Cyprus Business Now

The Cyprus Chamber of Commerce and Industry (Keve) on Monday announced that it will be hosting a sustainable tourism conference on Wednesday, July 12, 2023, at 17:00.

The event, titled “A Journey towards Sustainable Tourism: Funding Initiatives & Best Practices”, will take place at the Alion Beach Hotel in Ayia Napa.

According to the chamber, the main objective of the conference is to showcase best practices in sustainable development within the tourism sector.

Attendees will have the opportunity to learn about successful initiatives and strategies implemented by industry leaders.

In addition, KEVE will announce the Funding Plan, as part of the European project “Island Sustainable Tourism Action through Resilient SMEs” (I-STARS), which aims to provide financial support to tourism businesses seeking to transition towards sustainability.

This funding initiative will aid in the implementation of eco-friendly practices and the adoption of sustainable measures by eligible enterprises.

The conference will be conducted in Greek and is open to the public. Following the event, there will be a networking reception, allowing participants to connect and exchange ideas.

By promoting sustainable tourism practices and offering funding opportunities, the chamber aims to drive the transformation of the tourism industry.

Deputy Minister of Shipping Marina Hadjimanolis is engaging in a series of meetings with the Greek maritime and ship-owning community, according to an announcement by the shipping ministry released on Monday.

According to the announcement, on Monday, Hadjimanolis travelled to Athens to conduct scheduled meetings with representatives from the Greek maritime and ship-owning community, aimed at fostering collaboration and discussing key industry matters.

In addition, on Tuesday, July 11, she will attend the inaugural Hellenic-American Shipping Gala, an annual event honouring Greek-interest shipping companies listed on US stock exchanges. The gala serves as a platform to recognise their contributions to the maritime industry.

Moreover, on Wednesday, July 12, Hadjimanolis will preside over the Eukrantis Awards ceremony.

These annual awards celebrate individuals, organisations, and entities that have made significant contributions to the maritime sector.

On Thursday, July 13, the Cypriot Deputy Minister will meet with Miltiades Varvitsiotis, the Minister of Shipping and Island Policy in Greece.

Finally, the minister will visit the Piraeus Chamber of Commerce and Industry, where she will meet with its president to discuss matters of mutual interest.

Liquid fuels experienced the largest percentage decrease in inflation in June 2023, plummeting by 27.2 per cent, compared to the same month of the previous year.

This drop, combined with a 25.6 per cent annual reduction in oil prices, significantly contributed to inflation compression, with the inflation rate hitting a 25-month low of 1.9 per cent.

According to a report by the consumer protection association, based on statistics from the Cyprus Statistical Service, the category of electricity and liquid gas fuels registered the smallest percentage decrease on an annual basis, receding by 6.15 per cent.

However, it’s worth noting that within the association’s data, the liquid fuels category showcased the most substantial percentage decline in June.

Significant decreases were also observed in the category of automotive fuels and lubricants, which experienced a decline of 22.4 per cent, while natural gas and kerosene saw a decrease of 16.2 per cent on an annual basis.

In a related trend, passenger air transportation prices, which are influenced by fuel prices, saw a decrease of 3.2 per cent in June. Additionally, prices for bottled gas registered a decline of 3.94 per cent.

On the contrary, food prices experienced an annual increase of 9.86 per cent in June, with meat prices recording a surge of 9.9 per cent. Fresh whole milk also witnessed an upward trend, rising by 6.2 per cent, while low-fat milk saw a slightly higher increase of 6.78 per cent.

Bakery and pastry products also saw a rise of 8.45 per cent in prices. Moreover, beer prices experienced an increase of 8.44 per cent, and soft drink prices rose by 12.28 per cent.

Among other notable trends, the Consumer Price Index for new automobiles recorded a significant increase of 10.39 per cent compared to June 2022. Additionally, accommodation services saw a rise of 7.55 per cent.

The Cyprus Stock Exchange (CSE) ended Monday, July 10 with losses.

The general Cyprus Stock Market Index was at 115.45 points at 12:35 during the day, reflecting a decrease of 0.66 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 69.79 points, representing a drop of 0.65 per cent.

The total value of transactions came up to €247,514.

In terms of the sub-indexes, the main index fell by 0.66 per cent, while the hotel and alternative indexes rose by 1.13 per cent and 0.07 per cent respectively. The investment firm index remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (-2.05 per cent), Hellenic Bank (-1.56 per cent), Logicom (+2.73 per cent), Petrolina Holdings (no change), and Vassiliko Cement Works Public Company (+0.74 per cent).