Economy

Cypriots in record year-end escapades abroad

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Cypriots in record year-end escapades abroad

Cypriots are expected to surpass pre-Covid numbers with about 1.7 million packages abroad this year, according to the Association of Cyprus Travel Agents (ACTA). Greece and the UK are the top destinations for Cypriots, followed by Austria, France, Italy, Hungary, Czech Republic, Poland, Romania, and Germany. Cypriots typically travel for an average of 4 to 5 nights. Traveling during the holiday season is now more feasible and accessible for the majority of Cypriots due to increased connectivity and newly added destinations. There is also emerging interest in more distant destinations, particularly in the Far East. Preferences for destinations often depend on the availability of direct flights.

Laiki depositors applaud action on solidarity fund

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Laiki depositors applaud action on solidarity fund

Laiki depositors who lost their money in the banking crisis and economic meltdown in Cyprus in 2013 may receive a tenth of their money back next year. The Depositors Association of the former Laiki Bank has approved the government’s plan to establish the Solidarity Fund for affected depositors. An online platform has been created for depositors to submit their information, and the deadline is April 2024. The fund currently holds reserves of €230 million and real estate assets valued at €90 million. The first disbursements from the fund are expected in 2024. The Attorney General’s office is appealing recent court decisions that awarded compensation to depositors affected by the 2013 deposit haircut. The court rulings blamed the Republic of Cyprus and the Central Bank of Cyprus for negligence in allowing the crisis to occur.

Navigating the ESG landscape

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Navigating the ESG landscape

The content of the text discusses the challenges and opportunities that Cypriot businesses will face in 2024 due to the increasing importance of environmental, social, and governance (ESG) policies in Europe’s regulatory landscape. The European Council has approved a directive proposal outlining regulations for the period between 2024 and 2028. Large public-interest companies will be required to comply with non-financial reporting directives starting from January 1, 2024. From January 1, 2025, large companies not currently subject to the directive will also need to comply. Listed SMEs and other undertakings must comply from January 1, 2026, with the option for SMEs to opt-out until 2028. The adoption and adjustment to ESG principles are seen as crucial for economic resilience and maintaining a positive global reputation for Cyprus. ESG criteria are becoming an important tool for investors when assessing the sustainability and ethical impact of potential investments. The utilization of ESG criteria is evolving into an increasingly important pillar of the investment process. Investments embedding ESG criteria are estimated to exceed trillion by 2025. The adoption of ESG criteria plays a crucial role in the ratings of Cyprus’ economy. Concerns include the phenomenon of ‘greenwashing’ where companies overpromote their “green” credentials, misleading consumers and undermining trust. Standardization and regulation of ESG reporting are lacking, and stakeholders are called upon to address the issue.