Cyprus Business Now

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President Nicos Christodoulides on Tuesday stressed the need for a unified approach and solid public-private cooperation to address the challenges currently facing the shipping industry.

Speaking at the 35th annual general assembly of the Cyprus Shipping Chamber in Limassol, Christodoulides emphasised the government’s commitment to gender equality in shipping and the effective measures that have recently spurred growth in the sector.

President Christodoulides highlighted significant achievements over the past six months, including a 5.5 per cent rise in the fleet of Cypriot-flagged ships and a 14 per cent increase in the number of companies registered under the Cyprus Commercial Shipping Capacity Tax System.

 

It is unclear who is right in the Vasiliko liquified natural gas (LNG) terminal dispute, and the state is locked into a situation from which it will be difficult to extricate itself, energy expert Charles Ellinas said on Tuesday.

Speaking to state broadcaster CyBC, Ellinas noted it was imperative for a compromise to be reached, since the terminal would save close to €300 million every year in fuel costs.

“With every year of the project remaining half-finished, we lose this amount,” Ellinas said.

 

Cyprus witnessed a decline in air passenger traffic in April of this year, despite record highs in the preceding months, according to a report by Hermes Airports.

The downturn is attributed to the escalating crisis in the Middle East following an Iranian attack on Israel in April, which led to the closure of airspaces in Israel, Lebanon, and Jordan. This disruption negatively impacted flights to and from these regions.

Paphos Airport was hit hardest by the reduced air passenger volume. In April 2024, total passenger traffic across both Larnaca and Paphos airports stood at 959,300, compared to 966,300 in April 2023 and 864,900 in April 2019.

 

The inaugural Green Agenda Cyprus Summit, held on Monday in Nicosia, highlighted the vision and actions necessary for the green transition of the Cypriot economy.

The event, supported by Hellenic Bank, focused on the risks posed by climate change and their impact on human life, the banking system, industry, real estate, and the insurance sector.

In his speech, acting CEO of Hellenic Bank Antonis Rouvas stressed that the bank has set clear goals and indicators to reduce its environmental footprint.

He explained that the new ESG (Environmental, Social, Governance) Strategy aims to benefit all stakeholders, including customers, employees, investors, and society at large.

“We are committed to achieving carbon neutrality by 2050, which we will accomplish through our operations, the financing we offer, and our investments,” Rouvas stated.

 

One in two Cypriots feel confident about starting a business, while more than half believe they possess the necessary skills to be successful in business, according to the results of the Global Entrepreneurship Monitor (GEM).

This year’s findings from a sample of over 2,000 respondents suggest an optimistic outlook on entrepreneurship in Cyprus, despite some challenges.

Specifically, 52.7 per cent of respondents believe they have the necessary entrepreneurship skills, while 48.4 per cent think that starting a business in Cyprus is easy.

Interestingly, only 26.8 per cent see viable business opportunities in their local area, a notable decrease of 23.4 per cent from last year.

 

Despina Panayiotou Theodosiou was awarded the first Gender Equality Award in Cyprus Shipping during a celebratory event on Monday evening in Limassol.

The ceremony, organised by the Deputy Ministry of Shipping to mark the International Day for Women in Shipping, recognised Theodosiou’s leadership as CEO of Tototheo Maritime Group and her former role as president of the Women’s International Shipping and Trade Association (WISTA International).

Shipping Deputy Minister Marina Hadjimanolis, acting on behalf of President Nikos Christodoulides, bestowed the award.

 

Private wealth manager Christopher Zachariou recently spoke to the Cyprus Mail about the need to make informed financial decisions, the importance of long-term thinking, the value of professional advice, and what young people can learn from previous generations.

“In my approach to guiding young Cypriots towards financial success, I stress the importance of selecting the right investment vehicles tailored to individual circumstances. Whether it’s stocks, bonds, mutual funds, or real estate, the key is to choose investments that align with long-term goals,” Zachariou said.

“I advocate for the establishment of personal pension plans to supplement retirement income, rather than solely relying on the state pension provided by the Cyprus government. Diversifying sources of income ensures greater financial security in the long run,” he added.

 

The Cyprus Chamber of Commerce and Industry (Keve) on Tuesday welcomed the signing of a Memorandum of Understanding (MoU) between the Enterprise Europe Network (EEN) Cyprus and the European Digital Innovation Hub Cyprus (DIGINN).

According to the announcement, “this partnership marks a significant step towards enhancing the digital transformation and competitiveness of small and medium-sized enterprises (SMEs) in Cyprus“.

Moreover, the collaboration between EEN Cyprus and DIGINN aims to provide comprehensive support to Cypriot SMEs through various initiatives.

“The MoU underscores the commitment of both European networks to create a supportive environment for Cypriot SMEs, facilitating their growth and adaptation to the digital economy,” the chamber said.

 

The Cyprus Stock Exchange (CSE) ended Tuesday, May 21 with profits.

The general Cyprus Stock Market Index was at 159.88 points at 12:38 during the day, reflecting an increase of 1.08 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 97.19 points, representing a rise of 1.09 per cent.

The total value of transactions came up to €345,800 until the aforementioned time during trading.

In terms of the sub-indexes, the main and alternative indexes rose by 1.3 per cent and 0.09 per cent respectively. The investment firm index increased by 0.35 per cent while the hotel index remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (+2.81 per cent), Hellenic Bank (+0.8 per cent), Logicom (+0.65 per cent), Atlantic Insurance (no change), and Lordos Hotels (no change).

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