Cyprus Business Now: estate agents, shipping registry, food prices
However, council president Marinos Kineyirou warned even in cases where illegal practitioners were successfully found guilty, the resulting fines and penalties were too small to be considered a strong enough deterrent.
“We have mentioned many times in the past the problems caused by illegality in the real estate agent profession, especially for unsuspecting citizens, potential buyers, or tenants, who fall victim to scammers, often losing their life savings,” said Kineyirou.
“The examples are numerous and, unfortunately, recurring,” he added.
Kineyirou explained that despite significant efforts by the council, “the situation is becoming particularly concerning”.
More reassuringly for consumers, the association also mentioned that 25 product categories saw price drops, while two remained unchanged.
In its August report, the association highlighted that inflation has continued to ease, following July’s 2.1 per cent rise, which had already slowed from June’s 2.7 per cent.
For August, inflation decelerated to 1.5 per cent, thanks to falling oil prices (down 1.24 per cent) and a 0.6 per cent drop in electricity costs. These decreases helped offset sharp rises in food prices.
Hadjimanolis’ update on the Cypriot shipping registry was delivered during a visit to Athens, from September 18 to 20, where she also met key maritime industry figures to discuss future collaborations.
Moreover, the deputy minister participated in the general assembly of the Cyprus Union of Shipowners (CUS) on September 19, where she outlined her ministry’s strategic initiatives.
During her address, Hadjimanolis expressed gratitude to the association for its long-standing support of the Cyprus shipping registry.
This follows year-on-year increases of 0.5 per cent and 0.4 per cent in July and June 2024, respectively.
According to a statement from the University of Cyprus’ Economics Research Centre (CypERC), which compiles the index, nearly all components of the index contributed to this upward trend.
The only exception, the centre noted, was Cyprus’ economic climate index.
The aim of the competition is “to highlight the quality leader who, through their actions and initiatives, has successfully guided their business or organisation towards development and innovation”.
The association explained that “this is achieved by implementing pioneering practices and quality tools, enhancing the culture of quality, and achieving exceptional results”.
The Cyprus Quality Leader 2025 award will be presented to a senior or top executive from a business or organisation operating in Cyprus, whether in the private or public sector, who has “demonstrably contributed to the promotion of quality within their organisation”.
The organisers said that the event, titled ‘Discovering Cyprus: A Hub for Business Growth and Opportunities’, marked a “significant step towards strengthening business and economic ties between Cyprus and Lebanon”.
They added that it showcased “the strategic opportunities for collaboration and positioning Cyprus as a gateway to the European Union, as well as Mediterranean and Middle Eastern markets”.
The delegation met with President Nikos Christodoulides on the sidelines of the UN general assembly in New York.
In a written statement, government spokesman Konstantinos Letymbiotis said the meeting was a follow-up of the president’s trip to UAE on September 9, during which the two countries agreed to intensify cooperation in various sectors, including energy.
Recently, the tax department sent a letter to the Cyprus Football Association (CFA), urging it to remind top-tier football teams to comply with the provisions of the latest government scheme established in May 2023. The clubs are required to pay their instalments, clear previous debts to the state, and submit their tax returns.
The current scheme allows for the inclusion of overdue tax liabilities from April 1, 2021, to March 31, 2023, without offering additional relief in the form of interest and penalties. Furthermore, the repayment period for these debts has been reduced from 180 to 168 instalments.
A critical condition for these concessions is that clubs must not incur new debts, as doing so would disqualify them from the scheme.
The Cyprus Stock Exchange (CSE) ended Tuesday, September 24 with losses.
The general Cyprus Stock Market Index was at 189.00 points at 12:53 during the day, reflecting a decrease of 0.40 per cent over the previous day of trading.
The FTSE / CySE 20 Index was at 115.09 points, representing a drop of 0.37 per cent.
The total value of transactions came up to €512,774, until the aforementioned time during trading.
In terms of the sub-indexes, the main, alternative and investment firm indexes fell by 0.48 per cent, 0.06 per cent and 0.74 per cent respectively. The hotel index remained unchanged.
The biggest investment interest was attracted by Vassiliko Cement Works Public Company (no change), Atlantic Insurance (-0.89 per cent), Hellenic Bank (-0.81 per cent), and the Bank of Cyprus (no change).