Cyprus Business Now
They call on the government and the involved authorities to “seriously examine the consequences before the proceed” and make sure the terms safeguard the interests of the citizens and the economic viability of the country.
In a press release, the associations point out that they disagree with the position that the cable should go ahead at any cost.
The associations signing the press release are the Electricity Market Association, the Pancyprian Association for Energy Saving, the Cyprus Association of Renewable Energy Enterprises, the Wind Energy Alliance and the Cyprus Hydrogen Association.
Outlining the risks, the associations say that the risk and burden of consequences from changes in the implementation of the project must be undertaken by the investor and not the consumers.
The report provides an in-depth look at the bank’s environmental, social, and governance (ESG) strategy. which, the bank said has become a key pillar of its overall operations.
“The report confirms Hellenic Bank’s steadfast commitment to ESG issues, which are a strategic pillar of the Group’s overall actions,” the bank stated.
Moreover, the report noted that in response to the evolving geopolitical, energy, and climate realities, Hellenic Bank has “set clear priorities aimed at promoting sustainability through coordinated and responsible corporate actions”.
Hellenic Bank’s revised ESG Strategy, approved by its board of directors and incorporated into its strategic plan, is structured around four main pillars. Each pillar outlines specific goals across all operational levels of the group.
The ministry’s Consumer Protection Service carried out checks and found that in some cases “an unreasonably high retail price of fruit and vegetables is observed, which is mainly due to the practice followed to date by suppliers to set the retail price of fruit and vegetables on a daily basis.”
The service held meetings with all involved parties giving “strict instructions” to “immediately terminate this practice.”
The agreement is aimed at securing salary increases, enhancing holiday pay, and raising contributions to the provident fund. Both sides expressed optimism following the meeting, which was mediated by representatives of the labour ministry.
Speaking to the Cyprus News Agency (CNA), the general secretary of the SYXKA-PEO union Neophytos Timinis said the coming days are critical.
“Our bodies have decided that this period offers the final opportunity for the department of labour relations to either submit a mediation proposal or declare an impasse,” he said.
He also stressed that the priority for workers is to ensure that the agreement reached will be implemented by all hotel owners and cover all employees, adding that they are awaiting proposals from employers on how this will be achieved.
According to a report released on Friday by the Cyprus Statistical Service (Cystat), this reduction in the trade deficit is primarily due to the more significant decrease in imports compared to the slight dip in exports.
Specifically, the total value of imports of goods amounted to €896.9 million in June 2024, marking a 15.3 per cent decrease from the €1.05 billion recorded in June 2023.
The decline was observed in imports from both EU member states and third countries. Imports from other EU member states fell to €538.9 million, down from €615.5 million in June 2023.
Meanwhile, imports from non-EU countries also dropped, reaching €358 million compared to €444.0 million in the same period last year.
It should be noted that the transfer of economic ownership of vessels contributed €70.4 million to the total import value in June 2024, slightly less than the €78.8 million recorded in June 2023.
Conversely, exports saw a notable increase in June 2024. The total value of exports rose to €449.0 million, representing a 39.9 per cent increase from €321 million in June 2023.
According to the report, in July 2024 alone, total motor vehicle registrations reached 4,614, marking a 3.9 per cent rise from the 4,441 recorded in July 2023.
However, registrations of passenger saloon cars saw a slight decrease of 2.1 per cent, dropping to 3,503 from 3,578 in July 2023.
Overall, the total number of registered vehicles reached 30,864 in the first seven months of 2024, compared to 26,462 during the same period in 2023.
What is more, registrations of passenger saloon cars rose by 13.9 per cent, totalling 24,126, compared to 21,178 in the corresponding period of 2023.
“This project is crucial not only for geopolitical reasons but also to end the energy isolation of our country by integrating it into the energy networks promoted by the Union and the wider region,” the chamber stated.
Moreover, Keve underscored the necessity of transitioning away from polluting energy sources and replacing them with renewable energy sources (RES), which is in line with Cyprus’ commitments to the green transition.
“As a country, we must make the right and responsible decisions that ensure the most advantageous and efficient solutions,” Keve said.
These solutions, it added, should guarantee “stability and adequacy in energy supply for the current and future needs of the country, a reduction in the final price of electricity paid by businesses and citizens, and the sustainability of investments in domestic energy production”.
The Cyprus Stock Exchange (CSE) ended Friday, August 9 with losses.
The general Cyprus Stock Market Index was at 162.65 points at 12:53 during the day, reflecting a decrease of 0.79 per cent over the previous day of trading.
The FTSE / CySE 20 Index was at 98.99 points, representing a drop of 0.8 per cent.
The total value of transactions came up to €55,988, until the aforementioned time during trading.
In terms of the sub-indexes, the main, alternative and investment firm indexes fell by 0.65 per cent, 1.3 per cent and 1.22 per cent respectively. The hotel index remained unchanged.
The biggest investment interest was attracted by Vassiliko Cement Works Public Company (no change), the Bank of Cyprus (-0.25 per cent), Hellenic Bank (-0.74 per cent), Demetra (-1.24 per cent), and KEO (-9.57 per cent).