Cyprus Business Now: CySEC, CBC, tourism, shipping, Kedipes, investors

George Karatzias was appointed chairman of the Cyprus Securities and Exchange Commission (CySEC) on Thursday, returning to the regulator just over two years after leaving to become an executive director at the Central Bank of Cyprus (CBC). The Cabinet approved Karatzias’ appointment for a five-year term, alongside the appointment of Loukas Lagoudis as CySEC vice-chairman and Andrea Moundi Savvides as a board member. Panikkos Vakkou was also appointed as an executive director on the CBC board , completing a reshuffle that will see the two financial institutions exchange senior officials. The CBC congratulated Karatzias on his appointment as chairman of CySEC and thanked him for his contribution during his time at the central bank.

“At the same time, the CBC welcomes Panikkos Vakkou , who is assuming duties as an executive director at the CBC,” the central bank said in a statement on Thursday. Cyprus’ cabinet on Thursday approved five tourism incentive schemes covering Kato Pyrgos, conferences, foreign sports teams, rural experiences and Christmas villages, seeking to attract visitors beyond the island’s established resorts and busy summer months. Tourism Deputy Minister Kostas Koumis announced the measures following the cabinet meeting, explaining that they aim to develop specialist tourism , enrich the services available to visitors and increase tourism flows towards less popular areas. The largest targeted investment is a €1. 5 million grant scheme for hotels, tourist accommodation and leisure centres operating in Kato Pyrgos Tyllirias. Under the programme, which will run from 2026 to 2028, businesses will be able to receive funding covering 85 per cent of eligible expenditure on improvement projects. Koumis described the scheme as a “targeted intervention” for an area…