Konstantin Zapolianski, Senior Investment Director at Zubr Capital, recently spoke to the Cyprus Mail about Cyprus’ growing potential as a destination for technology and digital industries.

With the ICT sector contributing up to 15 per cent of the country’s GDP and generating approximately €4 billion in revenue in 2024, Cyprus is positioning itself for further growth. 

Zapolianski shares his insights on the investment appeal of the island, the challenges it faces, and strategies to strengthen its position as a thriving tech hub. 

Hellenic Bank has decided to extend its voluntary exit scheme by six days, allowing employees to submit their applications until March 11, it emerged on Wednesday.

According to reports, citing sources within the bank, the decision to extend the deadline aims to increase the number of employees opting for the scheme, as participation so far has fallen short of the bank’s expectations.

Late on Tuesday, reports indicated that approximately 150 employees had accepted the offer, a figure significantly below the bank’s initial target of 400 staff departures, which primarily focuses on older and lower-performing employees.

The bank has already informed its staff about the extension through an internal circular.

2024 was another difficult year for fintech, with just $95.6 billion investment globally across 4,639 deals.  

Both global fintech investment and the number of deals fell to levels not seen since 2017, according to the Pulse of Fintech H2’24—a bi-annual report published by KPMG highlighting fintech investment trends globally and in key jurisdictions around the world. 

Moreover, the second half of the year was notably slower than the first, with investment falling from $51.7 billion in H1’24 to $43.9 billion in H2’24.  

The International Labour Organisation (ILO) Tripartite Technical Committee, which recently met in Geneva, stressed the importance of preventing and resolving labour disputes to maintain healthy labour relations.

Held from February 17 to 21, 2025, the event saw the participation of approximately 80 representatives from governments, employers, and workers.

The federation of employers and industrialists (Oev) announced on Thursday that Giorgos Hadzjikallis, their Senior Officer for Industrial Relations and Social Policy Department, was chosen from numerous candidates worldwide to represent employers at the ILO committee on ‘Prevention and resolution of labour disputes’.

Yeroskipou’s derelict Olympic specification swimming pool, which cost €7 million and remains closed since May 2022, is in the process of getting a €360,000 revamp.

The call for tenders closed on February 28 and in the meantime the municipality has placed temporary supports to prevent the structure from collapsing.

Restoration works include replacing the metal walling of the pool, which is now in a condition of advanced oxidation, with a cement layer.

Finance Minister Makis Keravnos on Wednesday expressed his full support for the re-establishment of the cooperative banking sector in Cyprus on a stable and sustainable basis.

During a meeting with the board of the Pancyprian Cooperative Association, Keravnos welcomed the initiative, stating that Cyprus’ society and economy need a new, healthy cooperative banking system.

“The message we are receiving is one of optimism and support for our efforts,” the association said in a statement following the meeting.

The association, which is spearheading the creation of the Pancyprian Cooperative Bank, informed the minister of the progress made so far.

The outlook for tourism in the Famagusta district is highly promising, according to Ayia Napa Mayor Christos Zannettou, who is attending the ITB Berlin 2025 tourism exhibition.

In a statement, the Municipality of Ayia Napa highlighted the significance of the event, which is considered the largest and most important tourism exhibition in the world.

The exhibition, which began on March 4 and concludes on March 6 in Berlin, brings together professionals from across the tourism industry.

Zannettou’s presence at the event aims to promote both Ayia Napa and the wider Famagusta district, while also supporting efforts to extend the tourist season.

Speaking on the first day of the exhibition, Zannettou noted that he had held key meetings with travel agents and industry representatives.

The Cyprus Stock Exchange (CSE) ended on Wednesday, March 5 with positive trends.

As of 13:33, the Cyprus Stock Market Index rose to 227.21 units, marking an increase of 0.36 per cent.

The FTSE/CySE 20 Index also experienced gains, up 0.34 per cent to 137.83 points.

Trading volumes reached €207,452 during the session.

The main market advancing by 0.36 per cent and the alternative market by 0.14 per cent. Conversely, the hotel and investment sectors recorded losses of 1.72 per cent and 0.93 per cent, respectively.

Bank of Cyprus securities led in trading volume with €157,062, up 1.13 per cent.

Other active securities included Demetra at €38,521 (down 0.95 per cent), Logicom at €22,281 (up 2.17 per cent), and Hellenic Bank at €7,173 (unchanged).

Cyprus Trading Corporation and Vasiliko Cement also saw notable movements, trading down 2.80 per cent and up 1.61 per cent, respectively.

On the day, 5 stocks advanced, 7 declined, and 7 remained unchanged, with a total of 88 trades executed.