Cx Financia participated in a short questionnaire survey to businessmen and professionals in the UK and Cyprus, contacted by the Cyprus – UK Business Association, asking them to give their feedback about the problems they face, new measures needed to be announced by the government and how they plan to face the current economic crisis.
In the first issue of “The Great Britain-Cyprus Business Gazette”, Xenia Neophytou, managing director of CX Financia explains the impact of COVID-19 to the financial industry, referencing the current challenges created by the outbreak.
Below you can find Xenia’s answers and for the full issue read here.
1. How does COVID-19 affect your industry?
The disruption caused by the global coronavirus spread has had a ripple effect across many industries, with particularly serious implications for the financial services industry. Stock prices have fallen dramatically, and both the US and UK markets are at their most volatile, leading to fears of a recession. We are facing a time of uncertainty, and the path ahead is a precarious one, where careful actions are needed to make sure the damage is kept minimal.
2. How long do you think it will take to return to normal?
We need to prepare ourselves that this is not something that will be resolved easily or quickly. There are too many unknowns – we don’t know whether warm weather will have an impact on the virus, or even whether COVID-19 will mutate into several strains that will keep returning each season. If we listen to the experts, continue to practice social distancing, and act responsibly, we will hopefully get through the worst of it and start rebuilding some semblance of a normal life by June or July. Rebuilding our economy, however, may take even longer unless certain measures are taken.
3. What additional measures do you expect from the government to support businesses?
The Cyprus government has acted swiftly in light of this pandemic, introducing measures to contain the virus and boost the health sector, and also to support the local economy. The aim is to offer targeted support to affected sectors of the economy, support and stimulate consumption, and safeguard employees and their jobs, via a €700 million support package. EU Finance Ministers will also be holding a meeting in the coming week, and from that, we expect to see some initial discussion about the EU’s corona-fund, as well as specific, practical measures to help support the liquidity of local companies and businesses.
4. As a company, will you try to implement any strategic plan to face the financial consequences of this pandemic?
We could have never expected an event as unprecedented as a global pandemic when designing the CX Financia business continuity plan, though it has proven to be a perfect fit to the current circumstances, and allows us to continue our operations as usual. Our staff has seamlessly made the shift towards working from home, and our clients have direct lines of communication with each of us. We continue to provide first-class services, and most importantly, we adapt to the situation as it evolves. As consultants, our mandate is to provide solutions, and this crisis is business as usual for us, albeit with adjustments. Our plan is to utilize our skills and expertise to assess the variables of this volatile environment and adapt accordingly. Using our own expertise, we also help our clients prepare their own Business Continuity and Pandemic Plans and formulate effective, proactive responses to crisis situations such as this one.
5. Easter is around the corner. Can you give us your message to all our readers?
Easter is an important celebration for our culture, and we should not be deterred from enjoying our traditions. Luckily, technology has provided us with many ways to do so without putting ourselves at risk, from experiencing Easter sermons online to connecting with friends and family. We hope all stay safe and well.
