Cyprus Business Now: weekly wrap-up

Here are the top business stories in Cyprus from the week starting September 4:

The Nicosia property market saw a total of 1,267 properties being sold during the second quarter of 2023, encompassing four major categories, houses, apartments, land, and fields, for a total value of €205 million, according to Cypriot firm Ask Wire.

The issue of Non-Performing Loans (NPLs) cannot be resolved solely by protective measures for vulnerable individuals, since these measures are too narrow in scope, the Cyprus Borrowers Association (Syprodat) said this week in response to an interview by president Nikos Christodoulides to local outlet InBusiness.

The Deputy Minister of Shipping, Marina Hadjimanoli, and the Ambassador of China to Cyprus, Liu Yantao, engaged in discussions on bilateral maritime matters and broader global shipping issues during a formal meeting held at the Deputy Ministry’s office in Limassol.

The Research and Innovation Foundation (RIF) is set to kickstart a dynamic series of networking workshops that aim to bridge the gap between the research and business communities.

Cyprus Finance Minister Makis Keravnos on Wednesday announced that the Cabinet of Ministers has approved another action within the Recovery and Resilience Plan, focusing on the framework and action plan for managing Non-Performing Loans (NPLs).

The Paphos Regional Tourism Board (Etap) this week announced that through its commitment to boost the sector in the district, it has proceeded with an initiative of enhancing the ‘Paphos Region Map’, a thematic tourism map that has become an invaluable resource for both professionals and tourists.

The Cyprus Statistical Service (Cystat) on Tuesday released a report showing a notable decrease in the number of registered unemployed individuals for the month of August 2023, both on an annual and monthly basis.

The Cyprus Securities and Exchange Commission (CySEC) on Thursday issued a fresh warning over scammers impersonating CySEC employees, as well as websites pretending to be that of the commission, in order to extract sensitive information from potential victims.

The Cyprus Composite Leading Economic Index (CCLEI) recorded an annual increase of 2.2 per cent in August, albeit showing a slowdown compared to the 2.4 per cent and 2 per cent annual increases observed in the months of July and June 2023, respectively.

President of the Cyprus-Greece Business Association Iosif Iosif is set to engage in significant discussions with economic, business, and investment entities from Greece during his visit to the 87th Thessaloniki International Fair (TIF) held from September 9 to 17.

Regarding tourism, Iosif mentioned that the association proposed that both countries offer joint vacation packages for tourists from distant countries such as the United States, China, Japan, and others.

Cyprus experienced a resurgence in inflation during August, primarily driven by an increase in food prices and other essential goods, according to a report released this week by the state’s statistical service.

Cypriot President Nikos Christodoulides on Thursday evening underscored the pivotal role of technology and innovation in the country’s governance programme and economic vision.

“The government is implementing specific actions for the branding of Cyprus in order to enhance the country’s appeal to investors and professionals,” the president said.

The highly anticipated 4th BoC Fintech Hackathon 4.0, an annual event, is just around the corner. This year, the marathon focuses on innovative technologies in the financial sector (Fintech) and is set to take place from October 6-8, 2023, in a physical format at the IDEA Innovation Centre.

Cyprus’ technology and innovation community was celebrated in style at the first-ever TechIsland Awards ceremony, which took place in Limassol on September 7, 2023.

This remarkable gala honoured outstanding technological innovations and showcased the tech prowess of the region. Among the attendees were government officials, state dignitaries, and leading figures from the tech industry.

Finally, Cyprus’ beer industry experienced a remarkable boost in exports during August 2023, with a staggering increase of 113.6 per cent or 193,315 litres, leading to an overall rise of 1.5 per cent in total beer deliveries, encompassing both the domestic market and exports.