President Nikos Christodoulides expressed satisfaction with the appointment of Apostolos Tzitzikostas as the European Union’s new transport commissioner, the top EU post overseeing shipping, as well as the appointment of Costas Kadis as fisheries commissioner.
In his address at a dinner hosted by the Cyprus Union of Shipowners in Athens on Thursday evening, Christodoulides said that the above appointments were a goal of both him and Greek prime minister Kyriakos Mitsotakis.
“I am particularly pleased with the appointment of my friend Apostolos Tzitzikostas, as well as the appointment of the Cypriot Commissioner, Costas Kadis, who will be addressing issues beyond fisheries, including the oceans,” he said.
He added that he is “confident that they will play a decisive role in our efforts to enhance the European Union’s interest and recognition of the geostrategic role of shipping”.
However, he explained that while sectors such as defence technologies, biotechnology, and pharmaceuticals are gaining attention, investment levels remain below expectations.
In addition, he stressed that continued support and increased funding are essential to keep this momentum going.
Speaking to the Cyprus News Agency (CNA), Loukaidis acknowledged Cyprus’ mixed performance when it comes to innovation.
While the country has made strides, government and private investments remain lower than the European average, limiting the broader impact of these innovations.
The rush to clear the application pile-up stems from the responsibility for issuing these permits soon being transferred to the newly established district self-governing organisations (EOA).
According to the state’s statistical service, the number of building permits issued by municipal authorities and district administrations in June reached 1,528.
This represents a year-on-year increase of 150 per cent compared to the same month last year, when building permits peaked at 610.
PwC Cyprus this week honoured the academic achievements of five trainees who distinguished themselves in the associate chartered accountant (ICAEW ACA) examinations.
During the event, PwC Cyprus CEO Philippos Soseilos expressed his pride in the trainees, saying that “we are immensely proud of all our trainees.”
“Their success,” he said, “is a testament to their abilities and dedication, as well as to our commitment to nurturing talent.”
“It also highlights the collective effort of trainers, mentors, and trainees in striving for both academic and professional excellence,” Soseilos concluded.
“Financial literacy empowers citizens to manage their money effectively and make sound decisions regarding their financial activities,” stated Elena Karkoti, a Senior Officer at CySEC.
Karkoti pointed out that promoting financial literacy has been a longstanding strategic goal for CySEC, which advocates for integrating financial education into the core curriculum.
Karkoti expressed her support for the recent decision by the Ministry of Education, Sports, and Youth to introduce a financial education programme for third-grade secondary school students, calling it “a very significant step”.
“AI holds the potential to revolutionise public services,” Skourides stated, according to an announcement released on Friday.
The Chief Scientist highlighted how technologies such as predictive analytics and AI-powered chatbots could significantly improve citizen experiences.
He also introduced the upcoming pilot of Cyprus’ digital AI assistant, set to launch by the end of 2024, as a key initiative for more efficient government services.
According to the CBC, the coverage ratio of NPEs with provisions for bad debts increased to 55 per cent, equivalent to €0.90 billion, at the end of June, compared to 53.3 per cent at the end of March.
The CBC attributes the decrease in NPEs during the second quarter of 2024 primarily to the write-offs of loans related to restructurings or non-contractual “accounting” write-offs against amounts already included in provisions.
Moreover, the reduction is also linked to the sale of small NPE loan portfolios and loan repayments, including debt-for-asset swap agreements.
According to the Central Bank of Cyprus (CBC), net interest income for Cypriot banks reached €1.03 billion by the end of June 2024, a substantial increase from €519.19 million recorded at the end of March 2024.
Alongside the rise in net interest income, the total net operating income of the banking sector also grew significantly, amounting to €1.22 billion by mid-2024, up from €660.31 million at the end of the first quarter.
The meeting came after President Nikos Christodoulides met Greek Prime Minister Kyriakos Mitsotakis in Athens on Thursday, affirming the state’s commitment to enter as a shareholder in the €1.9 billion plus subsea cable project linking Cyprus to Greece.
A €100 million equity investment is foreseen upon completion of due diligence and the establishment of a special purpose vehicle (SPV), for which deliberations involving third countries are at an advanced stage, the Cyprus News Agency reported.
The Cyprus Stock Exchange (CSE) ended Friday, September 20 with profits.
The general Cyprus Stock Market Index was at 183.22 points at 12:45 during the day, reflecting an increase of 0.28 per cent over the previous day of trading.
The FTSE / CySE 20 Index was at 111.55 points, representing a rise of 0.31 per cent.
The total value of transactions came up to €384,126, until the aforementioned time during trading.
In terms of the sub-indexes, the main and hotel indexes rose by 0.39 per cent and 0.68 per cent respectively. The investment firm fell by 0.82 per cent while the alternative index dropped by 0.13 per cent.
The biggest investment interest was attracted by Demetra Holdings (-0.78 per cent), Vassiliko Cement Works Public Company Ltd (no change), the Bank of Cyprus (+0.21 per cent), and Hellenic Bank (+1.75 per cent).
