Approximately one third of the people in Cyprus are currently struggling to find the money for a weekly get-away, according to new Eurostat data released on Monday.

Specifically, the EU’s statistical service reported that 33.2 per cent of Cyprus residents aged 16 and over were unable to afford a one-week annual holiday away from home in 2024.

While the figure marks a notable improvement compared with previous years, with the figure having stood at 45 per cent in 2019 and 58.9 per cent in 2014, the island continues to rank above the European Union average.

Eurostat reported that 27 per cent of people across all EU member states said they could not afford such a break last year.

Cyprus has overtaken the EU average in online banking, with 85.1 per cent of internet users managing their finances online in 2024, according to Eurostat’s Digitalisation in Europe 2025 report.

The share rose from 77.7 per cent in 2023 and 71.4 per cent in 2022, reflecting a sharp increase in adoption. 

Across the EU, 72.4 per cent of internet users used online banking in 2024, up from 56 per cent in 2014.

The service was most popular among people aged 25 to 64 (76 per cent), while usage among those aged 16 to 24 reached 66 per cent, and 59 per cent among users aged 65 to 74.

Denmark reported the highest usage at 98 per cent, followed by Finland and the Netherlands at 97 per cent each, and Latvia at 91 per cent.  

By contrast, Romania (17 per cent) and Bulgaria (20 per cent) lag far behind.

Cyprus has strengthened its reputation as a trusted maritime jurisdiction, ranking tenth globally among the world’s largest flag states in 2025 with a fleet totaling 24.4 million gross tonnage, according to the latest Xinhua-Baltic International Shipping Centre Development Index 2025 (ISCDI).

The figure reflects a 2.5 per cent increase from the previous year and highlights Cyprus’ robust regulatory framework, which continues to attract shipowners seeking stability and compliance with international standards. 

The Cypriot registry remains one of the largest in the EU and avoids negative regulatory listings, such as the Paris MoU Black List, a classification by the Paris Memorandum of Understanding on Port State Control, which identifies flag states with poor safety and regulatory performance.

The Digital Cooperation Organisation (DCO), of which Cyprus is a member, has launched a new AI Ethics Evaluator Policy Tool to support the responsible development and deployment of artificial intelligence.

The tool was officially unveiled at the AI for Good Summit 2025 and the World Summit on the Information Society (WSIS+20), held in Geneva, Switzerland.

The DCO is the world’s first standalone intergovernmental organisation dedicated to accelerating inclusive and sustainable digital economies across its 16 Member States.

The launch marks a major milestone in operationalising the DCO’s Principles for Ethical AI, endorsed by Member States earlier this year.

An increasingly volatile environment has resulted in investment diversification becoming key in order to boost financial resilience among Cypriot households and businesses, according to Dr Stella Mourouzidou Damtsa, CFA.

In a detailed piece of analysis, she stated that an increasing number of people are asking what they should do with their money.

“It’s a question being asked with growing frequency, from middle-income families to business owners, amid the volatile environment surrounding Cyprus,” she said.

“Ongoing geopolitical instability and a complex global monetary landscape are weighing on investor confidence and long-term decision-making. In times like these, financial resilience is no longer a luxury, it is a necessity,” she added.

She mentioned that Cyprus has experienced several sobering events, but two financial crises continue to shape investor psychology. Namely the Cypriot stock market bust in 1999, and the 2013 banking crisis.

A total of €24.25 million in new funding for innovative products and services has been launched by the Research and Innovation Foundation (RIF), according to director general Theodoros Loukaidis.

Loukaidis has said that the new funding calls, strategic partnerships and flagship actions aim to strengthen Cyprus’ research and innovation ecosystem.

“Our goal is to shape a dynamic, resilient and internationally competitive research and development environment,” Loukaidis said.  

He added that the initiatives reflect the foundation’s commitment to supporting businesses, start-ups and researchers at all their stages.

The Shipping Deputy Ministry on Monday announced that the Cyprus Maritime Award 2025 will be presented during the opening ceremony of the Maritime Cyprus Conference.

A tradition dating back to 1993, the biennial award honours either an individual with the Cyprus Maritime Personality Award or a legal entity through the Cyprus Shipping Industry Award.

The distinction will be conferred by the President Nikos Christodoulides during the event.

The selection committee for this year’s award is chaired by Frixos Savvides and includes representatives from the Shipping Deputy Ministry, the Cyprus Shipping Chamber and the Cyprus Union of Shipowners.  

Among its members are Anthony Madella, Ioannis Efstratiou, Kyriacos Aliouris and Christina Patsiou from the Shipping Deputy Ministry, along with Andreas Neophytou and Alexandros Josephides representing the Cyprus Shipping Chamber.  

Polys V. Hajioannou and George Mouskas are the members appointed by the Cyprus Union of Shipowners.