Here are the top business stories in Cyprus from the week starting February 16 :
The event, titled “From Space to Solutions: Leveraging Space Technology, Earth Observation & AI for Real-World Impact”, is scheduled to take place at the Landmark Nicosia hotel under the auspices of the Cyprus Presidency of the EU.
Angelides told to the Cyprus News Agency (CNA) that occupancy during the previous three-day period was higher than expected.
“The truth is that the bookings from the information we had were quite encouraging for the three days that passed,” he said.
The balance sheet, released under the signature of Governor Christodoulos Patsalides, outlines the composition of the bank’s assets and liabilities as part of the Eurosystem framework.
On the asset side, gold and gold receivables stood at €1.635 billion.
Officials described the resulting negotiations as a collective effort reflecting the country’s commitment to international maritime standards.
The International Maritime Organisation’s (IMO) Secretary-General Arsenio Dominguez called on governments to translate regulation into real-world implementation, opening the meeting held on February 9-13, 2026.
Specifically, the chamber has launched a preliminary tender seeking specialised consulting services to plan, prepare and supervise the project, according to documents published on the government’s e-procurement platform.
The chamber explained that the initiative is intended to digitise internal operations and make better use of modern technologies, thereby improving staff productivity and the quality of services offered to member companies.
The two countries have now been joined by Malta, while Italy and Spain are converging on the same line, creating a coordinated front with significant maritime weight, as mentioned in Newmoney.
France, meanwhile, is monitoring developments without committing to a position.
According to the association’s announcement, the discussion focused on housing, particularly affordability, which was described as one of the most pressing challenges facing European societies.
Association president Yiannis Misirlis said “coordinated interventions are needed to substantially increase the supply of affordable homes”.
The conference was held in collaboration with the Tax Commissioner’s Office and centred on the tax reform following the adoption of the amending laws.
Moreover, the event aimed to provide a detailed and practical presentation of the changes introduced in the taxation of individuals and legal entities, while offering substantive support for the proper implementation of the new tax framework.
Hadjimanolis delivered a keynote presentation followed by a discussion titled “Cyprus Maritime Cluster in the Spotlight – Strength, Resilience & Growth” with Nicolas Montanios.
She said global shipping remains under pressure, noting that “geopolitical instability, market volatility and the accelerating green and digital transition continue to test the resilience of the shipping sector.”
At the same time, she added that shipping has proven its ability not only to adapt but also to lead, while Cyprus shipping has delivered “tangible results”.
Deputy Minister of Research Nicodemos Damianou presented this week, the 2025 review and the planning for the coming year, saying the previous year marked a milestone for the digital transition, while the next phase concerns deeper integration and interconnection of systems across the public sector.
According to the data presented, 75 new digital services were launched in 2025, exceeding the initial target of 60, whereas more than 100 additional services are expected to become available in 2026.
The Deputy Minister appeared before the House energy, commerce, industry and tourism committee during discussion of the referral of an amending law regulating the establishment and operation of hotels and tourist accommodation.
According to Koumis, the problem dates back at least 20 years, beginning with early hotel renovations and intensifying during 2014 – 2018 following urban-planning incentives introduced in 2013.
The agreement, reached in cooperation with the European Parliament and the European Commission, provides for the disbursement of funds from the second quarter of 2026.
Speaking at a press conference after the meeting, Finance Minister Makis Keravnos said the Cyprus Presidency worked to secure immediate financing for Ukraine, which has been affected by Russian aggression.
The meeting focused on ensuring the continuity and upgrading of Esso network services, following the acquisition of ExxonMobil Cyprus Limited by Med Energywise Ltd (a subsidiary of Petrolina (Holdings) Public Limited).
Mr. Dinos Lefkaritis, Managing Director (CEO) of Petrolina (Holdings) Public Limited, presenting the Petrolina Group, underlined the stability and growth potential offered by the Group, while Ms. Natasa Pilides, General Manager of eWise Cyprus Ltd, presented the strategy of eWise Cyprus Ltd, focusing on the next steps and growth goals.
In addition, they said that the sector is moving beyond a traditional cycle and into structural transition after a strong five-year period.
Polys Hajioannou, CEO of Safe Bulkers and president of the Cyprus Union of Shipowners (CUS), and Aristides Pittas, chairman and CEO of Euroseas, focused on investment decisions.
Kouroupi told the Cyprus News Agency (CNA) that connectivity “is on an upward trajectory this winter period as well”.
She attributed the increase to coordinated efforts across the tourism sector and agreements with key airlines enabling year-round routes.
Specifically, the bank achieved record new lending of €3 billion, marking an increase of 23 per cent year-on-year.
“2025 was another strong year for Bank of Cyprus, demonstrated by our financial and operational performance,” said Bank of Cyprus CEO Panicos Nicolaou.
