Cyprus Business Now: Hellenic Bank AGM, GSI, Aphrodite gas field, inflation

Hellenic Bank provided an update on the bank’s achievements and developments since early 2024 during its annual general meeting on Wednesday.

In a statement, the bank said that the meeting “marked a significant milestone as it transitions into a new era”, saying that “the meeting was held in an optimistic atmosphere”.

In his address, group chairman Petros Christodoulou highlighted the ongoing transformation of the bank, referencing recent landmark events.

“With the acquisition of the majority shareholding by Eurobank, Hellenic Bank has received a substantial vote of confidence and secured a promising future with new prospects and opportunities,” he said.

In an exclusive interview, Oleg Silakov and Philipp Gladkov, co-founders of the social gaming network Gameram, shared insights into their journey from passionate gamers to startup founders.

They discussed the inspiration behind Gameram, its role in fostering meaningful connections within the gaming community, and the platform’s impressive growth.

Additionally, the founders highlight why Cyprus was the ideal base for their company, detailing the strategic advantages of the island’s location, its vibrant tech ecosystem, and the collaborative opportunities within the local gaming industry.

The necessary conditions for the listing of Bank of Cyprus shares on the Athens Stock Exchange have been met, according to an announcement from the relevant listing and market operations committee.

Specifically, the committee approved the “listing of 443,457,297 ordinary shares of the company ‘Bank Of Cyprus Holdings Public Limited Company’ (ISIN: IE00BD5B1Y92) on the Main Market of the Athens Stock Exchange, in accordance with Article 2, Paragraph 4 of Law 3371/2005”.

Trading of the company’s shares is set to commence on Monday, September 23, 2024.

Inflation in Cyprus, as measured by the Harmonised Index of Consumer Prices (HICP), rose by 2.2 per cent year-on-year in August 2024, according to a report from the Cyprus Statistical Service (Cystat) released on Wednesday.

Additionally, on a month-to-month basis, the index rose by 0.9 per cent from July to August 2024.

For the January to August 2024 period, the HICP saw a 2.3 per cent rise compared to the same period last year.

The largest year-on-year increases were observed in the recreation and culture sector, with a rise of 7.4 per cent, as well as restaurants and hotels, which rose by 5.6 per cent.

The Limassol Marina on Wednesday announced that it is celebrating its tenth anniversary through a number of special events.

Since its launch, Limassol Marina has established itself as an award-winning, world-class destination, blending luxurious seaside living with vibrant commercial and cultural life. 

As part of its anniversary celebrations, six well-chosen events are scheduled to reflect the Limassol Marina’s new corporate identity and highlight the benefits of maritime life for mind, body, and soul. 

Cyprus’ construction materials price index for August 2024 recorded a slight decrease of 0.08 per cent when compared to the same month in 2023.

According to a report released by the Cyprus Statistical Service (Cystat), the index reached 117.68 units, with 2021 set as the base year at 100 units.

However, on a month-on-month basis, the index recorded an increase of 0.03 per cent compared to July 2024. 

The Republic of Cyprus and Chevron have agreed to start discussions at some point in the next four months to reach an agreement over the development of the Aphrodite gas field without further delays, Energy Minister George Papanasthasiou said on Wednesday.

Papanastasiou and Chevron’s vice president for international exploration and production Frank Cassulo held meetings this week in Nicosia regarding the Aphrodite field.

Papanastasiou added that the government remains focused on promoting projects beneficial to the country, while upholding the rights of the Republic.

“We value our productive engagements with the government of Cyprus and look forward to advancing the development of the Aphrodite field,” Cassulo said.

Before the ink has dried on the government’s decision to approve connecting the electricity grids of Cyprus and Greece, the first warnings of its immense cost was made as the government spokesman defended the move.

Chairman of the House energy committee Kyriakos Hadjiyiannis said the move approved by the cabinet for participation in the Great Sea Interconnector (GSI) will cost 500,000 consumers €17 per month or €200 per year, while Cyprus will pay €105 million on average annually for the next 35 years.

Hadjiyiannis told Alpha that these calculations did not change with the government’s decision.

But government spokesman Konstantinos Letymbiotis said Hadjiyiannis had applauded the project a couple of years ago, even saying it was of “strategic importance”.

The Cyprus Stock Exchange (CSE) ended Wednesday, September 18 with losses.

The general Cyprus Stock Market Index was at 182.86 points at 12:16 during the day, reflecting a decrease of 0.67 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 111.32 points, representing a drop of 0.68 per cent.

The total value of transactions came up to €102,473, until the aforementioned time during trading.

In terms of the sub-indexes, the main, alternative and investment firm indexes fell by 0.82 per cent, 0.1 per cent, and 1.12 per cent respectively. The hotel index remained unchanged.

The biggest investment interest was attracted by the Bank of Cyprus (no change), Demetra (-1.15 per cent), Petrolina (-1.22 per cent), Louis PLC (-3.45 per cent), and Hellenic Bank (-1.47 per cent).