Cyprus Business Now: tourist arrivals, real estate summit, CySEC update
This marks an increase of 4.5 per cent year-on-year, according to the Cyprus Statistical Service (Cystat).
For the period from January to September 2024, total tourist arrivals amounted to 3,268,090, compared to 3,136,145 in the same period last year, reflecting an increase of 4.2 per cent.
The United Kingdom remained the primary source of tourism for Cyprus, contributing 35.5 per cent (180,961) of total arrivals in September 2024.
From the UAE to the USA, Loktionova shared insights on how top companies connect with global buyers, building connections with buyers worldwide.
Branding, Loktionova explained, is “no longer limited to logos and slogans in today’s real estate world—it’s about creating an identity that resonates deeply with buyers”.
“Today’s market is highly competitive, and buyers are looking for more than just properties; they want a lifestyle,” she said.
This decision is in line with the upcoming implementation of the EU’s Regulation for Markets in Crypto-Assets (MiCAR), which takes effect on December 30, 2024.
According to CySEC, this move comes as part of the transition to the new regulatory framework established by Regulation (EU) 2023/1114 for Markets in Crypto-Assets.
“From today onwards, applications for registration of CASPs will no longer be accepted in accordance with the provisions of National Rules,” the regulator stated.
The report, which surveyed over 14,300 people across 14 countries, highlighted that businesses and governments are failing to meet public expectations regarding ESG-related conduct.
The study found that nearly three in five respondents (58 per cent) rated responsible ESG behaviour from governments as highly important, giving it a score of 9 or 10 out of 10.
Similarly, 54 per cent expected large businesses to act responsibly on ESG matters, although expectations for small and medium-sized enterprises (SMEs) were lower, at 37 per cent.
This alarming gap is especially notable as Kyndryl serves thousands of enterprise clients in mission-critical IT modernisation.
Based on feedback from 3,200 senior leaders across 25 industries and data from Kyndryl’s AI-powered platform, Kyndryl Bridge, the report stresses urgent modernisation challenges.
Although 94 per cent of business leaders view technology modernisation as a high priority, Kyndryl’s data reveals that 44 per cent of mission-critical IT infrastructure is approaching or at end-of-life.
Nearly all businesses face the pressure of keeping systems updated, and 64 per cent of CEOs cite outdated IT as a major concern. AI adoption, a cornerstone of modern IT, is similarly mixed.
According to the announcement, the new service will operate from Larnaca International Airport to Leonardo da Vinci International Airport (Fiumicino) in Rome, offering three weekly flights throughout the summer season.
The flights will be scheduled for Tuesdays, Thursdays, and Saturdays, departing at 16:05 local time and arriving at 18:35 local time.
Moreover, the announcement noted that tickets for the new route are already available for purchase on the Aegean website, through booking systems, and at travel agencies.
This figure represents an increase of 1.6 per cent compared to September 2023, according to the Cyprus Statistical Service (Cystat).
In relation to August 2024, the Harmonised Consumer Price Index (HCPI) decreased by 0.4 per cent in September 2024.
For the period from January to September 2024, there was an overall increase of 2.3 per cent compared to the same period last year.
Potato farmers in the past week have been voicing concerns regarding a potential lack of potatoes on the cards, with a potential increase in the imports of the product.
However, according to agriculture ministry spokesperson Elena Fysentzou, imports of potatoes from EU countries have been common for several years and fluctuate depending on the prices.
“Imports generally rise when potatoes are more expensive, but it’s not uncommon for Cyprus to import the product, regardless of the fact that the country produces its own,” she told the Cyprus Mail.
The Cyprus Stock Exchange (CSE) ended Thursday, October 17 with losses.
The general Cyprus Stock Market Index was at 195.69 points at 12:43 during the day, reflecting a decrease of 1.01 per cent over the previous day of trading.
The FTSE / CySE 20 Index was at 119.26 points, representing a drop of 1.04 per cent.
The total value of transactions came up to €234,389, until the aforementioned time during trading.
In terms of the sub-indexes, the main, alternative, investment firm, and hotel indexes all fell, dropping by 1.2 per cent, 0.53 per cent, 2.79 per cent and 3.96 per cent respectively.
The biggest investment interest was attracted by Vassiliko Cement Works Public Company (-1.73 per cent), Hellenic Bank (-1.01 per cent), Atlantic Insurance (+2.7 per cent), Demetra Holdings (-2.86 per cent), and the Bank of Cyprus (no change).