The average gross monthly earnings of employees in Cyprus rose by 5.3 per cent in 2024, reaching €2,487, according to provisional data released on Wednesday by the state statistical service.

In terms of the fourth quarter of 2024 specifically, gross monthly earnings stood at €2,813, up from €2,680 in the same quarter of the previous year. This represents a 5 per cent year-on-year increase.

The median gross monthly earnings across all employees in 2024 stood at €1,887.

The data also revealed that a significant portion of workers earned below €1,500 per month.

Overall, 38 per cent of employees were in this bracket, including 42 per cent of women and 34 per cent of men.

National investment promotion agency Invest Cyprus and the British Council on Wednesday announced that they have entered into a strategic partnership.

According to an official statement, the partnership aims at promoting transnational education and enhancing Cyprus’ appeal as a destination for international education and foreign investment.

The two organisations signed a Memorandum of Understanding (MoU) in Nicosia on April 29.

The MoU formalised their collaboration, seeking to strengthen educational ties between Cyprus and the United Kingdom and align academic cooperation with the island’s economic priorities.

The MoU was signed by Marios Tannousis, Chief Executive Officer of Invest Cyprus, and Anastasia Andritsou, Country Director of the British Council for Greece and Cyprus.

Banks in Cyprus recorded a net decrease of €66.3 million in deposits and a significant increase of €429.9 million in loans during March 2025, according to a report by the Central Bank of Cyprus (CBC).

The CBC also reported that the annual rate of credit expansion rose to 3.1 per cent.

Total deposits showed a net decline of €66.3 million, reversing the net increase of €498.3 million recorded in February.

The annual deposit growth rate slowed to 7.1 per cent from 7.7 per cent in the previous month.

Furthermore, the total deposit balance stood at €55.9 billion.

In contrast, loans recorded a sharp rise. Total loans increased by €429.9 million in March, compared to a €42.7 million increase in February. The annual rate of loan growth accelerated to 3.1 per cent, up from 1.9 per cent. The total loan balance reached €25.5 billion.

Artificial intelligence could increase global gross domestic product by up to 15 per cent by 2035, according to new research shared this week by PwC Cyprus.

The report, titled Value in Motion, presents data-driven scenario analysis and reveals that AI could add one percentage point to global growth each year—similar to the gains seen during the 19th-century industrial revolution.

However, the research also warns that this growth is not guaranteed. It depends not only on the technological success of AI but also on responsible deployment, strong governance, and the ability to earn the trust of both the public and organisations. In scenarios with lower trust and cooperation, the global economic uplift from AI adoption could fall to 8 per cent or as little as 1 per cent in pessimistic cases.

Eurobank S.A., a subsidiary of Eurobank Ergasias Services and Holdings S.A., has submitted an application to the Cyprus Securities and Exchange Commission (CySEC) to exercise its squeeze out right for the full acquisition of Hellenic Bank Public Company Limited.

This follows the completion of its successful takeover bid, announced on April 25, 2025, through which Eurobank acquired 97.99 per cent of Hellenic Bank’s issued share capital.

As stipulated in Article 36 of the Takeover Bids Law of 2007 to 2022, once a shareholder secures more than 90 per cent of a company’s issued share capital, they are entitled to exercise the squeeze out right to acquire the remaining shares.

Eurobank intends to acquire the outstanding 2.006 per cent of shares in Hellenic Bank, which corresponds to 8,279,967 shares.

Consumers across Europe are increasingly willing to switch to alternative online payment methods in exchange for faster, more convenient and secure checkout experiences, according to new research published by payabl., a leading European financial technology company.

The study, released on Wednesday and titled The State of European Checkouts, found that 53 per cent of European shoppers are prepared to adopt new forms of online payments, particularly when incentivised with a faster checkout process, discounts or rewards.

Nearly one-third, or 30 per cent, are motivated specifically by speed, while 48 per cent are open to using one-click purchasing options.

