Cyprus Business Today

This week, the Cyprus Shipping Chamber (Kne) declared its support for the joint statement by representatives of the European shipping sector, which calls for the sequestration of shipping income in the Emission Rights System (ETS) in order to decarbonize the European shipping industry.

The European Chamber of Commerce said "We express our full support for the joint appeal by the European shipping bodies and in particular, the organisations ECSA, CLECAT, CLIA, ESPO, eFuel Alliance, ENMC, ESC, EWABA, FEPORT and SEA Europe to the EU member states and the European Parliament to commit the revenue generated by the inclusion of European shipping to the ETS system for the shipping sector."

The chamber continued, "It is clear that the decarbonisation of the shipping sector will only be achieved if revenues are committed to closing the price gap on clean fuels, funding research, development and innovation."

Finally, it was said that these monies might be utilized to advance sustainable energy technology and solutions both on land and at sea, as well as to retrain personnel in the marine industry and make corresponding investments in land-based facilities and training.

The International Investment Forum will be held in the Asbis Hi Tech Cluster in Limassol on October 19, 2022, at 9 AM, according to startup accelerator ARIS, which stands for A Really Inspiring Space, and the Cyprus University of Technology (Tepak).

The Forum is being put on as part of the (INTERREG V-B) Balkan Mediterranean 2014-2020 Programme initiative known as the Gazelle project (orGAniZing accELaration for high-potential innovativE SMEs).

In the Balkan Mediterranean nations of Bulgaria, Greece, Cyprus, and North Macedonia, the forum "will bring together, encourage, and support innovative companies, SMEs, and Business Angels (BA)," according to the release.

The participating businesses will have the possibility to discuss their initiatives, business concepts, and goals in order to improve their marketability and strengthen their partnerships with other overseas businesses, particularly those from neighboring Balkan nations.

Innovative businesses from Greece, Cyprus, and Bulgaria will have a 5-minute pitch period at the Forum to present their operations and/or ideas.

With regard to the Gazelle project, it aims to address the main barriers to the development and growth of Gazelles (innovative companies distinguished by their rapid rate of growth), including access to external knowledge and financing through the encouragement of the establishment and valorization of Business Angels Networks (BANs).

By enhancing technology transfer plans and easing the interaction between universities and creative SMEs, this covers situations where this is market knowledge or technical competence.

The main goals of the project are to strengthen organizations that can support the development of business angels networks, develop and implement a pilot for a cogent mechanism to speed up the development process for innovative companies, and facilitate the sharing of knowledge and best practices, including the creation of tools for business angels and entrepreneurs.

Cyprus' industrial turnover increased significantly in 2022, according to a study released on Wednesday by the Cyprus Statistical Service (Cystat).

The Industrial Turnover Index achieved 206.3 points (base 2015=100) in July 2022, which is a significant rise of 24.9% from July 2021.

The index increased by 22.6% from January through July 2022 compared to the same time in 2021.

The manufacturing sector's index increased by 12.9% from July 2021 to July 2022, reaching 182.4 points in that month.

In addition, there was a growth of 83.1% in the energy supply sector and 12.2% in the mines and quarries.

On the other hand, compared to July 2021, the water supply and materials recovery sector saw a 1.2% fall.

On Wednesday, October 5, the Cyprus Stock Exchange (CSE) reported a loss.

At 13:04 in the afternoon, the overall Cyprus Stock Market Index was at 74.55 points, down 0.04 percent from the previous trading day.

The FTSE / CySE 20 Index was down 0.04 percentage points at 44.74 points.

The total amount spent on transactions was €13,055.

Regarding the sub-indices, the primary index increased by 0.12% while the alternative index decreased by 0.41%. The indices for hotels and investment firms were unchanged.

The Bank of Cyprus (+0.39%), Petrolina Holdings (no change), Cyprus Cement Public Company (-0.89%), Atlantic Insurance (no change), and Vassiliko Cement Works drew the most investment interest (-1.54 per cent).

By fLEXI tEAM