Ship management revenues in Cyprus rose to €978 million in the first half of 2025, marking a 6.7 per cent increase compared with the second half of 2024, according to the Central Bank of Cyprus (CBC).

The figure corresponds to 5.5 per cent of Cyprus’s half-year GDP, keeping the sector well above its pre-pandemic average between 2019 and 2021. 

During the period under review, 31 per cent of companies generated revenues between €2m and €20m, while another 31 per cent exceeded the €20m threshold.

The CBC noted that a small number of large firms continue to dominate the industry, with the top 27 per cent of companies accounting for 85 per cent of total revenues.

The Cyprus Stock Exchange (CSE) on Monday announced a series of regulatory actions against several companies listed on its New Market for failing to comply with financial reporting obligations.

According to the CSE, a number of companies did not submit and publish their half-year financial reports for the period ending June 30, 2025, by the official deadline of September 30, 2025.

The announcement follows the expiry of the official deadline for submission and publication, which was September 30, 2025, as stipulated under Article 142 of the Cyprus Securities and Stock Exchange Law and the relevant paragraph of the applicable directive.

The CSE said that the following companies did not comply with the requirement to file and publish their reports for the specified period.

Consulting and advisory firm PwC Cyprus on Tuesday released a statement recapping its annual meeting, which brough together more than 150 senior executives of the organisation.

The event, which took place on October 10 in Limassol, was also broadcast live to over 1,000 PwC staff members.

The company said that this ensured “that all people of the organisation can have access to the same information, shared in full transparency”.

Through the business update provided by CEO Philippos Soseilos, the meeting celebrated PwC’s strong resilience, reputation and bold moves to remain relevant into the future.  

Following this, a powerful on-stage discussion took place between Soseilos and Hani Ashkar, CEO of PwC’s Middle East Region, during which the two exchanged insights on emerging international trends affecting clients and on how these are reshaping professional services firms.

The Cyprus Securities and Exchange Commission (CySEC) has released a new educational video on crypto-assets as part of a joint campaign with other European supervisory authorities.

The move comes in the wake of a previous announcement in which CySEC relayed a joint EU warning on crypto-asset risks and weak investor safeguards.

In the video, CySEC outlines the nature of crypto-assets, associated risks, and the protections under the new EU framework. The video is available on the CySEC website.

CySEC noted that the campaign aims to enhance public awareness and help retail investors understand the complexity and risks of digital assets.

A spokesperson said “we believe that educating the public is essential to safeguarding investor interests in this fast-evolving space”, they said.

The European Commission’s sweeping proposal to overhaul tobacco and nicotine taxation has triggered strong reactions among EU member states after its presentation at the Economic and Financial Affairs Council (Ecofin) in Luxembourg earlier this month.

Under the plan, minimum excise duties on cigarettes and roll-your-own tobacco would rise sharply, while for the first time new products such as e-cigarettes, heated tobacco and nicotine pouches would be brought under excise taxation. 

According to the draft directive, the minimum tax on cigarettes would increase from 60 per cent to 63 per cent of the weighted average retail price and from €90 to €215 per 1,000 pieces.  

Roll-your-own tobacco would be taxed at 62 per cent of the retail price and at least €215 per kilogram.  

For newer products such as heated tobacco and e-cigarettes, a minimum tax of 45 per cent or €88 per 1,000 pieces would apply from 2028, increasing gradually until 2032, as outlined in the European Commission’s proposal.

Cyprus-based mobile game developer Top App Games Ltd. has partnered with Aptoide, the alternative Android distribution platform, to expand its hit mobile title Ludus: Merge Arena and strengthen its global community.

According to an announcement released on Tuesday, the game has officially launched now across Aptoide App Store, Aptoide Games, and Games Hub.

The announcement further mentioned that Ludus: Merge Arena has steadily grown over the past two years, reaching seven million players worldwide.

“With Aptoide, Ludus is on track for sustainable global success, demonstrating the long-term value we look for in our investments,” said Vladimir Nikolsky, CEO of Utmost Games, investor and former CEO of My.Games.

The Cyprus Shipping Deputy Ministry (SDM) on Tuesday announced the official launch of the Cyprus Shipping 1-Stop-Shop Portal (CYSh1P), a centralised digital platform designed to streamline and modernise all SDM maritime services.

Through this new platform, stakeholders including shipowners, lawyers, ship managers, seafarers, and classification societies can now enjoy easy, centralised access to a comprehensive range of maritime services.  

These include ship registration and registry transactions, transactions related to technical, safety, and environmental matters for Cyprus-flagged vessels, seafarer training and certification, services under the Tonnage Tax System (TTS), as well as small and high-speed vessel services.

The average gross monthly earnings of employees in Cyprus rose by 5.1 per cent in 2024, reaching €2,483, according to a report released on Tuesday by the state statistical service (Cystat).

