Cyprus Business Now: weekly wrap-up

Here are the top business stories in Cyprus from the week starting November 20:

Energy Minister George Papanastasiou on Monday opened this year’s Industry Week by reaffirming the government’s resolve to support the sector in Cyprus, underpinned by its commitment to the national industrial policy spanning the 2019-2030 period.

Leading European on-demand transportation platform Bolt on Monday announced the launch of electric scooter rentals in the Greater Nicosia area.

The Cyprus Shipping Chamber (CSC) on Monday released a statement welcoming the launch of the one-stop shipping centre at the Deputy Ministry of Shipping, effective from November 20.

Outgoing Larnaca Chamber of Commerce (Evel) president Stavros Stavrou this week announced plans to run for the position of president at the Cyprus Chamber of Commerce and Industry (Keve).

Hellenic Bank on Tuesday announced robust financial results for the first nine months of 2023, posting an after-tax profit of €240.7 million, primarily attributed to increased interest income derived from placements with Central Banks, other financial institutions, and debt securities.

The Bank of Cyprus’ Innovation Centre, known as IDEA, this week officially announced the commencement of new applications from people with innovative ideas that have the potential to transform into fledgling enterprises.

The ability of Cypriot banks to reduce operating costs while investing in digital transformation will be key to offsetting inflationary pressure and still-high credit provisions, rating agency Standard and Poor’s said on Tuesday.

The annual growth rate of Cyprus’ Composite Leading Economic Index (CLEI) remained positive in October 2023, despite a slight deceleration, according to the University of Cyprus Economic Research Centre.

Scope Ratings, a German rating agency, this week upgraded the long-term rating of the Republic of Cyprus from BBB to BBB+, maintaining a stable outlook for the Cypriot economy.

This upgrade, according to the German agency, is attributed to Cyprus’s robust economic fundamentals, extremely favourable fiscal prospects, the positive trajectory of its public debt, and the improvement in the vulnerabilities of its banking sector.

The European Commission this week projected a significant 30 per cent decrease in Cyprus’ public debt, as a percentage of its Gross Domestic Product (GDP), by the end of 2024.

This projection was voiced within the framework of the European Semester, as the Commission greenlit the draft of Cyprus’ state budget for 2024, aligning it with the Council’s recommendation from July 14, 2023.

Cyprus’ transport and storage sector experienced a robust annual growth of nearly 10 per cent during the third quarter of 2023, according to a report released this week by the Cyprus Statistical Service (Cystat).

The Nicosia Chamber of Commerce & Industry (Evel) held its annual general assembly this week, highlighting critical proposals aiming to boost development in the Cypriot capital, improve the quality of life, and preserve its historical character.

The founder of I.G. Perfect eClass Limited, a Paphos-based startup, spoke to the Cyprus Mail this week, detailing its commitment to innovation and resilience in redefining corporate learning.

Alpha Bank Cyprus on Friday announced that it expanded its product range by offering a new deposit interest rate of 2.75 per cent annually for deposits exceeding €100,000.

Cypriot Deputy Minister of Tourism Kostas Koumis took part in the ‘Mediterranean Tourism Forum Minister’s Summit’ this week, calling for pragmatism in the implementation of climate change plans in the tourism industry, while also outlining proposals related to the extension of the tourist season.

In a groundbreaking development reflecting the International Maritime Organisation’s (IMO) commitment to gender equality, Despina Theodosiou, a notable figure in the Cypriot shipping industry, has been honoured with the inaugural IMO Gender Equality Award.

This historic decision was announced during the 130th Session of the IMO Council in London, on November 23, aligning with the concurrent 33rd IMO Assembly.

The Construction Materials Price Index in Cyprus experienced a marginal decrease of 0.13 per cent in October compared to the previous month, according to the latest report from the state’s statistical service.

The Cyprus Chamber of Commerce & Industry (Keve) on Monday announced that in the context of its continuous effort to open new roads and prospects for Cypriot companies, has established the Cyprus-Philippines Business Association.

Keve noted that the ultimate goal of the association is to promote, grow and encourage economic and trade relations between Cyprus and the Philippines.