The Cyprus Development Bank (CDB bank) on Thursday issued a clarification regarding media reports suggesting that the company may be the subject of an acquisition.

“There is nothing specific to announce,” the bank stated in response to the reports.

It added that in the event of any significant developments concerning its future, it would issue the necessary announcements to the Cyprus Stock Exchange (CSE) and the Cyprus Securities and Exchange Commission (CySEC) in line with applicable legislation.

The clarification comes amid growing speculation about the bank’s future ownership.

Earlier this week, bank employees’ union Etyk issued a circular stressing its concern over the reports and highlighting that the security of staff would remain its top priority.

Central Bank of Cyprus (CBC) governor Christodoulos Patsalides on Thursday welcomed the introduction of financial literacy in primary and secondary schools, calling it an essential step for the country’s future.

“I welcome the introduction of financial education topics in the sixth grade of primary school, as well as the expansion of the financial literacy and education programme to all grades of secondary school during the 2025–2026 academic year,” he said.

“This is another substantial step in the effort to strengthen financial literacy among young people, based on the objectives of the National Strategy for the promotion of financial literacy and education in Cyprus,” he added.

Nicosia is pressing ahead with two major projects, the future of the old state fair grounds and the Sopaz redevelopment.

According to a report from Philenews, the municipality is treating them as interconnected developments that could reshape the capital.

As mentioned in the report, the redevelopment of the Sopaz will proceed through a strategic investor, saying that there is already great interest.

For years, the future of the state fair grounds has been debated. Initial government plans to turn the area into a technology park met with strong opposition from residents, political parties and the municipality itself, which insisted the site should become a metropolitan park.  

Now, that proposal now appears to be gaining ground, with the government, local community and parliamentary parties expressing support. 

The Consumer Price Index (CPI) in Cyprus increased by 0.39 points in August 2025, reaching 117.04 units compared with 116.65 units in July 2025, according to a report from the state statistical service.

Despite this rise, the statistical service said, inflation in August 2025 decreased by 0.9 per cent year-n-year.

The largest positive change in economic categories compared with August 2024 was recorded in services, which rose by 3.6 per cent.

Meanwhile, the largest negative changes were observed in electricity, down 11.6 per cent, and petroleum products, which fell by 7.3 per cent.

Compared with July 2025, the category with the most significant change was agricultural products, which increased by 4.4 per cent.

Retail trade volume in Cyprus rose strongly in July 2025, Eurostat data showed on Thursday, outperforming the broader euro area and European Union.

In the euro area, the seasonally adjusted retail trade volume decreased by 0.5 per cent in July compared with June 2025, while the EU recorded a 0.4 per cent decline.

By contrast, the calendar adjusted retail sales index in July 2025 increased by 2.2 per cent in the euro area and by 2.4 per cent in the EU compared with July 2024.

Among member states for which data are available, Cyprus recorded the highest annual increase in total retail trade volume, up 8.5 per cent year-on-year.

The Cyprus Securities and Exchange Commission (CySEC) announced the dissolution and liquidation of Wanterfell Investment AIFLNP V.C.I.C. Ltd following the total redemption of its units.

The fund, which operated as an Alternative Investment Fund with Limited Number of Persons (AIFLNP), carried License Number LPAIF123/2014.

CySEC explained that the dissolution was carried out under article 132(1)(d) of the Alternative Investment Funds Law of 2018.

The decision was communicated to the regulator by the fund’s external manager, T.C.R. International Ltd, in line with article 63(8) of the law.

What is more, CySEC said that the AIFLNP was placed into voluntary liquidation.

The Cyprus competition commission on Thursday confirmed reception of a notification that Alpha Bank S.A., either directly or through Alpha Finance Investment Services S.M.S.A., intends to acquire the share capital of AXIA Ventures Group Ltd, a transaction now under regulatory review.

Alpha Bank S.A. is one of the leading financial institutions in Greece, operating in both domestic and international markets and providing a wide range of financial products and services.

Alpha Finance Investment Services S.M.S.A. is a company duly registered under Greek law, offering comprehensive investment services and portfolio management.

In terms of the bank’s operations in Cyprus, Alpha Bank provides a range of banking and financial services for both individuals and businesses.

Greek retailer Jumbo posted an 8 per cent year-on-year increase in sales for the January–August 2025 period, as August maintained the group’s upward across all markets despite inflationary pressures, higher VAT in Romania and global market uncertainty.

According to its statement, in Greece, net sales of the parent company, excluding intragroup transactions, rose by 7 per cent in August and by 9 per cent over the first eight months of the year.

In Cyprus, sales jumped by 12 per cent in August, bringing year-to-date growth to around 9 per cent.

