Here are the top business stories in Cyprus from the week starting November 18:
This move is expected to positively impact more than 90,000 borrowers across the island, the bank said.
The bank’s announcement confirmed that the base interest rate has been reduced from 2.12 per cent to 1.91 per cent.
“This development contributes directly to better management of borrowing costs for households and businesses, and consequently to the stimulation of economic growth,” the bank said in its announcement.
This also represents a modest 0.81 per cent rise compared to the record-breaking year of 2019, according to a report released on Monday by the Cyprus Statistical Service (Cystat).
October 2024 alone recorded 459,106 arrivals, setting an all-time high for this month.
This was the second record-breaking month of the year, following a slight increase in August compared to the same month in 2019.
Such an expansion would “upgrade the experience of both domestic and international visitors” to the island’s tourism hotspots, and as such called for the term “integrated tourism projects” to be defined with specific criteria.
These criteria, it said, should include that any such project be a “high-level development” both functionally and aesthetically, and that it be self-contained and part of a unified plan.
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.
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.
Following the sale, the now-defunct Laiki bank no longer retains any ownership in the Bank of Cyprus.
According to the regulatory notification, the final tranche of 5,900,000 shares—representing 1.335 per cent of voting rights in the Bank of Cyprus—was sold on November 18, 2024.
Specifically, total premiums for 2023 reached €1.204 billion, marking a 14.3 per cent rise from €1.053 billion in 2022, according to data presented at the 46th annual general meeting of the Insurance Association of Cyprus (IAC).
Speaking at the event, IAC chairperson Evangelos Anastasiades highlighted the sector’s resilience, adaptability, and commitment to innovation during challenging economic and social conditions.
Patsalides opened by saying that the European Central Bank (ECB) had made significant progress in its disinflationary efforts, with inflation falling to 2.0 per cent in October.
“The Governing Council of the ECB, at its meeting in October, advanced its policy easing as our assessment of the latest data confirmed significant progress in the disinflationary process,” he said.
He pointed out that the future pace of interest rate cuts will depend on continued data assessments.
The Shipping Deputy Ministry officially announced its candidacy for the 2026-2027 term during an event held on Wednesday evening at the International Maritime Organisation (IMO) headquarters in London.
It should be noted that Cyprus has been a member of the organisation since 1973, and has been elected to the IMO council since 1987.
In an announcement released on Thursday, the ministry said that through its participation, Cyprus has “contributed significantly to the decisions of the organisation”.
At the same time, the report showed that other property types struggled under the weight of high interest rates and shifting buyer preferences.
The report is based on the firm’s internal index. The index offers a detailed view of property sale and rental values across all districts and property types, drawing from data dating back to 2009.
According to the firm, apartments in Cyprus demonstrated resilience with a 1.2 per cent year-on-year increase in sale prices, bolstered by robust demand.
The annualised yield for the new issuance is expected to range between 2.95 per cent and 3.05 per cent.
The move comes as Treasury Bills continue to capture the interest of both retail investors and businesses.
In the most recent T-bill auction, the Cyprus government successfully raised €25 million, with total bids submitted reaching €93 million, indicating strong demand.
Slush is a startup and tech event held annually in Helsinki, Finland. This year’s event took place on November 20-21.
Slush facilitates meetings between the founders of startups and investors such as venture capitalists, accomplished with events such as matchmaking and pitching competitions.
“Slush brings together entrepreneurs and investors from around the world, offering a unique platform to connect and showcase innovative ideas,” the foundation said in its statement.
Speaking after a meeting attended by ExxonMobil vice president for global exploration John Ardill, President Nikos Christodoulides, and himself, he said that the corporation’s decision to drill in block 5, which contains a potential natural gas reservoir named ‘Electra’, constitutes a “milestone”.
“Depending on the findings … the company will decide how to commercialise this particular deposit, and we hope that the deposit will be something which will open horizons different from the usual ones,” he said.
Labour Minister Yiannis Panayiotou’s proposal did not satisfy some members of the association, Pasyxe Director Philokypros Roussounides told the Cyprus News Agency (CNA) on Friday.
A day earlier Panayiotou had said that “agreement in principle for renewal of the hotel industry’s collective agreement was signed by the heads of the employers’ associations and trade unions and was expected to be ratified internally by each side.”
Completion of the process and the signing of the renewed collective agreement would ensure labour peace in the hotel industry until the end of 2027, the minister said.
The Cypriot startup allows customers to find a number of different professionals such as plumbers, electricians, or other skilled workers.
“We are thrilled to bring Anymaster to Athens and expand our footprint in the Greek market,” said Diana Verkhoturova, founder of Anymaster.
“Our platform will deliver significant benefits for both clients and service professionals,” she added.
The report indicates a total loan balance of €20.98 billion, distributed almost equally between individuals (€10.64 billion) and businesses (€10.34 billion).
Of these, non-performing loans amounted to €19.66 billion, leaving just €1.31 billion classified as performing loans.
