Fact: The innovation certificate offers a 50 per cent tax exemption for investments in innovative businesses, with a total of 38 certificates granted to qualifying applicants last year.
The auditor-general has called on the cabinet to investigate the commissioner of Internal Audit for possible dereliction of duty, as she allegedly did not properly handle allegations of conflict of interest in her department.
The House Committee on Energy, Trade, Industry and Tourism revisited a proposal aimed at abolishing fees for innovative startups to boost innovation and entrepreneurship. The proposal seeks to eliminate financial burdens like the €165 company incorporation fee and the €2,000 fee for converting a private company into a public one, essential for accessing funds from the money market. The fee exemption would not cover fines for regulatory non-compliance. The initiative has support from various representatives, including Marios Mavrides, who emphasized the struggle of small startups, and Kyriakos Hadjiyiannis, the committee president. The Deputy Ministry of Research, Innovation and Digital Policy, represented by Elena Poulli, also supports the proposal, highlighting its potential to help innovative businesses find investors. The proposal’s compliance with state aid regulations was addressed, emphasizing the need for approval to ensure the aid does not breach selectivity principles.
Cyprus has signed an €8 million Enterprise Agreement with Microsoft to enhance digital transformation and improve public sector efficiency. The agreement, signed by the Deputy Ministry of Research, Innovation, and Digital Policy, includes the purchase of Microsoft 365 software licenses for 10,000 users. It covers email services, secure collaboration, document handling tools, cloud computing services, project management tools, reports, and the development of a custom user interface. Specialized Microsoft personnel will provide support services and executive training to upgrade the digital skills of public sector officials. This marks Cyprus Government’s first strategic agreement of this magnitude, aiming to implement a flexible work framework in the public sector. Deputy Minister Nikodemos Damianou views this as the start of expansive cooperation with Microsoft towards achieving Cyprus’ strategic objectives. Microsoft’s Managing Director for Greece, Cyprus, and Malta, Yanna Andronopoulou, highlighted the agreement’s importance for Cyprus’s digital future, aiming to boost public sector efficiency and enhance citizen services.
– 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.