Cyprus Business Now: inflation, bouncing cheques, AI in healthcare

The rate of inflation in Cyprus hit a three-year low of 0.7 per cent in September, mainly due to the fall in oil prices. According to the Cyprus Statistical Service (Cystat), the Consumer Price Index (CPI) for September 2024 rose by 0.38 points to 118.48, compared to 118.10 in August 2024.

Notably, the largest price decrease in economic categories was observed in petroleum products, with rates dropping by 11.40 per cent compared to September 2023, and 4.78 per cent from the previous month.

Furthermore, the most significant year-on-year increase was seen in restaurants and hotels, in which the rate of inflation rose by 5.6 per cent, while the largest decrease was in transportation, which fell by 6.3 per cent.

In line with the trend of economic shifts, the number of bounced cheques dropped to a mere 23 in September, with a total value of €72,185, as reported by the preliminary list issued by the Central Bank of Cyprus (CBC).

Specifically, data published by the CBC revealed that 23 cheques, amounting to €72,185, were issued in September 2024. This marks a significant decrease compared to September 2023, when 26 cheques, with a total value of €276,202, had been issued.

Moreover, this follows the general downward trend observed throughout the year. The total number and value of bounced cheques for the first nine months of 2024 saw a substantial decrease compared to the corresponding period last year.

From January to September 2024, a total of 232 cheques that bounced were issued, with a total value of €492,677, according to the CBC’s Central Information Registry (CIR).

On another note, the 8th Annual Meeting of the European Forum for Medical Advancement (EFMA) took place in Limassol, Cyprus, where the Chief Scientist for Research, Innovation, and Technology of Cyprus, Demetris Skourides, was in attendance.

As Technology Officer and AI Strategist, Skourides delivered a speech addressing the crucial topic of whether Artificial Intelligence in the medical field poses a risk or provides a benefit. During his address, Skourides emphasised that “Artificial intelligence and robotics will augment medical professionals in what I refer to as Human Centric Augmentation, giving medical professionals AI superpowers.”

He also pointed out a common misconception, explaining that while generative intelligence, such as ChatGPT, can address numerous healthcare use-cases, particularly in administration, more sophisticated large language models trained with medical data are required to unlock real value in the medical field.

Meanwhile, Deloitte Cyprus has issued its 13th Transparency Report, covering the period from June 1, 2023, to May 31, 2024.

This report offers valuable insights into the firm’s reflections on the 2024 financial year, providing a comprehensive analysis of how it upholds its responsibilities to clients, the market, its people, and society.

Moreover, the report emphasises the firm’s unwavering commitment to its values, which are reflected in its daily operations.

Andreas Andreou, Partner and Audit & Assurance Leader, alongside Kerry Whyte, Partner and Audit & Assurance Quality Leader at Deloitte Cyprus, underscored the importance of trust and transparency in the dynamic world of global finance.

They stressed that at Deloitte Cyprus, transparency is not just a practice but a core value that defines the firm’s identity and mission.

Furthermore, they highlighted the critical role of auditors in ensuring the reliability and integrity of financial information, which, in turn, supports the confidence and trust that stakeholders place in global capital markets.

Additionally, a delegation from the Cyprus Chamber of Commerce and Industry (Keve) travelled to Qatar this week to discuss a wide range of topics, including energy, infrastructure, technology, and tourism.

Led by Keve President Stavros Stavrou, the delegation met with senior government officials and business leaders in Qatar to explore mutual opportunities for cooperation. This visit followed the Emir of Qatar’s trip to Cyprus in May.

During the trip, the delegation also met with Cypriot businesspeople based in Qatar. Stavrou expressed his satisfaction with the meetings, stating, “Cyprus is a gateway to Europe and the Eastern Mediterranean, offering significant investment opportunities.”

 He further added that this visit marks an important step in strengthening economic ties and further promoting Cypriot businesses and products in Qatar.

On Friday, the Cyprus Stock Exchange (CSE) saw a downward trend, with the General Index falling by 0.49 per cent to 190.34 points by noon.

The FTSE/CySE 20 Index also recorded a decline of 0.49 per cent, standing at 115.88 points. Daily turnover amounted to €560,990.

Among individual stock indices, investment companies fell by 0.73 per cent, hotels dropped by 1.69 per cent, the main market decreased by 0.60 per cent, and the alternative market registered a minor loss of 0.09 per cent.

The securities that attracted the most investor interest included Bank of Cyprus with €322,814 traded (up 0.22 per cent), Hellenic Bank with €181,319 traded (down 1.26 per cent), Demetra Holdings with €21,244 traded (down 0.74 per cent), Logicom with €16,240 traded (unchanged), and Cyprus Cement Company with €8,955 traded (unchanged).