This issue is particularly critical for expatriates working in Cyprus, whose decisions to settle permanently are often hindered by the limited educational choices for their children.

Thirteen million passengers are expected to pass through Larnaca and Paphos airports this year, Maria Kouroupi, Hermes Airports Director of Aviation Development, Marketing and Communications said on Wednesday, with an uptick from last year expected during the summer.

Extra routes and new budget airlines offering flights to and from Cyprus mean the year “started very well,” Kouroupi said.

The first three months of winter, already saw an increase of around 7 per cent compared to the corresponding period last year, she said.

She added that the company’s goal is to extend the winter tourist season and “combat seasonality” in Cyprus’ tourism sector.

Residents who joined Nicosia municipality under the new local administration reform were in for a shock in March, when they started receiving inflated annual property tax bills.

The bills appear to be up to 50 per cent higher for 2025 compared to 2024 before their municipalities merged with Nicosia.

They were also given less time to pay the taxes.

Bills for 2025 were sent out in January by post and can take up to eight weeks to reach the property owners, who have until the end of April to pay.

Last year and all years before that the deadline was the end of September.

The Great Sea Interconnector (GSI), connecting the electricity grids of Greece, Cyprus and Israel is now being handled on a diplomatic level as it has become a matter of foreign policy, Greece’s Independent Power Transmission Operator (Admie) has said.

Speaking at a conference earlier this week, Admie’s chairman and CEO Manos Manousakis said the Greek government and Admie had seen the geopolitical risk from the onset, however efforts were ongoing to keep the project alive.

Manousakis said Israel fully supported the project as it was not connected to a grid and faced challenges regarding adequate electricity supply.

So far, 160km of cable have been built and seabed investigations in the waters of Greece and Cyprus have been concluded, he said.

The rise of rural tourism boosted local economies and preserved cultural heritage in Cyprus’ countryside as overnight stays in agrotourism units followed other key indicators in the sector last year and showed a boost in numbers, it was reported on Tuesday.

Deputy minister of tourism Kostas Koumis said overnight stays in traditional accommodations increased by 14 per cent in 2024 compared to the previous year and by 36 per cent compared to 2019.

“Agrotourism contributes to the sustainability and preservation of rural communities, and that is its greatest benefit,” he said.

Cyprus is seeing a surge in tourists from Romania, with arrivals rising 120 per cent over two years, Deputy Minister of Tourism Kostas Koumis said, welcoming the decision of airline Animawings to begin flights to the island. 

According to a statement from the Deputy Ministry of Tourism, Koumis met on Tuesday with Animawings chairman Marius Pandel and his associates to discuss cooperation prospects.

He was also joined by Antonis Orthodoxou, director of the airline’s representative company in Cyprus, ‘Orthodoxou Aviation’, to explore the expansion of air links between the two countries.

The Cyprus Stock Exchange (CSE) saw a slight decline in Wednesday’s session.

As of 12:40, the general index registered at 234.84 points, showing a decrease of 0.28 per cent.

The FTSE/CySE 20 Index was down by 0.21 per cent, settling at 142.57 points.

Transaction volume by the same time reached €263,782.

Sectorally, the hotels index was the outlier, rising by 3.76 per cent.

Meanwhile, the investment sector saw the sharpest drop of 1.83 per cent, followed by the main market and the alternative market, which decreased by 0.36 per cent and 0.09 per cent, respectively.

Bank of Cyprus led in investment interest, with transactions totalling €201,520 and a share price increase of 0.34 per cent.

Other notable trades included Demetra Holdings with €31,257 (down 1.80 per cent), Hellenic Bank at €16,762 (unchanged), Logicom with €3,649 (unchanged), and the Cyprus Cement Public at €2,063 (up 1.20 per cent).

By the end of the trading, seven stocks advanced, six declined, and five remained steady across 103 transactions.