Two financing agreements totalling €55 million were signed on Thursday by Finance Minister Makis Keravnos, EIB vice president Kyriacos Kakouris and CING chief executive Leonidas Phylactou.

At the signing, which took place at the Finance Ministry in Nicosia, Keravnos underlined the importance of the relationship developed between the EIB and the Republic of Cyprus.

He described it as “a relationship based on common principles, values, and mutual trust“.

“Through the long-standing support of the European Investment Bank, Cyprus has been able to implement projects of substantive importance which boost growth, improve citizens’ quality of life and lay the foundations for a more resilient and sustainable future,” Keravnos said.

The first agreement signed at the ceremony concerns additional financing of €5 million for CING, bringing the total EIB support for the institute to €31 million.

The Cyprus Securities and Exchange Commission (CySEC) on Thursday issued a statement reaffirming that the country’s regulatory framework for the investment and capital markets sector is fully aligned with European Union law.

“This does not merely constitute a regulatory obligation, but a strategic choice aimed at ensuring transparency, mitigating risks, and reinforcing the effective functioning of the market,” the commission said.

“Since Cyprus’ accession to the EU in 2004, all relevant legislation and regulatory provisions are bound to the EU acquis, with CySEC committed to maintaining a supervisory framework that is reliable, transparent, and functionally comparable to that of all other EU member states,” it added.

Moreover, the commission said procedures for assessing, licensing and supervising obliged entities are carried out in accordance with EU directives and regulations, without exceptions or derogations.

Cyprus’ tourist accommodation sector continued to rely heavily on foreign visitors in the first half of 2025, according to Eurostat data published on Thursday.

The figures were released to mark World Tourism Day, which will be celebrated on September 27.

Across the European Union, overnight stays in tourist accommodation reached 1.279 billion between January and June, up 2.3 per cent from 1.249 billion in the same period of 2024.  

At country level, Malta (12.7 per cent), Latvia (8.6 per cent) and Poland (8.5 per cent) recorded the strongest increases, while Ireland posted a fall of 3.5 per cent.  

By contrast, Germany (0.2 per cent), Sweden (0.5 per cent) and Belgium (0.9 per cent) reported only marginal growth. 

Cyprus’ state-owned asset management company Kedipes posted mixed results in the first half of 2025, with stronger restructuring activity offset by weaker inflows, while continuing to repay state aid and expand social support schemes.

Chairman Lambros Papadopoulos said total debt restructuring and recoveries rose 13 per cent year-on-year to €321 million, but cash inflows dropped 23 per cent to €162 million.

He noted that inflows picked up in the second quarter and are expected to accelerate further in the second half.

With Thursday’s additional cash repayment of €50m for the third quarter, alongside indirect repayments mainly through the mortgage-to-rent and Estia schemes, cumulative state aid repayment has reached €1.66 billion.

Kedipes has also disbursed €30m under the Rent for Instalment scheme, which has so far included 254 residences.

The Consumer Protection Service (CPS) announced this week that it is investigating complaints from consumers against a travel agency that has allegedly failed to meet its obligations to clients.

Speaking to the Cyprus News Agency (CNA), the service’s director Constantinos Karagiorgis said that the complaints, which relate to organised trips, concern difficulties customers faced in obtaining refunds for services they had paid for but did not receive.

“The case of the travel agency regarding organised trips, which appears unable to fulfil its obligations, is being examined by the service, in accordance with the relevant provisions of the legislation,” Karagiorgis said.

He added that all available data is being reviewed, including “the cost this issue imposes on consumers, who seem to be left exposed, as well as the matter of the guarantees”.

The Secretary-General of the International Maritime Organisation (IMO), Arsenio Dominguez, warned that the ocean is under threat, stressing that its decline is driven by human activities but can still be reversed. 

“The ocean sustains life on Earth as we know it. It allows us to breathe and regulate our climate. The ocean brings food to our table, connects people across continents and provides global blue ways for the ships which transport 80 per cent of world trade,” he said in a message. 

“But our ocean is under threat. Plastic pollution, rising temperatures, acidification, overfishing. Our oceans are struggling to keep up with human pressure,” he added. 

Dominguez noted that protecting and restoring the ocean “is not just a duty. It is our opportunity to build a healthier planet, stronger economies and a safer future for generations to come.” 

The Cyprus Securities and Exchange Commission (CySEC) this week announced that it has reached four separate settlement agreements with employees of V.P. Magnetic Support Technologies Ltd over possible violations of the Cyprus Securities and Exchange Commission Law of 2009.

CySEC stated that it acted under article 37(4) of the law, which allows it to settle any violation or possible violation, act or omission for which there are reasonable grounds to suspect a breach of supervised legislation.