The median gross monthly earnings stood at €1,881, showing the midpoint of all wages, meaning that half of employees earned less than this amount and half earned more.

The difference between the average and median points to persisting wage inequality, as higher salaries lift the average figure above the level earned by most workers.

The average gross wage refers to total pay before deductions for social insurance and taxes.

The European Union has backed calls for a single, international strategy for the decarbonisation of shipping, saying that the adoption of new measures by the International Maritime Organisation (IMO) could pave the way for a revision of the bloc’s emissions trading system.

A few days before the IMO’s Marine Environment Protection Committee (MEPC) meets in London from October 14 to 17, the EU reaffirmed its commitment to ambitious global initiatives under the proposed “Net-Zero Framework” (NZF), which seeks to eliminate greenhouse gas emissions from maritime transport by mid-century. 

In a statement, the European Commission said the bloc “supports ambitious, global measures at IMO level, with the aim of decarbonising the maritime sector and ensuring a level playing field internationally.” The message, it added, is clear. Europe wants the green transition of shipping to be achieved at a global level, to avoid market distortions and ensure coherent and effective climate action. 

According to European sources, the adoption of the NZF would mark an “important milestone” in the global fight against climate change.

Total government employment in Cyprus reached 52,530 persons in September 2025, showing a marginal decline of 50 employees, or 0.1 per cent, compared with the same month last year, according to the statistical service (Cystat).

Employment in the civil service fell by 1 per cent, while the security forces registered a sharper drop of 2.4 per cent. By contrast, employment in the educational service rose by 3.3 per cent during this period. 

Compared with September 2024, the largest increase was recorded among employees with contracts of definite duration, up 4.8 per cent, whereas those with contracts of indefinite duration declined by 2.3 per cent. 

Within individual services, the most notable rise was seen in definite-duration contracts in the educational sector, up 15.5 per cent, while the steepest fall was among similar contracts in the security forces, down 70.8 per cent. The drop mainly reflects the completion and non-renewal of specific contracts in July 2025.

Cyprus recorded an employment rate of 79.8 per cent in 2024, surpassing the European Union’s 78 per cent target set under the European Pillar of Social Rights Action Plan for 2030.

Eurostat reported that the EU’s overall employment rate reached a historical high of 75.8 per cent, 2.2 points below the 2030 target.

Almost half of all EU regions, 113 out of 243 with available data, reached or exceeded the 78 per cent target.

These high-performing regions were concentrated in countries such as Czechia, Denmark, Germany, Ireland, the Netherlands, Slovakia, Sweden, as well as in Estonia, Cyprus and Malta.

The Cyprus Chamber of Commerce and Industry (Keve) has launched a public tender for the provision of services to assess needs, draft technical specifications, and supervise the implementation of its digital transformation and integration of artificial intelligence tools.

The tender, numbered 04/2025/THALEIA, will be awarded based on the most economically advantageous offer according to price.

It is co-financed under the THALEIA programme, part of the EU Cohesion Policy 2012–2027.

The deadline for submission of bids is Thursday, November 6, 2025, at 12:00 noon, and submissions must be delivered to the Keve Tender Box at 3 Deligiorgi Street, 1066 Nicosia.

Cyprus recorded an enterprise birth rate of 9.7 per cent and a death rate of 7.2 per cent in 2023, according to Eurostat data released this week, showing that more companies were created than closed during the year.

Across the European Union, 3.5 million new businesses were registered, while 2.8 million ceased operations. The bloc’s average birth rate stood at 10.5 per cent, compared with a death rate of 8.5 per cent, based on preliminary figures. 

Cyprus ranked among the countries with the lowest closure rates, close to Greece (3.4 per cent) and the Netherlands (5 per cent).  

In contrast, Estonia (27.5 per cent), Ireland (16.6 per cent) and Bulgaria (16.5 per cent) recorded the highest death rates.

Energy Minister George Papanastasiou is in Dubai this week, leading the country’s delegation at GITEX Global 2025, one of the world’s largest technology and innovation exhibitions, taking place from October 13 to 17.

In cooperation with the Cyprus Trade Centre in Dubai, the Ministry is participating for the fourth consecutive year with a national pavilion showcasing Cyprus’ growing presence in the global technology scene. 

The pavilion brings together 14 Cypriot technology firms, Ascanio Entertainment, Engino-Net, Ianus Technologies, NetU Consultants, EMBIO Diagnostics, Infocredit Group, Moebius, SignalGeneriX, QSecure, Reg4Tech, Additess (Advanced Integrated Technology Solutions & Services), Maricorp Cyprus Consultancy, Hosting B2B and AC Cyberdexterity. 

The event, which draws more than 6,000 exhibitors and over 200,000 business leaders, government officials and investors from 180 countries, provides a platform for showcasing Cyprus’ growing digital and innovation ecosystem.