Business & economy wrap-up from the day before

Eurobank Cyprus on Friday confirmed that its merger with Hellenic Bank is now fully underway, marking the creation of the new Eurobank Limited.

In an official announcement, the new entity was described as “a strong and modern bank that combines local expertise with the group’s know-how and high service standards”.

The bank stressed that the integration process is focused on upgrading the banking experience while ensuring a seamless transition.

“The top priority is to ensure smooth and uninterrupted service, without any inconvenience and without requiring any action from the customer,” the bank said.

The IDEA Innovation Centre, which serves as a startup incubator and entrepreneurship hub, celebrated its tenth anniversary this week.

According to an official announcement, the anniversary marks “a decade of dynamic presence in Cyprus’ innovation and entrepreneurship ecosystem”.

“The milestone was commemorated with a special event in the courtyard of the Bank of Cyprus Cultural Foundation, bringing together a lively mix of energy, creativity and people who share the same vision,” it added.

The evening gathered partners, startup representatives, trainers and friends of the IDEA centre.

The European Central Bank (ECB) is under no pressure to cut interest rates further to achieve stable inflation, according to governing council member and Central Bank of Cyprus (CBC) governor Christodoulos Patsalides.

“The present interest rates are appropriate if inflation develops as projected,” he told Bloomberg.

“So unless there’s any other significant development, there’s no need to take action soon,” he added.

The ECB kept its deposit rate unchanged at 2 per cent for the second straight meeting, with president Christine Lagarde noting that inflation is now “where we want it to be”.

Patsalides said risks to the outlook are balanced and stressed that the next move in rates could be up if needed.

Cyprus’ Chief Scientist Demetris Skourides completed his first official visit to Saudi Arabia to strengthen cooperation in artificial intelligence, digital transformation, research, and innovation.

He met with Saudi Data and Artificial Intelligence Authority (SDAIA) president Abdullah bin Sharaf Alghamdi, discussing the Kingdom’s AI readiness, sovereign technologies, national data platforms, and managed services.

Skourides presented Cyprus as a gateway for Saudi companies to Europe and highlighted shared interests in human-centric AI and joint development initiatives.

During the White Page Leadership Conclave 2025, he was named Exemplary Leader of the Year 2025 in Human-Centric AI Governance, recognising both his personal leadership and Cyprus’ commitment to ethical AI.

He also participated in AI-focused podcasts in Saudi Arabia, Dubai, and Australia, exploring research, innovation, governance, and sustainable AI applications, underscoring Cyprus’ ambition to become a regional hub for responsible AI.

The turnover value index for services and transport in Cyprus recorded mixed results in the second quarter of 2025 compared to the same period of 2024.

According to the state statistical service (Cystat), accommodation and food service activities rose by 11.7 per cent, with accommodation increasing by 13.9 per cent and food and beverage services by 9.3 per cent.

Similarly, administrative and support service activities grew by 7.2 per cent overall. Within this category, rental and leasing activities rose by 7.8 per cent, employment activities by 1.4 per cent, and travel agency and tour operator services by 4.9 per cent.

In addition, security and investigation activities saw a sharp rise of 11.4 per cent, while office administrative and other support activities climbed by 9.6 per cent.

Telecommunications provider Cyta on Friday announced the departure of Andreas Neocleous from his role as chief executive officer, effective September 12, 2025.

“During his tenure as CEO, Neocleous contributed decisively to Cyta’s dynamic growth and success”, the organisation said.

“He oversaw an increase in profitability, strengthened the customer base, and enhanced the technological and commercial value of the company”, Cyta added.

During his time, Cyta continued, “the organisation implemented major internal transformation projects”.

These included a new Personnel Performance Management System and a new Promotion System, which Cyta said positioned it as “a pioneer in the wider public sector”.

“A cohesive strategy was developed in close cooperation with the board, Neocleous, and the management team, which reinforced Cyta’s leadership in the communications technology sector,” the announcement mentioned.

Louis plc held its 26th annual general meeting (AGM) on Thursday, discussing on a number of issues, including the company’s growth, future challenges, and reorganisation plans.

