Finance Minister Makis Keravnos explained that the government had inherited “problematic public contracts” which had been subject to time-consuming court procedures and had resulted in significant delays to important projects.
Keravnos stated after the Cabinet meeting that the mechanism would be independent and its composition would ensure transparency and independence.
The body will be made up of three members. These include two members of the public service, appointed by the Central Committee for Changes and Claims, and one member designated by the Technical Chamber of Cyprus (Etek).
This amendment, he continued, safeguards the principles of transparency, economy, efficiency and effectiveness, while simultaneously maintaining the flexibility and speed required for a fairer and more effective resolution of disputes.
According to Etap, its board of directors met this week and approved both the budget and the plan for the next year.
The plan covers initiatives across the province and continues to prioritise product upgrades, improved visitor experiences, the digitalisation of information and the use of new technologies.
It also maintains, as stated, a strong emphasis on a more intensive campaign and public relations work both within Cyprus and abroad to promote Paphos as a destination.
Moreover, Etap said a broader meeting of local bodies and organisations will be convened in the coming weeks to review the issue of seasonality.
In his address, the minister also detailed major policy plans concerning housing, climate, and energy.
In a similar vein to yesterday’s comments by government spokesman Konstantinos Letymbiotis, Keravnos defended the government against criticisms regarding its ability to manage the country’s issues.
“We are working concertedly and methodically to turn difficulties into opportunities and for a more resilient economy, a fairer society, and a more sustainable future for all,” he said.
The statistical office reported that almost half of the EU’s total social protection expenditure (46.9 per cent) was allocated to old age and survivors’ functions, which are largely composed of pensions.
The sickness and health care function accounted for the second-largest share at 29.6 per cent of all benefits.
The remaining expenditure was spread across family and children benefits at 8.7 per cent, disability benefits at 7.1 per cent, unemployment benefits at 3.9 per cent, social exclusion benefits at 2.5 per cent, and housing benefits at 1.4 per cent.
He was speaking at the 13th Energy Symposium in Nicosia, which was also addressed by President Nikos Christodoulides who announced interest from energy giants for more blocks within Cyprus’ exclusive economic zone (EEZ).
Earlier Papanastasiou told the audience that the text of the agreement with Israel on the Aphrodite-Ishai fields was essentially complete and the final draft with comments from the Cypriot side was sent to Tel Aviv last week.
“The goal of the two energy ministers,” he said, “is to sign the agreement by the end of the year”. The minsters thrashed out the basics of an agreement when they met in September after years of wrangling between the two governments.
Papanastasiou explained that the intergovernmental agreement under development will determine how to manage the small part of the Aphrodite field that extends into Israel’s Ishai block and concerns quantities of natural gas that may be located within the Israeli EEZ.
During a session of the House commerce committee, officials said that while about €100,000 must be returned to affected customers, the travel organiser’s guarantee amounts to just €12,000, meaning each consumer will receive roughly 13 cents per euro paid.
According to the Cyprus Consumers Association, most of those affected were pensioners.
After the session, Stavros Papadouris, president of Cyprus’ Green part and an MP, said “consumers will once again come to pay for the negligence of the state in the end”.
The agreement was concluded during the ‘Building Bridges for the Future of the Aggregates Industry – Cyprus and China’ event, held under the auspices of the Cyprus Chamber of Commerce and Industry (Keve).
According to the Cyprus association, the memorandum aims to “promote sustainable and innovative practices”, while also seeking to strengthen competitiveness and business extroversion.
It added that the agreement is intended to encourage the exchange of know-how and technological progress, and to create new business and investment opportunities.
The service reported that the index also inched up by 0.1 per cent when compared with September 2025, reflecting stable overall price conditions during the month.
Recreation and culture recorded the strongest annual increase at 5.2 per cent, matched by restaurants and hotels, which also rose by 5.2 per cent.
Clothing and footwear registered the largest annual decrease with a drop of 6.6 per cent, followed by housing, water supply, electricity and gas, which fell by 2.2 per cent.
The initiative, launched by President Nikos Christodoulides in London earlier this year, is part of a broader push to reverse years of “brain drain” and strengthen the island’s knowledge-based economy.
Earlier reports showed the platform drew more than 300 registrations in its first two weeks, from 23 countries.
Since then, interest has broadened, with around 130 companies and organisations now posting vacancies, many at senior or specialist level. Salaries range from €50,000 to more than €110,000, in some cases up to €115,000, according to the official site, with additional benefits such as national health scheme (Gesy).
Piki said most registrants are highly qualified, describing them as people “with skills and heavy CVs,” who hope to “seize professional opportunities and return home”.
His address, read out by municipal councillor Dinos Toumazis at the Cyprus Chamber of Commerce and Industry (Keve) gathering in Ayia Napa, also stressed that local businesses “managed to survive the refugee crisis” and continued to grow, proving that “the spirit of Famagusta thrives despite the adversities”.
He added that their contribution “even after the refugee crisis, is very important”, supporting citizens, organised groups and the municipality.
However, Ioannou said the occupation “remains a powerful factor of destabilisation and potential new conflicts”, while arguing that with the city’s return, residents should be able to pursue “the unhindered continuation of life, creation, productivity and joy, without occupation armies and dividing lines”.
The coin commemorates the 70th anniversary of the start of the Eoka struggle against British colonial rule.
It will be limited to 2,000 coins. The coin will be delivered in a case and has a selling price of €55, including VAT.
The coin was minted at the Printing Works Department of the Bank of Greece.
Its alloy consists of silver at 92.5 per cent and copper at 7.5 per cent. It is round, with a diameter of 38.61 mm, a weight of 28.28 g, and a plain edge.
“The bank’s involvement this year aimed to support Movember Cyprus in spreading the message of early diagnosis and care for men’s health, demonstrating consistency and practical commitment to prevention and disseminating information,” the bank said.
“This year’s action carried particular significance, marking the first joint participation of the bank’s expanded workforce following the completion of the integration of former AstroBank staff,” the announcement added.
“This participation highlighted the new unity, cohesion, and dynamic that now characterises Alpha Bank Cyprus,” the bank explained.
According to the state statistical service, the index reached 119.03 units in October 2025 (with the base year being 2021, set at 100 units), showing a marginal monthly increase of 0.06 per cent compared to September.
Over the 12-month period, the overall index recorded an increase of 1.58 per cent.
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