Cyprus Business Now
CySEC chairman George Theocharides said that “CIFs are urged to ensure that they fully comply with the provisions of the law and must act within the framework of their operating license”.
“CySEC attributes great importance, among others, to the responsibility that CIFs have in terms of the knowledge and skills of individuals in key positions to ensure the effective operation, supervision and governance of the CIF, as well as the interests of the CIF and its clients,” he added.
According to the commission’s official announcement, this decision follows a series of violations of the Investment Services and Activities and Regulated Markets Law of 2017.
The ball is now in Energy Minister George Papanastasiou’s court, with the minister having told Philenews that the questions are to be answered in future meetings through the “proper procedures.”
Committee Chair and Disy MP Kyriacos Hadjiyiannis in recent weeks has doggedly pursued answers about the project’s feasibility and has gone so far as to suggest that processes relating to the endeavour warranted investigation by the European Public Prosecutor’s Office (EPPO).
In a written statement presented to the minister on Tuesday, the MP said critical questions arise over the Cyprus-Crete subsea cable and the cost-benefit analysis submitted by the project’s driver, Greece’s independent power transmission operator (Admie).
The mandatory public offer for the acquisition of up to 100 per cent of the issued share capital of Hellenic Bank Public Company Limited, submitted on June 4, 2024, has been completed, according to Eurobank, a subsidiary of Eurobank Ergasias Services and Holdings.
Following the final verification of acceptance and transfer forms, the total acceptance rate for the public offer reached 0.481 per cent.
In addition, there were acceptance and transfer forms submitted for 1,984,781 shares of the target company, Eurobank announced in a statement published on the Cyprus Stock Exchange website.
Adding this to the 55.481 per cent (229,030,025 shares) already directly held by the offeror at the close of the public offer on July 30, 2024, Eurobank now holds a total of 55.962 per cent (231,014,806 shares) of the issued share capital of Hellenic Bank.
Meanwhile, Hellenic Bank Public Company Limited on Wednesday announced the resignation of John Gregory Iossifidis from its board of directors, according to a statement released on the Cyprus Stock Exchange (CSE).
He explained that this move is intended to ensure a smooth transition, allowing the new leadership to implement its strategic vision and objectives for the bank, while maintaining governance structures until the AGM.
Specifically, the service reported that a total of 3,254 permits were issued during this period, up from 2,998 in the corresponding period of the previous year.
Moreover, the total value of these permits rose by 8.4 per cent, while the total area covered increased by 13.4 per cent.
The report also showed that the number of residential units saw a significant rise of 17.1 per cent.
This initiative, Keve explained, is aligned with the European Green Deal, and seeks to enhance skills and promote growth in the wind energy sector.
According to the announcement, the project supports the EU’s ambitious targets of achieving 60 GW of wind power and 1 GW of marine power by 2030, increasing to 300 GW and 40 GW respectively by 2050.
“Wind energy, especially from offshore sources, offers stable energy production due to consistent wind conditions at sea, which helps in reducing power fluctuations,” the chamber said in a statement.
“Offshore installations also minimise visual disturbance and benefit from favourable temperature conditions, particularly in floating photovoltaics,” it added.
The chamber explained that this will help to establish greater energy independence and “open up opportunities for investment and innovation“.
The board said that this initiative, which has received support from the Deputy Ministry of Tourism, encompassed the entire Paphos district.
In addition, it featured an organised and intensive social media campaign, particularly on Facebook and Instagram.
The campaign, which began in May, reached its peak during June and July and will conclude on August 14, 2024.
According to the announcement from Etap, “Paphos is eager to maintain its position as a top holiday destination for residents of Cyprus, thanks to the combined efforts of tourism professionals and the Deputy Ministry of Tourism”.
Speaking at the event, Deputy Tourism Minister Kostas Koumis emphasised that despite challenges, Cyprus’ tourism sector remains “highly competitive,” but ongoing efforts are needed to sustain this.
Meanwhile, Ayia Napa mayor and president of Etap Famagusta Christos Zannetou described the campaign’s launch as marking a transition to a new era, hoping that it will feature a collective effort for the betterment of both the Famagusta region and Cyprus as a whole.
He said that Famagusta has always been a pioneer in tourism and hospitality, and “we could not remain indifferent to the ongoing increase in competition, especially during a challenging period for tourism”.
The aim, he said, is to “establish the entire region as a model of tourism development, known both in Cyprus and abroad as an attractive destination for visitors of all ages, year-round”.
The Cyprus Stock Exchange (CSE) ended Wednesday, August 7 with profits.
The general Cyprus Stock Market Index was at 164.20 points at 12:52 during the day, reflecting an increase of 0.89 per cent over the previous day of trading.
The FTSE / CySE 20 Index was at 99.95 points, representing a rise of 0.9 per cent.
The total value of transactions came up to €67,569, until the aforementioned time during trading.
In terms of the sub-indexes, the main, investment firm and alternative indexes rose by 1.13 per cent, 2.05 per cent and 0.17 per cent respectively. The hotel index remained unchanged.
The biggest investment interest was attracted by Vassiliko Cement Works Public Company (+0.57 per cent), Demetra (+2.09 per cent), Hellenic Bank (+1.84 per cent), and Ermes (+4.35 per cent).