Here are the top business stories in Cyprus from the week starting April 28:

Hellenic Bank on Monday announced that its board of directors will convene on Wednesday, May 7, 2025 to examine, among other things, the financial results of the group for the first quarter of 2025.

Following the board meeting, the first quarter financial results will be made public.

“The financial results for the first quarter of 2025 will be announced to the Cyprus Stock Exchange and the Cyprus Securities and Exchange Commission on Thursday, May 8, 2025, before the opening of the market,” the announcement said.

The Cyprus Employers and Industrialists Federation (Oev) has outlined what it considers to be the key challenges and priorities for the Cypriot economy, ahead of its annual general meeting on May 7.

These include the rationalisation of energy costs, containing labour costs, and the sourcing of the necessary number of human resources to meet business needs.

According to the announcement, Oev, “closely monitoring developments, has undertaken intensive action to support businesses and enhance their viability”.

The Cyprus Securities and Exchange Commission (CySEC) has announced the launch of a public tender for the provision of ‘Crypto-Asset Market Intelligence and Blockchain Analysis Service Solutions‘.

The tender seeks a specialised provider capable of delivering instant and ongoing access for three users to a blockchain data platform through a Software-as-a-Service (SaaS) solution.

It also requires immediate customised training, continuous live support, and access to educational materials.

TechIsland, Cyprus’ largest tech association, will host the fifth edition of its flagship event, the TechIsland Summit 2025, according to an announcement released on Monday.

The annual full-day conference will take place on May 15, during the Reflect Festival, bringing together industry leaders, policymakers and innovators for a closer look at the future of technology and entrepreneurship in Cyprus.

According to the announcement, this year’s Summit will focus on the theme ‘Unlocking Opportunities’, reflecting how the tech sector is emerging as the fastest-growing industry, reshaping Cyprus’ economic landscape.

Nearly 40 per cent of Cypriots see opportunities to start a business, a new national report by the University of Cyprus has found.

The 2023–2024 Entrepreneurship Report also revealed that 60.5 per cent believe they have the skills to launch one.

However, 53.3 per cent report a fear of failure, which may prevent them from taking action.

The latest report marks Cyprus’ eighth consecutive participation in the Global Entrepreneurship Monitor (GEM), providing insight into entrepreneurial activity in the country.

The findings were welcomed by the Minister of Energy, Commerce and Industry George Papanastasiou, who stated that GEM is a particularly useful tool for the ministry and government.

He said that “its findings guide us on entrepreneurship issues and support efforts to promote Cyprus as an attractive destination for business activity”.

The Cyprus Securities and Exchange Commission (CySEC) this week announced the launch of a targeted consultation by the European Commission on proposed transformative amendments to the regulation and supervision of the financial services sector.

The consultation, published on April 15, 2025, forms part of the European Union’s (EU) broader Savings and Investments Union (SIU) strategy, unveiled on March 19, 2025.

The European Commission aims to collect feedback from financial institutions and other market participants to better understand the obstacles hindering the full integration of EU capital markets.

CySEC is urging all interested parties to participate actively in the consultation to help shape a comprehensive view of the Union’s financial services markets and future regulatory framework.

Salamis Tours (Holdings) Public Ltd on Tuesday posted a robust financial performance for 2024, marked by double-digit revenue and profit growth across its business units, while also undergoing a major change in ownership structure.

The company’s consolidated financial statements, approved by the board and audited by Ernst & Young Cyprus Ltd, show a profitable year, driven largely by maritime operations and supported by positive foreign exchange gains.

Turnover for the Salamis Group reached €93.27 million in 2024, up from €78.80 million in 2023 — an increase of €14.48 million or 18.37 per cent​.

Gross profit rose to €29.60 million, reflecting a margin of 31.73 per cent compared to 28.46 per cent the previous year.

Tourism revenues in Cyprus reached €79.7 million in February 2025, marking an increase of 22.4 per cent compared with the same month last year (€65.1 million), according to an announcement issued by the statistical service this Tuesday.

Moreover, for the first two months of the year, revenues rose by 35 per cent, with total earnings estimated at €148.9 million, compared with €110.3 million during the corresponding period of 2024.

