Cyprus Business Now

The Cyprus Chamber of Commerce and Industry (Keve) on Friday announced that it has signed a cooperation agreement with the EU SME Centre to support Cypriot small and medium-sized enterprises (SMEs) in entering and thriving in the Chinese market.

The EU SME Centre, an initiative of the European Union, offers a wide range of hands-on support services to SMEs in EU and Single Market Programme (SMP) participating countries, preparing them to conduct business in China.

This collaboration aims to provide substantial assistance to local SMEs, helping them establish, develop, and maintain commercial activities in China through exports and investments, particularly during the early stages of their market entry.

“The primary goal of this collaboration is to provide substantial support to local SMEs, helping them establish, develop, and maintain commercial activities in the Chinese market,” stated the chamber in its announcement.

The implementation rate of development expenses from the state budget stood at 13 per cent at the end of April, slightly higher than the ten-year average of 12 per cent for the same period, according to the state treasury of the Republic of Cyprus.

Regarding revenue, indirect taxes increased by €150 million by April 2024 compared to the previous year, primarily due to a rise in VAT revenue. Direct tax revenue also saw an increase of €170 million, attributed to higher income tax collections from both individuals and corporations.

Specifically, according to the April 2024 edition of ‘Implementation of the State Budget,” released on Thursday by the state treasury, total revenues reached €2.74 billion by the end of April 2024, representing 24 per cent of the state budget (compared to €3.46 billion or 35 per cent in 2023).

Actual expenses amounted to €2.90bn, corresponding to an implementation rate of 22 per cent (the same as 2023, with €2.69bn).

The Cyprus Stock Exchange (CSE) and the Hellenic Energy Exchange (HEnEx) this week signed a Memorandum of Understanding (MoU) during a ceremony held at the Presidential Palace.

According to an official announcement, the event was attended by Undersecretary to the President Irene Piki and Director of the Office of the President of the Republic of Cyprus Charalambos Charalambous.

On behalf of the CSE, the MoU was signed by the President of the Stock Exchange Council Marinos Christodoulides.

The CEO of HEnEx, Alexandros Papageorgiou, signed on behalf of the Hellenic Energy Exchange. Papageorgiou emphasised HEnEx’s commitment to supporting the Cypriot market in achieving its green transition goals with the resources at its disposal.

The financial outlook for the global economy and markets amid international challenges, along with the key principles of financial forecasting, were the main topics of discussion at the annual economic forum organised by the CFA Society Cyprus.

According to a statement by the CFA Society Cyprus, in a speech delivered at the event, held at the Municipal Theatre in Nicosia, the President of the Society, president Andreas Cleanthous highlighted the importance of financial forecasting in the investment process.

He noted that future uncertainty is an integral part of investing, and industry experts are compelled to include detailed forecasts for the future performance of markets in their investment strategies.

CDB Bank this week announced the commencement of its partnership with the Bank of New York Mellon as its correspondent bank.

According to an official announcement by the Cyprus Development Bank Public Company (cdbbank), the Bank of New York Mellon, headquartered in New York, “is one of the largest financial institutions in the United States, operating globally”.

“This collaboration, the announcement continued, “represents a significant vote of confidence from a globally recognized organisation towards CDB Bank”.

The Cyprus Stock Exchange (CSE) ended Friday, May 31 with losses.

The general Cyprus Stock Market Index was at 163.35 points at 18:29 during the day, reflecting a decrease of 0.9 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 99.30 points, representing a drop of 0.94 per cent.

The total value of transactions came up to €1,367,932, until the aforementioned time during trading.

In terms of the sub-indexes, the main, alternative and investment firm indexes fell by 1.09 per cent, 0.1 per cent and 0.2 per cent respectively. The hotel index remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (-1.78 per cent), Hellenic Bank (-1.13 per cent), Logicom (-1.25 per cent), Demetra (-0.2 per cent), and the Cyprus Cement Company (-3.61 per cent).