Here are the top business stories in Cyprus from the week starting September 23:
On Monday, Stella Ioannidou, a financial market infrastructures and payments expert at the Central Bank of Cyprus (CBC), clarified that the digital euro will offer the same level of privacy as cash notes. Addressing concerns raised by citizens across the euro area, Ioannidou debunked the myth that the state would monitor and control buying habits. She emphasised that the digital euro would provide privacy protection akin to cash.
Meanwhile, Andreas Poullikas, chairman of the Cyprus Energy Regulatory Authority (Cera), stressed the need for a long-term energy strategy in Cyprus. In a recently published analysis, Poullikas highlighted the importance of affordable energy services for sustainable development while addressing the challenge of minimising environmental and health impacts.
On the financial front, the Bank of Cyprus marked a milestone on Monday by resuming trading on the Athens Stock Exchange (ATHEX) after a seven-year hiatus. The bank stated that its return to the ATHEX is aligned with its long-term growth strategy and aims to create value for shareholders and clients.
Simultaneously, the Cyprus Chamber of Commerce and Industry (Keve) and Invest Cyprus co-organised a forum to promote Cyprus as a gateway for Lebanese businesses seeking access to the European Union. The event, titled “Discovering Cyprus: A Hub for Business Growth and Opportunities,” aimed to strengthen economic ties between the two nations.
In the maritime sector, Deputy Minister of Shipping Marina Hadjimanolis announced a 12 per cent increase in sea-going vessels registered under the Cypriot flag. During her visit to Athens, she highlighted the growing success of the Cyprus shipping registry and expressed her gratitude to industry stakeholders for their support.
In real estate, Marinos Kineyirou, president of the Cyprus Real Estate Agents Registration Council, raised concerns about illegal real estate agents defrauding buyers and tenants. He criticised the penalties imposed on offenders as insufficient to deter illegal practices, which continue to affect unsuspecting citizens.
Looking ahead, Cyprus will send a business delegation to Slovakia and the Czech Republic in November 2024 to foster collaborations in sectors such as information technology, financial services, and investment funds. This initiative is a joint effort between Keve and the Ministry of Energy, Commerce, and Industry.
Meanwhile, Artificial Intelligence (AI) is transforming the Cypriot workplace, according to chief scientist Demetris Skourides. AI is driving changes in sectors like financial services and healthcare, offering better salaries and opportunities. However, Skourides emphasised the need for Cyprus to invest in education and upskill its workforce to fully harness AI’s potential.
Regarding lending, the Central Bank of Cyprus reported a tightening of lending criteria for businesses in the second quarter of 2024, contrasting with stable conditions for households. This shift reflects banks’ reduced risk tolerance amidst broader economic uncertainty.
Furthermore, the Paphos Regional Tourism Board announced the return of free tours to the Akamas communities for the next three months. These tours, supported by the Deputy Ministry of Tourism, aim to boost visitor numbers and highlight local points of interest.
At a recent fireside chat hosted by the Business Society Accelerator (BSA), biotech entrepreneur Marianna Prokopi-Demetriades shared her journey from scientist to business leader, offering insights into innovation and leadership in the biotech sector.
In the tourism industry, Thanos Michaelides, president of the Cyprus Hoteliers Association (Pasyxe), called on professionals to promote peace through high-quality services ahead of World Tourism Day on September 27. He underscored the sector’s role in fostering peace and mutual understanding between different cultures.
Marking World Maritime Day on September 26, the Cyprus Shipping Chamber (CSC) held a meeting featuring Cecilia Müller Torbrand, CEO of the Maritime Anti-Corruption Network (MACN). The event focused on the fight against corruption in the maritime industry, emphasising the need for ongoing progress.
In international relations, President Nikos Christodoulides met with US business professionals in New York to discuss opportunities for high-quality investments in Cyprus, aiming to strengthen the economic ties between the two nations.
Finally, Proodos Public, also known as the Agros Development Company, is considering an acquisition offer for 100 per cent of its issued share capital, including the Rodon Hotel in Agros. This proposal is currently under review, with further details expected to be announced in the near future.
