Here are the top business stories in Cyprus from the week starting August 12:
The survey, which targeted residents of Cyprus, explored their preferences across various investment products, including real estate, Cyprus Stock Exchange (CSE) stocks, cryptocurrencies, global market stocks, foreign currencies and mutual funds.
In more detail, the study found that half of the respondents do not use any investment products, highlighting a significant untapped market for financial investment services in Cyprus.
Moreover, real estate emerged as the most popular investment choice, with 35 per cent of participants having invested in property.
Additionally, 27 per cent of those surveyed maintain investment portfolios in stocks, with 21 per cent invested in CSE stocks and 6 per cent in global market stocks.
Interestingly, cryptocurrencies, which attract 10 per cent of investors, are a more common investment than foreign currencies, which are chosen by 5 per cent of respondents.
“GEM Capital has further expanded its ownership in the company, demonstrating strong commitment to the team,” the company said in a statement.
It added that “this investment will support the development of the studio’s upcoming Souls-like FPS set in an Apocalyptic Wild West, enabling the team to finalise critical development stages and ensure the smooth production and launch of the game”.
The announcement also explained that Eschatology Entertainment was established in 2022 by Fuad Kuliev, Dmytro Kostiukevych, Boris Nikolaev, and Viktor Antonov.
“This deal is more than just a financial investment; it’s a collaborative journey that allows us to fully immerse ourselves in creating a world rich in atmosphere, history, and tough challenges,” said Fuad Kuliev, co-founder of the studio.
“With the support of our new partner, KRAFTON, and the ongoing teamwork with old friends GEM Capital and The Games Fund, we now have all the resources needed to bring our ambitious vision to life,” Kuliev added.
Moreover, the studio co-founder said that “it is not only an opportunity to finish a unique, strong product”.
This marks the ninth occasion that the bank has received this accolade from Euromoney.
In a statement, the bank said that the award, which assessed its performance from January 1, 2023, to December 21, 2023, “recognises the bank’s significant achievements in 2023, in the first year of the bank’s new chapter as a well-capitalised, diversified and sustainably profitable financial services group”.
Louise Bowman, editor of Euromoney, said that “the past year has been a significant one for the Bank of Cyprus because it paid its first dividend in 12 years in 2023″.
“While this was relatively small at €22 million or 14 per cent of 2022 earnings, it secured ECB approval for a 30 per cent pay-out ratio over 2023 earnings, including a share buyback for up to €25 million and a cash dividend of €112 million,” Bowman added.
According to the result, the holding company generated revenue of $451 million during the period, up 43 per cent from $316 million in the same quarter last year.
The company also noted that the increase in revenue was supported by a 51 per cent increase in interest income to $226 million, “driven by higher interest income from margin lending to customers, bank loans and trading securities”.
Moreover, insurance underwriting income surged by 188 per cent to $129 million, “driven by the expansion of insurance operations such as pension annuity and accident insurance classes”.
“Our insurance underwriting income for the three months ended June 30, 2024, was $129.4 million, an increase of $84.5 million or 188 per cent, compared to the three months ended June 30, 2023,’ the company said.
However, it should be noted that the total number and overall value of bounced cheques fell year-on-year during the first seven months of 2024.
Specifically, data released this week revealed that a total of 36 bounced cheques, valued at €60,416, were issued in July 2024.
This marks a considerable rise compared to the previous month, when 12 cheques, valued at €13,048, were recorded.
The total number of legal and natural persons added to the CIR’s preliminary list stood at 15, comprising 11 legal entities and 4 individuals.
Moreover, for the period from January to July 2024, a total of 170 bounced cheques, with a combined value of €363,363, were registered in the CIR’s preliminary list.
This represents a decrease from the same period last year, which saw 209 cheques with a total value of €615,811.
According to a report released by the Cyprus Statistical Service (Cystat), the index reached 117.65 points in July 2021, with 2021 being designated as the base year set at 100 points.
It should be noted that this represents a 0.15 per cent increase compared to June 2024.
Moreover, when compared to July of the previous year, the index experienced a decrease of 0.36 per cent.
When looking into the major product categories, and comparing to the prices recorded in July 2023, price reductions were observed in metal products, which fell by 3.94 per cent.
The report also showed that increases were reported in electromechanical goods by 3.35 per cent, minerals by 0.98 per cent, as well as mineral products, which rose by 0.75 per cent.
“Through this study, Etap Paphos aims to assess the digital competence of the destination and chart a course to remain at the forefront of digitalisation and the use of technological tools through a well-structured strategy”, the board’s announcement explained.
Specifically, the board said that the objectives of the study include evaluating the current level of digitalisation in the Paphos district as experienced by visitors, as well as assessing the effectiveness and use of digital tools by local stakeholders, partners, and businesses.
The central bank’s report showed that the total assets of investment organisations reached €6.85 billion by June 2024, up from €6.79 billion in March 2024.
Breaking down the figures, €784.7 million were held in deposits and loans, €596.8 million in debt securities, as well as €4.94 billion in shares and related securities.
In addition, €362.1 million were found in money market instruments, while €160.6 million were classed as being in other assets.
Finally, the CBC reported that the number of investment organisations also saw a slight increase, rising from 328 in March 2024 to 330 by June 2024.
According to the announcement, this 8-month remote online programme is designed for aspiring entertainment franchise directors, taking them from their initial concept to a comprehensive business documentation package for a game with franchise potential.
The company noted that the programme’s first batch, which ran from October 2023 to May 2024, successfully graduated 10 participants.
It added that these graduates developed original IP concepts spanning several genres, including stealth, action RPG, FPS in fantasy, sci-fi, as well as cyberpunk.
Mad Crusader is backed by $200,000 of the founders’ own investments and will invest $30 million in 4 rounds within 2 years.
Baker Tilly Klitou and Partners Limited has been appointed as the External Auditors of the Central Bank of Cyprus for the financial years 2023 to 2027, according to an announcement released on Monday.
The announcement noted that the appointment follows a public procurement procedure, identified as no. 03/2024, and is in accordance with applicable legislation.
The decision was confirmed on July 2, 2024, when the Governing Council of the European Central Bank (ECB) adopted Recommendation C/2024/4411 – ECB/2024/16, formally endorsing Baker Tilly Klitou and Partners Limited for the role.
“Venice and Larnaca proved popular destinations for those jetting off for some summer sun, as Doha and Dublin joined Dubai and JFK as the latest routes with one million passengers travelling to and from Heathrow this year,” the airport said.
“There were also big boosts for Orlando and many other US destinations such as Chicago, San Francisco, Boston and Dallas,” it added.
Elsewhere, Heathrow Airport released stats showing that it was Europe’s busiest airport, handling nearly 8 million passengers in July.
