Cyprus Business Now: weekly wrap-up

Here are the top business stories in Cyprus from the week starting June 26:

Bars and restaurants across Cyprus experienced a notable decline in occupancy rates, with the drop in guests ranging from 25 per cent to 30 per cent in June, according to Neophytos Thrasyvoulou, president of the association of entertainment venues on the island.

Cyprus-based PropTech startup buildbuild, which develops software for managing construction projects and increasing their marginality in the small and midsize (SMB) sector, announced this week that it has raised $1.25 million in investments from Luxembourg-based company Lvl Group SARL.

Preliminary data released by the state’s statistical service on Thursday revealed a 7.2 per cent increase in average gross monthly earnings for employees during the first quarter of 2023, compared to the same period in 2022.

According to data released by the Central Bank of Cyprus (CBC) this week, total deposits in May recorded a net increase of €164.8 million, reaching €52 billion.

Council for Registration of Real Estate Agents president Marinos Kineyirou on Wednesday said that the organisation’s efforts have helped to correct the misconception about the use and purpose of general property valuation in Cyprus.

Christina Achilleos, an expert EU Funding Consultant from Larnaca, Cyprus, recently took centre stage as a distinguished panellist at the Carpathian Startup Fest in Rzeszow, Poland on June 15-16 2023, representing Cyprus and her newly founded company InnoEUsphere.

The Cyprus Shipping Chamber (CSC) on Wednesday welcomed the ratification of the Hong Kong Convention on Safe and Environmentally Sound Ship Recycling by Bangladesh, one of the leading countries in ship recycling facilities.

Deputy Minister of Tourism Kostas Koumis announced on Wednesday the approval of a memorandum of understanding with Saudi Arabia in the tourism sector, as well as the establishment of a tourism observatory within the Deputy Ministry to enhance Cyprus’ tourism competitiveness.

Hellenic Bank CEO Oliver Gatzke addressed shareholders, employees and other participants at the bank’s annual general meeting on Wednesday, discussing the current economic environment, the bank’s financial performance, key events, and market perception, as well as the bank’s medium-term objectives.

Limassol-based broker Freedom Finance Europe this week announced that it served as a general partner of the recently-held Cyprus-Kazakhstan Business Forum, which took place in Almaty, Kazakhstan, on June 21.

The Cypriot flag has been included among the flags of countries listed in the white list of the Paris and Tokyo memoranda, according to Deputy Minister for Shipping Marina Hadjimanoli.

Economic sentiment in Cyprus experienced a significant improvement in June 2023, as the Economic Uncertainty Index (EUI) dropped to its lowest level in the past three years, according to a report released this week by the Centre for Economic Research at the University of Cyprus.

In a speech delivered at the Hydrogen & Green Gases Forum held last week in Athens, Cyprus Energy Regulatory Authority (CERA) chairman Andreas Poullikkas emphasised that until the completion of the energy transition, natural gas reserves in the Southeastern Mediterranean region could provide a transitional solution to the EU’s dependence on Russian natural gas.

Greece’s independent power transmission operator (IPTO) and EuroAsia Interconnector have concluded a strategic agreement allowing the former to acquire 25 per cent of the EuroAsia share capital.

The government has spent some €440 million to cushion consumers from the financial impact of the ongoing global energy crisis, while making other moves aimed at driving down the cost of electricity generation, Energy Minister George Panastasiou said on Thursday.

The two technical committees appointed by Cyprus and Israel, tasked with putting plans into actions on electricity and natural gas projects, are to begin contacts within 15 days.

Fuel subsidies will be scrapped but electricity bill subsidies will continue albeit more targeted towards vulnerable groups, the cabinet decided on Wednesday.