Cyprus Business Now | Cyprus Mail
Eurobank Cyprus announced its triumphant financial performance for 2023, revealing an after-tax profit of €199.4 million—a staggering 111 per cent increase compared to the prior year. The bank cited remarkable improvements in capital adequacy and operational costs among the reasons for this success. This performance underscores the bank’s robust approach to overcoming the year’s challenges and underscores its significant contribution to the development of the Cypriot economy and entrepreneurship landscape.
The CEO of Eurobank Cyprus, Michalis Louis, highlighted the achievement of increased profitability, more robust capital adequacy, and a historically low Non-Performing Loans (NPL) ratio, showcasing a high-quality loan portfolio as a result.
In a move towards social responsibility, Cyprus’ Authority of Co-operative Societies, together with the Office of the Commissioner for the Environment, announced plans to hold informational sessions on Corporate Social Responsibility (CSR) in various cities. These sessions aim to prepare businesses for the impending launch of the State Register of CSR Companies. Antonia Theodosiou, Commissioner for the Environment, emphasized the evolution of CSR from philanthropy to include sustainability and responsible entrepreneurship, aligning with sustainable, environmentally friendly development goals.
The unemployment rate in Cyprus experienced a downturn, falling to 5.9 per cent of the labour force during the fourth quarter of 2023, from 6.9 per cent in the corresponding period of 2022. This decrease was primarily seen among individuals aged between 25-64, contributing significantly to the overall reduction in unemployment figures.
Cyprus Registry celebrated 60 years of participation in global shipping, spotlighting its commitment to responsible and sustainable growth. The commemoration, which took place in Athens, Greece, stressed the synergistic relationship between Greek and Cypriot maritime sectors, propelling Cyprus forward as a key player in global shipping.
Elias Neocleous & Co LLC (ENC) and W11 Ventures have entered into a strategic partnership, targeting to provide comprehensive seed-to-scale advisory services on a global scale. This collaboration integrates ENC’s legal expertise and technology-driven solutions with W11’s prowess in business innovation and governance, marking a step forward in navigating the evolving technological and legal landscape.
President Nikos Christodoulides warned of imminent price hikes in motor fuels by the end of the month due to the cessation of reduced consumption tax on fuels coupled with the introduction of a green tax. This dual adjustment is expected to raise fuel prices significantly, pressing the necessity for sustainable and environmentally friendly transportation solutions.
A Cyprus Statistical Service (Cystat) report highlighting the persistent gender gap in the workforce shed light on an important issue. Despite women constituting a majority of the population and workforce, a notable disparity in pay remains—underscored by an average 10.2 per cent difference in gross hourly earnings compared to men in the same year. The report also highlighted the significant educational achievements and skilled occupations held by women in Cyprus.
At the Cyprus Conference on Competition Law, Minister of Energy, Commerce, and Industry George Papanastasiou discussed the pivotal role of competition in overcoming global challenges. He highlighted support measures, including financial assistance aimed at alleviating electricity costs and essential goods taxation, to fortify the national economy against recent crises.
The Cyprus Stock Market Index saw a slight decrease, with the FTSE / CySE 20 Index dropping by 0.63 per cent, underlining the dynamic nature of financial markets and the ongoing investment shifts within the Cypriot economic framework.
