Cyprus Business Now: CBC chief, savings rate, tourism expo, maritime ties

Central Bank of Cyprus (CBC) governor Christodoulos Patsalides on Monday highlighted the importance of taking a forward-looking approach to assessing individual risks, combined with a thorough analysis of the prevailing environment in which organisations are called to act.

This approach, he explained, is relevant both when devising agricultural policy and making decisions about granting a new loan or calculating provisions for non-performing loans.

Patsalides’ comments were part of a speech presented at the Credit Risk Management Conference, organised by ICAP CRIF and the Artemis Credit Bureau.

The savings rate in Cyprus has experienced a decrease, according to preliminary estimates of key macroeconomic indicators from the national accounts for 2023.

According to the data, the gross disposable income for the entire economy reached €27.98 billion, while gross savings amounted to €3.46 billion.

What is more, the net financing requirement was recorded at €2.99 billion.

The disposable income of households and non-profit institutions serving households (NPISH) increased by 4.9 per cent compared to 2022, rising from €19.74 billion to €20.71 billion.

Deputy Tourism Minister Kostas Koumis will lead a delegation to London on November 5-7 for the World Travel Market (WTM), according to an official announcement.

The objective of participating in the event is to strengthen ties with top global tourism players, airlines, and travel firms in Cyprus’ largest tourism market.

The Deputy Ministry of Tourism said that Koumis, accompanied by the ministry of director general and other officials, will meet with leading companies in the global tourism sector.  

His schedule includes discussions with prominent airlines and travel organisers, alongside participation in a Ministerial Session focused on ‘AI – Boundless Opportunities for Change in Travel’. 

Cyprus and Egypt are set to deepen maritime collaboration through a joint commission, established during Deputy Shipping Minister Marina Hadjimanolis’ recent visit to the country.

The October 29 to 31 visit, made at the invitation of Egypt’s Minister of Transport, included talks with top Egyptian officials to strengthen maritime operations, sustainability, and cruise tourism links between the two countries. 

“The excellent level of Cyprus-Egypt relations was confirmed,” stated Cyprus’ Deputy Ministry, following discussions on formalising lasting communication channels through the new commission, in line with a merchant shipping agreement between the two countries. 

While in Ismailia, Hadjimanolis met the Chairman of the Suez Canal Authority to discuss regional trade and explore green transformation opportunities, particularly in clean energy use.  

The Hotel Professionals of Cyprus (Pasydixe) on Monday appointed Polis Kallis as its first general manager, according to an official announcement.

The announcement explained that the new role is aimed at reinforcing the association’s structure, combined with providing better support for hotel professionals across Cyprus.

Pasydixe, part of the Cyprus Chamber of Commerce and Industry (Keve), said the new position marks an effort to bring “modern services and substantial support” to the country’s hotel sector. 

Applications for the reissued grants scheme to encourage the use of renewable energy sources in residences opened on Monday, aiming for interest from an additional 3,000 households across Cyprus.

According to the energy ministry, the Photovoltaics for All scheme, first launched in March, saw high demand in its initial phase, with 6,000 applications submitted within four months.

Many households have already completed installations.

The initiative aims to assist non-vulnerable households lacking initial capital to install photovoltaic systems (PVs), helping them reduce electricity bills and their environmental impact.

Concrete factory employees are going on an indefinite strike, it was announced on Monday, following the failure to resolve a dispute over their renewed collective agreement.

The strike is set to start on Tuesday after workers islandwide rejected a labour ministry proposal.

The work stoppage was communicated by letter to the labour relations department director.

The Cyprus Stock Exchange (CSE) ended Monday, November 4 with losses.

The general Cyprus Stock Market Index stood at 194.04 points at 13:03, reflecting a decrease of 0.06 per cent.

The FTSE / CySE 20 Index was at 118.16 points, also showing a decline of 0.08 per cent.

The total value of transactions amounted to €125,875 at the aforementioned time during trading.

In terms of the sub-indexes, the main, alternative and investment firm indexes fell by 0.15 per cent, 0.11 per cent and 1.45 per cent respectively. The hotel index rose by 0.13 per cent.

The biggest investment interest was attracted by the Bank of Cyprus (+0.24 per cent), Hellenic Bank (+0.78 per cent), Logicom (no change), Demetra (-1.47 per cent), and Vassiliko Cement Works Public Company (-1.78 per cent).