“This move will benefit the majority of the bank’s borrowers—more than 90,000—by easing their loan repayment terms,” the bank said.
It further stated that this development “actively contributes to better management of borrowing costs for households and businesses, and in turn, supports economic growth”.
In its announcement, Hellenic Bank also mentioned that, following the recent decision by the European Central Bank (ECB) to cut its key interest rates, it has already reduced the reference rates on loans linked to ECB rates.
These rates were lowered from 2.65 per cent to 2.40 per cent, effective from April 23, 2025.
The company’s latest statement, published on the Cyprus Stock Exchange (CSE), builds on a story originally published on May 9, concerning the disposal of its department store operations to Gencom for a nominal fee of one euro.
Ermes confirmed that, moving forward, its business activities will continue to include the operation of well-known fashion and lifestyle retail stores such as Next, OVS, Springfield, Women’secret, and Glow, alongside its food and beverage (F&B) segments, Ergon Deli + Café and Ergon To Go.
The company highlighted that its most significant remaining assets include these ongoing business operations, relevant inventory, and equipment essential to their functioning, as well as intra-group balances.
It reiterated that the disposal of the ERA department stores forms part of a broader strategic restructuring plan.
Real estate is evolving fast, with blockchain at the centre of this transformation, as highlighted during a panel discussion at the recently-held REALTYon 2025 expo in Limassol. During the discussion, we learned how tokenisation can reshape ownership. We saw clear comparisons with traditional methods and heard real numbers. We gained practical insights.
The discussion was led by George Agathangelou, Chief Operating Officer at IPMB. He moderated a group of experts who bring global experience. Zoran Radovanovic, CEO and Founder of Breinrock, spoke on payments infrastructure. Sergei Ivanov, CEO and Founder of Alma, shared views on management platforms. Oren Abiri, Director of Corporate Division at XBO.com, covered digital asset compliance. Michael Pelosi, Senior Legal Counsel at Elias Neocleous & Co LLC, addressed legal frameworks.
You can invest in real estate with small sums. Tokenisation breaks property into digital shares. Each share can cost a few hundred euros or less, and you can buy a fraction of an asset while still earning rental income and capital gains. You avoid the high barriers of whole-property purchases. Furthermore, you can gain access even if you lack a mortgage or a large down payment.
The project began on May 7, 2025, and is scheduled to run until April 2029. It has a total budget of €1.4 million.
In addition to Cyprus, the IndusTour partnership includes public bodies and organisations from France, Denmark, the Czech Republic, Poland, and Serbia.
Specifically, the participating partners are the Auvergne-Rhône-Alpes region from France, the municipality of Toender from Denmark, the Moravian-Silesian Region from the Czech Republic, the Lodzkie region from Poland, and the European Affairs and Development Fund of the Autonomous Province of Vojvodina in Serbia.
According to the Nicosia tourism board, the project will involve a series of studies analysing the current state of industrial tourism in each participating country.
The proposed 49.5MW development, submitted by a private company in the communities of Pyrga, Klavdia and Alethriko, would have affected the Potamos Panayias Stazousas special protection area (SPA) and the Stavrovouni special conservation area (SCA).
According to the department’s final opinion, the wind farm posed a significant risk to birds such as the Lesser Spotted Eagle, Eurasian Eagle-Owl, and Skalifurta— all of which rely on the area for nesting and feeding.
Particular concern was raised over the increased collision and electrocution risk caused by turbines and associated transmission infrastructure.
New data collected after 2019, including GPS tracking of Bonelli’s Eagles, revealed extensive use of the area by the species, a fact not reflected in earlier assessments.
The proposal, one of several amendments to the updated policy framework for the British bases (SBAs) of Akrotiri and Dhekelia, is part of a broader planning shift now open for public consultation until June 12, 2025.
Although the structure will be rebuilt on the same site, its licensing is conditional on new environmental studies to ensure the fragile coastal ecosystem remains intact.
At the same time, a long-standing restaurant in Avdimou’s coastal zone has now been brought into the formal planning map, allowing for possible future expansion in line with urban zoning provisions, especially west of the watercourse, where no such framework previously applied.
The changes form part of the final Strategic Environmental Impact Assessment (SEIA), which follows the evaluation of public objections and introduces a series of significant planning revisions.
Held on May 13 at the organisation’s headquarters in Nicosia, the Women in STEAM conference brought together state officials, academics and business leaders.
“This is not a symbolic initiative,” said Cyta CEO Andreas Neocleous.
“It is a strategic choice, based on the fair use of talent and our deep belief that technology should be designed for everyone, by everyone.”
Cyta board president Maria Olympiou Tsiakka emphasised the responsibility of institutions in fostering equal conditions.
“When more women participate in science, solutions become more humane. When there are many voices, decisions are better,” she said.
Cyprus’ online betting sector has come together to create Cyprus Online Gaming Association (COGA), according to an announcement released on Wednesday.
The announcement said that the new association marks an important step for the country’s online betting industry, as major licensed operators have now formalised their role in shaping the sector’s future.
Established by Stoiximan, Bet365 and Bet on Alfa, the new body aims to strengthen Cyprus’ appeal as a base for online gaming firms, while promoting a stable and responsible operating framework.
The move comes in line with recent comments by the president of the National Betting Authority, who pointed to the need for sustainable growth and stronger institutional coordination across the sector.
He also announced that the agreement for the port and marina masterplan study will be signed within May with Greece’s Hellenic Republic Asset Development Fund (HRADF).
“In early August last year, it was announced that renovation and deepening works would take place at the Larnaca marina,” Vafeades told the Cyprus News Agency (CNA).
“The Council of Ministers approved a sum of €1.5 million for these works,” he continued. “We issued a call for tenders for the deepening project, received the bids, and are now evaluating them. Very soon, the project will be awarded and we will see work taking place within the marina.”
Moreover, the minister said that funds were also allocated for the renovation of the marina, which had seen structural deterioration due to years of neglect.
“Repairs to the damaged infrastructure will commence shortly,” he said.
CIFA said that the latest update “reflects the steady growth trajectory of the investment funds sector in Cyprus“.
Specifically, Cyprus was home to 321 Management Companies and Undertakings of Collective Investments (UCIs) by the end of 2024. Of these, 253 were already operational.
Total Assets Under Management (AUM) stood at €10.1 billion. This marks a robust increase of 10.21 per cent compared to the previous quarter.
“The results of the fourth quarter of 2024 demonstrate that Cyprus’ strategy to develop a flexible, stable, and competitive framework for investment funds is yielding positive outcomes,” CIFA president Maria Panayiotou stated.
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