Cyprus Business Now
The Bank of Cyprus announced on Monday that it completed a new round in its share buyback programme, which was originally disclosed in April of this year, with 34,150 shares being purchased in total.
According to an official announcement, the bank acquired 22,183 shares on the London Stock Exchange (LSE) at a weighted average price of £3.68 per share and 11,967 shares on the Cyprus Stock Exchange (CSE) at an average price of €4.25 per share on May 17.
These share purchases are part of the bank’s ongoing buyback programme, which aims to repurchase up to €25 million worth of its own shares.
This initiative was announced on April 19, 2024, as a strategic move to enhance shareholder value.
“The total shares purchased of 34,150 will be cancelled,” the announcement said.
Chinese-led construction firm CPP-Metron Consortium Ltd (CMC) on Monday called for a meeting with a “decision maker” appointed by the Cypriot government in a “neutral territory” as the crisis deepens over the under-construction liquefied natural gas (LNG) terminal at Vasiliko.
It said, “the Chinese consortium has made it clear that it is willing to meet such a decision maker in a neutral territory, such as Dubai, to negotiate the necessary reset which would allow Cyprus to realise the benefits of this project.
“The choice between a successful or failed project is entirely in Cyprus’ hands,” it added.
The summit will centre on significant legislative initiatives aimed at shaping the European digital landscape.
Top on the agenda are measures to strengthen the Digital Single Market and the rollout of key regulations such as the Digital Services Act, the Artificial Intelligence Act, and the Cyber Resilience Act. Discussions will also advance on establishing a Framework for a European Digital Identity.
Furthermore, ministers will address critical issues including cybersecurity and the enhancement of digital skills.
According to the announcement, the decision was ratified by the Evel board of directors during their meeting on May 8 and came into effect from May 18.
The announcement noted that Andreas Antoniades has been with the chamber since 2000. He was later appointed director of industry in 2004. In 2022, he was promoted to deputy secretary general.
“Antoniades brings extensive experience in industrial and industrial policy matters, entrepreneurship, regional development, and European policies,” the chamber said.
Rental rates for apartments and vacation homes have reached their highest levels since 2016, with prices more than doubling in Limassol, according to property experts.
According to data from Danos International Property Consultants and Valuers’ reports, rental rates across Cyprus have surged, with vacation apartment rates up by 80 per cent and vacation home rates by 60 per cent compared to 2016.
When it comes to purchasing a holiday home, prices have climbed by about 40 per cent for apartments and 20 per cent for homes.
The Cyprus Stock Exchange (CSE) ended Monday, May 20 with losses.
The general Cyprus Stock Market Index was at 157.43 points at 12:48 during the day, reflecting a decrease of 0.36 per cent over the previous day of trading.
The FTSE / CySE 20 Index was at 95.70 points, representing a drop of 0.35 per cent.
The total value of transactions came up to €313,013 until the aforementioned time during trading.
In terms of the sub-indexes, the main and alternative indexes fell by 0.25 per cent and 0.49 per cent respectively. The investment firm and hotel indexes remained unchanged.
The biggest investment interest was attracted by the Bank of Cyprus (no change), Logicom (+0.65 per cent), Petrolina (-1.22 per cent), Hellenic Bank (-1.2 per cent), and Vassiliko Cement Works Public Company (-1.03 per cent).