A new chapter in trilateral economic relations between India, Greece, and Cyprus was officially opened on Friday with the launch of the India-Greece-Cyprus Business and Investment Council (IGC) in Limassol.

The event, held under the auspices of Eurobank and attended by senior government officials, diplomats, and business leaders from all three countries, was hailed as a gateway for enhanced trade, investment, and innovation among the nations.

Michalis Louis, CEO of Hellenic Bank, called the launch a significant milestone in deepening relations between Greece, India, and Cyprus.

Preceding the IGC event, LTIMindtree and Fairfax Digital, in partnership with Eurobank Cyprus, formally announced the launch of a major digital transformation project aimed at reshaping Eurobank’s operating model and customer experience.

The imposition of tariffs is not expected to have a significant or immediate effect on the Cypriot economy, which remains resilient and continues to outperform most European countries, according to Bank of Cyprus group chairman Takis Arapoglou. Speaking at the bank’s annual general meeting held in Nicosia, Arapoglou stressed that the Bank of Cyprus is well-positioned to weather global trade and market volatility.

“We remain confident that the Bank of Cyprus’ excess capital and strong liquidity will shield it from any potential disruptions arising from developments in global trade and market risks, enabling us to continue delivering on our strategic goals,” he said.

Arapoglou also highlighted that the bank is closely monitoring the geopolitical situation in Ukraine and the Middle East. He noted that there is still no clear view on how long it will take for these crises to be resolved in a sustainable and peaceful manner.

“So far, these events have not negatively impacted Cyprus or its economy, which continues to outperform most European countries across all measurable indicators, maintaining investment-grade credit ratings for both the country and its major banks,” he added.

Cyprus’ largest tech association, TechIsland, successfully hosted the TechIsland Summit 2025 in Limassol, its flagship annual gathering and a key stage of this year’s Reflect Festival.

Bringing together leading figures from across the public and private sectors, the Summit provided a platform for dialogue around the country’s fast-growing digital economy, its challenges, and its international reach.

The central theme, ‘Unlocking Opportunities’, reflected the sector’s accelerating role in reshaping Cyprus’ economic landscape. According to a presentation by KPMG, the total contribution of the tech sector to Cyprus’ economy is now estimated at €8.5 billion, accounting for 16 per cent of national Gross Value Added.

As Cyprus sharpens its image as a destination for innovation, the Cyprus Stock Exchange (CSE) is quietly positioning itself as an untapped gateway for tech firms seeking both funding and credibility.

Speaking at the TechIsland Summit on May 15, Acting General Manager of the Cyprus Stock Exchange, Nicos Trypatsas, made a compelling case for how the local market can offer tech firms capital, structure, and long-term strategic advantages.

Trypatsas, who was appointed to the role in 2017 following a decision by the Council of Ministers, has been with the CSE since its inception.

He was, in fact, the first person ever hired by the Exchange back in 1994. Since then, he has overseen critical projects including automation, the creation of a central registry, remote trading, and cross-border depository links.

Christophoros Anayiotos, Head of Deal Advisory at KPMG in Cyprus, presented the latest economic impact assessment of the island’s tech sector during the TechIsland Summit.

According to the 2024 figures, the tech sector contributes 16 per cent of Cyprus’ total Gross Value Added (GVA), a notable increase from 12.6 per cent the previous year.

The overall economic impact of the sector is estimated at €8.5 billion, of which €4.7 billion is generated directly and €3.8 billion indirectly.

These figures are based on the Leontief Input-Output Model and encompass key areas such as information and communication technology (ICT), professional, scientific and technical activities, as well as financial and insurance services related to tech.

The ICT industry alone accounts for €3.4bl of direct GVA, while professional services contribute €840m and financial services €505m, reflecting the increasingly horizontal impact of technology across multiple sectors.

As Cyprus’ technology sector continues to grow, the country is shifting its focus from attracting foreign professionals to convincing Cypriots abroad to come home. That was the message from a panel at this year’s TechIsland Summit in Limassol on Thursday, where officials and industry leaders examined how Cyprus can turn brain drain into brain gain.

The discussion, moderated by TechIsland chairperson Valentinos Polykarpou, featured Deputy Minister to the President Irene Piki, cultural activist and author Tasoula Hadjitofi, and Exness Co-founder, CEO and TechIsland board member Petr Valov.

Opening the debate, Polykarpou pointed out that while the tech sector has been expanding rapidly, this momentum brings a serious challenge, which is attracting talent. “Until now, in order to meet this demand, the focus has been on attracting highly qualified professionals from abroad, which has worked well,” he said, citing incentives such as a 50 per cent tax exemption, fast-track work permits for spouses, and EU Blue Cards.

But he made it clear that relying only on foreign workers isn’t sustainable. “There are thousands of educated and experienced Cypriots who went abroad to study and never returned,” he continued.” When they left, they found better opportunities, large multinationals, high salaries, career advancement.”

