Average monthly earnings in Cyprus rose by 5 per cent in the fourth quarter of 2024 compared to the same period in 2023, according to preliminary data released by the Cyprus Statistical Service (Cystat).

When compared to the previous quarter, and after adjusting for seasonal fluctuations, average monthly earnings increased by 1.2 per cent in the fourth quarter of 2024.

Specifically, the average monthly earnings in the fourth quarter of 2024 reached €2,813, up from €2,680 in the corresponding quarter of 2023.

For men, the average monthly earnings in the fourth quarter of 2024 stood at €2,979.

The equivalent figure for women during the same period stood at €2,606.

Cyprus and Finland pledged to deepen maritime cooperation during a bilateral forum in Helsinki on Tuesday, just ahead of the working visit of Cyprus President Nikos Christodoulides to Finland, which began the day after.

The forum, held with the participation of business delegations from both countries’ shipping clusters, was opened by Cyprus’ Deputy Minister for Shipping Marina Hadjimanolis, and Finland’s Permanent Secretary of the Ministry of Transport and Communications, Minna Kivimaki.

As part of the official programme, the Cypriot delegation also toured the offshore patrol vessel Turva, hosted by the Finnish Border Guard.

On the sidelines of the event, Hadjimanolis and Kivimaki held a bilateral meeting to review progress in maritime cooperation, continuing the dialogue first launched in March at the European Shipping Summit with Finland’s Transport Minister Lulu Ranne.

The discussions identified key areas for closer collaboration, particularly in automated and digital maritime solutions, ship energy systems, cyber security, new maritime fuels, maritime education, as well as gender equality and employment in the shipping sector.

According to the Shipping Deputy Ministry, both sides reaffirmed their commitment to further strengthen cooperation across these fields, mapping out the next steps in the bilateral dialogue with a focus on mutual benefit and sustainable growth in the maritime industry.

The Cyprus Stock Exchange (CSE) on Thursday announced the listing of 317,817 additional ordinary shares of Bank of Cyprus Holdings Public Limited Company Plc on its Main Market.

According to the announcement issued under Article 58(1) of the Cyprus Securities and Stock Exchange Law, the new shares have a nominal value of €0.10 each.

It also stated that the shares were issued and granted to members of the company’s executive management team as part of incentive schemes.

The shares were allocated under the company’s Long-Term Incentive Plan (LTIP) and Short-Term Incentive Plan (STIP).

These plans had previously been approved by the company’s General Meetings held on May 20, 2022, and May 26, 2023, respectively.

The Cyprus Information Technology Enterprises Association (CITEA), a member of the employers and industrialists federation (Oev), took part in the Digital Europe Pan-European Conference held in Copenhagen from May 15 to 16.

According to an announcement released by the association on Thursday, CITEA was represented by Kyriacos Kyriacou, head of its European Programmes Committee.

The conference brought together participants from 25 EU member states, alongside officials from the Danish government.

The aim of the gathering was to set strategic digital policy priorities in view of Denmark’s upcoming presidency of the Council of the European Union.

“As an active member of Digital Europe, CITEA contributed to discussions on advancing the Digital Single Market and consolidating European leadership in emerging technologies, including artificial intelligence, semiconductors and cybersecurity,” the announcement mentioned.

Experts gathered at the 11th International Compliance Forum, held in Limassol this week, to discuss the implications of the EU’s new Anti-Money Laundering Authority (AMLA), expected to begin operations in 2028.

The forum, presented by ECOMMBX, featured insights from Melissa van den Broek, Senior Manager Integrity and Compliance (FEC) at KPMG Advisory in the Netherlands, and Gregory Dellas, Group Chief Compliance and Risk Officer at ECOMMBX and chair person of the ACAMS Cyprus Chapter.

In the presentation, titled ‘All eyes on AMLA: The implications of AMLA’s Function and Agenda for the Private Sector’, van den Broek said AMLA would begin with the direct supervision of up to 40 high-risk financial entities, including at least one in each Member State.

She explained that selection will be reviewed every three years, based on factors such as the level of activity across at least six Member States and the institution’s risk profile.

Joint Supervisory Teams (JSTs), led by AMLA, will carry out on-site inspections. The authority will also be able to assume supervision of other institutions if requested by national authorities or if local oversight is found to be inadequate.

The Cyprus Real Estate Agents Registration Council has issued a call to its members to be prepared for mobilisations, following a meeting of the House legal affairs committee on Tuesday.

The session involved a discussion of a proposed bill by MP Kostis Efstathiou, which would make it mandatory for all property sale contracts in Cyprus to be drafted by lawyers.

In a second announcement related to this matter, both released this week, the council called for the immediate withdrawal or rejection of the proposal, warning that it arbitrarily limits the professional responsibilities of licensed estate agents.

“Unfortunately, our suspicions are being reinforced that the motivations behind the proposed amendment aim to increase the turnover of another professional group,” the council stated.

It added that the proposal had been previously returned by the former President of the Republic, but is now resurfacing.

The Research and Innovation Foundation (RIF) this week announced that it will soon launch new calls for three funding programmes, aimed at both established and start-up businesses.

The purpose of the funding is to support the rapid development of competitive products and services, as well as the creation of facilities and production lines for new innovative offerings.

The upcoming calls will concern the INNOVATE and SEED programmes, with a combined budget of €6.2 million, and the “Creation of Facilities and Production Lines for the Manufacture of New Innovative Products/Services – STEP” programme, which has a separate budget of €10 million.

The INNOVATE and SEED programmes are designed to help develop or transform innovative ideas into products and services for international markets, strengthening the export orientation of Cypriot businesses.

The Finance Ministry on Thursday announced the delisting of its 13-week treasury bills, second issue 2025, from the Cyprus Stock Exchange (CSE).

The announcement referred to treasury bills issued on February 28, 2025, with the value code TB13B25.

These government securities are set to expire on May 30, 2025, marking the end of their 13-week maturity period.

As a result, the announcement said, “the last trading date of the aforementioned treasury bills will be May 26, 2025.”

The security was listed on the regulated market of the CSE under the type of ‘government bond’ and has been actively traded since issuance.

ASBISc Enterprises on Thursday announced estimated consolidated revenues of approximately $255 million for April 2025, marking a 33 per cent increase compared to the same month last year.

In an announcement submitted to the Cyprus Stock Exchange (CSE), the company disclosed the figures as part of its commitment to regular revenue updates.