The Cyprus Stock Exchange (CSE) on Friday ratified the suspension of trading in the shares of Hellenic Bank Public Company Ltd, following a recent meeting of the CSE Council.

The ratification was made under Article 184 of the Cyprus Stock Exchange Law and formalises the suspension decision first announced on May 9, 2025.

The suspension of trading will remain in effect until July 15, 2025, inclusive.

This development follows the initiation of a squeeze-out process by Eurobank S.A., which seeks to acquire up to 100 per cent of Hellenic Bank’s issued share capital.

The House this week approved yet another extension to the licensing deadline for hotels and tourist accommodations, triggering backlash from MPs over years of delays and what they called ‘fictitious progress’.

The new law pushes the deadline for securing an operating licence from the Deputy Ministry of Tourism to November 30, 2025, two months later than planned, despite what lawmakers described as deep-rooted bureaucratic stagnation.

Only 12 per cent of hotels are currently licensed, Akel MP Costas Costa told the chamber, with 217 applications still pending.

“Another extension cannot be granted,” he said, adding that “the issue has been discussed for six years and no matter how many excuses have been heard, the owners’ attitude is unjustified.”

The law now requires architectural plans submitted for exemption to be backed by a designer’s certificate verifying they match the actual layout, while the temporary fire certificate is extended until June 30, 2027.

Ermes Department Stores PLC announced that shareholders unanimously approved a special resolution to reduce the company’s issued share capital during an extraordinary general meeting held on Friday.

The approved resolution provides for the reduction of the company’s issued share capital from €59,500,000.00, which is currently divided into 175,000,000 ordinary shares with a nominal value of €0.34 each, to a reduced figure of €59,329,901.40, divided into 174,499,710 ordinary shares of the same nominal value.

This capital reduction is being effected through the cancellation of 500,290 fully paid-up ordinary shares that are currently held as treasury shares by the company.

These treasury shares were originally acquired under approved share buyback programmes conducted between October 8, 2008, and June 30, 2009.

The Bank of Cyprus on Friday has announced that it repurchased a total of 339,586 of its ordinary shares between May 16, 2025, and May 22, 2025.

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

According to a filing on the CSE, the purchases were executed through the company’s broker, the Cyprus Investment and Securities Corporation Limited (CISCO).

Specifically, a total of 59,100 shares were acquired through the CSE, while 280,486 shares were bought on the ATHEX.

The Cyprus Chamber of Commerce and Industry (Keve) on Friday announced that it organised a business mission to Helsinki earlier this week, held in conjunction with the official visit of president Nikos Christodoulides to Finland.

According to the announcement, the aim of the mission was to “enhance economic relations between Cyprus and Finland“.

During the visit, a business forum was held, along with a series of bilateral business meetings (B2B), focusing on the strategically important sector of shipping and maritime technology.

The chamber stated that the forum “served as a platform for dialogue and networking between Cypriot and Finnish companies, highlighting opportunities for synergies, knowledge exchange, and joint investment prospects”.

The forum was addressed by Deputy Shipping Minister Marina Hadjimanolis. The address focused on the the importance of innovation, green transition, and international cooperation in the shipping sector.

Hellenic Bank on Friday announced that it reaffirmed its commitment to Cyprus’ green transition during the second Green Agenda Cyprus Summit.

According to the announcement, the bank supported the event as a member of the Eurobank Group.

The summit, held earlier this week, aimed to position Cyprus as a model of environmental responsibility and sustainable development.

This year’s summit focused on critical and timely issues that highlight both the opportunities and challenges of the green transition.

Particular emphasis was placed on the business prospects and economic growth associated with shifting towards a more sustainable model.

Cyta has taken a major step in consolidating Cyprus’ position as a regional digital infrastructure hub with the acquisition of Simplex’s flagship LCA1 data centre in Larnaca – the country’s largest privately owned facility of its kind.

With a footprint of nearly 1,000 square metres and a power capacity approaching 1 megawatt, the LCA1 facility has been designed to Tier III standards, integrating advanced physical and cyber security systems, backup infrastructure for uninterrupted availability, and green credentials including renewable energy capabilities.

According to Cyta, the acquisition reinforces its technological infrastructure and strengthens its capacity to deliver high-availability services to businesses, governments and international organisations operating across the region.

“This acquisition is not just an investment in technology,” said Cyta CEO Andreas Neocleous. “It is a statement of intent. We want Cyprus to have control of its digital infrastructure and sovereignty over its data.”

Cyprus is courting Qatari investors with a push to expand cooperation in real estate, tech and financial services, as part of efforts to bolster bilateral ties and attract strategic capital into the island’s economy.

During an official visit to Doha, Energy Minister George Papanastasiou met with Rashid bin Hamad Al-Athba, Second Vice President of the Qatar Chamber of Commerce and Industry, to explore investment opportunities and strengthen commercial links between the two countries.

According to the chamber’s announcement, the discussions focused on deepening economic collaboration and identifying promising sectors for joint ventures.

Al-Athba welcomed the minister’s proposals, underlining Qatar’s favourable investment climate and the chamber’s readiness to support greater business engagement with Cyprus.

He also noted the increasing interest of Qatari investors in the island, citing longstanding bilateral ties and recent regulatory reforms that have enhanced Cyprus’ appeal as a gateway to the EU.

The Cyprus Chamber of Commerce and Industry (Keve) on Thursday announced that the Enterprise Europe Network of Warsaw, in collaboration with the Digital Economy Lab of the University of Warsaw, is organising a virtual event on AI.

Specifically, the event, scheduled to take place entirely online from June 9 to June 13, is dedicated to the application of Artificial Intelligence (AI) in both business and everyday life.

It is specifically designed for companies, technology centres, research groups, institutions, or individuals involved in or interested in developing within the field of Artificial Intelligence.

The primary goal of the event is to facilitate meaningful connections and collaborations among stakeholders in the AI sector, fostering a vibrant ecosystem of innovation.