Group revenue for 2024 reached €128.1 million, up 12.2 per cent from €114.2 million in 2023, driven by a new hotel opening and higher occupancy rates.

What is more, EBITDA rose by €6.2 million, with the profit-to-sales ratio improving from 29.4 per cent to 31 per cent.

Net profit attributable to shareholders reached €3.9 million, compared to a loss of €0.4 million in 2023.

This improvement was mainly due to profit from operations after net financing costs of €2.6 million, compared to a loss of €2.2 million in 2023, a swing of €4.8 million.

The group also recorded a €1.2 million gain from the reversal of a provision for doubtful receivables from related parties.

Alkis H. Hadjikyriacos (Frou-Frou Biscuits) Public Ltd posted a slight rise in first-half profit for 2025, with net earnings reaching €2 million compared with €1.95 million in the same period last year.

Turnover for the group rose by 3.11 per cent to €12.1 million, up €365,300 from a year earlier, according to results released on Friday.

Gross profit increased by €183,400 to €4.8 million, while operating profit climbed by €358,700.

Bioland Promithia, part of Bioland Energy Group Ltd, has been registered in the competitive electricity market (CEM) register, which will come into effect on October 1, 2025.

The move signals a new phase in Cyprus’ energy transition, promising more competition, greater transparency and stronger uptake of green energy. 

In preparation for the market’s launch, Bioland Promithia said it is ready to provide competitive electricity supply programmes for businesses, industries and households.  

The plans were presented during an event in Larnaca on September 10, organised by Eptagon Group, the parent company of Bioland Energy and Bioland Promithia. 

Rising construction costs and their knock-on effect on the housing shortage were at the centre of talks held in Brussels by Stephanos Pierides, secretary general of the Federation of Associations of Building Contractors (Oseok) and Head of Environmental Issues at the European Construction Industry Federation (Fiec).

During his visit, Pierides met separately with Cypriot MEPs Loukas Fourlas, Michalis Hatzipandelas and Costas Mavrides, stressing the pressure that soaring costs place on the sector and underlining their impact on housing affordability. 

He also held discussions with Demetris Petrides, Attaché at the Permanent Representation of Cyprus to the EU, focusing on ways to step up cooperation ahead of Cyprus taking over the Presidency of the Council of the EU in 2026. 

Limassol will host two major international trade union events in September, placing Cyprus at the centre of global maritime discussions.

According to Omepege – Sek, which supports their organisation and represents Cypriot maritime workers, the International Transport Workers’ Federation (ITF) Maritime Roundtable will take place from September 15 to 18 at the St Raphael Resort Hotel.

The event, held every five years, is described as one of the most important in international trade unionism, bringing together more than 180 representatives from 140 countries to strengthen cooperation and defend the rights of seafarers and dockers.

The official opening will be addressed on September 15 at 9.30 in the morning by the Minister of Transport, Alexis Vafeades. Charalambos Avgousti, general secretary of Omepege – Sek, and ITF President Paddy Crumlin will also deliver greetings.

Lordos United Public Ltd has announced that its board of directors will meet on September 23, 2025.

The company said the meeting will include an examination of the report for the first half of 2025.

The announcement was made by order of the board of directors.

Demetra Holdings Plc on Friday announced the buyback of 6,000 of its own shares, following a string of similar moves in recent weeks.

The shares were purchased at a price of 1.68 cents each.

A total of four transactions were executed on the same day, with 1,141 shares bought in the first trade, 182 in the second, 1,677 in the third, and 3,000 in the final transaction.

Sklavenitis Cyprus is taking significant steps to prioritise employee wellbeing, becoming the only retailer in Cyprus to pay a 14th salary to all staff, including those from Papantoniou Supermarkets, at an estimated cost of €2 million.

The supermarket chain complements this with a 12.56 per cent automatic cost-of-living adjustment, a Group Life and Health Insurance Plan, and a co-funded Provident Fund, supporting both present and future financial security.

Additional benefits include store discounts, birth allowances, and €100 holiday vouchers for Easter and Christmas.