International credit rating agency Moody’s has given a positive assessment on the mooted move by Hellenic Bank to acquire the operations of CNP Insurance in Cyprus and Greece, stating that it will help strengthen the bank’s activity network and revenue streams, thus reducing its dependency on interest income.
According to Moody’s, as stated in the credit prospects bulletin published on Monday, the acquisition, pending regulatory approvals from the competition protection authority and the European Council, of CNP Assurances, will position the Hellenic Bank Group as the leader in the Cypriot insurance market.
Economic sentiment in Cyprus improved marginally in April, with the Economic Sentiment Indicator (ESI) increasing by 0.8 points compared to March 2024, according to a report by the University of Cyprus’ Economic Research Centre (CypERC).
Specifically, the CypERC noted that the rise in the ESI was driven by strengthening business sentiment across all sectors, with the largest increases occurring in the manufacturing and construction sectors.
The cost of the top ten most expensive property sales transactions completed in March amounted to €48.1 million, with the most expensive transaction being an office building in Potamos Germasogeia in Limassol at €28 million.
According to Ask Wire, a company that merges real estate sector expertise with technological innovation, the 50 largest transactions were collectively worth more than €78 million.
Monday marked the 97th anniversary of the establishment of the Cyprus Chamber of Commerce & Industry (Keve), an institution that has played a key role in shaping the island nation’s economic landscape.
The announcement noted that the chamber was “founded on April 29, 1927, amidst challenging political and economic conditions”, by a group of “visionary entrepreneurs of the time who took bold initiatives to organise the business community, providing it with a unified voice and contributing significantly to Cyprus’ economic trajectory”.
“The history of Keve is closely intertwined with the political and economic history of Cyprus,” the chamber explained.
“Throughout the most crucial times, Keve has been a steadfast advocate for economic development, social cohesion, and overall progress, always prioritizing the assurance of industrial peace,” the statement added.
The Deputy Ministry of Shipping on Monday released a statement recapping minister Marina Hadjimanolis’ visit to China, where she held meetings with executives from shipping companies, brokerage firms, financial institutions, and local officials in Guangzhou.
According to the announcement, Hadjimanolis’ visit to Guangzhou, from April 25 to 27, coincided with the naming ceremony of the newly built cargo vessel “AAL Limassol,” owned by AAL Shipping, a member of the Schoeller Holdings group.
The vessel, constructed “in accordance with the highest standards and modern environmental specifications,” will be registered under the Cyprus ship registry.
During the ship naming ceremony, Hadjimanoli thanked Heinrich Schoeller “for his longstanding support and contribution to the development of Cypriot shipping“.
The Cyprus Stock Exchange (CSE) ended Monday, April 29 with profits.
The general Cyprus Stock Market Index was at 144.78 points at 12:43 during the day, reflecting an increase of 0.08 per cent over the previous day of trading.
The FTSE / CySE 20 Index was at 87.92 points, representing a rise of 0.08 per cent.
The total value of transactions came up to €272,684, until the aforementioned time during trading.
In terms of the sub-indexes, the main, investment firm and hotel indexes fell by 0.07 per cent, 0.21 per cent and 1.19 per cent respectively. The alternative index rose by 0.57 per cent.
The biggest investment interest was attracted by Vassiliko Cement Works Public Company (+1.16 per cent), the Bank of Cyprus (no change), Hellenic Bank (-0.43 per cent), Salamis Tours (+0.54 per cent), and Tsokkos Hotels (-5.51 per cent).
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