A new AI-powered assistant called Placy has been launched in Cyprus, aiming to transform the real estate sector, according to a recent announcement.

The capital markets team of Elias Neocleous & Co LLC has successfully assisted Premier Energy PLC in relation to the initial public offering (IPO) and listing on the Bucharest Stock Exchange. This transaction, valued at approximately €482 million, marks the largest IPO on the Bucharest Stock Exchange in the last five years.

The Cypriot economy grew by 3.4 per cent in the first quarter of 2024 compared to the same period in 2023, with the construction sector showing the largest increase at 10.2 per cent, according to a report released this week by the Cyprus Statistical Service.

The return on equity for the Cypriot banking system after taxes reached 24.6 per cent at the end of 2023, compared to just 4.8 per cent at the end of 2022, according to a report released this week by the Cyprus Statistical Service (Cystat).

Cyprus is set to make a significant showing at the international shipping conference Posidonia 2024 in Athens, with around seventy companies participating in what is considered the largest maritime exhibition in the world.

The Cyprus Stock Exchange (CSE) and the Hellenic Energy Exchange (HEnEx) this week signed a Memorandum of Understanding (MoU) during a ceremony held at the Presidential Palace.

Deposits in the Cypriot banking system increased for the third consecutive month in April of this year, while loans recorded a net decrease after two months of growth, according to data from the Central Bank of Cyprus (CBC) released this week.

Cyprus’ economic climate saw an upswing in May, with the Economic Sentiment Index (ESI) increasing by 1.6 points when compared to April 2024.

Increased interest income, driven by successive interest rate hikes from the European Central Bank (ECB), has significantly boosted Cypriot banks’ profits in the first quarter of 2024, which amounted to €226 million during this time.

Cyprus’ Electricity of Authority (EAC) has approved works that will cost €45 million.