Cyprus Business Now

President Nikos Christodoulides on Tuesday addressed the Cyprus Employers and Industrialists Federation (Oev), during the federation’s annual general meeting, where he reiterated the government’s support for the local business communication.

“Any government cannot fully develop the potential and prospects of the economy without the active participation and cooperation of businesses,” he said.

“Businesses are the driving force behind economic development,” he added, noting that it is “our responsibility to provide the necessary favourable environment and systematically support their efforts for growth”.

Moreover, the president said that he seeks “genuine and substantial cooperation between the public and private sectors”, saying that through this collaboration, the government can facilitate a better environment for businesses, promote innovation and entrepreneurship, and achieve sustainable economic growth.

Cyprus’ Chief Scientist Demetris Skourides accompanied a talented group of students from the Neapolis University of Paphos to Luxor, Egypt, where they competed in the final round of the prestigious ICPC competition, testing analytical, critical thinking, and programming skills.

This marks the first time a team from a Cypriot university has secured a spot in the finals of this competition, which attracts students from 3,000 universities across 111 countries.

The finals included participants from globally distinguished institutions such as Massachusetts Institute of Technology (MIT), Stanford, and Carnegie Mellon in the USA, Oxford and Cambridge in the UK, and many others from around the world.

Improvements to the coastal path in Limassol should be a government priority, members of the House Commerce committee said on Tuesday but instead no-one from the interior ministry even attended their discussion on the matter.

“We should feel nothing but shame over the beachfront promenade connecting all of Limassol’s five-star hotels,” Disy deputy Nicos Sykas said.

“After the adverse weather of 2023, and during the committee’s first discussion of the matter, there were promises from the government, specifically the interior ministry, that it could immediately proceed with temporary landscaping of the path to ensure it remains accessible,” he said.

The government will resort to the Legal Service if the consortium in charge of developing Larnaca’s port and marina fails to make the financial guarantee payment by the end of the day, Transport Minister Alexis Vafeades said on Tuesday.

Last week, Kition Ocean Holdings agreed to renew their financial guarantee after a meeting chaired by President Nikos Christodoulides.

The amount of the financial guarantee under the contract amounts to €10 million. However, the agreed amount to be placed by the consortium at the moment stands at €4.2 million.

Shipping Deputy Minister Marina Hadjimanolis on Tuesday set off on a visit to Guangzhou, China, in order to partake in the naming ceremony of the newly built cargo ship ‘AAL Limassol‘, which is owned by AAL Shipping, a subsidiary of the Schoeller Holdings group, under the leadership of Heinrich Schoeller.

In conjunction with this event, AAL Shipping is renowned for its expertise in project cargo shipping and has been a prominent player in the industry for over 25 years. The company specialises in managing breakbulk, heavy lift, and project cargo, particularly catering to sectors like renewables, energy, and construction.

Cypriot firm Ask Wire, which provides integrated real estate profiling and data analytics services, has been included in the third edition of the Deloitte Technology Fast 50 list for the Middle East and Cyprus.

The company was featured in two categories, one acknowledging rising stars, and the other identifying companies who score well in terms of having women in leadership positions.

Deloitte extended congratulations on the impressive achievement, saying “Ask Wire has demonstrated exceptional resilience and business progress, demonstrating unprecedented growth even amidst uncertainty in regional markets”.

The Cyprus Stock Exchange (CSE) ended Tuesday, April 23 with profits.

The general Cyprus Stock Market Index was at 145.15 points at 13:11 during the day, reflecting an increase of 0.21 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 88.09 points, representing a rise of 0.2 per cent.

The total value of transactions came up to €355,552, until the aforementioned time during trading.

In terms of the sub-indexes, the main and investment firm indexes rose by 0.31 per cent and 1.27 per cent respectively. The hotel and alternative indexes remained unchanged.

The biggest investment interest was attracted by the Bank of Cyprus (+0.81 per cent), Hellenic Bank (no change), Logicom (-0.71 per cent), Demetra (+1.29 per cent), and Frou-Frou Biscuits (no change).