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 […]
The Cyprus-Greece maritime passenger connection will run for a third consecutive year, subsidized by Nicosia following the European Commission approval. An announcement from Cyprus’ Deputy Ministry for Shipping is expected on April 16, regarding the resumption of the service, scheduled to commence on May 29. Ticket sales will begin shortly after the announcement. In 2023, […]
Career banker Christodoulos Patsalides was appointed governor of the Central Bank of Cyprus on Monday for a five-year term, the island’s presidency said. Patsalides, who will represent Cyprus on the rate-setting Governing Council of the ECB, takes up his duties on April 11, replacing Constantinos Herodotou. Patsalides has been an economic adviser to Cypriot President […]
On Saturday 6th and Sunday 7th April 2024, the Medical & Health Expo Cy is being held under the auspice of the Cypriot Ministry of Health. This is a brand-new exhibition that aims to fill a gap in the market by covering the medical, paramedical and pharmaceutical sectors. The first-ever Medical & Health Expo Cy […]
Sir Stelios Haji-Ioannou has joined the board of The Hellenic Initiative (THI), an organisation investing in Greece through philanthropic actions and programmes focused on economic recovery, according to an announcement released on Friday. As part of its mission, The Hellenic Initiative seeks to “mobilise people to address the consequences of the crisis, empower entrepreneurship, and create […]
Cyprus witnessed a notable increase in total new loans in February 2024, reaching €575.5 million, compared to €462.7 million in the previous month, according to a report released on Friday. This surge is attributed to a rise in loans extended to companies, amounting to approximately €130 million. In addition, while the interest rate on loans to companies increased, […]