Motor vehicle sales rose by 26% year on year in the first three months of 2023, totaling 12,827 compared with 10,193 in the respective period of last year. Data published by Cystat, show that saloon cars’ sales rose by 23.3% reaching 10,189 for the period of January – March 2024, compared with 8,264 in the […]

Ministry of Agriculture Permanent Secretary, Andreas Gregoriou, attended an informal meeting of EU Agriculture Ministers, in Belgium, held under the Belgian presidency of the Council of the EU. He spoke of the importance of a holistic approach in protein production and consumption, as well as of the necessity for food security, through the employment of production […]

The government’s discussions with Chevron are progressing well, stated President Christodoulides yesterday, expressing hope for announcements soon. Speaking at the 14th Economic Congress of Nicosia, he also mentioned that in the coming days, the CEO of ENI, Claudio Descalzi, is expected in Cyprus to present the development plan for the licensed fields. A priority for […]

Minister of Agriculture, Maria Panayiotou, praised the economic value of the wine industry and revealed plans for global promotion through international events and financial support. She highlighted the government’s commitment to supporting the wine sector, emphasizing its potential to drive the country’s economic development. This sentiment was expressed during her speech at the 11th Cypriot […]

The Deputy Ministry of Shipping will participate in the ‘Sea Japan’ international shipping exhibition in Tokyo, from April 10 to 12. In an announcement, it said that ‘Sea Japan’, an international maritime exhibition, which is held every two years, has established itself among the most important such exhibitions in Asia. The exhibition, first held in 1994, […]

The Cyprus Statistical Service (Cystat) has released a report ‘Registration of Motor Vehicles’ for January-March 2024, highlighting a market where electric and hybrid cars, along with motor coaches, buses, and cargo-carrying vehicles are on the rise, while petrol and diesel cars, rental cars, and passenger saloon cars are experiencing a decline. In March 2024, the total registrations of motor vehicles slightly […]

Banking and FinanceBusinessCyprusCyprus Business News Keravnos targets enrichment of economic model By Souzana PsaraApril 9, 20240 Comments76SHARE0 The enrichment of Cyprus’ economic model is of vital importance, said the finance minister, Makis Keravnos, stressing that “the bet is to maintain the investment level” which was objective of the government’s economic policy.  Speaking at the 14th Nicosia […]

Intership Navigation will be investing in digital ship management solutions following a management buyout which led to a strategic partnership with MariApps Marine Solutions   Through this partnership, Limassol-based Internship, which manages a fleet of 100 ships, will implement MariApps’ smartPal suite, covering various operations.  MariApps Marine Solutions is a maritime digital solutions company focused on […]

The profitability of the Cyprus banking sector remarkably spiked by an annual 644 per cent in 2023, reaching €1.27 billion. This significant increase was fueled by the high-interest environment, according to data released by the Central Bank of Cyprus (CBC). According to the aggregate Cyprus banking sector data published by the CBC, net interest income for […]

Real estate transactions hit an all-time high in Cyprus last year, Deloitte has said in a report, noting that interest was focused on the residential market and on the seaside city of Limassol. It also said that it expects interest to remain strong this year, though luxury condos in high-rise developments may see a decline. […]

The government’s main concern is to improve businesses’ access to funding, which is something that has been discussed with the newly-appointed Central Bank Governor, President Nikos Christodoulides said addressing the 14th Nicosia Economic Congress. The President also revealed that the action plan for the establishment of the National Development Agency will be revealed to the […]

The services sector performed very well in 2023 said the Employers and Industiralists Federation (Oev), with significant improvements registered in several key areas.   Notably, the indicators for accommodation and catering services saw an impressive increase of 18.9 per cent, administrative and support services grew by 15.5 per cent, professional, scientific, and technical activities by 2.7 […]

Kedipes has announced a new repayment plan for non-performing loans (NPL) that would be secured by a primary residence, with a market value of up to €350,000.   In a detailed statement, Kedipes said that this initiative is part of its long-term commitment to finding consensual solutions tailor-made for the specific circumstances of each borrower. Working […]

Minister of Energy, Commerce and Industry George Papanastasiou has departed for Tokyo, Japan, where he will participate as head of a business delegation in the Cyprus-Japan Business Forum on 9 April. The event is being co-organised by the Ministry of Energy, the Cyprus Chamber of Commerce and Industry and the Republic of Cyprus Trade Centre […]

Finance Minister Makis Keravnos said the government’s goal is to create a fully digitalised state offering quality services, addressing a gathering over the weekend. The summit, entitled “The future of Business: Adapting to a Changing Landscape”, was organised by CIM, the Cyprus Business School at the Bank of Cyprus headquarters in Nicosia. Speaking about the digital transition, […]

Cyprus’ General Government surplus exceeded half a billion in the first two months of 2024 marking an increase of 34% compared with the respective period of last year. According to preliminary data released by the Statistical Service of Cyprus (CyStat), the general government fiscal results indicate a surplus of €534.8m, representing 1.7% of GDP, for […]