On a cool evening in Paphos, as the world’s top chess players gathered for one of the sport’s most prestigious tournaments, a parallel conversation was unfolding about a very different kind of game.

It was not played on a board, but across markets, technologies and continents.

Speaking to the Cyprus Mail on the sidelines of the opening ceremony of the 2026 FIDE Candidates Tournaments on March 28 at Cap St Georges Hotel and Resort, Freedom Holding chief executive officer Timur Turlov laid out an expansive vision that stretches far beyond finance.

It is a vision that connects artificial intelligence, digital infrastructure, global capital flows and, not unexpectedly to those who know him, chess.

Chief Scientist Demetris Skourides used a speech in Greece to argue that women’s leadership must be treated not as a parallel issue to innovation, governance and economic growth, but as a strategic priority tied directly to competitiveness, technology and the future direction of Cyprus and Greece. 

Speaking at the G100 political diplomatic event, an initiative of Olga Pavlides Koutroubis, former vice mayor of Athens, and supported by Cyprus G100’s Maria Militsopoulou, Skourides said societies cannot claim to be ready for the future while leaving part of their talent behind. 

The event, held under the theme “Open the Door, Expand the Future”, brought together diplomats, policymakers, founders, innovators, women’s organisations and male allies supporting female leadership, with Skourides among those invited by Koutroubis to participate in his capacity as a G100 Denim Club Global Advisor on the Global Advisory Council for Humanity, Innovation and Technology. 

Cypriot businesses are still grappling with high energy costs, with employers’ federation Oev warning that the issue remains a major threat to competitiveness even as the country pushes ahead with its green transition.

In a report issued ahead of its annual general meeting on April 28, Oev said 2025 was marked by major developments in energy and the environment, as Cyprus sought to stay on course with national and EU climate neutrality goals while facing rising cost pressures and mounting environmental risks.

The federation said it remained actively involved in shaping policy on energy, the environment and sustainable development, with the aim of supporting businesses and ensuring what it described as a fair and realistic green transition.

Among the year’s key developments, Oev pointed to the full operation of the competitive electricity market, saying this should, over time, strengthen competition and lead to more efficient pricing.

The Famagusta district is coming under economic pressure from the fallout of the Middle East war, with Paralimni-Deryneia mayor Giorgos Nikolettos saying government support measures are a step in the right direction but should extend across the wider tourism industry.

Nikolettos told the Cyprus News Agency (CNA) that he district is going through a particularly difficult period, as developments affecting tourism and hotels were testing the local economy.

He said the package announced by the government showed that the state understood the seriousness of the situation and the need for immediate intervention.

At the same time, he added that further steps could have been taken so that support was applied more broadly across the whole tourism sector.

Greece and Cyprus are especially exposed to geopolitical shocks from the Middle East because tourism and shipping play an outsized role in both economies, despite a period of resilient growth, according to a report by Morningstar DBRS. 

The agency said disruptions to shipping and air travel are raising costs and weighing on both freight rates and tourist flows, with Cyprus seen as more vulnerable because of its proximity to the conflict zone.  

It also warned of rising credit risks for banks, particularly in Cyprus, where lenders have a heavier concentration of loans tied to tourism. 

At the same time, Morningstar DBRS said banking systems in both countries remain supported by strong profitability and solid capital buffers, leaving them better placed to absorb a tougher operating environment. 

Tourism and shipping carry far more weight in Greece and Cyprus than in most European Union economies, the report said. Tourism’s importance is reflected in the large share of accommodation and food services in gross value added, although its effect extends well beyond hotels and restaurants into transport, entertainment and private consumption more broadly. 

Cyprus’ Deputy Ministry of Shipping will hold its third annual educational day, “I Know the World of Shipping,” on Tuesday, March 31, in Limassol, as part of efforts to bring more young people closer to the maritime sector.

The event, organised in cooperation with the Counselling and Vocational Educational Service of the Ministry of Education, Sports and Youth, will take place at the Bernhard Schulte Shipmanagement (BSM) Maritime Education Center at Limassol Marina from 8.30am to 12pm.

This year’s edition is aimed at first- and second-year high school students, as well as Tesek (Technical schools) students from Limassol and Paphos, with the focus on introducing them to the world of shipping and giving them a clearer picture of a sector that remains one of the most important for the Cypriot economy and labour market.

The Bank of Cyprus on Monday announced that it once again secured two major distinctions at the Euromoney Private Banking Awards 2026, marking its second consecutive year of recognition.

Specifically, the Bank of Cyprus was named Best Private Bank in Cyprus and Best for High-Net-Worth individuals in Cyprus, repeating its success from 2025.

The awards were granted by Euromoney, a leading provider of competitive intelligence and certification for the global banking and finance industry.

The evaluation period for the awards covered July 2024 to June 2025 and recognised the bank’s achievements in Private and Affluent Banking, including enhanced advisory capabilities and progress in digital initiatives such as digital onboarding.

Hermes Airports on Monday announced the arrival of Discover Airlines at Larnaca Airport, marking the Lufthansa Group carrier’s first-ever operations to Cyprus.

The airline, a member of the Lufthansa Group, launched flights connecting Cyprus with the major German hubs of Frankfurt and Munich, the announcement mentioned.

It added that the flights offer passengers “more convenient and efficient travel options to and from Germany’s major cities.”

Hermes pointed out that Discover Airlines is positioned as the group’s quality leisure airline, operating from Frankfurt and Munich with a fleet of more than 30 aircraft and serving over 60 leisure destinations worldwide.