Alpha Bank Cyprus on Friday announced the addition of three seasoned professionals to its senior management team. The bank said that the new additions will “reinforce its leadership structure to more effectively implement its strategic plan”.

Popi Hadjioannou Demetriou has been appointed as Chief Retail Banking Officer, George Siammoudis as Chief Risk Officer, and George Charalambous as Chief International Banking Officer.

“We are pleased to welcome Popi Hadjioannou Demetriou, George Siammoudis, and George Charalambous to our Executive Team,” said Alpha Bank Cyprus CEO Miltos Michaelas.

“Their valuable experience, strategic thinking, and deep knowledge of the banking sector significantly enhance our capacity to deliver high-quality services to our customers and effectively implement our strategic plan,” he added.

The Cyprus Institute of Neurology and Genetics (CING) has launched two new research programmes to improve the classification of genetic variants linked to breast and ovarian cancer, a key step toward more accurate counselling and personalised treatment.

The projects – BcRAVE and OVATION – will run for two years with a combined funding of €329,000 under the EU-backed Cohesion Policy Programme Thaleia 2021–2027, coordinated through the Research and Innovation Foundation (RIF) .

BcRAVE (Breast Cancer Risk Assessment through Uncertain Variant Classification Empowerment) with €129,000 in funding, is part of the “Horizon Europe – 2nd Chance – MSCA” scheme and focuses on biostatistical tools for classifying genetic variants of uncertain clinical significance (VUS) in breast cancer genes.

By combining data from case-control studies with synthetic datasets, the project aims to increase statistical power and support decision-making in genetic counselling.

OVATION (Ovarian cancer case-control evidence in VUS classification) initiative with €200,000 in support, applies artificial intelligence and machine learning to VUS classification in ovarian cancer.

Deputy Shipping Minister Marina Hadjimanolis took part in the Informal Council of EU Ministers responsible for shipping, held on Thursday in Szczecin, Poland, under the Polish Presidency.

According to an announcement released on Friday, Hadjimanolis stressed to her counterparts the need to safeguard and boost the global competitiveness of the European shipping sector. In addition, she said that attracting skilled professionals to the broader maritime industry should be of particular focus.

The meeting concluded with the adoption of the Szczecin Declaration, aimed at reinforcing the EU’s shipping, shipbuilding and maritime manufacturing capacity under the bloc’s Industrial Maritime Strategy.

On the sidelines of the Council, Hadjimanolis met bilaterally with Greek Deputy Minister of Shipping and Island Policy Stefanos Ghikas, Norway’s Minister of Fisheries and Ocean Policy Marianne Sivertsen Naess, and Iceland’s Minister of Transport Eyjolfur Armannsson.

The Cyprus Securities and Exchange Commission (CySEC) has announced the results of the certification examinations conducted in April 2025, in accordance with the Directive on the Certification of Persons and the Certification Registers.

The official results include the full name of each successful candidate, the examination taken, and their certification number.

Successful candidates are reminded to use their certification number in all correspondence with CySEC regarding certification-related matters.

The list of successful candidates and corresponding results can be accessed through the CySEC website.

The Cyprus Real Estate Agents Registration Council has welcomed recent efforts to regulate daily property rentals. In a statement following its participation in a House commerce committee session, the council supported a proposed bill aimed at tightening the legislative framework for self-catering accommodations and introducing penalties.

The council raised concerns about the impact of short-term rentals, citing rising long-term rental prices due to reduced housing availability, and the circumvention of planning zones, with tourist-focused rentals spreading beyond designated areas. It also warned that inadequate regulation harms Cyprus’ tourism image, allowing substandard accommodations to operate unchecked.

Additionally, the council highlighted a mismatch between registered properties and those listed online, pointing to tax evasion and losses for the state. Council president Marinos Kineyirou stressed the importance of enacting robust legislation to protect consumers, uphold property market integrity, and preserve the quality and reputation of Cyprus’ tourism sector.

The total weight of goods transported by road within Cyprus, as well as the weight of freight moved to and from the island, increased in 2024 compared to 2023, according to the state statistical service.

Specifically, during the period from January to December 2024, the total weight of goods transported by road within Cyprus rose by 3.2 per cent compared with the corresponding period of 2023.

At the same time, the weight of freight transported by road to and from Cyprus recorded an increase of 2 per cent.

Freedom Holding Corp., the parent company of Freedom24, announced this week that it exceeded $10 billion in market capitalisation.

According to the announcement, this achievement was driven by a new all-time high in the company’s share price, which reached 169.35 US dollars on the Nasdaq Capital Market.

The company also said that Cyprus-headquartered Freedom24 continues to be a central pillar of the group’s European expansion strategy.

It added that it has been steadily enhancing its digital trading platform, which grants access to the main stock markets of the United States, Europe, and Asia.