Cyprus Business Now: investment funds, BoC shares, shipping chamber

The Bank of Cyprus on Tuesday announced that it has repurchased 50,000 of its ordinary shares with a nominal value of €0.10 each.

The transactions were executed on November 18 on the Cyprus Stock Exchange (CSE) and the Main Market of the Athens Stock Exchange (ATHEX) through the company’s broker, the Cyprus Investment and Securities Corporation Limited (CISCO).

Separately, Vanguard Wellington Fund announced that it now holds a 4.75 per cent stake in the Bank of Cyprus.

Cyprus’ Harmonised Consumer Price Index (HICP), a key measure of inflation, rose by 1.6 per cent year-on-year in October 2024, according to official data released on Tuesday.

This figure reflects a modest annual increase compared to October 2023, according to the Cyprus Statistical Service (Cystat).

On a monthly basis, the HICP recorded a slight decline of 0.2 per cent in October 2024 compared to September 2024.

Snapchat is transforming how brands connect with digital-first audiences, leading the evolution of augmented reality (AR) in social media, according to Katia Maevskaia, Client Partner, CEE, at Snap Inc.

Maevskaia has highlighed how AR is reshaping brand engagement by creating immersive and meaningful experiences.

“Studies show that AR content on Snapchat draws and holds user attention significantly better than standard mobile ad formats,” she stated.

The number of investment funds in Cyprus increased in September 2024 compared to June of the same year, despite a slight decline in their total assets, which amounted to €6.79 billion, according to the Central Bank of Cyprus (CBC).

The CBC reported that the total number of investment funds rose from 330 in June 2024 to 334 in September 2024.

However, their total assets decreased by 0.8 per cent, from €6.84 billion in June to €6.79 billion in September.

The Cyprus Shipping Chamber took the spotlight at the International Shipping Summit in Hong Kong this week, showcasing the nation’s pivotal role in global maritime affairs.

Represented by Director General Thomas Kazakos and leading CEOs, the chamber joined nearly 300 delegates from 28 countries to address critical challenges facing the shipping industry.

The International Shipping Summit runs from November 17 to 23. Taking part are industry leaders and policymakers, aiming to tackled key global trade challenges.

Cyprus is recording one of the strongest growth rates in Europe, driven by the resilience and initiatives of its business community, according to Energy Minister George Papanastasiou.

Addressing the annual assembly of the Larnaca Chamber of Commerce (Evel), Papanastasiou praised the city’s transformation into a significant investment hub following the relocation of oil, gas, and bitumen facilities from its seafront.

“We have moved to the era when the Larnaca seafront, in the area of the former refineries, is the new emerging investment hub of Cyprus, with developments worth hundreds of millions of euros in the pipeline,” he said.

Cyprus’ Construction Material Price Index recorded a marginal increase in October 2024, according to a report released this week from the state’s statistical service.

This follows a streak of eight consecutive months of construction material price declines.

The index, which tracks the cost of materials incurred by contractors, reached 117.18 points in October, with 2021 acting as the base year and set at 100 points.

This marks a slight monthly decrease of 0.08 per cent compared to September 2024.

The IDEA Innovation Centre, an initiative by the Bank of Cyprus, this week announced that it is now accepting applications for the tenth cycle of its startup programme.

Aspiring entrepreneurs with innovative ideas are encouraged to apply by February 14, 2025.

As the largest innovation and business support organisation in Cyprus, IDEA is calling for startups that can develop innovative products or services, solve existing problems creatively, and demonstrate potential for international expansion.

Initiatives to facilitate the access of visually impaired people to Larnaca’s tourist services are being promoted by the city’s tourism board, Ayios Varnavas blind school and non-profit association ‘ena emeis’.

In one of the most recent actions, five- and four-star hotels in Larnaca offered menus in Braille and large type, as well as QR codes.

A workshop is scheduled for December for hotel staff, focusing on serving visually impaired people.

The Cyprus Stock Exchange (CSE) ended Tuesday, November 19 with losses.

The general Cyprus Stock Market Index stood at 202.79 points at 12:28, reflecting a decrease of 0.59 per cent.

The FTSE / CySE 20 Index was at 123.48 points, reflecting a drop of 0.60 per cent.

The total value of transactions amounted to €648,133 at the aforementioned time during trading.

In terms of the sub-indexes, the main and investment firm indexes fell by 0.88 per cent and 2.65 per cent respectively. The alternative index rose by 0.31 per cent while the hotel index remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (-0.22 per cent), Hellenic Bank (-0.23 per cent), Salamis Tours (no change), Demetra Holdings (-2.69 per cent), and Blue Island (+8.74 per cent).