Here are the top business stories in Cyprus from the week starting April 27:

The average monthly earnings of employees in Cyprus rose to €2,605 in 2025, according to a report based on provisional data published by the state statistical service (Cystat).

However, the median salary stood significantly lower at €1,968, highlighting disparities in income distribution.

The distinction is important because average earnings can be skewed by high earners, while the median reflects the midpoint, showing what a typical employee actually earns.

Data for the fourth quarter of 2025 indicated that average gross monthly earnings reached €2,932, compared with €2,810 in the same quarter of 2024, marking a 4.4 per cent increase.

Private equity firm Zubr Capital has announced a Series A investment in Cyprus-based Soloband Games, marking a significant step in the expansion of the country’s gaming ecosystem.

According to a statement from the Cyprus-based firm, the deal represents a new phase of growth for the studio as it seeks to scale its flagship product and strengthen its position in the global mobile gaming market.

Soloband Games develops casual mobile titles, with its leading game, World Tour Merge, positioned within the fast-growing Merge 2 genre, where players combine items to progress through levels and unlock content.

Columbia Group has appointed Andreas Hadjipetrou as its new Chief Executive Officer, with Demetris Chrysostomou named Deputy Chief Executive Officer, the company announced.

Hadjipetrou, a longstanding member of the organisation, has been with Columbia for nearly 30 years and most recently served as Chief Commercial Officer.

The group said his appointment brings “deep operational knowledge, strong leadership and continuity” to the role, while Chrysostomou is expected to further strengthen Columbia’s leadership team and support its expanding presence in Asia.

The company said the transition reflects its succession planning, as well as its focus on “stability, continuity and long-term growth”.

Three-quarters of AI’s economic gains are being captured by just 20 per cent of companies, with leading businesses using the technology to drive growth rather than simply improve productivity, according to consulting and advisory firm PwC.

The firm’s new AI Performance study found that 74 per cent of AI’s economic value is being captured by just one-fifth of organisations, pointing to a widening gap between a small group of AI leaders and the majority of businesses still struggling to move beyond pilot projects.

The global study, which interviewed 1,217 senior executives, mainly at large, publicly listed companies across 25 sectors, examined the revenue and efficiency gains companies are seeing from AI today, as well as the way they are deploying the technology.

Competitiveness, reform urgency and economic resilience dominated the annual general meeting of the Employers and Industrialists Federation (Oev) on Tuesday, as business leaders warned that Cyprus must accelerate structural changes to sustain growth amid global uncertainty.

Addressing the gathering at the Landmark hotel in Nicosia, Oev president George Pantelides focused on the need for decisive action across key sectors, warning that internal weaknesses risk undermining the economy more than external shocks.

“The only enemy in areas we control is our bad self, which sometimes proves a very tough opponent,” Pantelides said.

He explained that while Cyprus faces the consequences of a crisis it did not cause, the response must be swift and strategic.

“Our only choice is to invest quickly and intelligently in strengthening the competitiveness of our real economy,” he said.

Greece and Cyprus must deepen business cooperation as Europe faces war, bureaucracy and competitiveness pressures, Federation of Hellenic Enterprises (Sev) executive committee president Rania Aikaterinari said on Tuesday, addressing the Employers and Industrialists Federation (Oev) annual general meeting in Nicosia.

Speaking on behalf of the Sev, Aikaterinari said the economic and political ties between Greece and Cyprus have remained strong throughout history, adding that this is even more important “in today’s environment, where uncertainty has become the new normal”.

“Greece and Cyprus stand together in the face of every challenge,” she said.

Aikaterinari said this was reflected in early March, when Cyprus faced unforeseen situations as a result of the war in the Middle East and Greece responded immediately “with the dispatch of military force” and, above all, by sending “a message of unity and support within Europe”.

President Nikos Christodoulides on Tuesday outlined a strategy to transform Cyprus into an active investment hub, highlighting targeted international outreach and the need for more reforms, during his address at the annual general meeting of the Cyprus Employers and Industrialists Federation (Oev).

