Cyprus Business Now: new cooperative bank, women in STEM, support measures
This initiative aims to fill the gap left by the collapse of the Cyprus Cooperative Bank in 2018, according to the company’s president, Panikos Hambas.
In this context, Hambas outlined the steps taken towards re-establishing the cooperative movement in Cyprus.
He explained that in December 2021, the Pancyprian Cooperative Promotion Company was registered with the registrar of cooperatives with the objective of investigating the financial conditions in Cyprus and assessing whether a new nationwide cooperative bank could be feasible.
“The aim is to explore whether the conditions are ripe for establishing a new cooperative bank that could act as a counterweight to the current situation in Cyprus, where nearly two banks control 80 per cent of the banking system,” Hambas said.
In a strongly worded statement released this week, Syprodat questioned “how the government could claim just ten days ago that there was no longer a need to persist with anti-inflation measures, only to now reinstate the zero VAT rate on products like children’s and adult diapers”.
“This inconsistency does not address the issue of inflation,” Syprodat stated, saying that “instead, it creates uncertainty and pressure on citizens”.
Should this move go forward, it would not be Chainrai’s first investment in Cyprus. He has previously purchased and renovated several older hotels and is currently developing the Dream Tower in Limassol.
According to reports which emerged this week, Chainrai views the Rodon hotel as a promising investment opportunity to expand his activities within the hotel industry.
It has been reported that should he gain management of the hotel, Chainrai plans to undertake significant renovations to transform it into an exclusive venue targeting winter tourism.
The Kuwait-Larnaca flight will run twice a week until March, with services continuing through the summer season.
During a meeting with Jazeera Airways’ area manager for the Levant and Egypt, Madonna Hoyek and with the director of Sky Masters, the airline’s representative in Cyprus, Antonis Orthodoxou, Deputy Tourism Minister Costas Koumis welcomed the decision and highlighted the importance of enhancing Cyprus’ links with the region.
The decision to reintroduce zero VAT follows significant public outcry over the rising cost of living, which has put pressure on households across the country.
Finance Minister Makis Keravnos said there will be zero VAT on diapers for infants and adults, baby milk, female hygiene products, fruit and vegetables.
The decision is expected to be ratified by the cabinet next week. It’s understood, however, that the zero VAT on the designated items will likely kick in at the start of November – giving shops time to adjust their prices.
Taking place on Ada Lovelace Day and under the support of President Nikos Christodoulides, the event brought together leaders from diverse sectors to propose tangible strategies for empowering women in STEM.
Co-organised by Women in Tech Cyprus and TechIsland, the forum attracted students, professionals, entrepreneurs, and policymakers committed to driving change.
Opening speeches by Tanya Romanyukha, General Manager at TechIsland and Director of Women in Tech Cyprus; Gender Equality Commissioner Josie Christodoulou; and TechIsland Chairman Valentinos Polykarpou set an inspiring tone for the inaugural Women in STEM Cyprus Forum.
A total of 11 students stood out among dozens of participants, showcasing their innovative approaches in the “Science Unfold,” “e-Book,” and newly introduced “Design Thinking Challenge” student science communication competitions.
In the “Science Unfold” competition, secondary school students were invited to present a scientific discovery of their choice in just three minutes, utilising all their creativity and communication skills.
Meanwhile, the “e-Book” competition encouraged primary school pupils to explore storytelling and create short stories under the theme “Brainy and Genie on a Special Mission.”
Through innovative posture-tracking tools and real-time insights, Darefore empowers athletes to optimise performance, refine form, and reach peak potential. Through this collaboration, Hanson will not only integrate Darefore’s tracking technology into his training but also share his insights and training tips with followers, illustrating how posture and positioning technology can enhance athletic performance.
“We’re excited to welcome Matt Hanson to the Darefore family,” said Marios Kyriakou, CEO of Darefore.
“We founded Darefore with the mission to empower athletes of all levels to optimise their performance.”
He continued, “Recognising the critical role of posture and positioning in cycling, we developed our innovative technology to provide real-time feedback and insights.”
The Cyprus Stock Exchange (CSE) ended Wednesday, October 16 with losses.
The general Cyprus Stock Market Index was at 192.75 points at 12:59 during the day, reflecting a decrease of 1.55 per cent over the previous day of trading.
The FTSE / CySE 20 Index was at 117.45 points, representing a drop of 1.60 per cent.
The total value of transactions came up to €223,841, until the aforementioned time during trading.
In terms of the sub-indexes, the main, alternative and investment firm indexes fell by 2.19 per cent, 0.1 per cent and 6.7 per cent respectively. The hotel index rose by 0.35 per cent.
The biggest investment interest was attracted by Vassiliko Cement Works Public Company (no change), Hellenic Bank (+0.26 per cent), the Bank of Cyprus (-0.47 per cent), and Kythreotis Holdings (no change).