Business & economy news from the day before
She said attending a joint board meeting of the EIB and European Investment Fund in Limassol had “allowed us also to see the impact of the investments we finance on the ground.”
With other delegates she had earlier visited student residences at Cyprus University of Technology and the Limassol wastewater treatment plant.
Calviño also announced the launch of the second phase of Cyprus’s climate roadmap. “We will be focusing on projects that contribute to the competitiveness and security of Europe.
“We are going to be doubling investment into adaptation and prevention on the impact of climate change, a challenge that is very clear also here in Cyprus and we will be radically simplifying our processes to reduce cost and red tape for companies, particularly small and medium-sized companies.”
Speaking during an event for World Tourism Day held on Monday night at the Larnaca Medieval Castle, Koumis said that a June 2025 report by the Aviation Council International placed Cyprus in second place across Europe in terms of improvements in air connectivity between 2019 and 2025.
He added that “this year is expected to close on a positive note for both arrivals and revenues, but more importantly it will once again leave a positive footprint on businesses in the sector, which is of particular importance to the administration of Nikos Christodoulides”.
The deputy minister spoke of what he called “hopeful messages” emerging from special forms of tourism, as well as the fact that “off-peak months are showing significant signs of improvement in both arrivals and revenues”.
The conference, set to take place on October 6-8 in Limassol, will also explore the future of the industry amid global challenges.
At a press conference on the organisation of the conference, Hadjimanolis said that the government is proud of an institution with a 36-year history “that has now been established among the leading shipping conferences worldwide”.
“This year, we set as a goal the further enrichment of the conference, both in terms of distinguished speakers and of themes, so that it fully reflects the modern challenges and opportunities of the sector,” she added.
“As a cornerstone of the island’s prosperity, tourism drives growth and global connectivity, and DP World Limassol, as the operator of the island’s main cruise terminal, is committed to advancing this vital sector through sustainable innovation,” the company said.
“In 2025, Cyprus is expected to welcome over 4 million visitors, with cruise tourism alone generating significant revenue for the local economy,” it added.
Moreover, the company stressed that “cruise tourism is a proven economic multiplier“.
The first bidding took place on the ‘electricity exchange’ in what’s known as the day-ahead market, where electricity producers – like the EAC and private solar parks – as well as suppliers bid for the energy generated every half hour.
The trades began on Tuesday, so that the electricity rates for every half hour would get ‘locked in’ for the day ahead – Wednesday, officially the launch of the open electricity market.
The electricity exchange – operated by the Transmission System Operator (TSO) – functions as a clearing house for prices.
The official launch had been preceded by a trial period which started on January 7 this year, on a simulation basis without actual money transactions. During the trial period, producers and suppliers ‘bid’ on a monthly, rather than on an hourly, basis.
The Association of Cyprus Banks said the VoP service is part of the European strategy for the unification and security of payments across Europe, requiring payment service providers to offer mechanisms that verify the match between the beneficiary’s name and the corresponding IBAN before executing a money transfer.
They added that this will allow citizens and businesses to know with greater certainty that the funds they send are directed to the intended recipient.
The association said the verification process will be completed within seconds, will apply to both standard and instant euro payments, will be implemented across all SEPA countries, and will cover both natural and legal persons.
They added that the VoP service will be provided free of charge to customers for both standard and instant payments.
According to an official announcement, the Cyta Business stand “became a focal point for visitors who had the chance to experience cutting-edge technologies such as hand tracking and an AI photobooth in an interactive way”.
Guests also played a memory game, posed as the cover of a business magazine and entered a draw to win two state-of-the-art smartphones.
Moreover, company representatives joined panel discussions during the festival, where they highlighted how Cyta Business’ technological solutions “contribute to the development and competitiveness of businesses in Cyprus”.
Speaking to the Cyprus News Agency (CNA), the commissioner said that this comment is particularly relevant in relation to the privatisation of the Cyprus Stock Exchange (CSE).
She emphasised the need for any conditions set in the tender process for the CSE privatisation to be assessed by her office under state aid rules and, if necessary, by the European Commission itself.
“It is important to underline that the preferred method of inviting bids must be open, transparent with equal opportunity for information and without conditions that could potentially lower the price,” she said.