According to the announcement, it was mentioned that February’s per capita tourist expenditure amounted to €595.71, up 14.3 per cent from €521.01 in February 2024.

In terms of markets, British tourists, who represented the largest share of arrivals at 24.8 per cent in February, spent an average of €73.42 per day.

The Deputy Ministry of Tourism reminded property owners that anyone operating short-term rentals without a registration permit is committing an offence and, if convicted, faces a fine of up to €5,000 or a prison sentence of up to one year.

With the tourist season already under way, the Deputy Ministry stressed the obligation for all owners offering short-term rentals to ensure they are registered in the rental unit license process.

According to the announcement, those who continue to advertise or rent out properties without securing the necessary registration and permit are guilty of an offence and could face both a fine and imprisonment.

The renewed call forms part of ongoing efforts to bring the sector into full compliance, providing authorities with a clearer picture of the market while addressing growing concerns from the hotel industry over unfair competition from unregulated short-term rentals.

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.

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.

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 recorded a general government surplus of €580.6 million in the first quarter of 2025, according to preliminary data published by the Cyprus Statistical Service (Cystat) on Friday.

The surplus represents 1.6 per cent of GDP and marks a slight increase from the €575.7 million surplus (1.7 per cent of GDP) recorded during the same period in 2024.

Total government revenue for January to March 2025 rose to €3.62 billion, an increase of €214.5 million or 6.3 per cent compared to the same period in 2024.

This growth was driven by several key areas, including a 10.5 per cent rise in social contributions, which reached €1.16 billion, and a 29.1 per cent increase in sales of goods and services, totalling €280.5 million.

Bank of Cyprus Holdings Public Limited Company on Friday announced the repurchase of 295,526 of its own ordinary shares between April 25, 2025, and May 1, 2025.

The shares, each with a nominal value of €0.10, were acquired on both the Cyprus Stock Exchange (CSE) and the Main Market of the Regulated Securities Market of the Athens Stock Exchange (ATHEX).

According to the announcement, 60,526 shares were purchased on the Cyprus Stock Exchange and 235,000 on the Athens Stock Exchange.

In a separate announcement on the CSE, the bank stated that, as of April 30, 2025, the total issued share capital of Bank of Cyprus Holdings Public Limited Company stood at 440,820,060 ordinary shares of nominal value €0.10 each, with each share carrying one vote.

The company held 3,052,027 ordinary shares in treasury as of that date. These shares, it added, are pending cancellation and do not carry voting rights. Accordingly, the total number of voting rights in the company as of April 30, 2025 is 437,768,033.

Cyprus recorded €92.7 million in high-value property transactions in March 2025, with Nicosia taking the lead thanks to a single €29.3 million office sale, according to real estate analytics firm Ask Wire.

According to a report released on Friday, the 50 most valuable transactions nationwide marked a 43 per cent increase compared to February 2025, underlining a strong rebound in property market activity.

Nicosia dominated the top-end of the market, accounting for €45.5 million in sales, corresponding to 49 per cent of the national total.

The standout transaction, a €29.3 million sale of office space in Agioi Omologites, alone contributed 64.4 per cent of the district’s top ten transaction value.

Larnaca followed with €17.4 million in high-value transactions, representing 18.8 per cent of the national figure and surpassing Limassol, which recorded €16.2 million or 17.5 per cent.

The Central Bank of Cyprus (CBC) on Friday announced the publication of its 2025 directive on the prevention of money laundering and terrorist financing.

The newly adopted directive aims to modernise and reinforce the compliance framework for banks and other obligated entities.

Moreover, the directive, which comes into effect on June 2, 2025, also seeks to assist citizens and businesses in their interactions with the financial sector.

“The strictness of the directive remains unchanged,” the CBC stressed, reaffirming its focus on preserving and further enhancing the credibility of Cyprus’ financial system, which is closely linked to ensuring overall financial stability.

At the same time, the directive introduces measures to ensure that banks and other obligated entities adopt policies that avoid unjustified denial or delay in lawful access to financial services.