About Cyprus Business Now

About Cyprus Business Now

Cyprus’ tourism revenue surged by 15 per cent year-on-year in February 2024, marking a significant recovery following a slight 0.9 per cent dip in the first month of the year, according to a report released on Friday by the Cyprus Statistical Service (Cystat).

The report, which utilised data collected by the traveller survey, revealed that tourism revenue in February 2024 reached €65.1 million, compared to €56.6 million in the same month of the previous year.

Moreover, for the January-February 2024 period, tourism revenue totalled €110.3 million, compared to €102.2 million during the same period in 2023, reflecting a year-on-year increase of 7.9 per cent.

In addition, the report showed that per capita spending saw a rise in February, reaching €521.01 compared to €475.39 in February 2023, marking a 9.6 per cent increase.

The Bank of Cyprus (BoC) on Friday released a statement notifying its shareholders that they can now receive their dividends electronically, while also providing them with the necessary information to carry this out.

“The Bank of Cyprus continues creating value for its shareholders,” the bank said.

“In this context, and subject to approval by the European Central Bank of a cash dividend payment, it enables its shareholders to receive their upcoming and any future dividends electronically,” it added.

The Cyprus Mail recently had the opportunity to sit down for a one-on-one interview with Timur Turlov, the 36-year-old CEO of Freedom Holding Corp., to discuss the company’s growth trajectory and strategic priorities, particularly in relation to Freedom24, the company’s European division, which is headquartered in Cyprus.

The interview took place in April, in the context of the LD Micro conference, a platform for small and micro-cap companies to engage with investors. Notably, Freedom Holding Corp. transitioned from being a participant at the LD Micro conference some years ago to acquiring the platform in 2023 as part of its US business expansion.

“In Cyprus, which is the base for our European business, we have a large team, one of the biggest in Europe, with more than 300 people working in our Limassol office,” Turlov told me, noting that “most of our talented employees are based in Cyprus”.

The United Arab Emirates (UAE) tourist market for Cyprus is steadily on the rise, according to Deputy Minister of Tourism Kostas Koumis, who stressed the need for increased attention to Middle Eastern and Asian countries.

Speaking following the conclusion of meetings at both the Arabian Travel Market tourism exhibition and the AIM Congress, Koumis stated that discussions during these events explored the possibility of new promotional actions, which “are now firmly on the path to implementation”.

A statement released on Thursday by the Tourism Ministry noted that Koumis led a delegation to the Arabian Travel Market 2024 exhibition in Dubai, accompanied by industry partners.

Hellenic Bank is set to release its quarterly financial results for the year 2024 on May 24, according to an official announcement by the bank.

According to the announcement, the bank’s board of directors will convene on Thursday, May 23, 2024, to examine, among other things, the financial results of the Hellenic Bank Group for the first quarter of the year 2024.

The financial results for the first quarter of 2024 will be disclosed at the Cyprus Stock Exchange (CSE) and the Cyprus Securities and Exchange Commission(CySEC) on Friday, May 24, 2024, before the commencement of the trading session.

Cyprus’ trade deficit narrowed sharply in the first quarter of this year annually, mainly reflecting the deceleration in prices and inflation, according to a report by the Cyprus Statistical Service (Cystat).

According to the report, the trade deficit stood at €1.7 billion for the January-March 2024 period, compared to €2.56 billion in the corresponding period of 2023, recording a decline of almost 34 per cent year-on-year.

Total imports of goods for the January-March 2024 period were €2.51bn compared to €3.52bn for the January-March 2023 period, marking a decrease of 28.4 per cent.

The future of the maritime industry is set to be a focal point at the Poseidonia 2024 World Expo, where a wide range of critical industry issues will be analysed by representatives and experts.

The event, which will take place from June 3 to 7 in Athens, Greece, will feature more than 65 seminars and conferences, providing substantial food for thought on the future of shipping.

Significantly, many Cypriot shipping companies and professionals will also be attending, emphasising the event’s broad international appeal and importance.

The cost of coffee fell in Cyprus between March 2023 and March 2024, according to the European Union’s statistical service Eurostat.

On average, coffee cost 2.3 per cent less in March this year than it did 12 months prior, with Cyprus being one of 12 EU member states to see its coffee prices fall over the same period.

Despite these decreases, the average price of coffee across the EU rose by one per cent over the same period.

This average growth was fuelled by countries such as Croatia, Romania, and Bulgaria, where coffee prices grew by 7.4 per cent, 6.8 per cent, and 6.6 per cent respectively over the same period.

The Cyprus Stock Exchange (CSE) ended Friday, May 10 with profits.

The general Cyprus Stock Market Index was at 149.91 points at 12:54 during the day, reflecting an increase of 0.77 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 91.09 points, representing a rise of 0.80 per cent.

The total value of transactions came up to €724,209 until the aforementioned time during trading.

In terms of the sub-indexes, the main, alternative and investment firm indexes rose by 0.74 per cent, 1.22 per cent and 0.58 per cent respectively. The hotel index remained unchanged.

The biggest investment interest was attracted by the Bank of Cyprus (+1.01 per cent), Hellenic Bank (-0.85 per cent), Logicom (+3.45 per cent), Demetra (+0.65 per cent), and Atlantic Insurance (-3.06 per cent). (Cyprus Mail)

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