Senior executives from Amazon have arrived in Cyprus as of Tuesday, marking a significant step in follow-up discussions stemming from recent high-level meetings between the Cypriot government and major US tech firms in Silicon Valley.

The visit was confirmed on Wednesday by the Deputy Minister of Research, Innovation and Digital Policy, Nicodemos Damianou, following the conclusion of a Cabinet meeting.

Damianou stated that the Cabinet had been briefed on the outcomes of the meetings held in the United States, particularly in Silicon Valley, with global technology companies.

The 15th Nicosia Economic Congress spotlighted Cyprus’ emerging generation of business leaders, highlighting a clear shift toward innovation, digital transformation, and socially conscious entrepreneurship.

Supported by Hellenic Bank, this year’s congress showcased the ambitions of Cyprus’ millennial entrepreneurs and their drive to reshape the economic and technological landscape of the island.

The event brought together young leaders who demonstrated both the digital literacy and the social awareness required to lead the next era of economic growth.

AstroBank on Wednesday posted an after-tax profit of €41.8 million for the year ending December 31, 2024, along with a capital adequacy ratio of 31.1 per cent, its highest ever.

AstroBank Chief Executive Officer Aristidis Vourakis hailed 2024 as “a remarkable year”, crediting the strong performance to the bank’s strategy and a favourable macroeconomic backdrop.

“Systematic efforts over the past few years, towards a focused business model, streamlined operations, reshaping and derisking our balance sheet, together with favourable interest rates and macroeconomic environment, contributed to delivering a strong financial performance,” he said.

CNP Cyprus on Wednesday announced the completion of the agreement between CNP Assurances and Hellenic Bank for the acquisition of the CNP Cyprus Group and its companies, CNP Cyprialife, CNP Insurance, and CNP Zois.

The announcement follows the receipt of all required approvals from the relevant authorities.

“The union of forces with Hellenic Bank’s insurance companies, Hellenic Life and Pancyprian Insurance, creates the largest and most powerful insurance organisation in Cyprus, with a leading presence in the life and health sector, as well as in the general insurance sector,” CNP said in a statement.

The newly formed insurance powerhouse will result from the merger of the existing companies and will operate under two entities.

These include ERB Cyprialife in the life and health sector and ERB Asfalistiki in the general insurance sector.

Invest Cyprus on Wednesday issued a statement highlighting the success of its recent participation in a high-level roadshow to the United States alongside president Nikos Christodoulides.

The mission, which took place from April 3 to 9, included engagements in New York, Houston, and San Francisco.

Its aim was to strengthen economic ties between Cyprus and the United States and position Cyprus as a strategic destination for investment, innovation, and business growth.

The artificial intelligence (AI) revolution, digital health, e-commerce, and cybersecurity took centre stage at the international technology and innovation exhibition ‘Beyond’, held in Athens earlier this month.

Cyprus was represented by the Ministry of Energy which took part through the Cyprus Trade Centre in Athens, hosting an information booth at the event.

According to the ministry “the exhibition focuses on promoting high-tech, research, and start-ups, providing a platform for companies and organisations to explore international partnerships, particularly with Greek and foreign businesses”.

The long-delayed renovation of the Glafkos Clerides Sports Centre in Agros is finally moving ahead, after the Cyprus Sports Organisation (KOA) announced the repair and maintenance works this week.

The €3.8 million project, excluding VAT, will be funded by KOA and is expected to be completed within 18 months, the organisation said on Tuesday.

The announcement followed a meeting at KOA’s headquarters between its president Yiannis Ioannou, the mountains commissioner Charalambos Christofinas, and Agros mayor leader Antonis Tsolakis.

Gaming company DreamPlay has announced the launch of a new office and campus in Limassol, as part of its wider push to scale operations across Europe.

The decision reflects the company’s commitment to blending cutting-edge technology with innovative gaming solutions, while tapping into Cyprus’ growing reputation as a strategic hub for the industry.

Positioned at the crossroads of Europe, Asia and the Middle East, the island has become a magnet for both established operators and tech-driven newcomers.

