Cyprus Business Now: weekly wrap-up

Here are the top business stories in Cyprus from the week starting June 17:

The Finance Ministry is contemplating a return to financial markets, aiming to capitalise on the Cypriot economy’s robust momentum highlighted by successive credit rating upgrades. Reports suggest the issuance of a ten-year bond is being considered, with specifics to be finalised based on market conditions and consultations with issuance advisors. This strategy aligns with this year’s financing programme announced by the Public Debt Management Office, targeting €1.3 billion in funds, with the majority through a European Medium-Term Note.

Simultaneously, the Larnaca regional tourism board (Etap) announced that Larnaca has clinched the fifth spot in DiscoverCars.com’s survey of Europe’s most scenic driving destinations. This marks the fourth consecutive year Larnaca has been recognised, thanks to over 250,000 customer reviews, highlighting its picturesque beaches and vibrant nightlife.

In parallel, Freedom Holding Corp. reported record-breaking fiscal results, with significant growth in revenue and net income, driven by increased interest income and higher trading volumes. This financial performance underscores the vitality of segments of the Cypriot economy.

Further bolstering economic discussions, Cypriot state officials at the annual general meeting of the Association of Cyprus Banks called for reduced lending rates to alleviate the financial strain on households and businesses. The meeting emphasised the resilience of the banking sector, now in its strongest state since the 2013 financial crisis.

Adding to the economic landscape, the Paphos Regional Tourism Board is launching the SMARTIES for SMEs project, funded by the EU, to enhance the competitiveness of SMEs in the tourism sector. This initiative aims to foster sustainable and technological advancements within the sector, offering substantial support to selected enterprises.

On the maritime front, Deputy Minister of Shipping Marina Hadjimanolis recognised the crucial role of maritime agents in the shipping industry during a dinner hosted by the Cyprus Shipping Association. Her praise highlights ongoing efforts to strengthen the Cypriot shipping registry and its positive impacts on the local economy.

Concurrently, international credit rating agency Moody’s has initiated a review for a possible upgrade of Hellenic Bank’s ratings following its enhanced financial profile and acquisition by Eurobank S.A. This potential upgrade could further stabilise the financial sector.

The national economy’s prospects are also looking up, as evidenced by Cyprus’ improvement in the IMD world competitiveness rankings, largely due to increased foreign direct investments. This development reflects a broader trend of economic strengthening across various sectors.

In the digital realm, Deputy Minister of Research, Innovation and Digital Policy Nicodemos Damianou underscored the importance of Artificial Intelligence and data management at the 3rd CITEA Digital Cyprus Conference. His discussions in Greece have led to a Memorandum of Cooperation aiming to enhance digital services between Cyprus and Greece, promising greater accessibility and improved services for citizens.

Lastly, the Cyprus Mail’s Souzana Psara featured an interview with tech industry veteran Ruslan Synytsky, CEO of Ravatar, discussing his innovative venture into 3D AI avatars. Synytsky’s background as a pioneer in cloud computing reflects a broader trend of technological innovation that continues to shape Cyprus’s economic and digital landscapes.