Cyprus Business Now - Paphos Investments

Cyprus Business Now

Cyprus Business Now

Cypriot telecommunications company Cyta announced on Wednesday that it has agreed to a collective bargaining agreement for its employees, as well as employees of its subsidiary companies.

“On January 10, 2022, the management of its subsidiary Cytacom Solutions, signed for the first time a collective bargaining agreement with the trade unions of the organisation, satisfying their long-standing request, and ensuring the good cooperation between all parties,” Cyta said in a statement.

The trade unions involved include Epoet, Aset Cyta, as well as Pase Atyk. Trade union representatives said that the signing is “extremely important” and thanked Cyta’s management for their constructive attitude.

“Operating as a modern technology company, with our employees and their representatives, we build relationships of transparency and trust based on the continuous development of the organisation and its preservation at the top of our country’s telecommunications industry,” Cyta CEO Andreas Neocleous said.

 

The American Chamber of Commerce in Cyprus (AmCham Cyprus), which operates under the auspices of the Cyprus Chamber of Commerce and Industry, announced on Tuesday that it is seeking to hire a new operations officer.

AmCham aims to strengthen the business and trade relations between Cyprus and the United States, including through the expansion of imports, facilitating the expansion of Cypriot companies in the US, as well as by increasing investments from American companies to Cyprus.

The role involves being the focal day-to-day person for the organisation, working closely with the Cyprus Chamber of Commerce, as well as liaisoning with the authorities in order to execute the organisation’s objectives.

Interested applicants are requested to send their resumes by email to amcham@amchamcyprus.com.cy by Tuesday, January 25.

 

The cabinet on Wednesday approved a new property initiative aiming to make it easier for parents or legal guardians to transfer land to their adult children for the purpose of building their residence.

Specifically, the programme will refund 14 per cent, in the form of a government grant, of the required VAT fee needed to be paid during the transfer of a plot, bringing the effective VAT rate down to 5 per cent for eligible applicants.

According to deputy government spokesperson Niovi Parisinou, this slight differentiation to the existing VAT reduction scheme was “deemed necessary after it was found that unequal treatment had been created between the persons entitled to a refund under the plan, in relation to the persons who are entitled to a reduced VAT rate of 5 per cent”.

Finally, all other conditions of the original VAT reduction scheme, such as the minimum time frame of having to retain the property for the owner to keep the entirety of the government grant, remain unaltered.

 

The Cyprus Stock Exchange (CSE) ended Wednesday, January 12 with profits.

The main Cyprus Stock Market Index was at 67.93 points at 13:36 during the day, reflecting a rise of 0.27 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 40.74 points, which represents an increase of 0.32 per cent.

The total value of transactions came up to a relatively high amount of €126,174.

In terms of the sub-indexes, the main index rose by 0.37 per cent, while the alternative index, investment firm index and hotel index fell by 0.06 per cent, 0.92 per cent and 0.12 per cent respectively.

The biggest investment interest was attracted by Vassilico Cement Works (+2.22 per cent), Logicom (+2.34 per cent), Hellenic Bank (no change), the Bank of Cyprus (+0.97 per cent) and the Cyprus Cement Company (-2.88 per cent).

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