Under the agreement, which was completed in January 2026 and is expected to enter into force in the coming years, India’s vast market of approximately 1.45 billion people will become more accessible to European companies.
The chamber stated that the new free trade agreement between the European Union and India is set to create “significant opportunities for EU exporters, including businesses in the agri-food and industrial sectors”.
The 9th Annual Capital Link Cyprus Shipping Forum, held with the support of Eurobank, brought to the fore new trends, challenges and opportunities shaping the international shipping market.
Eurobank participated actively in this year’s Ship Finance Forum, reaffirming its longstanding commitment to the shipping sector and presenting documented positions on the evolving conditions in international shipping finance.
“The future of Europe lies not only in capital cities and institutions, but also within the regions. Therefore, the voice of the regions is essential for European cohesion, for our competitiveness, for the future of Europe,” Ioannou said.
“Regions should be considered as strategic partners and have a voice in the new MFF,” he added.
The data, released on Thursday, indicate rising consumer confidence in cross-border e-commerce, with Cypriot businesses also expanding sales abroad, as 83 per cent of users served were located in Greece.
Shopping behaviour showed technology and fashion leading interest. Mobile phones ranked as the most searched item, followed by sneakers and athletic shoes.
At the general assembly on Wednesday, staff of the Housing Finance Corporation granted their union the authority to escalate action if required, including the possibility of strike measures.
The decision followed long-standing concerns raised by employees regarding the renewal of their collective agreement and staffing conditions.
“Strong political and technical support” continues to be provided by the European Commission to the Greece-Cyprus-Israel electricity interconnection project, known as the Great Sea Interconnector, as well as to efforts to accelerate its construction, Jorgensen said in his reply.
He underlined that in relation to potential geopolitical risks surrounding the project, “the European Commission is fully committed to placing particular emphasis on the connective dimension of the project in third countries, in order to avoid further delays in its implementation”.
According to figures obtained by Stockwatch, this trend has intensified since early 2024, when a moratorium on the sale of primary residences worth up to €350,000 was lifted.
In the third quarter of 2025, 98 main residences were sold at auction. Of these, 93 had a market value below €350,000 and only five exceeded that threshold.
Two of the proposals were tabled by MP Stavros Papadouris and seek amendments to the Immovable Property (Transfer and Mortgage) (Amending) Law.
The first provides that, where attempts to sell a mortgaged property continue beyond six months from the completion of the first auction, the obligation to apply a reserved sale price must remain in force.
Beyond communication technologies and services, Cyta has long formed part of daily life in Cyprus and the country’s development, he said, describing the organisation’s role as extending well beyond connectivity.
He explained that the decision to proceed with the True Value methodology was driven by growing public demand for transparency about what organisations, especially those of public benefit, genuinely offer to citizens and the country.
Speaking at the Cyprus Entrepreneurship Competition of the University of Cyprus (CyEC), held during the 10th Annual Innovation and Entrepreneurship Forum at the Anastasios Leventis Council, the minister said the funding aims to strengthen entrepreneurship and support sustainable growth.
He said projects currently under way amount to €363 million, of which €226 million comes from the THALEIA programme for the 2021–2027 programming period.
Speaking at the 9th Capital Link Cyprus Shipping Forum, the Contships executive and former president of the Hellenic Chamber of Shipping said the industry has already reduced emissions significantly over the past two decades, even before the International Maritime Organisation (IMO) drive towards “Net Zero” by 2050.
As mentioned in Newmoney, shipping, he noted, is facing one of its biggest challenges in recent decades. However, he suggested that the debate has become distorted.
Opening the Informal Meeting of Trade Ministers in the capital, Damianos outlined a programme focused on competitiveness, resilience and strategic autonomy amid what he described as “truly demanding geopolitical circumstances.”
“It is a great pleasure to be chairing this meeting of Trade Ministers of the European Union here in Nicosia today,” he said, noting that this was the first gathering of EU trade ministers under the Cyprus Presidency.
The observatory presents weighted average prices for 250 basic consumer products sold daily in 400 retail outlets nationwide throughout January, offering consumers a comparative snapshot of purchase prices across supermarkets, bakeries and kiosks.
According to the service, the January assessment mirrors data published by the statistical service (Cystat), which showed inflation rising to 0.5 per cent, compared with a negative 0.5 per cent in both November and December 2025.
According to the announcement, the Hermes Airports Air Service Development team “attended one of Europe’s leading and most strategically important route development forums”, held from February 17 to 19, 2026.
During the event, the team conducted 20 targeted meetings with airline partners, focusing on further enhancing connectivity at Larnaca and Paphos airports, securing new routes and expanding existing airline operations.
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