Business & economy wrap-up from the day before
The bank said the agreement involves Universal Life Insurance Public Company Ltd and Altius Insurance Ltd, a move expected to establish a leading position in the accident and health segment of the Cypriot insurance market.
Specifically, Alpha Bank confirmed that it has reached an agreement with the shareholders of Altius for the acquisition of the entire issued share capital of the company.
It also said it has agreed with the majority of the shareholders of Universal on the merger of Universal and Altius into a single combined insurance entity.
The ranking was published in the tenth annual edition of the Nomad Passport Index by boutique tax and immigration consultancy Nomad Capitalist, which assessed 199 countries and territories worldwide.
Cyprus secured a total score of 107.5 points, placing it firmly among the world’s elite travel documents and ahead of major economies such as the United Kingdom and the United States.
The index moves beyond simple visa-free travel metrics and evaluates passports based on five pillars covering global mobility, taxation of citizens, global perception, dual citizenship rules and personal freedom.
Cyprus performed strongly across all categories, underlining the growing strategic value of a Cyprus passport for entrepreneurs, investors and internationally active professionals.
The aim of this initiative is to further strengthen oversight under the EU’s MiCAR framework.
Published in June 2023 as a cornerstone of the European Commission’s Digital Finance Strategy, the Markets in Crypto-Assets Regulation (MiCAR) provides a unified EU framework to protect investors and ensure financial stability.
It specifically regulates activities not previously addressed by EU law, including the issuance, custody, and exchange of crypto-assets.
In a statement issued after its meeting this week, the CPC said that, having assessed the final commitments proposed by Petrolina alongside the findings of its in-depth probe, it concluded that the remedies offered were sufficient to address competition concerns identified during the review.
“The commission unanimously decided to declare the merger compatible with the functioning of competition in the market,” it said, acting under Article 28(1)(a) of the law and subject to the agreed conditions and commitments.
Based on monthly averages, the value of petroleum oil imports declined by 18.3 per cent compared with 2024, while volumes were down 6.6 per cent.
By contrast, liquefied natural gas (LNG) imports rose strongly, with their value increasing by 36.1 per cent and volumes up by 25.9 per cent over the same period.
Imports of natural gas in gaseous form showed a more mixed picture. While their value edged up by 3.1 per cent, volumes fell by 4.9 per cent, pointing to higher prices rather than increased demand.
For Cyprus, which remains fully dependent on imported fuels, national data point to a different demand dynamic.
Because the island does not produce petroleum products domestically, monthly petroleum product sales published by the Statistical Service of Cyprus (Cystat) act as a close proxy for import activity, covering fuels supplied to road transport, aviation, shipping, industry, government departments and international organisations.
Cystat data show that petroleum product sales recorded year-on-year increases in several months of 2025.
The rating agency confirmed the bank’s long-term and short-term credit ratings at BBB- and A-3, respectively, reflecting its view that conditions for the Cypriot banking sector are improving.
The revision of the outlook mainly reflects S&P’s assessment that economic risks for banks operating in Cyprus are easing, according to the agency.
It added that the Bank of Cyprus could benefit from a more supportive economic environment as growth remains strong.
S&P said that the robust economic growth recorded in recent years is expected to support the creditworthiness of the private sector in Cyprus.
Speaking at Slush in Helsinki, Research and Innovation Foundation Director General Theodoros Loukaidis outlined how Cyprus is building an environment that supports startups from idea stage to global scale.
According to Loukaidis, Cyprus’ advantage starts with policy. The country offers strong tax incentives, one of Europe’s most competitive IP box regimes, and funding programmes designed to cover every stage of company growth. These are combined with a growing pool of local and international talent.
The Research and Innovation Foundation plays a central role. Its programmes begin with grants of €25,000 for future founders and move through pre-seed and seed funding of up to €500,000. Support can reach €2 million for more mature companies.
What emerges from the survey is not a picture of a sudden downturn, but rather one of persistent pressure. Problems that businesses have been flagging for years now appear more deeply embedded, shaping day-to-day operations and limiting scope for expansion.
At the centre of those pressures remains the shortage of skilled labour, which once again tops the list of concerns, accounting for 22.5 per cent of responses.
Companies across sectors report that demand continues to outstrip supply for technicians, engineers, professional drivers, skilled manual workers and specialised sales staff.
In many cases, vacancies remain open for extended periods, forcing firms to stretch existing staff or delay projects.
Although hiring from abroad is increasingly seen as unavoidable, respondents made clear that it is far from a straightforward solution.
