Here are the top business stories in Cyprus from the week starting November 25:

Andrew Frost Moroz, founder of Aloha Browser, is a seasoned innovator with over two decades of experience in mobile technology. Known for his strong advocacy for digital privacy and user-centric design, Moroz has successfully positioned Aloha Browser as a leading choice for users seeking simple yet effective privacy solutions. In this exclusive interview with the Cyprus Mail, he shares insights into his journey, the decision to base Aloha in Cyprus, and the island nation’s growing prominence as a tech and privacy hub.

From the challenges of establishing a tech company to Cyprus’ unique advantages, the tech founder sheds light on how Aloha Browser is shaping both the digital landscape and Cyprus’ future as a leading destination for tech innovation.

In another development, the Cyprus Financial Literacy and Education Committee (CyFLEC) has reported substantial progress in implementing the national strategy for financial literacy.

According to an announcement released on Monday, this update followed the committee’s fourth board meeting, which took place on November 22 at the Central Bank of Cyprus (CBC) headquarters in Nicosia.

The meeting focused on updates from the committee’s thematic working groups (TWGs), with TWG presidents presenting their progress and action plans for the next six months. These groups aim to design and implement targeted initiatives to enhance the financial education and skills of specific vulnerable social groups in Cyprus.

Meanwhile, Eurobank is set to complete a full acquisition of Hellenic Bank in a deal worth approximately €1.2 billion, making it one of the largest cash transactions in Cyprus’ corporate history.

The acquisition involves the legal and operational merger of the two banking entities and signals a new chapter in the island’s financial sector.

Market analysts have praised the move, citing it as a reflection of renewed confidence in the Cypriot banking system, with institutional investors and regulatory authorities encouraging and approving the transaction.

Eurobank’s stake in Hellenic Bank now stands at 93.47 per cent, following the purchase of shares from major stakeholders such as Demetra, Logicom, and Etyk’s cohesion funds.

The Cyprus-Austria Business Forum also garnered attention, with more than 60 bilateral meetings taking place, according to an announcement by the Cyprus Chamber of Commerce and Industry (Keve).

Held on November 21 at Keve’s headquarters in Nicosia, the event brought together professionals and officials from both countries for a day of successful networking and collaboration. Inaugurated by Energy Minister George Papanastasiou and Austria’s ambassador to Cyprus, Susanne Bachfischer, the forum was organised by Keve in partnership with Advantage Austria, the Austrian Embassy in Cyprus, and the Cyprus–Austria Business Association.

On the real estate front, Cyprus’ market remains resilient, with transactions reaching €2 billion by mid-2024, according to a report by Delfi Partners & Company.

The report highlighted strong domestic activity and stabilising inflation as key factors supporting adaptability amidst broader challenges. Data on building permits for the first half of 2024 revealed a significant 32.5 per cent year-on-year increase, reflecting robust development momentum.

However, forecasts for the latter half of the year indicate potential slowdowns due to municipal reforms that have delayed permit approvals.

In a related economic update, Fitch Ratings projected limited fiscal improvement across European countries while emphasising Cyprus’ positive outlook.

The agency’s latest report, released this week, noted that Western Europe’s fiscal outlook remains neutral, supported by moderate growth expectations and a robust labour market. However, persistent challenges, including trade barriers and uncertainties, could hinder policy adjustments, particularly in heavily indebted nations.

Fitch stated that a rebound in consumption and investment would be critical for Western Europe’s economic recovery by 2025.

Additionally, CFA Society Cyprus has been proactive under its president, Nikos Potamaris, following the election of its new board in July.

According to an announcement, the society has enhanced collaborations with regulatory bodies like the Cyprus Securities and Exchange Commission (CySEC) and the Central Bank of Cyprus (CBC).

Key initiatives include a discussion on ‘Bridging the Racial Pension Gap,’ increased professional development hours for members, and sponsorships for events aimed at improving financial literacy and market knowledge.

In tourism, the World Federation of Tourist Guide Associations (WFTGA) board, led by its president Sebastian Frankenberger, is in Cyprus to promote international training programmes.

The visit aligns with the operation of the WFTGA’s International Training Centre in Nicosia, hosting “Train the Trainer” sessions until December 1, 2024.

The Deputy Ministry of Tourism, a major sponsor of the training centre, reiterated the significance of tour guide training for the industry.

Elsewhere, VTTI has marked ten years of operations in Cyprus, celebrating its contributions to the Eastern Mediterranean energy market.

Thanos Patrikis, vice president for the Mediterranean region and Managing Director of VTTI Cyprus, reflected on the company’s decade-long journey, emphasising its commitment to green energy investments and a focus on safety and environmental responsibility.

Meanwhile, European authorities have reaffirmed Cyprus’ financial stability following their 17th post-programme surveillance mission.

A report released on Tuesday by the European Commission, European Central Bank (ECB), and European Stability Mechanism (ESM) commended Cyprus’ fiscal framework but flagged risks in key sectors. The report noted that Cyprus’ economy grew by 3.7 per cent year-on-year in the first half of 2024, driven by strong investments and a recovery in net exports.

Deputy Tourism Minister Kostas Koumis has also called for enhanced sustainability in tourism offerings. Speaking at the 2nd Cyprus-Greece Business Forum, he highlighted the sector’s importance, noting its contribution of over 19 per cent to Greece’s GDP and 12.9 per cent to Cyprus’ GDP in 2023, with projections for 2024 reaching 13.5 per cent.

On the corporate front, Petrolina (Holdings) Public Limited (PHL) has completed a €48.6 million acquisition of ExxonMobil Cyprus, including its 68 Esso-branded service stations. This significant expansion follows a 2023 turnover of €272.4 million for ExxonMobil Cyprus.

In education, President Nikos Christodoulides stressed the need to link education with the labour market, citing skills as essential for competitiveness. Speaking at the 8th National Skills Competition in Nicosia, he urged Europe to address productivity gaps compared to the United States.

Furthermore, Cyprus’ average monthly earnings rose by 7.3 per cent in 2023, with finance roles leading at €4,493 per month, while agricultural workers earned significantly less.

Additionally, Energy Minister George Papanastasiou announced €363 million in funding schemes for SMEs, recognising their vital role in the economy.

Meanwhile, Keve has organised business forums in Bratislava and Prague to strengthen ties with Slovakia and the Czech Republic.

Finally, the Finance Ministry has launched a new support scheme for print media, inviting applications by December 13, 2024, under de minimis state aid rules.