Eurobank and National Bank of Greece are positioned at the top of the European banking ranking for return on equity, according to a pan-European report from UBS, which confirmed the robust and sustained profitability of the Greek banking system.

The report, whose findings were shared by Greek business outlet Newmoney, placed Eurobank and National Bank of Greece (NBG) firmly in the upper section of the European ranking for return on equity.

This positioning confirmed that their profitability is not a cyclical phenomenon but is instead the result of a steady improvement in asset quality and cost control.

Piraeus Bank, however, stands out in the wider European framework mapped by UBS as the bank that most clearly embodies the new Greek banking normality.

This normality is characterised by high organic profitability, deep capital generation, and a funding model that yields returns even in a low interest rate environment.

The Deputy Ministry of Tourism and the Deputy Ministry of Research, Innovation and Digital Policy are organising a conference to highlight the capabilities and prospects offered by artificial intelligence (AI) in the Cypriot tourism sector.

The conference will be held in Nicosia on December 11, 2025.

The event, titled “Artificial Intelligence as a Driver of Growth in Tourism,” will take place from 8:00 to 14:00 at the Siakoleio Educational Centre, Clinical Medicine, at the University of Cyprus.

The conference is specifically addressed to businesses, organisations, and professionals working in the tourism sector.

The event’s aim is to inform attendees about the latest developments, innovative applications, and strategies for leveraging artificial intelligence in tourism.

Cyprus’ property valuers association has recommended that investment funds, including the social insurance fund and other private schemes, participate in the construction of 500 new affordable housing units.

The association argued that this approach would provide the long-term stability the project requires.

In a statement, the association’s president, Polys Kourousides, said the financial structure “should rely on a model that does not place additional pressure on the state budget, particularly as delivery of the units will rest with the private sector”.

Cyprus is stepping up efforts to strengthen the overall quality of its tourism offering as the sector prepares for a new phase of development, Deputy Minister of Tourism Costas Koumis told travel agents in Nicosia.

Addressing this week’s annual meeting of the Association of Travel and Tourism Agents of Cyprus (Actta), Koumis said the year closes with strong results, while the country also moves towards a demanding period, particularly in 2026 when Cyprus holds the EU Council Presidency.

He noted that the past three years marked a full recovery in tourism and a clear sign of its resilience, as the industry not only regained momentum after the pandemic but, in many cases, exceeded earlier performance levels.

He pointed to improved air connectivity across European markets and to official figures showing that Cyprus recorded the largest rise in hotel overnight stays between 2024 and 2023, well above the EU average.

The island also registered the strongest growth in tourism revenue among Mediterranean destinations in the first half of the year.

The European Transport Safety Council (ETSC) has issued its 49th Road Safety PIN Flash Report, revealing that Cyprus, along with 10 other nations, is responding positively regarding the state’s procedures for buying, leasing, and renting vehicles for work purposes.

The report, published this week as part of the Road Safety PIN programme, presents data on work-related road deaths and serious injuries across the 27 European Union member states, as well as Switzerland, Israel, Norway, Serbia, and the United Kingdom.

It states that a large number of work-related road deaths and serious injuries occur every year in the EU, but this number “cannot be precisely determined because there is no common definition for a work-related road collision”.

Based on data provided by 16 European countries, the report suggests that 30 per cent to 40 per cent of all road deaths are work-related.

Eurobank on Wednesday announced that it has taken on the crucial role of principal employer for the MAP multi-employer provident fund in Nicosia.

According to the statement, this came into effect on December 8, with the bank describing it as a vote of confidence in the Cypriot economy and its developmental prospects.

“This development constitutes a significant upgrade for the fund and is expected to contribute substantially to the further enhancement of MAP’s corporate governance and investment process, benefiting its members,” Eurobank said.

“As the largest financial institution in Cyprus with long-standing experience in investment fund management, Eurobank will serve as a service provider, leveraging its expertise and resources in the areas of wealth management and occupational pension schemes,” it added.

CFA Society Cyprus on Wednesday announced that it signed a memorandum of understanding (MoU) with Diversity Charter Cyprus in Nicosia to formally commit to strengthening diversity, inclusion, and equal opportunities across the island’s financial sector.

According to the CFA, the agreement lays the groundwork for a long-term collaboration designed to raise awareness, support professionals and help cultivate a more inclusive business environment.

The memorandum was co-signed by Demetris Hadjisofocli, CEO of the Centre of Social Innovation (CSI), Constantinos Kourouyiannis, president of the CFA Society Cyprus, and Stella Mourouzidou-Damtsa, board member and Chair of the Inclusion Committee of CFA Society Cyprus,

Alongside the signing, the two sides also discussed the priorities, challenges and opportunities that Cyprus faces in strengthening inclusion.

The Cyprus Chamber of Commerce and Industry (Keve) on Wednesday announced that 25 Cypriot tourism small and medium-sized enterprises (SMEs) successfully completed their sustainability journey under the EU-funded I-STARS project, in an effort to accelerate the green transition of the island’s tourism sector.

“Through targeted funding, technical guidance, and personalised support, these businesses have taken significant steps toward becoming more sustainable, resilient, and competitive in the green transition of the tourism sector,” the chamber stated.

A total of €138,878 was allocated to the 25 Cypriot grantees, enabling them to design and implement actions that strengthen their environmental performance and embed sustainability in their daily operations.

Over the course of their journey, the SMEs carried out a wide range of activities, including the development of sustainability strategy action plans tailored specifically to their business model.

Cyprus recorded a further widening of its trade deficit in October, as both imports and exports retreated compared with last year, according to new figures released on Wednesday by the Statistical Service (Cystat).  

Total imports of goods in October 2025 reached €1.15 billion, down from €1.26 billion a year earlier, marking a decrease of 8.9 per cent.

Imports from EU member states stood at €654.8m, almost unchanged from October 2024, while imports from third countries fell to €498.5m from €613.3m.  

The month also included €106.5m linked to the transfer of economic ownership of vessels, compared with €82.5m in the same month last year.