Cyprus business & economy daily wrap-up
This was part of the CBC’s latest release of statistics concerning the interest rates of monetary financial institutions (MFIs) in Cyprus.
In addition, the volume of new consumer loans also saw a significant increase, reaching €28.0 million in July, compared to €21.7 million in June.
The interest rate for loans intended for house purchases also experienced a slight rise, climbing to 4.59 per cent in July from 4.52 per cent in June.
According to an official announcement released this week, the company’s addition to the KV Fund portfolio follows a strategic investment aimed at accelerating the company’s growth.
Darefore has carved out a niche with its biometrics system that merges wearable technology and smart data-driven methodologies. The company is focused primarily on sports performance enhancement and injury prevention.
Andreas Panayi, Co-founder and Partner at Kinisis Ventures, expressed his enthusiasm by saying that “Darefore is a great addition to our portfolio.”
“It has all the ingredients we know and love to work with,” he stated, mentioning software, sensors, data, and algorithms, for commercial applications.
A European Union directive by which a set percentage of energy used by member state residents must be derived from an interconnected source, means Cyprus must press ahead with the Great Sea Interconnection (GSI) and tie up the project’s loose ends, Cyprus Chamber of Commerce and Industry (Keve) general secretary Marios Tsakkis said on Wednesday.
The ultimate linking up of the Greece-Cyprus electric systems to Israel is also an imperative for the enterprise to “make sense” Tsakkis said.
The Keve rep said the information had been shared during an extended and “productive” meeting with Energy Minister George Papanastasiou on Tuesday, during which the latter presented this item as a further justification of the need to forge ahead with the GSI project.
The EU has set an interconnection target of at least 15 per cent by 2030 to encourage EU countries to link up their installed electricity production capacity.
Specifically, according to the Cyprus Statistical Service (Cystat), administrative and support service activities saw an increase of 11.3 per cent compared to the same period in 2023.
Real estate activities also performed well, recording a 10.5 per cent rise, while accommodation and food service activities grew by 6.3 per cent.
The information and communication sector experienced a modest increase of 2.5 per cent.
Conversely, the professional, scientific, and technical activities sector saw a decline, with the turnover value index dropping by 1.9 per cent compared to the second quarter of 2023.
According to a report released on Wednesday by the Cyprus Statistical Service (Cystat), the total number of unemployed persons registered at District Labour Offices at the end of August reached 12,079.
After adjusting for seasonal variations, the number of registered unemployed remained stable from July to August 2024, at 11,197 individuals.
The year-on-year decrease of 1,177 unemployed persons is attributed primarily to declines in unemployment within a number of key sectors.
These include financial and insurance activities, construction, trade, and manufacturing.
The service explained that the reduction also reflects fewer newcomers entering the labour market.
This is slightly higher than the ten-year average of 26 per cent for the same period.
This corresponds to a total of €446.1 million out of an annual development expenditure budget of €1.49 billion.
In terms of overall fiscal performance, total state revenues by the end of July amounted to €5.90bn, representing 52 per cent of the annual budget.
This marks a decrease from last year’s 57 per cent for the same period, when total revenues stood at €5.56bn.
According to Eurogate, During the visit, Al-Jasser, accompanied by Cyprus’ Transport Minister Alexis Vafeades and Deputy Minister of Shipping Marina Hadjimanolis, toured the terminal.
He was briefed by Chief Operating Officer Alexandros Demetriades on ‘the significant investments made by the company for quality, safe and fast service delivery to shippers.’
During the visit, both sides exchanged views on the role of Limassol’s terminal in the Cypriot economy and its potential as a key trade hub between the Middle East, Egypt, and Europe.
The Cyprus Stock Exchange (CSE) ended Wednesday, September 4 with losses.
The general Cyprus Stock Market Index was at 180.56 points at 14:48 during the day, reflecting a decrease of 1.00 per cent over the previous day of trading.
The FTSE / CySE 20 Index was at 109.95 points, representing a drop 1.00 per cent.
The total value of transactions came up to €535,672, until the aforementioned time during trading.
In terms of the sub-indexes, the main, alternative, investment firm and hotel indexes fell by 1.05 per cent, 0.83 per cent, 0.73 per cent, and 0.12 per cent respectively.
The biggest investment interest was attracted by the Bank of Cyprus (-1.22 per cent), Hellenic Bank (-0.64 per cent), Demetra (-0.75 per cent), Atlantic Insurance (no change), and Vassiliko Cement Works Public Company (no change).