CyprusBusinessNow

Cyprus Business Now

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Cyprus Business Now

– The Cyprus Employers & Industrialists Federation (Oev) expressed satisfaction with the approval of the Grants Scheme for Energy Upgrade and Competitiveness Enhancement for Large Enterprises.
– The proposal was approved by the Cabinet after being put forward by the Minister of Energy, Commerce, and Industry.
– The Grants Scheme was initiated by Oev in 2020 to support large enterprises, particularly in the manufacturing sector, to enhance their competitiveness and contribute to the economy.
– The Ministry of Energy stated that the financial support will cover eligible expenses for energy-saving investments and transitioning to a circular business model.
– The total amount allocated for the scheme is €17 million, divided into two categories: up to €7 million for the manufacturing sector and €10 million for all eligible sectors.
– Large enterprises in the Manufacturing Sector can receive grants under the General Block Exemption Regulation and/or the De Minimis Regulation, with a maximum grant of €750,000 per enterprise.
– The Scheme Guide is available on the website of the Industrial Development Service.
– The Cyprus Shipping Chamber (CSC) announced that its Director General, Thomas Kazakos, is the first lobbyist registered in the Anti-Corruption Authority’s Lobbyists Registry.
– The CSC responded to the authority’s call for registry applications in November 2023.
– The CSC’s registration reflects its commitment to transparency and ethical standards in lobbying.
– The Cyprus Stock Exchange (CSE) reported profits on Wednesday, February 7.
– The general Cyprus Stock Market Index was at 139.71 points, a 0.41 per cent increase from the previous day.
– The FTSE / CySE 20 Index was at 84.85 points, a 0.43 per cent rise.
– The total value of transactions was €175,575.
– Sub-indexes for the main, alternative, investment firm, and hotel sectors grew by various percentages.
– Specific companies such as Vassiliko Cement Works Public Company, the Bank of Cyprus, the Cyprus Cement Company, Demetra Holdings, and Petrolina Holdings attracted significant investment interest.

Cyprus Business Now

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Cyprus Business Now

– The Cyprus Chamber of Commerce and Industry (Keve) announced an online course through its I-STARS project.
– The course is focused on building competencies and skills in energy management for tourism enterprises.
– The I-STARS eLearning platform provides knowledge and practical skills for managing energy consumption in businesses.
– The course includes concepts and techniques for energy reduction, insights into renewable energy, staff training, and guest education.
– Participants will learn about conducting energy audits, formulating energy management plans, and exploring financial options for energy-saving initiatives.
– The course aims to reduce operational costs, enhance sustainability, and ensure compliance with environmental regulations for SMEs in the tourism sector.
– The I-STARS eLearning platform offers training courses in digital upskilling, food waste management, stakeholder engagement, waste management, and water management.
– The I-STARS project is a collaboration coordinated by Keve with partners from Greece, Ireland, Italy, and Spain, co-funded by the European Union.
– The project aims to enhance sustainability knowledge and practices of tourism SMEs.

– 30 new members received the title of Charterholder of the Chartered Financial Analyst (CFA) Institute conferred by the Cyprus Society of Financial Analysts (CFA Society Cyprus).
– The new members completed three examinations set by the CFA Institute and amassed 4,000 hours of professional experience.
– The CFA Institute has over 200,000 members globally in financial analysis, investments, and asset management.
– The CFA Charter is considered a prestigious credential in the financial industry.

– The Cyprus Stock Exchange (CSE) experienced negligible losses on Tuesday, February 6.
– The general Cyprus Stock Market Index was at 139.46 points, a decrease of 0.03 percent from the previous day.
– The FTSE/CySE 20 Index was at 84.69 points, a drop of 0.02 percent.
– The total value of transactions was €72,157.
– The main index fell by 0.06 percent, the alternative index rose by 0.2 percent, and the hotel and investment firm index remained unchanged.
– Investment interest was shown in the Bank of Cyprus, Hellenic Bank, Logicom, Petrolina, and Vassiliko Cement Works Public Company.

