The average gross monthly earnings of employees in Cyprus reached €2,509 during the first quarter of 2025, according to a report from the state statistical service released on Tuesday.

This reflects a 5.4 per cent increase compared to €2,382 in the first quarter of 2024.

The report also indicated that seasonally adjusted average gross monthly earnings rose by 1.4 per cent in the first quarter of 2025 compared to the fourth quarter of 2024.

Male employees recorded average gross monthly earnings of €2,689 in the first quarter of 2025.

At the same time, the same figure for female employees stood at an average of €2,284.

The Cyprus Securities and Exchange Commission (CySEC) has issued a warning about malicious websites falsely claiming to be associated with the regulator and offering to recover investment losses for investors.

CySEC said it had identified several fraudulent websites, including getyourmoneyback.ltd, getyoursback.org, theystole.net, chargebackinternational.com, chargebackme.com and chargebackmoney.biz.

In its announcement, the commission also said that there may be other similar websites which have not yet come to its attention.

These websites are advertised online and on social media and mainly target people who have already been victims of online fraud.

The amount of money the state is collecting in taxes is on the rise, a report into the tax department’s activities released by the audit office on Monday said, with a total of €6.9 billion euros worth of tax revenue being collected last year.

That figure is a significant increase from the €4.6bn collected in 2021, with the report finding that the amount of tax money collected by the tax department increased by 18 per cent in 2022, 14 per cent in 2023, and 12 per cent in 2024.

However, the report did point out that the state had accumulated arrears of revenue – money which due to the government but which has not been collected – amounting to €3.1bn by the end of 2023, with around €1.4bn of that said to be “at risk of not being collected”.

Brussels has placed Temu under the spotlight, accusing the fast-growing e-commerce platform of breaching EU rules on illegal product listings, a charge the company has pledged to address in full cooperation with the European Commission.

The Commission said that Temu had failed to properly assess and mitigate the risks related to illegal goods being offered on its marketplace, adding that data pointed to a high risk for EU consumers encountering such products. 

According to the company’s statement today, “we will continue to cooperate fully with the Commission.” 

Last year, as mentioned in the Cyprus Mail, the island’s Consumer Protection Service published a list of recalled toys sold on Temu, citing serious safety concerns.

Petroleum product sales in Cyprus rose by 10.4 per cent in June 2025 compared to the same month last year, reaching 140,669 tonnes, according to a report released by the state statistical service (Cystat).

The increase was largely driven by a surge in marine gasoil provisions, which jumped by 228.6 per cent year-on-year.

Aviation kerosene sales also rose significantly, up by 20.4 per cent.

Other petroleum products that recorded notable annual gains included kerosene, which soared by 320.0 per cent, heating gasoil by 30 per cent, liquefied petroleum gases by 19.4 per cent, asphalt by 9.2 per cent, road diesel by 7.1 per cent and motor gasoline by 4.6 per cent.

The Cyprus Ports Authority (CPA) has signed a contract with firm DBA S.p.A. for the preparation of a comprehensive study on the development of an onshore power supply (OPS) system at Limassol port, marking a key step in the island’s green transition.

The study will examine the technical, economic, and environmental dimensions of the planned installation, including necessary upgrades to existing port infrastructure.

Its findings will serve as the foundation for the implementation of shore-based electricity, enabling vessels to shut down their engines while docked and connect to the local power grid.

The Cyprus Chamber of Commerce and Industry (Keve) and the Cyprus Compliance Association (CCA) have signed a Memorandum of Understanding (MoU), according to an official announcement.

Keve explained that the MoU aims to strengthen business compliance and support small and medium-sized enterprises (SMEs) in Cyprus.

The MoU was signed on Monday at the Keve headquarters in Nicosia by chamber president Stavros Stavrou and CCA president Andrea Moundi Savvidi, marking the start of what both organisations described as a dynamic partnership.

The agreement aims to enhance cooperation between the two bodies through joint actions and initiatives, including education and training on regulatory compliance, compliance support services, networking and knowledge exchange, as well as the sharing of information and collaboration in events organised by Keve and the CCA.

As part of its strategic renewal, Safe Bulkers, the Limassol-based shipping company led by Polys Hajioannou, has sold the ‘Pedhoulas Leader’ for $12.5 million, marking another step in its transition to a more modern, energy-efficient fleet.

The vessel, a Kamsarmax-class ship built in 2007 in Japan, is among the oldest in the company’s fleet.

According to the announcement, delivery to the buyer is scheduled between August and October 2025.

Loukas Barbaris, president of Safe Bulkers, said the company achieved its target sale price and added that the transaction forms part of its broader renewal strategy.

He noted that Safe Bulkers has already placed orders for six new energy-efficient vessels, four of which are expected to be delivered in 2026.

Atlantic Insurance Company Public Ltd on Tuesday issued a profit warning for the first half of 2025, informing shareholders and the broader investment community that its group results will be significantly higher compared to the same period last year.

The announcement, made on July 29, in line with the laws and regulations of the Cyprus Stock Exchange (CSE) and the Cyprus Securities and Exchange Commission (CySEC), highlighted strong growth across the company’s operations.

Atlantic Insurance said that profits from operations are expected to rise, driven mainly by a reduction in payable claims and an increase in net insurance income.

Agros Development Company “Proodos” Public Ltd on Tuesday announced the payment of a dividend amounting to €338,148 to its shareholders.

According to a filing on the Cyprus Stock Exchange (CSE), the payment was made on July 29, 2025, from the company’s undistributed profits for the financial year 2022.

In its announcement, the company pointed out that the dividend was paid to shareholders who held shares at the close of trading on the Cyprus Stock Exchange on July 2, 2025, and were registered in the company’s register on July 4, 2025.

Rostro Group and Rostro Foundation have jointly pledged €100,000 to support humanitarian and environmental relief efforts following one of the most destructive wildfires Cyprus has seen in over 50 years.

According to the announcement, the donation will go toward accredited humanitarian organisations providing frontline assistance, as well as environmental NGOs and local authorities involved in longer-term recovery. Additional details are expected to follow.

The company mentioned that “the fires left behind a trail of devastation, claiming lives, displacing residents, and destroying homes, businesses and natural habitats”.

Price reductions were recorded in 37 product categories, of which 29 are included as categories in the “e-kalathi” platform, according to the new consumer product price observatory for June 2025, published by the Consumer Protection Service.

The observatory presents the average weighted price for 250 basic consumer products, including food and other goods, based on the quantities and daily prices at which these products were sold across 400 retail outlets nationwide throughout the month.

The purpose of the observatory is to offer consumers an objective comparative snapshot of market prices from all retail outlets, including supermarkets, bakeries, kiosks and other shops.

Bolsterup, a startup with Cypriot roots, announced that it has been accepted into the NVIDIA Inception Program, a global initiative that supports startups developing cutting-edge technologies across industries.

“We’re excited to share that Bolsterup has been accepted into the NVIDIA Inception Program,” the company said, explaining that the programme assists startups by offering technical resources, networking opportunities, and access to advanced technologies.

The construction-focused startup said it is “transforming the construction sector by leveraging artificial intelligence to eliminate fragmentation and connect the entire ecosystem“.

Bolsterup explained that its platform enables professionals, including developers, contractors, architects and suppliers, to “discover the right people, products, and opportunities within seconds“.