Fitch Ratings on Monday upgraded the Shareholder Support Rating (SSR) of Hellenic Bank Public Company Limited (Hellenic Bank) to “bb” from “bb-“. According to the agency, this follows the recent upgrade of Eurobank S.A.’s Long-Term Issuer Default Rating (IDR) to “BB+” from “BB”. Eurobank, which holds a 55.9 per cent stake in Hellenic Bank, is […]

Cyprus’ competition watchdog has ruled that competition in the country’s banking market remains healthy, approving Eurobank’s acquisition of a 26.1 per cent stake in Hellenic Bank. With the transaction, Eurobank now controls 55.9 per cent of Hellenic Bank shares. The Commission for the Protection of Competition’s (CPC) decision, which was made public in the Official […]

Business accelerator Kinisis Ventures on Monday announced the launch of Kinisis Venture Fund II (KVF II), a new investment fund under the KV Kinisis Ventures Fund in Cyprus. According to an official announcement, the new fund seeks to build on the success of its first fund and recent US partnerships. In addition, the move seeks […]

Cyprus, the sun-soaked Mediterranean island, has long been known for its pristine beaches and ancient ruins. But in recent years, a new attraction has been drawing a different kind of visitor: entrepreneurs and investors looking to tap into the country’s growing startup ecosystem. While the island’s favourable tax regime has certainly played a role in […]

Here are the top business stories in Cyprus from the week starting September 9: Influencers in Cyprus are currently facing increased scrutiny as authorities ramp up checks on tax compliance and transparency in advertising. This initiative aims to protect consumers and follows new EU regulations mandating influencers to disclose their commercial interests in posts. Content creators on platforms […]

Inside BEONIX 2024: international artists are coming to the island for a three day fiesta Four stages, a stellar line-up of both international and local DJs, immersive art installations and visual effects and three long nights of electronic music are coming up as the BEONIX Festival prepares to shake up Cyprus. But could the island become an […]

Life wasn’t easy for this artist. But his deep love for the island and remarkable talent have left a legacy that most of us will instantly recognise Every postcard, mug, ashtray or keyring that depicts a map of Cyprus is likely based on the work of one man: an artist who – though forced from […]

The Bank of Cyprus on Friday announced an immediate reduction in its reference rate for loans linked to the European Central Bank’s (ECB) base interest rate. According to the bank, the rate will drop from 4.25 per cent to 3.65 per cent, effective from September 18, 2024. The bank explained that this move is a reaction to the ECB’s decision […]

Deputy Minister of Shipping Marina Hadjimanolis recently highlighted the importance of maritime education while speaking at the ceremony of the Merchant Marine Academy of Chios. During her speech, which took place on September 7, Hadjimanoli said that “our seafarers are the backbone of global shipping,” and stressed that “the main aim of the Deputy Ministry […]

Larnaca Marina’s berthing fees are “considered very competitive” compared to other commercial marinas on the island, according to the transport ministry. The ministry made the statement as part of its preparations for the end of the contract concerning the integrated development of Larnaca Port and Marina, which terminates on May 27, 2024. In a bid […]

The Cyprus Chamber of Commerce and Industry (Keve) this week announced the establishment of the Cyprus-Baltic States Business Association. According to an announcement from the chamber, this initiative was implemented “in the context of its continuous effort to open new roads and prospects for Cypriot companies”. The chamber explained that the new association was created […]

Visitor numbers at restaurants, cafes and bars in Cyprus reached 90 per cent of their total capacity in August, according to Neophytos Thrasyvoulou, president of the Federation of Leisure Centre Owners (Osika). Speaking to the Cyprus News Agency (CNA), Thrasyvoulou noted that “August was a positive month for the sector, although some areas, such as […]

The Central Bank of Cyprus (CBC) this week released detailed interest rate data for deposits and loans from individual credit institutions. This marks the first instance of this report being published, with the CBC saying that these will be published on a monthly basis from now on. In addition, the CBC said that this initiative, which began with data […]

The Republic of Cyprus’ airports recorded their largest ever passenger numbers during the first eight months of the year. In total, exactly 8,179,421 passengers passed through Cyprus’ two airports between January and August – a 4.7 per cent increase compared to the same period last year. This figure was bolstered by the fact that more than […]

The period between January-August 2024 recorded the highest ever passenger traffic at the Larnaka and Pafos airports, the Ministry of Transport, Communications and Works has said. The Ministry noted in a press release that airport traffic during that period reached 8,179,421 passengers, showing an increase of 4.67% compared to 2023. The steady upward trend in […]

Approximately one in four employees, estimated to number 122,315 people, are expected to work in sectors contributing to the green economy, according to Cyprus’ Human Resource Development Authority (HRDA). The European Union (EU), through its European Green Deal, has set ambitious targets that include implementing policies and measures to achieve climate neutrality by 2050. A […]