Cyprus Business Now: weekly wrap-up

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Cyprus Business Now: weekly wrap-up

Here are the factual points extracted from the text:

1. The Cyprus Shipping Chamber (CSC) announced that it is marking 35 years of successful operation since its establishment on January 26, 1989.
2. The Cyprus real estate data analytics firm Ask Wire released a report outlining the ten most lucrative property transactions completed in Cyprus during 2023, with a focus on high-value deals in the district of Limassol.
3. The European Central Bank (ECB) kept interest rates unchanged at a record high on January 25 and did not indicate a shift towards policy easing.
4. Wargaming, an online game developer and publisher headquartered in Nicosia, announced opportunities for students and recent graduates in 2024, including six online gaming educational courses.
5. Cyprus’ Deputy Ministry of Tourism sees an opportunity for increasing tourist arrivals from Switzerland, estimating visits to reach 80,000 in 2023, up from 73,000 in 2022, marking a 20 percent increase.
6. The President of the Cyprus Institute, Stavros Malas, presented a proposal for the establishment of a Centre of Excellence for Smart and Sustainable Farming (SMARTFARM).
7. The Economic Sentiment Indicator (ESI) in Cyprus increased by 2.3 units in January 2024 compared to December 2023, primarily due to a stronger business environment in the services sector.
8. TechIsland and Adsterra launched an educational programme called “Advocate For Yourself” under the Women in Tech Cyprus initiative.
9. Mark Rachovides, chairman of Venus Minerals, explained that copper prices are expected to rise by approximately 75 percent over the next two years due to supply disruptions and increased demand.
10. Finance Minister Makis Keravnos and Cyprus Central Bank governor Constantinos Herodotou discussed a potential decrease in ECB interest rates during 2024, with an expectation that rates are likely to fall before the end of the year barring unforeseen events.
11. The Bank of Cyprus returned a total of €2.2 million to up-to-date mortgage borrowers as part of their ongoing reward plan.
12. A €6.6 million project to install solar panels in 405 schools has been completed, resulting in a 30 percent reduction in total energy consumption, and was funded under the national Recovery and Resilience plan.

Cyprus Business Now

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Cyprus Business Now

– The Producer Price Index (PPI) in Cyprus’ industrial sector decreased by 4.5% in 2023 on an annual basis.
– The PPI for December 2023 was 138.5 units, with 2015 as the base year.
– The PPI in December 2023 increased by 0.2% compared to November 2023.
– The PPI in December 2023 decreased by 0.8% compared to December 2022.
– There were increases in the production of furniture, other processing activities, repair, installation of machinery and equipment (4.6%), non-metallic mineral products (4.5%), petroleum refining, chemicals, pharmaceuticals, and pharmaceutical preparations (4.1%), textile material production, clothing, and leather goods (2.2%), and the food and beverage industry (2.1%).
– There were declines in the production of basic metals and the construction of metal products (5.9%), paper and paper product manufacturing and printing (0.9%), production of rubber and plastic products (0.4%), and the manufacture of machinery and equipment, motor vehicles, and other transport equipment (0.2%).
– The Cyprus Statistical Service stated that the PPI can indicate inflationary pressures in the economy.
– The Deputy Ministry of Research, Innovation, and Digital Policy in Cyprus will hold an “Open Day” for the “ICT Re-Up Skilling” programme on February 02, 2024.
– The Cyprus Stock Exchange (CSE) ended with profits on Wednesday, January 31.
– The general Cyprus Stock Market Index was at 136.98 points, up by 0.56%.
– The FTSE/CySE 20 Index was at 83.13 points, up by 0.57%.
– The total value of transactions was €145,548.
– The main and alternative indexes rose by 0.56% and 0.42% respectively, while the investment firm index fell by 0.67%, and the hotel index remained unchanged.
– Investment interest was shown in the Bank of Cyprus, Hellenic Bank, Demetra Holdings, Logicom, and Petrolina.