Cyprus’ hospitality venues association (Pasika) on Monday urged the government to widen its support response to businesses hit by the Middle East crisis, saying the sector had been left outside the current framework despite facing the same pressures as the rest of hospitality. 

In a statement, the association said the measures announced by President Nikos Christodoulides for the hospitality sector were bound to trigger reactions because leisure centres, “an equally important and integral part” of the same industry, were entirely absent from the package. 

The association said the sector was dealing with the same disruption, economic strain and uncertainty caused by the regional conflict as other branches of hospitality, adding that the omission could not be seen as either accidental or insignificant. 

It added that the matter became even more serious because selective support for only some parts of hospitality risked distorting competition within the same market. 

Cyprus’ Customs Department on Monday announced a 5.6 per cent increase in total revenues for 2025 compared with 2024.

In absolute terms, this increase translates into more than €75 million in additional inflows to state coffers compared with the previous year.

The department reported that import duties revenue rose by 11.5 per cent, corresponding to an increase of €6.8 million.

At the same time, total excise duty revenues recorded an increase of 7.1 per cent, amounting to an additional €38.2 million.

Cyprus has been ranked among the lowest member states in the European Union for road freight transport share in 2024, highlighting the country’s continued reliance on maritime transport.

According to the latest figures from Eurostat, Cyprus recorded a road freight share of 3.5 per cent in 2024, up slightly from 3.4 per cent in 2023 and 2.7 per cent in 2022.

Despite the increase, Cyprus remained third from the bottom among EU countries, excluding Malta for which no data was available.

By comparison, Greece recorded a road freight share of 3.4 per cent in 2024, down from 3.5 per cent in 2023 but up from 2.7 per cent in 2022.

Eurobank S.A. on Monday announced that it repurchased a total of 1,837,451 of its own shares between March 23, 2026 and March 27, 2026 under its ongoing share buyback programme.

During the period from March 23, 2026 to March 27, 2026, the bank repurchased the shares on the Athens Stock Exchange at an average purchase price of €3.2974 per share.

The total cost of these transactions amounted to €6,058,844.39, the bank said.

The purchases were executed through its member firm Eurobank Equities Single Member Investment Firm S.A.

On March 23, 2026, the bank acquired 462,700 shares with a total value of €1,546,845.93 at an average price of €3.3431, with the highest price reaching €3.4550 and the lowest price standing at €3.1800.

The Cyprus Stock Exchange (CSE) on Monday announced the continuation of the suspension of trading in the shares of four listed companies following a decision by the Cyprus Securities and Exchange Commission (CySEC).

The affected companies are Toxotis Investments Public Ltd, A. Tsokkos Hotels Public Ltd, Dome Investments Public Company Ltd and Karyes Investments Public Company Ltd.

The suspension of trading has been in effect since March 2, 2026 and will remain in place until the companies comply with their obligations, and no later than June 30, 2026.

The regulator requested that the CSE council proceed with the suspension due to the companies’ failure to meet their financial reporting obligations.

Cosmos Insurance Public Company Ltd saw its annual profit climb to €3,207,597 in financial results published on March 27, 2026, marking a significant increase from the €2,683,414 recorded in 2024.

According to an announcement release don Monday, March 30, the improvement in the company’s results was mainly driven by positive performance from its insurance operations.

The board of directors submitted its annual report and audited financial statements for the year ended December 31, 2025.

The company’s main activity remains general insurance business in Cyprus, unchanged from the previous year.

The Statistical Service of Cyprus (Cystat) has reported that the Industrial Production Index recorded a year-on-year increase of 3.7 per cent in January 2026.

The index reached 109.5 units during this time, with 2021 acting as the base year with a value of 100 units, reflecting growth compared to the same month of the previous year.

According to Cystat, the manufacturing sector registered an increase of 1.5 per cent year-on-year.

At the same time, significant increases were observed in the electricity supply sector, which rose by 18.6 per cent, as well as in the water supply and materials recovery sector, which increased by 6.0 per cent.

The Cyprus Securities and Exchange Commission (CySEC) on Monday announced the successful completion of its participation in Global Money Week 2026, delivering a comprehensive programme of activities across Cyprus.

According to the commission, the initiative included lectures in schools and universities, media engagements, a targeted social media campaign, and joint actions with key stakeholders.

Global Money Week is an initiative of the Organisation for Economic Co-operation and Development (OECD) aimed at strengthening financial literacy among young people.

This year’s theme, Smart Money Talks, highlighted the importance of access to information, open dialogue, and critical thinking in financial decision-making within an increasingly complex economic environment.

As part of the programme, CySEC delivered a series of lectures and presentations to students across Cyprus, focusing on essential financial management concepts.

Cyprus has officially recommended the ICS International Medical Guide for Seafarers and Fishers for use on board vessels under its flag, the International Chamber of Shipping (ICS) announced this week.

Specifically, Cyprus’ Deputy Shipping Ministry issued a circular to its fleet advising the use of the comprehensive medical guide, joining a growing number of flag states that recognise the guide’s value in protecting seafarer and fisher health and safety.

The circular also recommends that all approved training establishments incorporate the ICS guide into STCW medical courses, ensuring that maritime personnel receive consistent and practical medical training.

Cyprus now joins the Panama Maritime Authority, Republic of the Marshall Islands Registry, and The Bahamas Maritime Authority in endorsing this essential maritime medical resource.

The announcement coincides with upcoming amendments to the International Labour Organization Maritime Labour Convention (ILO MLC), agreed in May 2025, which will reference the ICS International Medical Guide for Seafarers and Fishers.