Cyprus Business Now
The Cyprus Borrowers Association (Syprodat) this week released a statement hailing two bills ratified by the House last week as crucial for borrowers and the economy, emphasising their significance in protecting the property of vulnerable borrowers.
In an official statement, the association referred to the legislation as a vital step alongside the mortgage-to-rent scheme, forming a trilogy to safeguard vulnerable groups.
Moreover, they stressed the importance of the laws being signed by the president, allowing them to start being officially implemented.
The first law pertains to safeguarding primary residences valued up to €350,000 and professional premises up to €750,000.
According to the association, this expands the Financial Commissioner’s jurisdiction, although their decisions remain non-binding.
The association also highlighted that borrowers can now seek out-of-court settlement of disputes with creditors regarding over-indebtedness and abusive terms through the commissioner.
Additionally, those with terminated loans up to €350,000 have a six-month window to appeal to the commissioner for appointing a mediator to resolve disputes with their creditors.
Should creditors reject the commissioner’s decision, the association explained, the auction process will be suspended until the court decides on the owed amount.
Furthermore, regarding the bill for establishing Special Jurisdiction in District Courts, Syprodat explained that the Supreme Court could appoint judges to handle cases involving disputes between borrowers, guarantors, and creditors, in terms of loans secured against primary residences valued up to €350,000.
“Protection is necessary for all borrowers as inflation affects everyone, not just the vulnerable,” concluded the association.
The Ministry of Energy, Commerce, and Industry this week announced that nine Cypriot companies participated in a successful business mission to New York, which aimed at fostering increased trade opportunities between Cyprus and the United States.
The mission, organised in collaboration with the Cyprus Trade Centre in New York, as well as the Cyprus Chamber of Commerce and Industry, aimed at showcasing Cyprus as an international business centre and gateway to the European, Middle Eastern, and African markets.
According to the announcement, on November 15, members of the mission engaged in a business forum highlighting Cyprus as an investment destination and a bridge to other markets.
The initiative was part of the government’s efforts to promote Cyprus as an ideal place to do business and enhance the global presence of Cypriot service-based companies.
“Nine Cypriot companies had the opportunity to network with counterparts in New York, fostering connections and exploring potential collaborations,” the announcement said.
In related news, the president of the Cyprus Chamber of Commerce and Industry (Keve), Stavros Stavrou, this week hosted a luncheon in honour of the President of Iraq Abdul Latif Rashid, and his accompanying business delegation during their official visit to the country.
The luncheon served as a platform for discussions on various business matters and the prospects for enhanced cooperation between Cypriot and Iraqi enterprises.
Among the distinguished attendees were the Speaker of the House of Representatives, Annita Demetriou, the Minister of Transport, Communications, and Works, Alexis Vafeades, as well as government officials.
The event provided an opportunity for fruitful dialogue and potential collaborations between the two nations’ business communities.
The Cyprus Stock Exchange (CSE) ended Wednesday, December 13 with losses.
The general Cyprus Stock Market Index was at 134.61 points at 13:03 during the day, reflecting a decrease of 0.29 per cent over the previous day of trading.
The FTSE / CySE 20 Index was at 81.73 points, representing a drop of 0.29 per cent.
The total value of transactions came up to €74,249 until the aforementioned time during trading.
In terms of the sub-indexes, the main and alternative indexes fell by 0.24 per cent and 0.32 per cent respectively. The hotel and investment firm indexes remained unchanged.
The biggest investment interest was attracted by the Bank of Cyprus (-1.18 per cent), Blue Island (no change), Hellenic Bank (+0.44 per cent), Atlantic Insurance (no change), and Malloupas & Papacostas (no change).