With the introduction of FuelEU Maritime restrictions, which will enforce a 2 per cent reduction in carbon intensity levels on vessels starting next year, ship owners and managers operating in and out of EU waters face a significant challenge.
Consequently, this is a pressing issue that must be addressed within the next six months. These regulations are part of the European Union’s Fit for 55 directives, aiming for a 55 per cent reduction in CO2 emissions within the EU maritime sector by 2030. Moreover, the rules mandate a gradual decrease in the greenhouse gas (GHG) intensity of fuels used by the shipping industry. The reduction begins modestly at 2 per cent in 2025 and escalates to a substantial 80 per cent by 2050. To aid ship owners and managers in navigating this intricate regulatory landscape, the Columbia Group has unveiled a comprehensive one-stop-shop platform.
In another development, the Chartered Financial Analyst (CFA) Society Cyprus elected a new board of directors at this week’s AGM. Nikos Potamaris is the new board chairman, succeeding Andreas Kleanthous, while Konstantinos Kourouyiannis, who was re-elected, kept the post of vice chairman.
Furthermore, the secretary is Natalie Philippou, who will also serve as chair of the Diversity, Equity and Inclusion Committee. Additionally, Evgeny Tarakanov takes on the role of Treasurer, Jan-Hofmeyr Retief oversees the University Relations and Equity Research Challenge Committee, Andreas Spyridis heads the Advocacy Committee, and Alexandros Klappas leads the Financial Literacy Committee.
The new chairman and board said they would utilize their expertise to strengthen the Society. Potamaris said: “As the newly elected board, we are committed to leveraging our diverse expertise to further fortify and advance our Society. Over the coming months, through a series of initiatives and pivotal events, we aim to foster relationships and common goals between the CFA Institute, our Society, local Supervisory and other Authorities, and Universities.”
This upward trend is also reflected in the first half of the year, with arrivals from January to June 2024 showing a 2.4 per cent increase, reaching 1,652,475, up from 1,613,690 during the same period in 2023. Notably, the United Kingdom continues to be the primary source of tourists, contributing 35.6 per cent of the total arrivals in June 2024, which equates to 171,704 visitors.
Other significant contributors include Israel, accounting for 10.7 per cent (51,814 tourists), Poland with 7.5 per cent (36,202 tourists), Sweden with 4.9 per cent (23,639 tourists), and Germany at 4.5 per cent (21,552 tourists).
The general Cyprus Stock Market Index recorded a decline on Wednesday. The General Index, at 12:49, stands at 163.04 points, down by 0.57 per cent.
Moreover, the FTSE/CySE 20 Index is down by 0.59 per cent, trading at 99.20 points. At the same time, the trading value is limited to €88,167.
Specifically, the individual stock market indices are down, except for hotels, which remain unchanged.
The largest decline is recorded by the Investment sector, dropping by 2.90 per cent. This is followed by the Main Market, with losses of 0.77 per cent, and the alternative market, which decreased by 0.31 per cent. Lastly, the securities attracting the most investment interest are Hellenic Bank, with €32,293 (unchanged at 0.48 per cent), Logicom with €26,610 (unchanged), Bank of Cyprus with €15,934 (unchanged), Vasilikos Cement Works with €7,790 (down by 1.11 per cent), and Atlantic Insurance with €2,809 (unchanged).
