Here are the top business stories in Cyprus from the week starting October 21: A significant share of Cypriot wealth continues to languish in low-interest bank deposits, despite alternative investment options, according to Phanos Vladimirou, senior investment specialist at Athlos Capital. He attributed this persistent trend to excess liquidity, low competition, and a lack of financial […]
Cyprus will switch to winter time early Sunday morning, with clocks moving back one hour from 04:00 to 03:00 on October 27. The time change follows the European Union’s daylight saving system, which aims to better utilise daylight hours for energy conservation. Summer time operates for seven months in Europe, while winter time (or solar […]
A group of foreign tourists from Russia and Kazakhstan arrived in Preah Sihanouk province on Friday, via charter airline, Sunday Airlines. The arrival of the first chart flight was greeted by senior officials of the province. Passengers on board were welcomed with flowers and Khmer scarfs as gifts and Chhay Yam traditional dance. The arrival […]
Intensive and persistent consultations and negotiations between Cyprus’ Natural Gas Infrastructure Company (ETYFA) as China’s CMC consortium have ‘unblocked; the procedures relating to the “Prometheus” floating natural gas gasification unit, which, based on the agreement reached, will be delivered to the Cypriot side within 60 days. This development is characterised as very important, both by […]
The Cyprus Stock Exchange (CSE) and Invest Cyprus, the country’s official investment promotion agency, signed a Memorandum of Understanding (MoU) on Friday. According to a joint statement from the two organisations, the agreement aims to strengthen their collaborative efforts in attracting investments to Cyprus. In addition, the announcement said that “the partnership will focus on […]
Cyprus’ Composite Leading Economic Index (CCLEI), maintained by the University of Cyprus’ Economics Research Centre (CypERC), recorded a year-on-year increase of 1.1 per cent in September 2024. This follows annual growth rates of 0.8 per cent and 0.4 per cent in August and July 2024, respectively, according to recently revised data. The Economics Research Centre […]
The Bank of Cyprus’ compliance team has received significant recognition from the Association of Compliance Officers in Greece, according to an announcement released this week. The Compliance Awards ceremony took place in Athens, with Greek Minister of Economy and Finance Kostis Hatzidakis in attendance. The Bank of Cyprus won the gold award for the best […]
Cyprus introduced its first zero-emission vessel, Evploia Aphrodite, at Larnaca Marina this week, with the support of Deputy Shipping Minister Marina Hadjimanolis. Evploia Aphrodite, developed by the Cyprus Marine and Maritime Institute (CMMI) with funding from the EU’s Co-Develop programme, is a fully electric vessel that reduces emissions along Cyprus’ coastline. It’s part of the […]
An increase in property sales reported yesterday by the Ministry of Interior has sparked concerns about the sector’s future trajectory, particularly for 2025, despite current positive growth indicators. Industry professionals warn that the combination of high demand, reduced supply, and delays in new stock entering the market could trigger further price increases. According to Land Registry data […]
The European Central Bank (ECB) has scope to further cut its key interest rates as inflation moves closer to its target, but it should remain vigilant about potential upside risks, according to Christodoulos Patsalides, governor of the Central Bank of Cyprus and ECB Governing Council member. With the eurozone economy showing signs of slowing and […]
Cyprus investment promotion agency, commonly referred to as Invest Cyprus, on Thursday announced the signing of a memorandum of understanding (MoU) with Invest Paraná, the investment promotion agency of the Paraná state in Brazil. The agreement was signed at the Commodity Supply Chain Conference 2024, which took place from October 22-24 at the Grand Resort […]
Cambodia’s export to the European Union (EU) surged to $3.29 billion in the first three quarters of 2024, up nearly 20 percent from $2.79 billion compared to the same period last year. According to a report from the General Department of Customs and Excise of Cambodia, from January to September, the Kingdom’s imports from the […]
Cambodia attracted Foreign Direct Investment (FDI) worth $443 million in September 2024 which could create about 25,000 more jobs for local people, it was disclosed on Wednesday. While giving a lecture for the benefit of Deputy Governors from various provinces and capital, Sar Senera, Deputy Secretary General of the Cambodia Investment Board of the Council […]
Shanghai Geoharbour Group, a Chinese company specialising in geotechnical engineering solutions, is keen on investing in potential sectors including the special economic zones (SEZs) and infrastructure development across the Kingdom. The details were shared during the meeting between Sun Chanthol, Deputy Prime Minister and First Vice Chairman of the Council for the Development of Cambodia […]
Cambodia’s fresh cassava market appears robust, which has seen significant growth in exports – up over 160 percent in the first three quarters of 2024. According to a report from the General Department of Agriculture of the Ministry of Agriculture, Forestry and Fisheries (MAFF) released by ARDB on Wednesday, Cambodia exported over 2 million tonnes […]
Cyprus is seeing increased travel activity for the upcoming October 28 holiday weekend, with Greece and the UK remaining the most popular destinations, according to travel industry representatives. “We are observing heightened travel movement from Cypriots during the October 28 weekend,” said Haris Papacharalambous, president of the Association of Travel Agents. He noted that many […]