01.10.2022
The Nicosia Chamber of Commerce and Industry (Evel) this week announced a successful event focusing on branding and how organizations and professionals can create value for businesses, industries and services.
The event was welcomed by the president of the Nicosia Chamber of Commerce and Industry, Michalis Musiuttas, who noted the importance that the chamber attaches to the continuous education and training of its members.
At the same time, Xenios Konomis, Director of Large, Small and Medium Enterprises of the Bank of Cyprus, who sponsored the event, also spoke at the event.
The keynote speaker was Sascha Moser, founder of the Berlin-based firm Foundry, a company that has distinguished itself at the German Brand Awards over the past four years. The company also has offices in Zurich and New York.
Moser has led many successful brands such as Zurich Financial, Dr. Pepper, as well as a major car manufacturer BMW. He has also designed award-winning campaigns for AT&T, Citibank, Swiss International Airlines and Volkswagen.
“In his presentation, which took place to a crowded room, Moser mentioned the contemporary challenges facing businesses and the importance of branding as a compensatory tool,” the chamber said in a statement.
“Through examples and case studies, participants were informed about how branding can create business value, new growth opportunities, efficiency and sustainability, and how to use different methods and tools for the benefit of their organizations,” the chamber concluded.
Cypriot company Tsokkos Hotels this week posted an after-tax loss of 6.15 million euros for the first six months of 2022, compared to a loss of 4.88 million euros for the corresponding period last year.
In addition, the group’s turnover amounted to EUR 15.05 million compared to EUR 4.9 million in the corresponding period of 2021, an increase of EUR 10.15 million, i.e. 300%. This increase is due to the operation of more hotel units compared to the corresponding period in 2021.
“However, turnover remains at a low level compared to previous years due to the conflict between Russia and Ukraine,” the company explained.
Moreover, the main risks and uncertainties faced by the group include the seasonality of operations, as well as the deteriorating economic situation, both in Cyprus and in the world.
Additional factors include the volume and quality of tourism flow to and from Cyprus, the increase in the number of competing tourism units in Cyprus, and the opening of competitive markets in neighboring countries.
The industrial production index in July fell by 0.5% year on year, reaching 153.9 units (2015 = 100), according to a report published this week by the Statistical Office of Cyprus (Cystat).
The decline was driven by a number of sectors, including electricity, mining and water.
For the period from January to July 2022, the index recorded an increase of 3.3 percent compared to the corresponding period of the previous year.
The manufacturing sector grew by 1.8% year on year, while the electricity sector shrank by 6.8%.
Mining operations decreased by 6.6%, while water supply and materials extraction decreased by 0.1%.
The Cyprus Stock Exchange ended Friday, September 30, with losses.
The overall Cypriot stock market index stood at 72.96 points at 13:56 during the day, reflecting a 0.67% drop from the previous trading day.
The FTSE/CySE 20 Index stood at 43.76 points, down 0.7%.
The total value of transactions amounted to 15,333 euros.
As for the sub-indices, the main and alternative indices declined by 0.74% and 0.43%, respectively, while the hospitality and investment companies indices remained stable.
Bank of Cyprus (-1.19%), Hellenic Bank (-0.85%), Demetra (no change), Keo (-4.26%) and Logicom (-0.57%) attracted the highest investment interest.
