Cyprus Investment Funds Association (CIFA) president Maria Panayiotou on Wednesday detailed the progress achieved in Cyprus’ investment fund ecosystem over the past 12 years.

Panayiotou highlighted the new level of maturity seen in the sector, with recent developments underscoring the country’s ambition to position itself as a credible European investment hub.

According to Panayiotou, the recent enactment of the Fund Administrators Law “further enhances the regulatory framework, reinforces transparency, and reflects the maturity of a sector that has been built over the past decade through sustained effort, strategic policymaking, and close collaboration between the State, CySEC, and the private sector.” 

She recalled that back in 2013, the idea of Cyprus evolving into a credible European investment fund centre “was ambitious.”  

Yet, she added, “today, that vision is materialising.” With more than 320 licensed fund entities and Assets Under Management exceeding €10 billion, the sector has become “one of the most dynamic pillars of the Cypriot economy.”

Cyprus has slipped one place in the IMD World Competitiveness Yearbook 2025, ranking 44th globally, according to the latest report published by the Switzerland-based IMD business school in Lausanne.

The country had ranked 43rd in 2024, and despite this year’s minor decline, Cyprus remains significantly behind its 2021 position when it was ranked 33rd.

The World Competitiveness Yearbook evaluates 69 global economies each year and serves as a key reference point for both governments and the private sector.

The ranking is based on four main pillars, which are economic performance, government efficiency, business efficiency and infrastructure.

The data from 20 sub-indicators show that Cyprus continues to balance strong performances in some areas with persistent structural weaknesses.

Cyprus has resumed exports of pure copper cathodes (refined copper) from the Skouriotissa and Apliki mines after a five-year hiatus, the director of the mines and quarries service, Stelios Michael, said during a conference in Nicosia.

The event, organised by the mines and quarries service and the Cyprus Employers and Industrialists Federation (Oev) last week, focused on the mining industry in present-day Cyprus.

It touched on various aspects related to mining, including green development, recycling, modern concepts, and technology.

The event was held under the auspices of Agriculture Minister Maria Panayiotou.

Speaking at the conference, Michael announced the extraction and export of copper cathodes using hydrometallurgy techniques, following five years of inactivity at the two sites.

He said the methods applied reflected a high level of environmental responsibility.

Cyprus is preparing a sweeping tax overhaul that will broaden the tax base, toughen enforcement and ease the burden on households and businesses, officials familiar with the draft legislation said.

According to information from Philenews, the measures currently under preparation are expected to combat tax evasion, widen the revenue net and strengthen the Tax Department’s collection capacity.

One of the scenarios under consideration would allow the Tax Department to seal off businesses that repeatedly fail to issue legal receipts or invoices, a measure already enforced in Greece.

There, tax authorities can temporarily close shops or companies if they are caught violating the law on receipts, particularly after repeated offences.

Officials in Nicosia are now studying this approach as part of their push to curb evasion, though no formal decision has been taken yet.

The Limassol regional tourism board (Etal) this week inaugurated a new viewing in Pissouri, according to an official announcement.

The board explained that the new viewing point, located in the Melanda area of the coastal village, has been designed to “offer a unique visual experience”, allowing visitors to “enjoy the vast blue of Pissouri bay and the enchanting natural landscape that surrounds it”.

The board added that the inauguration ceremony was attended by local authorities, community representatives, and other visitors.

“They had the opportunity to enjoy the stunning view, photograph the island’s unique images, and become acquainted with the rich cultural heritage of Pissouri,” the announcement said.

The board also stated that that the new viewing point is part of a broader initiative to showcase the natural beauty and promote tourism in the area.

Logicom has issued an announcement, under the relevant transparency requirements, related to the exercise of voting rights during its upcoming annual general meeting (AGM), due to take place on Thursday in Nicosia.

According to the announcement, Anthoulis Papachristophorou and Ioannis Irinarchos have been granted a proxy by Edcrane Limited.

The proxy authorises them to exercise at their discretion 38,186,848 voting rights at the meeting.

These voting rights represent 51.548 per cent of the company’s share capital.

The Cyprus Chamber of Commerce and Industry (Keve) has issued an invitation to buyers from around the world to participate in the upcoming “Meet the Buyer” online matchmaking event, scheduled to take place from October 13 to 17, 2025.

The chamber is acting as the coordinator of Enterprise Europe Network Cyprus, with the event being held in collaboration with the agrifood sector group and the internationalisation thematic group.

Keve said that it “aims to offer businesses a unique opportunity to discover new international suppliers and expand their product portfolios in the agrifood and agritech sectors”.

“The five-day virtual event will bring together buyers and suppliers from across Europe and beyond, creating what the organisers describe as a dynamic virtual space to connect, collaborate, and explore new business opportunities,” it added.

Construction material prices in Cyprus have edged up from last year, despite a monthly dip in May, according to a report from the state statistical service.

Specifically, the Construction Materials Price Index reached 118.92 units in May 2025, based on 2021 base level equal to 100 units.

The index recorded a marginal decrease of 0.09 per cent compared to the previous month.

However, when compared to May 2024, the index showed an increase of 1.34 per cent.

Consumer prices in Cyprus recorded a modest year-on-year increase of 0.4 per cent in May 2025, according to a report released on Wednesday by the Cyprus Statistical Service (Cystat).

Specifically, the Harmonised Index of Consumer Prices (HICP) rose by 0.4 per cent between May 2024 and May 2025, the service reported.

It added that the index increased by 0.2 per cent between April 2025 and May 2025.

Compared to May 2024, the highest positive changes were observed in the categories of recreation and culture, which rose by 7.7 per cent, and restaurants and hotels, which increased by 5.2 per cent.

The Public Debt Management Office on Wednesday announced that it accepted offers totalling a nominal value of €25 million at the 13-week Treasury Bills auction held on June 16, 2025.

Total bids submitted amounted to €51.75 million, while the average weighted yield for the accepted bids was 1.98 per cent.

The accepted yields ranged between 1.96 per cent and 2.00 per cent.

The Cyprus Stock Exchange has previously announced that it had accepted the new government treasury bills for trading.

Specifically, 25,000 treasury bills with a nominal value of €1,000 each have been introduced to the market.

Cyprus is ramping up efforts to boost workforce skills with a fresh wave of training programmes, set to launch in the second half of 2025.

The schemes have just been approved by the human resources development authority (Anad) and will be delivered exclusively through certified vocational educational centres across the country.

The programmes aim to help both employed and unemployed individuals upgrade their knowledge and skills, while also promoting professional resilience in a fast-changing economy.

Covering every major sector, from business management and digital innovation to sustainability, occupational safety and advanced technical trades, the training is designed to directly support productivity, competitiveness and long-term employability.