The robust cash buffers of the Republic of Cyprus are expected to support the government in tackling uncertainty observed in the global economy, the Finance Ministry’s Public Debt Management Office (PDMO) has said. In its annual report for 2023, the PDMO said the government’s cash reserves at end-2023 amounted to almost €2.83 billion (deposited at […]
An event will be held during the AIM Congress 2024 in Abu Dhabi next week to highlight the potential investment opportunities on offer in Cyprus to a crowd of affluent investors. In an open invitation, the Ambassador of the Republic of Cyprus to the United Arab Emirates, Meropi Christofi, extended an invitation to potential investors […]
Economic sentiment in Cyprus improved in April after two months of deterioration, as the Economic Sentiment Indicator (ESI-CypERC) increased by 0.8 points compared with March. According to the Economic Research Center of the University of Cyprus (CypERC) the increase in the ESI-CypERC was driven by gains in business confidence in all sectors. The Services Confidence […]
ENI’s discoveries in Cyprus’ exclusive economic zone (EEZ) and the scenarios for the utilization of the confirmed drillings as well as the preferred solutions to efficiently meet domestic energy priorities were discussed in a meeting of the president of the republic, Nikos Christodoulides, with ENI’s Chief Executive Officer Claudio Descalzi on Tuesday in the presence […]
Cyprus residents’ spending on travel abroad reached €1.39 billion in 2022, marking a significant bounce-back year for travel compared to 2021, when pandemic restrictions were still heavily impacting global mobility. According to data released on Tuesday by the Cyprus Statistical Service (Cystat), a total of 158,294 residents embarked on international trips for personal reasons in 2022. This figure represents […]
The Public Debt Management Office (PDMO) released its annual report for 2023 on Tuesday, stating that the robust cash reserves of the Republic of Cyprus are expected to support the government in tackling the uncertainty observed in the global economy. According to the report, the reserve of liquid assets at the end of 2023 amounted to nearly €2.83 billion […]
Agriculture Minister Maria Panayiotou called for an increase in the de minimis threshold regarding state aid in agriculture to €50,000 per single enterprise during the EU Agriculture and Fisheries Council, which was held in Luxembourg on Monday. It should be noted that this move supported an initiative by Germany, along with 13 other Member States. […]
The Industrial Production Index in Cyprus experienced an increase of 6.7 per cent year-on-year in February, reaching 103.4 points, with 2021 acting as the base year with a value of 100 units, according to a report released this week by the Cyprus Statistical Service. Focusing on sectoral performance, the manufacturing sector experienced a growth of 6.9 per […]
Cyprus Stock Exchange senior officer Eliza Stasopoulou recently released a piece of analysis underlining how important it is for companies to implement corporate governance and social responsibility policies. She noted that this sector has been under constant scrutiny and discussion at various conferences across Europe and globally in recent years. This ongoing examination aims to enhance and evolve […]
The Deputy Ministry of Shipping on Monday released a statement recapping minister Marina Hadjimanolis’ visit to China, where she held meetings with executives from shipping companies, brokerage firms, financial institutions, and local officials in Guangzhou. According to the announcement, Hadjimanolis’ visit to Guangzhou, from April 25 to 27, coincided with the naming ceremony of the newly […]
International credit rating agency Moody’s has given a positive assessment on the mooted move by Hellenic Bank to acquire the operations of CNP Insurance in Cyprus and Greece, stating that it will help strengthen the bank’s activity network and revenue streams, thus reducing its dependency on interest income. According to Moody’s, as stated in the […]
Deputy Minister of Tourism Kostas Koumis has said that tourism is demonstrating an upward trend, noting that quarterly results demonstrate an increase of more than 5% compared to the previous year. In statements after a visit to the tourist areas of Protaras and Ayia Napa on 26 April, Koumis welcomed the fact that beaches and […]
Overseas travel from Cyprus showed a significant increase in the first quarter of 2024, which is mainly attributed to the fact that there were three consecutive three-day weekends in March. According to data announced by CySTAT, the number of overseas trips taken by Cypriots (and permanent residents of Cyprus) reached 128,085 in March compared to […]
From partying in LA to a semi-rural life in Larnaca, one man is always dressed to impress. THEO PANAYIDES finds him where art and engineering meet There’s a phrase that recurs in my conversation with 72-year-old Hi Tek Alexander (né Alexandros Tasou): “You cannot believe [it]”. It pops up now and then, a few days before […]
Hellenic Bank on Thursday announced that it has entered into exclusive negotiations and a put option with CNP Assurances for the acquisition of its subsidiary CNP Cyprus Insurance Holdings Limited, which operates in Cyprus and Greece. CNP Cyprus Insurance Holdings Limited consists of CNP Cyprialife Ltd, CNP Asfalistiki Ltd, CNP Zois SA and CNP Cyprus Properties […]
External reasons, combined with Cyprus’ economic conditions, are affecting both local and international demand in the local property sector, according to Michalis Tsangarides, director of Delfi Partners, who noted that foreign investors continue to sustain the market domestically. In a recent analysis piece, Tsangarides noted that during the first quarter of 2024, the market showed varied […]