The 1st Annual General Meeting (AGM) of C.M.C.L. – Cyprus Marine Club Limited –in Limassol, marking its shift to a company limited by guarantee and electing a new board for 2025–2026.

According to the statement, the meeting, which was held on May 23, opened with the confirmation of a quorum at 71.2 per cent.

The president, captain Eberhard Koch, presented the Chairperson’s report, in which he outlined the Club’s strategic direction and recent progress.

He referred to the transition from a non-profit organisation to a non-profit company limited by guarantee as a structural milestone and said it was a change for the better.

“There are truly no words to fully express how grateful I am that you placed your trust in us—and never doubted that the establishment of our new Club, as a non-profit company limited by guarantee, would be a step toward positive change,” he said.

A renewed deterioration in the business climate within the services sector contributed to a further decline in economic sentiment in Cyprus in May, with the Economic Sentiment Indicator (ESI-CypERC) dropping by 1.5 points compared to April.

According to the Economics Research Center of the University of Cyprus (CypERC), the decline was largely driven by falling assessments of current conditions in the services sector, coupled with downgraded turnover expectations for the next quarter.

The index has now reached its lowest point in the last eight months, although it remains above its long-term average of 100 points, a threshold signalling favourable overall conditions in the medium term.

In its latest monthly survey, the CypERC noted that while employment expectations improved significantly, sentiment in construction edged down. This was attributed to a weaker assessment of the present state of businesses in the sector.

By contrast, retail trade sentiment held steady in May, as weaker sales expectations were offset by improved views on current business conditions.

Amazon SAS is moving ahead with plans to construct a pharmaceutical manufacturing facility in Limassol, following approval from the Environmental Authority.

The €4 million project will be located in the community of Monagroulli, within the Pentakomo-Monagroulli industrial area, approximately 620 metres southeast of the village centre.

According to the environmental impact assessment submitted in September 2024, construction is expected to last ten months, barring any unforeseen delays.

The factory will cover a buildable area of 4,405 square metres across three levels, with a total height of 14.55 metres.

Kornos is undergoing a major transformation, with two flagship projects worth over €20 million already launched or heading for implementation, according to Lefkara mayor Sofoklis Sofokleous.

“The municipal district of Kornos is expected to change radically in the next two to three years,” Sofokleous told Philenews.

“Every announcement must be on track and implementable, and this is my goal for the seven districts of the municipality of Lefkara,” he said, adding that “politics is judged by the project and not by the models.”

The most significant investment is the €18 million Sports Centre by the Cyprus Football Federation (Kop), a long-awaited project that has cleared key procedural hurdles.

Following talks between the municipality and Kop, a firm timeline has been set.

Planning permission was granted in July, and the municipality, in cooperation with the Larnaca Local Government Organisation (Eoa), will now move forward with the building permit. Construction is expected to begin in early 2026 and be completed by 2028.

Cyprus strengthens its bid to become a recognised hub for international film production, as Copper Island, an international production company with operations across the United States, the United Kingdom, Europe and Australia, selects Limassol as its new operational headquarters.

With a strong global presence and a wide network of international partners, producers and distributors, Copper Island has developed a robust profile by participating in high-calibre productions with worldwide reach.

So far, the company has invested in international projects with total production budgets exceeding $100 million.

Its collaborators include acclaimed directors such as Ron Howard, Gus Van Sant and Simon West, while its productions feature prominent names including Sir Anthony Hopkins, Al Pacino, Bill Skarsgård, Mathew Goode, Ana de Armas, Jude Law, Sydney Sweeney, Vanessa Kirby, Daniel Brühl, Shia LaBeouf and Colman Domingo.

Importantly, the decision to base its operations in Cyprus was no coincidence. According to David Mansfield, Director of Operations at Copper Island, this move was the result of careful study and long-term strategic planning.

He noted that the company does not see this merely as an expansion of its activities, but rather as a deliberate positioning in a location with enormous untapped potential.

The Cyprus Forum London returned for a second year in May, hosted at the High Commission of Cyprus in the United Kingdom and co-organised by Oxygen for Democracy in collaboration with the High Commission, according to the official statement.

Opening the event, Nicolas Kyriakides, executive president of the Cyprus Forum, welcomed participants and set the tone for what he described as a day of “in-depth and substantive dialogue.”

Stressing the need for deeper political ties and regional cooperation, he called on attendees to turn ideas into action through collaboration and a shared vision.

“In an uncertain world, dialogue is essential, and this Forum aims to promote it,” he said.

He also pointed to Cyprus’ strategic role as a bridge between the Eastern Mediterranean, the European Union and the United Kingdom, while praising the enduring contribution of the Cypriot diaspora.

According to the statement, Deputy Minister to the President Irene Piki outlined the government’s efforts to shift the country’s economic model from services to one built on transparency, knowledge and innovation.

Total sales of petroleum products in Cyprus climbed to 124,647 tonnes in April 2025, marking an 8.4 per cent increase compared to the same month in 2024, according to data released on Monday by the Cyprus Statistical Service (Cystat).

The sharpest annual growth was recorded in the provisions of marine gasoil, which soared by 136.6 per cent, while aviation kerosene sales rose by 12.7 per cent.

Sales of kerosene also jumped significantly, up by 82.9 per cent year-on-year.

Increases were also noted in heavy fuel oil (58.2 per cent), heating gasoil (34.9 per cent), liquefied petroleum gases (8.9 per cent), motor gasoline (3.0 per cent) and road diesel (2.8 per cent).

By contrast, sales of light fuel oil plummeted by 56.9 per cent, and asphalt dropped by 7.3 per cent.

Cyprus recorded its highest-ever number of tourist arrivals for the January–April period, which the government described as ‘historic’, reinforcing efforts to establish the island as a year-round destination.

Speaking at a media briefing at the presidential palace on Tuesday, government spokesperson Konstantinos Letymbiotis said the latest figures from the Statistical Service confirm the strong trajectory of the tourism sector.

“For the month of April alone, arrivals exceeded 400,000 for the first time, a fact that confirms the momentum that our tourism sector is developing,” he said, calling the results “unprecedented”.

He linked the performance to “targeted policies, a strategic approach, and close cooperation between the public and private sectors”, adding that it is “the serious work that has been done through the implementation of the National Tourism Strategy, which yields measurable and impressive results”.

Yet he made clear that there is no room for complacency.