Amidst robust growth, Limassol port has seen wheeled cargo traffic surge by nearly 75%, handling around 60,000 Ro-Ro units in 2023. DP World Limassol’s management has played a vital role in supporting Cyprus’s automotive and construction sectors, contributing significantly to the country’s economy.
What recent growth has Limassol port experienced in wheeled cargo traffic?
The Limassol port, under DP World Limassol’s management, saw wheeled cargo traffic grow by nearly 75% since 2017, handling around 60,000 Ro-Ro units in 2023. This significant increase underscores the port’s vital role in Cyprus’s automotive and construction sectors and its contribution to the country’s economy.
Limassol Port Sees Surge in Wheeled Cargo Traffic
The bustling Limassol port has experienced an impressive growth in wheeled cargo traffic. A recent statement from the port management company highlighted that after DP World Limassol took charge of operations, they’ve handled approximately 60,000 multipurpose Ro-Ro units in 2023 alone. This surge is indicative of a nearly 75 percent increase since 2017, the year DP World Limassol began operating the multipurpose terminal.
Simon Pitout, CEO of DP World Limassol, has emphasized the company’s role as a critical player in the country’s automotive and construction sectors. Their operations are not only vital for these industries but also contribute significantly to the economic prosperity of Cyprus annually.
Hellenic Bank’s Strategic Acquisition
In a move poised to diversify its revenue, Hellenic Bank is set to acquire CNP’s insurance operations in both Cyprus and Greece. This ambitious acquisition, amounting to €182 million, will potentially enhance the financial institution’s offerings. Fitch, an international rating agency, has remarked that while this deal will not immediately affect the bank’s ratings, it is projected to have a manageable influence on its regulatory capital, estimated at around 2.6 percent.
Cyprus Rejects Proposal for Aphrodite Gas Field Development
A recent proposal from a consortium led by Chevron, including NewMed Energy and BG Cyprus, to develop the Aphrodite natural gas field has been turned down by the Cypriot government. The proposal was found lacking, and the government has now given a six-month timeframe for the consortium to agree on specific development actions for the gas field. The Ministry of Energy has received an optimization proposal for the initially agreed Development and Production Plan and is set to review it accordingly.
Efforts in Combating Money Laundering
Cyprus has made notable strides in enhancing measures to combat money laundering and terrorism financing. This progress was detailed in a report by Moneyval, the Council of Europe’s committee of experts on these matters. Despite acknowledging improvements, Moneyval’s report also pointed out areas that still require attention. The Cypriot government has welcomed these findings, expressing satisfaction with the significant headway made in implementing recommendations to address money laundering.
Larnaca’s Real Estate Outlook
The city of Larnaca is on the cusp of a real estate boom, as evidenced by the upbeat sentiments at a recent property conference. With a focus on the city’s potential, new projects, and its appeal to international investors, the conference underscored the unwavering commitment to the redevelopment of the port and marina.
payabl.’s Milestone with Mastercard
payabl., a leading PayTech company with a presence in Cyprus, marked an important milestone by celebrating 12 years as a Mastercard principal member. This long-standing collaboration has allowed the firm to incorporate Mastercard’s robust features into its advanced payment solutions, benefiting businesses of various sizes with seamless transaction capabilities.
Retail Sector on the Rise
The Cypriot retail sector has demonstrated a robust performance in March 2024, with tangible increases in both turnover value and volume indices over the previous year. These positive trends are also reflected in the quarterly figures, emphasizing the sector’s ongoing strength.
National Solidarity Fund Scheme Applications
A substantial number of applications have been received for the national solidarity fund scheme, dedicated to depositors and bondholders affected by the bank restructuring in 2013. The verification process is set to commence, in cooperation with the Bank of Cyprus and the administrator of the former Laiki Bank.
Inflation Concerns in Cyprus
Cyprus is facing a spike in inflation rates, hitting its highest mark since the previous October. The consumer price index has doubled since March, driven in part by the cessation of subsidies on motor fuel and heating oil, exerting additional financial pressure on consumers.
Stock Market Gains
The Cyprus Stock Exchange closed a trading day on a high note, with gains across indexes. The general market index, as well as the FTSE/CySE 20 Index, both saw modest increases, signaling positive investor sentiment. Activity was buoyed by particular interest in several key companies, contributing to the optimistic performance of the market on that day.
What recent growth has Limassol port experienced in wheeled cargo traffic?
The Limassol port, under DP World Limassol’s management, saw wheeled cargo traffic grow by nearly 75% since 2017, handling around 60,000 Ro-Ro units in 2023. This significant increase underscores the port’s vital role in Cyprus’s automotive and construction sectors and its contribution to the country’s economy.
What strategic acquisition is Hellenic Bank set to make?
Hellenic Bank is poised to acquire CNP’s insurance operations in both Cyprus and Greece for €182 million. This acquisition aims to diversify the bank’s revenue streams and enhance its financial offerings. While the deal is not expected to immediately impact the bank’s ratings, it is projected to have a manageable influence on its regulatory capital.
Why was the proposal for developing the Aphrodite gas field in Cyprus rejected?
The Cypriot government turned down a proposal from a consortium led by Chevron to develop the Aphrodite gas field due to perceived shortcomings. The government has given the consortium a six-month timeframe to agree on specific development actions for the gas field and has received an optimization proposal for review.
What progress has Cyprus made in combating money laundering and terrorism financing?
Cyprus has made significant strides in enhancing measures to combat money laundering and terrorism financing, as detailed in a report by Moneyval. While improvements have been acknowledged, the report also highlighted areas that require further attention. The Cypriot government has welcomed these findings and expressed satisfaction with the progress made in implementing recommendations to address money laundering.