The first settlement concerns F. A. V., who was found to have possibly provided false or misleading statements during a deposition on May 19, 2025.

CySEC confirmed that the settlement amount was €15,000, which F. A. V. has paid.

Limassol port operator DP World marked World Maritime Day on Thursday by lighting up the Limassol Cruise Terminal building in blue.

World Maritime Day is an annual observance established by the International Maritime Organisation to recognise the vital role of shipping in the global economy.

It also aims to promote safe, secure and environmentally responsible shipping practices.

This year’s theme was “Our Ocean, Our Obligation, Our Opportunity”, focusing on the essential role the ocean plays in sustaining life, supporting livelihoods and underpinning the global economy.

It also drew attention to the growing threats of pollution, overexploitation and the accelerating effects of climate change.

The Digital Cooperation Organisation (DCO) this week announced the expansion of its WE-Elevate programme across all its member states, including Cyprus, on the sidelines of the 80th United Nations General Assembly in New York.

The programme, which was first piloted in Rwanda, is designed to advance female-led enterprises in the digital economy and has already produced measurable results by helping female-led micro, small and medium enterprises enhance their digital skills, formalise operations and expand into new markets.

Cyprus is among the countries that will benefit from the expanded programme, which is intended to support female entrepreneurs and position them to fully participate in the global digital economy.

WE-Elevate combines online learning modules, mentoring, and access to global e-commerce platforms to equip entrepreneurs with digital, financial and business skills.

Greek-retail group Jumbo this week reported a net profit of €117.18 million for the first half of 2025 and confirmed plans to open two new hyperstores in Cyprus over the next five years.

The company said the results “confirm the resilience and flexibility of the company’s business model”.

Despite a challenging international environment marked by supply chain delays, rising transport costs, inflationary pressures and tariff disputes, Jumbo said it continues to offer consumers “high-quality products at attractive prices while also delivering dividends to its shareholder partners”.

The group reported an approximately 8 per cent increase in sales for the period January to August 2025 compared with the same period last year.

Lordos Hotels reported a sharp turnaround in its first-half results for 2025, posting a net profit of €605,800 compared with a loss of €236,800 a year earlier, the company said this week.

Profits attributable to shareholders rose to €438,300 from €73,900 in the same period of 2024.

Group revenues climbed 39 per cent to €10.9 million from €7.8 million, boosted by the reopening of the Lordos Beach Hotel, which had been closed for renovations from January to May last year.

This year’s European Researchers’ Night is set to take place in Nicosia on Friday, September 26, offering Cypriot audiences a full-day programme of scientific and technological activities.

The event, which will be held at the state fair grounds in the capital, will run from 08:30 to 22:00.

The European Researchers’ Night is organised by the Research and Innovation Foundation (RIF) for the 19th year in collaboration with leading research, innovation and business organisations in Cyprus.

It is part of a European Commission initiative and takes place simultaneously in more than 25 countries and 460 cities inside and outside Europe.

The aim is to promote a culture of research, strengthen the connection between science and society and showcase research activity from universities, centres of excellence and innovative businesses.

The Cyprus Property Developers Association this week welcomed progress in drafting a modern legal framework for co-owned buildings, saying it would address long-standing problems and improve residents’ quality of life. 

The association highlighted the Interior Ministry’s work on the Management of Co-Owned Buildings and Related Issues Law of 2023 and the start of parliamentary discussions as “important steps towards completing and passing the bill as soon as possible”.

Atlantic Insurance held its annual general meeting this week, where shareholders approved the company’s annual report for 2024.

This included the management report, the corporate governance report, the audited consolidated financial statements and the audited financial statements of the parent company for the year ended December 31, 2024.

The meeting also approved the board of directors’ proposal to pay a dividend of 14.50 cents per share with a nominal value of €0.34.

Petrolina (Holdings) Public Limited on Thursday announced a pre-dividend, after-tax profit of €3 million for the first half of 2025, marking a significant turnaround from a loss of €707,000 in the same period last year.

The company’s board also declared a 2.94 per cent interim dividend, equivalent to €0.01 per share, which will be paid to shareholders registered on October 8, 2025.

Shares of Petrolina will trade ex-dividend from October 7, 2025, with payments scheduled for November 4, 2025.

The results were approved by the board at a meeting held on September 25, 2025, in Larnaca, which reviewed the group’s interim consolidated financial statements for the six months ending June 30, 2025.

The Petrolina group’s turnover for the period amounted to €266.5 million, slightly down from €270.5 million in the first half of 2024, while the cost of sales decreased to €237.9 million from €243.7 million.