State-owned asset management company Kedipes recorded net cash inflows of €114.3 million in the fourth quarter of 2024, chairman Lambros Papadopoulos announced on Wednesday.

He also described the preliminary agreement with Hellenic Bank to terminate the Loan Guarantee Scheme and repurchase a portfolio of non-performing exposures as “a significant development for Kedipes”.

Presenting the fourth quarter 2024 results and preliminary data for the first quarter of 2025, Papadopoulos said that the Q4 inflows were “satisfactory and within the framework of Kedipes’ business plan.”

He mentioned that performance was expected to recover over the remainder of 2025, following traditionally lower first-quarter returns, which stood at €72 million.

According to Kedipes’ press release, Q4 2024 cash inflows increased by 26.4 per cent compared with the third quarter.

The cabinet approved an amended special incentive to produce affordable housing, either for sale or rent, on Wednesday. The changes will impact third-country workers in particular.

The incentive is now expanded to become more attractive for the construction industry, particularly land developers.

Speaking after the meeting, Interior Minister Constantinos Ioannou said some of the main changes were the expansion of implementation areas, so that the incentive could be used in commercial and tourist zones, as well as policy statement areas adjacent to local plans.

Cyprus recorded a 2.1 per cent year-on-year increase in the Harmonised Index of Consumer Prices (HICP) in March, when compared with March 2024, according to official figures released on Thursday.

Moreover, on a monthly basis, the index rose by 0.5 per cent between February and March 2025.

The HICP, a key economic indicator used to measure changes in the prices of consumer goods and services acquired by households and tourists, reflected notable trends across several spending categories.

Families preparing their Easter feasts this year will face higher prices at the checkout, with some vegetables nearly tripling in cost, according to new data.

The Consumer Protection Service’s Easter Price Watch, published on Wednesday, shows that a typical holiday meal for eight now costs €184.21, up from €177.46 in 2024. The steepest increases are seen in vegetables and meat, while oils and traditional Easter bread, or tsoureki, have dropped in price.

Lamb, a staple on Cypriot Easter tables, has risen by 8.34 per cent and now averages €13.46 per kilo. Beef prices have jumped even higher, up 9.64 per cent to €13.50 per kilo. Pork chops have increased by 5.88 per cent to €6.25 per kilo, while chicken breast is up by 4.14 per cent to €8.67 per kilo.

GDEV, a global gaming and entertainment group headquartered in Cyprus, on Wednesday announced its expansion into AI-powered storytelling with the launch of Shortly, an innovative content platform developed by its portfolio studio, GameGears.

According to an official announcement, Shortly leverages artificial intelligence to generate and stream vertical mini-series and short-form videos designed to appeal to modern, mobile-first audiences.

The platform is built around interactive, non-linear narratives where users shape the storyline through choices, adding a layer of gamification that turns watching into an active, game-like experience.

The announcement explained that viewers can earn “karma points” and achievements, further enhancing engagement.

The platform’s website is already live at shortly.show, with the first AI-generated content scheduled to launch in July 2025.

Further announcements about the platform’s features and roadmap are expected in the coming months.

The Cyprus Stock Exchange (CSE) moved slightly lower on Wednesday at midday, with the general index declining 0.20 per cent to 229.80 points by 12:40.

The FTSE/CySE 20 Index shed 0.13 per cent, falling to 139.03 points, while the value of transactions stood at €307,918.

Among the sub-indices, the main market recorded the largest drop, down 0.35 per cent. The alternative market rose by 0.45 per cent, while the investment sector gained 1.53 per cent. The hotel sector remained unchanged.

Bank of Cyprus led trading with €156,426 and a 0.36 per cent decrease, followed by Demetra Investment (€84,161, up 1.56 per cent), Logicom (€46,948, down 2.17 per cent), Vassiliko Cement (€15,094, unchanged), and Woolworth (€2,930, down 3.23 per cent).

At that time, 2 stocks were up, 4 down, and 3 unchanged, with 103 transactions recorded.