The licenses for exploration in offshore blocks 2, 3 and 9 have expired and have not been renewed after no recoverable quantities of natural gas were found there, Energy Minister George Papanastasiou told the Cypriot news agency.

The development also signals the exit of Kogas from Cyprus' EEZ. The Korean company held 20 percent of the rights in the consortium with ENI (the operator) in the three blocks in question. ENI, in partnership with the French group Total, now retains exploration rights in four other offshore blocks - 6, 7, 8 and 11.

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EVH Investments Limited announced on Tuesday that the mandatory public takeover offer for Salamis Tours was completed on 31 January.

The offer, originally submitted on November 12, 2024, aimed at acquiring up to 100 percent of the issued share capital.

Through this step, EVH Investments successfully secured 91.18 percent control over the company.

Both housing prices and rental costs in Cyprus rose in the fourth quarter of 2024 compared to the same period last year, by 1.3 percent and 1.5 percent respectively, according to real estate analytics firm Ask Wire.

Pavlos Loizou, CEO of Ask Wire, stated that the company's latest report for Q4 2024 "reflects a market in transition, balancing strong fundamentals with evolving dynamics."

“Demand for housing remains healthy, supported by the resilience of tourism, which is heading for a record year in 2025,” he said.

He further stated that "the supply of new housing is beginning to ease pressure on house prices and rents, providing relief to a market that has experienced rapid growth in recent years."

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The Hellenic Bank announced on Tuesday a further reduction in the reference interest rate for all loans linked to the base rate of the European Central Bank (ECB).

Specifically, the interest rate was reduced by 0.25 percent from 3.15 percent to 2.90 percent with effect from February 5, 2025.

The Hellenic Bank stated in its announcement that this latest cut was “a response to the recent interest rate cut by the European Central Bank (ECB),” which cut its three key interest rates by 0.25 percent on January 30.

In addition, the bank stated that this “reduction also affects interest rates on loans linked to the interbank Euribor rate, benefiting over 6,000 borrowers.”

Deputy Minister of Shipping Marina Hadjimanolis strengthened Cyprus’ maritime relations with Oman by signing two important Memorandums of Understanding (MoUs) in Muscat this week.

These agreements focus on maritime cooperation and mutual recognition of competency certificates for merchant ship officers. They were signed with the Ministry of Transport, Communications and Information Technology of the Sultanate of Oman.

The Memoranda of Understanding reaffirm the mutual intention of Cyprus and Oman to strengthen cooperation at bilateral level and within international maritime organizations.

To counteract lower interest rates and take advantage of a low loan-to-deposit ratio, Cypriot banks are expected to prioritize lending in 2025.

The sector delivered a strong performance in 2024, with net interest income reaching €1.54 billion and total profit exceeding €952 million. However, the ECB's interest rate cuts could reduce margins.

In addition to lending, banks are striving to increase their non-interest income. With a stable outlook, they are well positioned for sustainable growth despite changes in monetary policy.

Despite Cyprus' relatively modest trade volume with the United States, the island could still feel the indirect effects of US tariffs on European goods, warned Sofronis Clerides, economics professor and dean of the University of Cyprus.

Clerides told the Cyprus News Agency (CNA) that while the direct impact on Cyprus may be limited, the general economic downturn caused by these tariffs could still affect the country.

Commenting on recent statements by US President Donald Trump about imposing tariffs on European products, Clerides said such measures have already caused disruption to the international economy, as seen in previous tariffs on Canada, Mexico and China.

"This tariff war is not good news. It could lead to unforeseeable complications," he said, stressing that it is currently difficult to foresee the full consequences.

According to an official statement, the aim of the meeting is to strengthen cooperation in the area of ​​cybersecurity.

The conference, entitled “Protect Today, Organize Tomorrow,” featured maps of Greece and Cyprus reflecting the ongoing cooperation between the two countries in this field.

Damianou spoke about the coordinated efforts. "This is in line with the measures being taken both at the level of the Heads of State and Government of our two countries, as well as the individual measures that we are planning and discussing with Minister Papastergiou," he said.

According to the latest payment statistics report of the Central Bank of Cyprus (CBC), bank cards continue to be the most widely used means of payment in Cyprus in terms of total transaction volume.

The report, which covers the first half of 2024, provides an overview of the key trends in cashless payment methods in Cyprus and offers insights into the use of payment cards and terminals by the public.

Cashless transactions are divided into six categories: transfers, direct debits, payment cards, e-money transactions, cheques and transfers.

The data is collected from all payment service providers established in Cyprus, including credit institutions, e-money institutions and payment institutions.

The retail sales index in Cyprus increased by 5.8 percent in December 2024 compared to the same month last year, according to data from the Cyprus Statistics Service (Cystat).

During the same period, the retail volume index recorded an annual increase of 3.6 percent.

For the full year 2024, the sales index is expected to grow by an estimated 5.4 percent, while the volume index increased by 4.3 percent compared to 2023.

The Cyprus Stock Exchange (CSE) closed with losses on Tuesday, February 4.

The general Cypriot stock market index stood at 223.13 points at 12:46, a decrease of 0.37 percent.

The FTSE/CySE 20 index was at 135.49 points, a decrease of 0.38 percent.

The total value of transactions up to the above-mentioned trading time amounted to 277,723 euros.

Among the sub-indices, the main index, the alternative investment index and the investment firm index fell by 0.51 percent, 0.03 percent and 2.67 percent respectively. The hotel index remained unchanged.

The greatest investment interest was in Bank of Cyprus (+0.41 percent), Demetra (-2.71 percent), Logicom (+0.55 percent), Minerva Insurance (-2.44 percent) and Ermes Department Stores (-7.5 percent).

Source: CyprusMail.com

Author: Kyriacos Nicolaou