Cyprus Business Now
The announcement stated that the consultation between CNP Assurances and its European Works Council has been completed, paving the way for the acquisition to reach a conclusion.
The acquisition, subject to regulatory approvals, including from the Commission for the Protection of Competition, will see Hellenic Bank acquire CNP Cyprus Insurance Holdings Limited.
What is more, the announcement highlighted that the subsidiaries of CNP Cyprus Insurance Holdings Limited hold a leading position in the insurance sector in Cyprus.
This transaction will enable Hellenic Bank to further strengthen its insurance operations, establishing it as a top financial group with a strong presence in both the financial and insurance sectors in Cyprus.
This figure marks a slight decrease from 335 entities monitored during the same period last year, reflecting a decline of 2.09 per cent.
Within this total, there are 226 Externally Managed UCIs, 33 Internally Managed UCIs, and 69 External Fund Managers.
The landscape includes 42 Alternative Investment Fund Managers (AIFMs), 51 Sub-threshold AIFMs, 3 UCITS Management Companies, and 6 entities holding dual licenses (AIFMs and UCITS Management Companies).
In terms of Assets Under Management (AUM), CySEC reported a total of €9.1 billion for Q1 2024, indicating a notable increase of 6.35 per cent from the previous quarter.
According to the European Commission, Urpilainen’s schedule includes meetings with Cyprus’ Foreign Minister Constantinos Kombos and various representatives from the private sector.
Discussing the opportunities and challenges for Cypriot shipping and the EU’s role in enhancing it, Urpilainen highlighted the fundamental role of sustainable infrastructure and connectivity.
“Sustainable infrastructure and connectivity have the potential to balance growth and foster mutual prosperity through trade and cooperation between the EU and partner countries,” she said.
According to an announcement released this week, this development came as a result of the union’s 56th ordinary Pancyprian conference, which convened on Saturday, June 29.
In its statement, the newly-elected board of directors emphasised that, by the organisation’s statutes, Loizos Hadjicostis will continue his tenure as honorary president.
They expressed confidence that his leadership remains the “best guarantee for the effective handling of all challenges that arise”, all aimed at benefiting Etyk and its members.
The statement showed that by the end of June 2024, the value of the company’s investment in Hellenic Bank had risen to €313.6 million, up from €262.8 million at the end of 2023.
This represents 78.32 per cent of Demetra Holdings’ assets, compared to 75.39 per cent in 2023.
Conversely, the value of Demetra’s investment in Logicom has decreased. The investment in Logicom now stands at 5.74 per cent (€23 million) from 6.47 per cent in 2023.
In the real estate sector, the company had invested €43.46 million, representing 10.88 per cent of its total assets, in land and property development in Cyprus, Romania, and Bulgaria by the end of June 2024.
“Households, borrowers, and businesses are struggling every day with high prices, high interest rates, and inadequate support from the government,” Syprodat said.
Moreover, the association pointed out that the increased cost of living has become a significant issue for everyone, with borrowers’ purchasing power being “severely diminished as their income no longer suffices to meet their needs”.
“People have cut down on many of their expenses,” the statement added.
Syprodat also called on the government to recognise the rapid rise in living costs and to take drastic measures to address the issue of high prices affecting society.
The statistical service reported that Cyprus’ Consumer Price Index, excluding increases in excise taxes, stood at 112.41 units during the period from January to June 2024, marking a decrease of 0.32 per cent compared to the previous period.
However, when compared to the same half of 2023, inflation, excluding increases in excise taxes, recorded an increase of 2.2 per cent in the first half of 2024.
This mission is scheduled to coincide with the Factory Innovation Week fair, which will take place in Tokyo in January 2025.
During the three-day fair, selected participants will have the opportunity to exhibit in a joint booth under the EU-Japan Centre umbrella.
According to Keve, this mission will offer 12 EU SMEs and clusters a valuable opportunity to enter the Japanese market or further develop their ongoing activities in the country.
It aims to help these businesses establish technology or business partnerships, thereby increasing their innovation capacity and enhancing their competitiveness on a global scale.
The mission is set to take place from January 21-24, 2025, with an application deadline of October 30, 2024.
The Cyprus Stock Exchange (CSE) ended Wednesday, July 10 with marginal losses.
The general Cyprus Stock Market Index was at 161.79 points at 12:28 during the day, reflecting a decrease of 0.08 per cent over the previous day of trading.
The FTSE / CySE 20 Index was at 98.38 points, representing a drop of 0.07 per cent.
The total value of transactions came up to €47,937, until the aforementioned time during trading.
In terms of the sub-indexes, the alternative index rose by 0.21 per cent. The main and investment firm indexes fell by 0.19 per cent and 0.44 per cent respectively. The hotel index remained unchanged.
The biggest investment interest was attracted by Vassiliko Cement Works Public Company (+1.14 per cent), the Bank of Cyprus (no change), Hellenic Bank (no change), and Louis PLC (no change).