In Romania, including online sales, increased by 8 per cent in August and by 7 per cent in the January–August period.

In Bulgaria, sales rose by 7 per cent in August but were up by only 3 per cent year-to-date, reflecting weaker momentum compared with last year.

The Cypriot government has approved an additional €12 million for an affordable housing project in Strovolos, the Interior Ministry said this week.

The scheme, to be carried out by the Cyprus Land Development Corporation (Koag), will see 54 two-bedroom apartments built, with construction due to begin by the end of the year and completed within 24 months. 

The ministry said the decision forms part of a broader housing policy aimed at boosting affordable housing stock and easing pressure on low- and middle-income households. 

A separate Koag project is already under way in Limassol’s Ayios Nikolaos area, backed by €16 million in state funding, which includes 138 apartments for affordable rent.  

The Bank of Cyprus on Thursday announced that the European Bank for Reconstruction and Development (EBRD), its last remaining legacy shareholder, has sold its entire stake in the lender.

The EBRD had held a 5.1 per cent share in the Bank of Cyprus since 2014.

According to the announcement, the stake was sold at a price of €7.20 per share.

The bank emphasised that there was significant interest in the transaction from institutional investors.

It added that the final buyers were mainly long-term investors, specifically long-only funds.

Consumer credit costs in Cyprus rose in July 2025 while overall new lending volumes fell sharply, according to the latest statistics released by the Central Bank of Cyprus.

The figures, published this week, form part of the August 2025 edition of the CBC’s monetary and financial statistics report.

They include average interest rates on deposits and loans, as well as data on the amounts of new euro denominated lending to euro area residents.

The figures are presented alongside comparative data for the euro area through the European Central Bank’s data portal.

The interest rate on household deposits with an agreed maturity of up to one year decreased to 1.08 per cent, compared with 1.13 per cent in June 2025.

By contrast, the corresponding rate on deposits from non-financial corporations rose to 1.21 per cent, up from 1.18 per cent the previous month.

The Cyprus Stock Exchange has announced that the shares of iDNA Genomics Public Ltd will continue to be presented with a special flag on the New Market due to significant uncertainty over the company’s ability to continue as a going concern.

The decision follows the submission and publication of the company’s annual financial report for the year ending December 31, 2024.

The CSE Council stated that the flag reflects the findings in the independent auditors’ report, which highlighted a material uncertainty regarding the company’s ongoing operations for the year ending December 31, 2024.

This action was taken under provision 2.2.6A(a) of CSE Regulation 379/2014, as amended, which governs the treatment of issuers on the Unregulated Market, after careful review of the independent auditors’ report for the issuer.

Demetra Holdings Plc on Thursday announced that it proceeded with the repurchase of 3,000 of its own shares through the Cyprus Investment and Securities Corporation Ltd.

The company stated that the transaction was carried out in line with the relevant regulations of the Cyprus Stock Exchange (CySEC) and the circulars of the Cyprus Securities and Exchange Commission (CySEC).

It explained that the repurchase was made under the authorisation granted by the Annual General Meeting held on June 24, 2025, and in accordance with Article 57A of the Companies Law, Chapter 113.

During the meeting of September 3, 2025, Demetra Holdings, acting through CISCO, executed the buyback of its shares at a price of €0.0171 each.

Cyprus is on track to surpass last year’s record tourism revenues and arrivals, after posting the strongest growth among its Euro-Mediterranean peers in the first half of 2025, as mentioned in Philenews. 

The statistical service said tourism revenues rose by 21.3 per cent year-on-year in the first six months, reaching €1.38 billion compared with €1.14 billion in the same period of 2024.  

In June alone, revenues climbed 9.6 per cent to €422.3 million. 

Per capita tourist spending in June increased by 6 per cent to €847. British visitors, who made up 36.4 per cent of arrivals, spent €103.92 per day, while Polish tourists (7.3 per cent of arrivals) spent €90.91. Israeli visitors, the third largest market at 6.1 per cent, spent €149.44 daily. 

Non-profit organisation TechIsland on Thursday announced that it has distributed 615 air purifiers to households in wildfire-hit villages in Cyprus, as part of the collective programme announced in July in response to this year’s fires.

The initiative was funded through contributions from member companies and professionals across the tech sector, and it underscored the ecosystem’s commitment to providing both immediate relief and long-term support. 

Furthermore, the air purifiers were delivered in coordination with local administrations and volunteers from the group We Stand Together, who helped identify needs and organise the distribution.  

Deliveries reached Agios Georgios (55 units), Malia (40), Lofou (90), Monagri (94), Souni (177), Agios Therapon (51), Vouni (58) and Silikou (50).  

In each case, priority was given to families with children, elderly residents and those with health conditions.