Michaelidou highlighted the significance of an independent valuation of the CSE by a certified firm.
“The sale must be conducted at a price that reflects fair value, without being undervalued,” she stated.
She also stressed that the sale process should not include elements of state intervention for the new owner after privatisation.
The decision was taken by tax commissioner Soteris Markides in consultation with the finance minister.
Ioannou told CyBC radio that so far 90 per cent of those obliged to submit a tax form have done so.
She reminded that submitting overdue forms will be subject to a €100 fine and interest, if it emerges that there is tax still to be paid.
The project, if completed, will connect the energy grids of Cyprus, Greece and Israel.
He said that “as long as implementation [of the project] is delayed, it is not positive”, and that delays are “something which burden and touch other aspects, including financial ones”.
“The Republic of Cyprus is committed to the implementation of this specific project, for which there is a provision of €25m in the budget for both 2025 and 2026,” he said, before adding that it “is important that certain things be implemented, which, as they are delayed, affect the viability of the project”.
Cyprus agreed last year to make five annual payments of €25m to Admie before the interconnector is operational.
This would in effect help finance the project and ensure that Admie, its 51 per cent shareholder and implementing body, will have a stable income while investing in the project before it turns a profit.
The event will be held at the Parklane Hotel in Limassol and will run from 11:00 a.m. to 9:00 p.m. Participation is free but places are limited, and registration is open until October 19.
Applicants will be required to complete a short interview before joining. The working language of the hackathon will be Russian.
Organisers said the hackathon is designed to compress months of startup learning into a single day, aiming to test business ideas and sharpen entrepreneurial skills.
They added that the initiative will contribute to strengthening Cyprus’s growing reputation as a regional tech hub.
“Cyprus is a rapidly growing hub for IT and startups, attracting talent and capital from surrounding European and MENA sources,” the announcement said.
On September 29, the company bought a total of 6,450 of its own shares at an average price of 1.668 cents per share.
The purchases were executed in four transactions, comprising 478 shares at 1.67 cents, 2,522 shares also at 1.67 cents, 2,523 shares at 1.665 cents, and a final 927 shares once again at 1.67 cents.
This move follows a string of buybacks in recent weeks.
The company said its principal activity, which remains unchanged from last year, is the leasing and granting of rights of use of space at its property, the Shacolas Emporium Park, which includes a shopping mall, an IKEA store and other retail and commercial developments.
Revenue for the six-month period was €9,626,770 compared with €9,795,143 for the same period in 2024.
The operating profit for the period was €7,422,904 compared with €7,225,766 a year earlier.
Net profit after tax rose to €4,750,965 compared with €4,442,866 in the first half of 2024.
“Alternative credit is one of the fastest-growing segments in Europe’s fund industry,” he said, citing IMF estimates that put the global private credit market at more than USD 2.1 trillion.
For investors, he explained, the appeal lies in connecting capital to the real economy through flexible financing tools.
The timing, he added, could not be more relevant. With Maritime Cyprus 2025 set for October 6-8 and the International Funds Summit following on November 3, both events will provide platforms to examine how these two worlds are beginning to converge.
This represented an increase of 1.8 per cent compared with July 2024, the statistical service added.
For the period January to July 2025, the index recorded a growth of 3.0 per cent compared to the same period last year.
Moreover, the manufacturing sector saw a robust growth rate of 3.7 per cent when compared to July 2024.
An increase was also observed in water supply and materials recovery, which grew by 7.6 per cent.
However, negative changes were recorded in the electricity supply and mining and quarrying sectors, which fell by 8.0 per cent and 1.8 per cent respectively.
According to a filing to the Cyprus Stock Exchange (CSE), the company’s board of directors presented its management report and unaudited financial statements for the six months ended June 30, 2025, to its members.
The principal activity of the company remains unchanged from last year, which is the granting of rights of use of space at its property, the shopping centre known as The Mall of Engomi, for retail and commercial purposes.
Revenue for the period was €2,215,848 compared to €1,921,790 for the same period in 2024.
The operating profit of the company for the six months was €1,136,059 compared with €1,013,126 a year earlier.
Click here to change your cookie preferences