However, concerns around trust and security continue to pose barriers to wider adoption, with a quarter of respondents – 23 per cent – saying they are unwilling to use one-click options at all unless backed by reputable brands such as Visa, Mastercard or well-known retailers.

Investor Balram Chainrai has recently acquired a controlling stake in the company that owns the Rodon Hotel in Agros.

The transaction, which was finalised on March 6, 2025, saw Chainrai secure 87.82 per cent of the issued share capital of the company at a price of €3.00 per share. The agreement had first been announced in December 2024.

The company, Proodos Public Ltd, which owns and operates the Rodon Hotel, confirmed the completion of the public takeover in its latest financial disclosures. Its full-year results for 2024 reflect a decline in both income and profitability.

According to the management report, total revenues for the year ending December 31, 2024, amounted to €3.87 million, down from €4.19 million in 2023. Pre-tax profits fell to €567,120 from €722,425 the previous year, a drop largely attributed to the lower revenue base.

Petrolina (Holdings) Public Limited has released its annual report for the year ending December 31, 2024, and has called its annual general meeting (AGM) for June 19, 2025, at the company’s headquarters in Larnaca.

According to the official notice, shareholders will review the 2024 annual report, including the management report, the Corporate Governance Statement, and the consolidated financial statements.

The meeting will also involve the re-election of board members Marios Lefkaritis, Christos Lefkaritis and Costas Iacovou, the remuneration report for 2024 under the Shareholder Engagement Law of 2021, the appointment of audit committee members, and the reappointment of independent auditors.

Cyprus’ industrial production recorded a steady rise of 4.3 per cent in the first two months of 2025 compared with the same period in the previous year, according to a report from the Cyprus Statistical Service (Cystat).

The Industrial Production Index for February 2025 reached 108.5 units, with 2021 acting as the base year set at 100 points, reflecting a year-on-year increase of 4.1 per cent compared to February 2024.

Over the two-month period of January–February 2025, the index showed a total growth of 4.3 per cent.

Growth was widespread across multiple sectors, the service reported. In the manufacturing sector, output increased by 2.4 per cent in February 2025 compared to the same month last year.

Significant increases were also observed in electricity supply, which rose by 14.2 per cent, in mining and quarrying which increased by 8.1 per cent, and in water supply and material recovery which rose by 3.8 per cent.

The Ministry of Energy, Commerce and Industry on Wednesday announced a new call for proposals under the business digital upgrade scheme, part of the national programme Thaleia 2021–2027.

The scheme, aimed at encouraging investment in digital technology and boosting its integration in businesses, is open to enterprises operating or planning to operate in areas under the effective control of the Republic of Cyprus.

The total budget allocated to the scheme for the 2021–2027 programming period amounts to €30 million.

For the third call for proposals, €14 million has been allocated, including savings from the scheme’s first call.

Over 10,000 Cypriot and international visitors attended the 26th Travel Expo Cyprus 2025, where they explored travel offers and package deals for their summer holidays and other trips, according to a statement issued by the Association of Cyprus Travel and Tourism Agents (ACTTA).

ACTTA reported that participating exhibitors expressed high levels of satisfaction with the exhibition’s success and have already indicated their interest in returning for next year’s edition.

The exhibition brought together a wide range of industry stakeholders, including travel agencies, airlines, hotels, and resorts.

It also saw the participation of national and regional representatives from countries such as Greece, through the Hellenic Tourism Organisation, and others, including Poland, Sweden, Finland, Slovakia and India.

Alpha Bank Cyprus on Wednesday announced the appointment of George Shiammoudis as its new chief risk officer.

“With over 20 years of experience across banking and financial advisory, Shiammoudis brings a wealth of expertise, with a focus on governance, risk and regulatory compliance, corporate finance and strategic leadership,” the bank stated.

The bank also said that his previous roles allowed him to develop “deep technical knowledge in the banking sector“, including in areas such as asset quality reviews, stress testing and provisioning, risk data and modelling, as well as regulatory compliance.

“We look forward to the valuable impact he will have on our team as we continue to grow and innovate,” the bank concluded.