Lengthy procedures, regulatory constraints and higher employment costs were cited as significant obstacles, reducing the effectiveness of foreign recruitment and reinforcing the sense that labour shortages are becoming structural rather than temporary.
The revision covers the period from 2016 up to the second quarter of 2025 and aims to enhance the stability, coherence and accuracy of the index, according to the Statistical Service.
The authority explained that the revision was necessary due to improvements in the quality adjustment process of the house price index, achieved through the updating and inclusion of additional variables in the index compilation methodology.
It added that richer, more comprehensive and updated microdata from the main administrative data source were also incorporated into the revised calculations.
Poullikkas said the central objective of the package is to narrow Europe’s widening gap with the United States and Asia, while continuing the green transition.
He noted that industrial electricity prices in Europe remain “two to three times higher than in the US and significantly higher than in China and Southeast Asia”, a cost difference that is increasingly prompting industries to consider relocating outside the EU in search of cheaper energy.
For countries such as Cyprus, Poullikkas explained, where electricity tariffs remain above the EU average and the market is small and relatively isolated, the situation places considerable pressure on households and weighs on the competitiveness of businesses.
Against this backdrop, he said, the European Commission is activating seven interconnected policy axes.
The project, which also involves the Frederick Research Center, focuses on creating cooperatives of citizens, businesses, and local authorities that work together to produce, store, distribute, and consume energy from sustainable sources.
At the heart of the DYNAMO initiative is a highly innovative feature for the Cypriot market, allowing for the creation of smart contracts through blockchain technology between households that require energy and those with a surplus.
The system utilises residential photovoltaic systems within a microgrid or community setting to facilitate these exchanges, ensuring that energy remains local and efficient.
By employing machine learning technology, the platform can provide accurate predictions of both production and consumption to optimise energy management and potentially reduce costs for “prosumers,” who both produce and consume electricity.
The Price Index of Construction Materials reached 118.63 units in November 2025, using 2021 as the base year set at 100 units.
This represented a monthly decrease of 0.34 per cent compared with October 2025, signalling a short-term easing in construction input costs.
On an annual basis, however, the index recorded an increase of 1.16 per cent compared with November 2024, pointing to continued upward pressure over the past year.
According to the data, price increases were most pronounced in minerals, which rose by 3.65 per cent compared with the same month last year.
“The Enterprise Europe Network (EEN) Cyprus is committed to providing high-quality services to small and medium-sized enterprises (SMEs),” the organisation stated while announcing the initiative as part of its continuous improvement efforts.
“Your input is invaluable, as it helps us tailor our services to your real needs and ensures that we offer the best possible support,” the network added to encourage participation from the local business sector.
Only businesses that have previously received services from the EEN Cyprus are eligible to participate in the satisfaction and impact assessment.
According to the announcement, shared by the Cyprus Chamber of Commerce and Industry (Keve), this will enable participants to identify potential partners for cooperation among industry experts from the United Kingdom and other countries.
The B2B meetings will be conducted in-person on March 3, 2026, at the event venue, which is Halls S2-S4, Excel London, 1 Western Gateway, E16 1XL, United Kingdom.
Online meetings will then follow on March 4 and March 5, 2026, via the B2Match platform.
Companies and professionals active in the construction sector and related fields are invited to participate in the B2B meetings.
Average daily earnings, adjusted for inflation, reached $14,255, roughly one third below the long-term average of $21,970, keeping the market firmly within historical norms.
As reported by newmoney, unlike the hyper-cyclical years of the 2000s or the post-pandemic surge, rates remained resilient without approaching extreme highs.
What stands out, however, is not the level of freight rates themselves but the conditions under which they were achieved. According to Angelica Kemene, an analyst at OPTIMA Shipping Services, the market delivered solid average returns despite moderate global growth, waning coal demand and tightening environmental regulations.
That dynamic is particularly relevant for Cyprus-based dry bulk operators, many of whom manage diversified fleets from Limassol rather than relying on exposure to peak cycles.
Cyprus hosts one of the world’s largest shipmanagement clusters, with the Cyprus Shipping Chamber (CSC) describing the island as home to “some of the largest shipmanagement companies globally”, overseeing fleets active across Capesize, Panamax and Supramax segments.
The announcement was issued to inform the public in advance so that individuals and businesses can plan their banking transactions accordingly.
All banks will remain closed on December 25, 2025, which is Christmas Day.
Banks will also be closed on December 26, 2025, which is observed as Boxing Day.
The Central Bank further confirmed that January 1, 2026, New Year’s Day, will also be a bank holiday.
In addition, banks will close on January 6, 2026, in observance of Epiphany Day.
Click here to change your cookie preferences