The Central Bank of Cyprus on Tuesday announced that in July 2023, a total of 36 bounced cheques amounting to €112,717 were issued, contributing to the addition of 18 entities (11 legal and 7 natural persons) to the preliminary list of the Central Information Registry (CIR) for bounced cheques.

According to the report released by the CBC, during the first seven months of 2023, a total of 233 bounced cheques, with a combined value of €615,810, were registered on the preliminary list of the CIR.

These cheques were related to 130 entities (73 legal and 57 natural persons). This figure indicates a reduction in comparison to the same period in 2022, during which 260 cheques amounting to €977,816 were recorded.

Furthermore, as per the CBC’s report, the number of entities listed in the CIR for July 2023 reached 21.

Among these, 8 were legal entities, 3 were natural persons, and 10 were natural persons controlling legal entities.

During the period of January to July 2023, a total of 179 entities were registered in the CIR, as opposed to 130 entities during the corresponding period in 2022.

This data points to a notable increase in the registration of entities in the registry, signalling efforts to address issues related to uncovered cheques and financial transparency in Cyprus.

The Employers and Industrialists Federation (Oev) on Tuesday issued a vehement condemnation of the ongoing strike action led by dockworkers at Larnaca Port for the second consecutive day.

According to the federation, the strike has “paralysed the port’s operations without a legitimate labour dispute, directly affecting the smooth and timely servicing of numerous vessels, in direct violation of the Industrial Relations Code”.

The federation said that the strike is occurring even as both parties involved are engaged in discussions under the purview of the Ministry of Labour.

“This premature application of strike measures not only disregards established labour institutions but also undermines the progress of ongoing discussions,” the federation said.

“The strike’s ripple effect has begun to impact essential commodities, raw materials, and grains, which are in immediate demand within the market,” it added, noting that “these abrupt, unjustified strikes must come to an end”.

What is more, the federation said that it has consistently highlighted the exacerbation of such behaviour due to the absence of a regulatory framework for resolving labour disputes within critical services.

“The economy and society have long suffered from the lack of protective mechanisms governing the operation of vital services,” it stressed.

“The federation once again calls upon the government to safeguard the economy by expediting the legislation of the Agreement on the Resolution of Labor Disputes in Essential Services,” it added.

The federation concluded by emphasising the urgency of establishing a comprehensive legal framework that can effectively address and mediate labour conflicts within vital sectors.

The Cyprus Stock Exchange (CSE) ended Tuesday, August 8 with losses.

The general Cyprus Stock Market Index was at 122.40 points at 12:53 during the day, reflecting a decrease of 1.30 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 74.14 points, representing a drop of 1.29 per cent.

The total value of transactions came up to €212,853.

In terms of the sub-indexes, the main and alternative indexes fell by 1.33 per cent and 0.56 per cent respectively. The investment firm index also decreased by 5.16 per cent while the hotel index dropped by 1.47 per cent.

The biggest investment interest was attracted by the Bank of Cyprus (-2 per cent), Hellenic Bank (-2.87 per cent), Petrolina (no change), Demetra (-5.17 per cent), and Minerva Insurance (-9.09 per cent).