France and Germany are moving towards a joint European energy policy based on technological neutrality, marking a new phase in nuclear energy, according to Andreas Poullikkas, professor of energy systems at Frederick University and former chairman of the Cyprus Energy Regulatory Authority (CERA).

Poullikkas was commenting on the joint declaration by French President Emmanuel Macron and German Chancellor Friedrich Merz, who recently called for a new approach to European energy cooperation, including nuclear power.

While France has long backed nuclear energy as essential to decarbonisation, Germany has traditionally been more cautious.

The joint initiative now sees Berlin agreeing not to block other member states from pursuing nuclear development, even if it does not adopt the technology itself.

Safe Bulkers, the Limassol-based shipping company led by Polys Hajioannou, has extended its support to the Cyprus Maritime Academy (CyMA), awarding eight cadets with annual scholarships of €5,000 for the full duration of their four-year studies.

The award ceremony for the academic year 2024–2025 was held at the company’s headquarters in Limassol, in collaboration with Intercollege and CyMA.

This marks the second year of the Safe Bulkers Cadet Scholarship Programme, which aims to reward academic excellence while strengthening the pool of skilled professionals available to the Cypriot shipping industry. 

Ahead of the official proceedings, cadets had the opportunity to engage with senior management, including company president Loukas Barbaris and crew department representatives, to learn more about their upcoming internships aboard Safe Bulkers’ modern fleet flying the Cypriot flag.

Each year, the International Day for Women in Maritime Affairs promises celebration, but behind the speeches and social media tributes, the sector’s gender gap remains deeply entrenched.

At this year’s symposium at IMO headquarters in London, held under the theme ‘An Ocean of Opportunities for Women’, the tone quickly shifted from celebration to concern.

The second Women in Maritime survey, jointly published by the International Maritime Organisation (IMO) and the Women’s International Shipping and Trading Association (WISTA International), delivered a sobering update.

While the total number of women working in maritime rose to 176,820 in 2024, up from 151,979 in 2021, their overall share in the workforce declined.

Women now account for just under 19 per cent of the sample surveyed, compared to 26 per cent in 2021.

In national maritime authorities, women make up 19 per cent of employees.

In the private sector, excluding seafarers, that figure drops to 16 per cent.

The Cyprus Real Estate Agents Registration Council on Monday again voiced concerns over a proposed law that would require all rental and sale contracts for real estate to be drawn up exclusively by lawyers.

The proposal, which is currently before the House legal affairs committee, has been met with strong opposition from the council, which argues that it threatens the viability of the estate agency profession and risks destabilising the broader property market.

In a public statement, the council said the draft legislation “directly harms the profession of estate agents“.

It added that the legislation “places artificial barriers on the exercise of lawful professional duties, which are carried out with responsibility, transparency, and full tax and institutional compliance”.

While the council acknowledges that estate agents do not provide legal services, it said that they “play a critical role” in preparing and facilitating private lease agreements and preliminary purchase arrangements.

Cyprus has reported a notable rise in early-stage entrepreneurial activity and public optimism, according to the latest Global Entrepreneurship Monitor (GEM) survey presented at the University of Cyprus.

Despite this, fear of failure continues to pose a significant challenge for aspiring business founders, particularly among women.

Now in its eighth consecutive year of participation, Cyprus contributes to one of the world’s largest and longest-running studies on entrepreneurship.  

Coordinated locally by the University of Cyprus’ Entrepreneurship Centre, the national report, backed by the Ministry of Energy and supported by PwC, was first published on April 29.

The GEM survey, now in its 24th year, collects data from over 200,000 participants across 70 economies annually, tracking a broad range of entrepreneurial indicators.

Cyprus is moving ahead with its first affordable rental housing scheme, with construction on the initial phase of a new development in Limassol expected to begin by June, according to the Cyprus Land Development Organisation (Koag).

The ambitious project, a collaboration between Koag and the Limassol municipality, will see the creation of a small residential community in the Agios Nikolaos area, offering apartments at rents 25 to 30 per cent lower than current market levels.

The agreement for the land concession is set to be signed next Wednesday, paving the way for construction to start next month. 

In total, around 600 apartments are planned across two locations in Limassol – Ayios Nikolaos and Agios Ioannis – with a combined development cost of approximately €100 million.

This includes both the construction expenses and the value of the municipal land being granted for the project.

The Cyprus Development Bank (cdbbank) on Monday released its financial results for 2024, posting a profit after tax of €4.09 million.

This represents a decline of approximately 41 per cent year-on-year, from the figure of €6.96m recorded in 2023.

The bank recorded a total net income of €22.8 million, representing a 9 per cent decrease compared to €25.2m in 2023.

This was mainly attributed to a sharp rise in interest expenses, which offset a 6 per cent year-on-year increase in interest income.

Net interest income fell by 12 per cent, from €21.8m in 2023 to €19.1m in 2024.

Interest expenses surged by 192 per cent, reaching €6.2m, up from €2.1m in the previous year.

This rise was driven by a 220 per cent increase in the cost of deposits and a 150 per cent increase in interest payable on loan capital, which included payments on the Perpetual Unsecured Subordinated Note.

Cyprus residents made 164,844 trips abroad in April, marking a 24.1 per cent increase compared with the 132,806 trips recorded in April of last year, according to data released by the statistical service on Monday.

The rise in travel activity was attributed to the rare overlap of Orthodox Easter, Catholic Easter and Jewish passover, which fell within the same period, significantly boosting airport traffic across the island.

Greece remained the top travel destination for Cyprus residents, accounting for 33.3 per cent of returns (54,967).