Cyprus Business Now

The occupancy rate of the aircraft arriving in Cyprus last month reached around 85 per cent and is on the rise as peak season approaches, Hermes Airports said on Friday.

Director of Aviation Development and Communication Maria Kouroupi told CNA that currently, around 41,000 passengers arrive or depart from Larnaca and Paphos airports.

“The summer season started much better than we expected at the beginning of the year when there was a loss of air seats mainly due to the war in Israel and problems from an airline which was forced to reduce seats and aircraft flying to Cyprus,” she said.

“However in recent months, following various actions and efforts, we have managed to recover a large part of the seat availability that had been lost”.

Invest Cyprus, the agency tasked with promoting investments in Cyprus, on Friday announced that it has successfully concluded a three-day programme titled ‘The Marketing and Partnerships Academy’, which was held from June 11 to 13 in Nicosia.

Organised by the ANIMA Investment Network in collaboration with the CYENS Centre of Excellence and Invest Cyprus, the initiative aimed to enhance the skills of 14 representatives from academic and scientific institutions in Lebanon, strengthening their international partnerships.

Mario Tannousis, CEO of Invest Cyprus, highlighted the organisation’s role in promoting such initiatives, stating that “it is a great honour for us to promote events that enhance collaboration and skill development”.

Deputy Minister of Tourism Kostas Koumis this week confirmed that there have been no flight cancellations to Cyprus due to the recent fires that ravaged parts of the island, which coincided with a searing heatwave.

In a statement to the Cyprus News Agency (CNA), Koumis emphasised that “the fires have been extinguished and our country was, is, and remains a safe destination”.

Following a report in the British press questioning whether flights to Cyprus had been cancelled due to the fires that broke out this week, the Deputy Minister reassured, “I would like to confirm that we had no flight cancellations”.

He noted that “all scheduled flights are operating normally, the fires have been extinguished, and our country was, is, and remains a safe destination”.

In celebrating Cyprus’ maritime heritage and the bonds forged between education and shipping, the Ship Adoption training programme for the 2023-2024 academic year came to a ceremonious conclusion this week in Limassol.

This year, 102 primary school classes across Cyprus adopted 102 ships from the Cyprus Shipping Chamber (Kne), emphasising the programme’s growing impact and reach.

Shipping Deputy Minister Marina Hadjimanolis attended the closing ceremony on Thursday. The minister was joined by a representative from the Ministry of Education, as well as numerous teachers who actively participated in this year’s programme.

Speaking at the event, the Cyprus Shipping Chamber (CSC) highlighted the programme’s continued success since its inception in 2006.

Over the past five years, 275,000 individuals participated in 30,500 training programmes by the Human Resource Development Authority of Cyprus (Anad), with a total expenditure of €102.3 million, according to chairman Demetris Kittenis.

Speaking during a press conference marking the authority’s 45th anniversary, Kittenis highlighted Anad’s dedication to enhancing Cyprus’ economy by upgrading workforce skills and ensuring optimal utilisation by businesses and organisations.

He explained that as part of the Cyprus Recovery and Resilience Plan (2021-2026), Anad will implement training programmes focusing on digital skills, green and blue economy skills, and entrepreneurship.

“The transition to green and blue economies, the increased use of new technologies, automation, artificial intelligence, and new work forms significantly impact the required knowledge and skills,” Kittenis said.

The number of job vacancies in Cyprus rose by 7.3 per cent on an annual basis in the first quarter of the year, with the increase accelerating to 9.9 per cent compared to the fourth quarter of 2023, according to a report released on Friday by the Cyprus Statistical Service (Cystat).

According to the report, job vacancies in the first quarter of 2024 amounted to 13,229, marking an increase of 901 positions, corresponding to a rise of 7.3 per cent when compared to the same quarter of the previous year, which recorded 12,328 vacancies.

What is more, when compared to the fourth quarter of 2023, there was an increase of 1,191 positions, a rise of 9.9 per cent.

The Cyprus Stock Exchange (CSE) ended Friday, June 14 with marginal profits.

The general Cyprus Stock Market Index was at 163.74 points at 12:53 during the day, reflecting an increase of 0.05 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 99.59 points, representing a rise of 0.05 per cent.

The total value of transactions came up to €150,418, until the aforementioned time during trading.

In terms of the sub-indexes, the main and alternative indexes rose by 0.04 per cent and 0.24 per cent respectively. The hotel and investment firm indexes remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (+0.24 per cent), the Cyprus Cement Company (no change), Petrolina Holdings (+1.65 per cent), Frou Frou (-1.36 per cent), and Logicom (+1.27 per cent).