Cyprus Business Now: tourism’s plea for peace, startup contest, energy subsidy

The electricity subsidy and zero per cent VAT on 11 essential goods will be scrapped as of October 1.

A finance ministry announcement said the scheme which expires on September 30 does not need to be extended as inflation rates are expected to stabilise at two per cent.

Energy costs and fuel prices have also gone down, and state intervention in the market should be avoided for extended periods of time, it specified.

The measure has been in place from March 2023 until October 2024, and has come at a cost of €201 million, the finance ministry said.

President of the Cyprus Hoteliers Association (Pasyxe) Thanos Michaelides on Thursday called on tourism professionals to promote peace through high-quality services.

He also encouraged tourism sector stakeholders to present Cyprus as a peaceful and progressive destination ahead of World Tourism Day on September 27.

In his statement, Michaelides stressed the connection between tourism and peace, noting that “tourism can promote peace and understanding between peoples”.

He explained that, as one of the fastest-growing sectors of the global economy, tourism has the ability to unite people from different cultures, religions, and civilisations, fostering mutual respect and cooperation. 

The Startup World Cup Nicosia Finals 2024 concluded this week, with DISPL, a Cyprus-based startup leveraging AI technology for real-time offline marketing automation, taking home the top prize.

The event, which showcases the island’s growing role in global technological advancement, saw startups from across the country competing for a chance to represent Cyprus at the global finals in San Francisco later this year.

DISPL, a platform designed to help brick-and-mortar businesses better understand customer behaviour, secured its victory by offering a solution that bridges the gap between offline and online retail data.

The Paphos Regional Tourism Board (Etap) has announced the return of free tours to the Akamas communities for the next three months, aiming to highlight points of interest and boost visitor numbers.

According to the announcement, this initiative is part of the support measures for the Akamas communities announced by the President of the Republic of Cyprus. This effort is financially backed by the Deputy Ministry of Tourism.

The tours will take place every Saturday throughout October, November, and December 2024.

The European Researchers’ Night, the largest annual celebration of science, research, and innovation, opens on Friday, September 27, at the State Fair in Nicosia.

The event will run from 8:30 am to 10 pm, offering a full day of exciting activities and presentations for all ages.

Organised by the Research and Innovation Foundation (RIF) for the 18th consecutive year, the event is held in collaboration with Cyprus’ leading research, innovation, and business stakeholders.

The Business Society Accelerator (BSA) recently hosted a fireside chat titled “Pioneering Success: Business and Beyond,” featuring biotech entrepreneur Marianna Prokopi-Demetriades.

The event, organised in collaboration with RSEVEN, Theramir, RSL Labs, and other partners, offered valuable insights into entrepreneurship, innovation, and leadership.

BSA founder Raluca Ioana Man, who moderated the event, reaffirmed the organisation’s mission to support entrepreneurs through education, networking, and collaboration.

“Our mission at BSA is to create a platform where entrepreneurs can connect, learn, and grow together,” she said.

Online broker Freedom24 on Thursday announced that the number of customers on its trading platform has exceeded 300,000 people, describing this feat as “a significant achievement”.

“This milestone marks an important chapter in the company’s history, reflecting both the platform’s technological excellence and the growing trust of its users,” the company said in an announcement.

“Launched in 2021 as the European branch of the international investment group Freedom Holding Corp., Freedom24 has consistently attracted an increasing number of investors who value its convenience and reliability,” the company added.

Cyprus and the Netherlands have completed discussions for the signing of a double tax treaty in relation to Curacao, it emerged this week.

“We have today finalised the agreement between the Republic of Cyprus and the Kingdom of the Netherlands concerning Curacao, regarding the elimination of double taxation on income taxes and the prevention of tax evasion and avoidance,” the Finance Ministry announced in a post on social media platform X.

The agreement is expected to be signed at a later date.

The Cyprus Stock Exchange (CSE) ended Thursday, September 26 with losses.

The general Cyprus Stock Market Index was at 190.44 points at 12:26 during the day, reflecting a decrease of 0.20 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 115.93 points, representing a drop of 0.20 per cent.

The total value of transactions came up to €204,086, until the aforementioned time during trading.

In terms of the sub-indexes, the main index fell by 0.23 per cent while the alternative and investment firm indexes rose by 0.06 per cent and 0.01 per cent respectively. The hotel index remained unchanged.

The biggest investment interest was attracted by the Bank of Cyprus (+0.62 per cent), Hellenic Bank (-1.3 per cent), Demetra Holdings (no change), KEO (no change), and Petrolina (+0.63 per cent).