He stressed that the initiative comes at a time of “increased geopolitical instability and uncertainty with multiple and multi-layered impacts”, underlining the importance of proactive economic policy.

The president announced a specific outward-looking programme, detailing upcoming business missions aimed at attracting quality investment.

“In three weeks we will visit India with a business delegation, in early June Kazakhstan, while preparations are at a final stage for contacts in the United States, in Florida, Ohio and New York,” Christodoulides said.

“I call on business leaders to participate in these missions aimed at attracting quality investments,” he added.

Large private infrastructure investments and rising exports are expected to provide a significant boost to Cyprus’ economic activity between 2026 and 2028, according to Central Bank of Cyprus (CBC) governor Christodoulos Patsalides.

The governor’s comments were included in the central bank’s annual report for 2025, which highlighted that the Cypriot economy continues to show positive prospects despite a constantly shifting international environment, including the war in the Middle East.

“Based on the working assumption of the baseline scenario for a gradual de-escalation of the war, inflation is expected to be close to 2 per cent in the medium term, contributing to maintaining a stable macroeconomic framework capable of supporting sustainable and balanced growth,” the report stated.

Referring to the CBC’s March 2026 projections, which incorporate the impact of the Middle East conflict and the outbreak of foot-and-mouth disease in Cyprus, the governor said growth is expected to slow to 2.7 per cent in 2026 from 3.8 per cent in 2025, before accelerating to 2.9 per cent in 2027 and 3.1 per cent in 2028.

Cyprus is positioning itself as a stable base for investors looking at both the EU and the Middle East, at a time when regional uncertainty is pushing companies to think more carefully about where they place capital and how they protect business continuity.

That message was at the centre of an investor event titled ‘Capital, Returns & FDI: Identifying Investment Opportunities in Europe’s Growth Markets’, according to Invest Cyprus chairman Evgenios Evgeniou.

The event focused on where international capital is moving today, with particular attention to the Eastern Mediterranean, a region which Invest Cyprus said is attracting steadily increasing investment interest amid the current geopolitical and digital transition.

The Cyprus Chamber of Commerce and Industry (Keve) has announced the integration of the Cyprus International Businesses Association (CIBA) into its structure, aiming to strengthen the collective representation of the business community at national level.

The chamber stated that CIBA’s inclusion enhances the unified voice of businesses in Cyprus, reinforcing dialogue and cooperation with policymakers.

CIBA represents the international business community operating in Cyprus and plays an active role in promoting and safeguarding the sector’s interests.

Its member companies are active across a wide range of sectors, including international business services and headquarters activities, as well as financial, accounting, legal and tax services.

They also operate in shipping and maritime services, technology, ICT, software and digital services, as well as investment and fund management.

President Nikos Christodoulides on Wednesday called for an “acceleration” of plans to extract natural gas off the coast of Cyprus, following a meeting with a delegation from American multinational energy corporation Chevron, which was headed up by its emerging countries chairman Javier La Rosa.

He said during that meeting that “the internal process in relation to the agreement” with Chevron, Israeli energy company NewMed Energy, and the BG Group, which is owned by Royal Dutch Shell, concerning the Aphrodite gas field on Block 12 of Cyprus’ exclusive economic zone (EEZ) is “close to completion”.

“In light of international developments, the need to accelerate the implementation of the Republic of Cyprus’ energy plans is becoming even more urgent,” he said.

The Cyprus Securities and Exchange Commission (CySEC) on Wednesday announced that it successfully hosted the European Securities and Markets Authority (ESMA) for its board of supervisors and management board meetings in Nicosia on April 28 and April 29.

According to the announcement, this gathering took place within the official framework of the Cyprus Presidency of the Council of the European Union.

Moreover, according to established protocols, the member state currently holding the presidency is responsible for organising these pivotal sessions of the management bodies of the authority.

The board of supervisors serves as the highest decision-making body and includes the heads of national competent authorities from across the European Union and the European Economic Area.

The Central Bank of Cyprus (CBC) has reported a significant increase in loans and deposits for March 2026, reflecting continued momentum in the country’s banking sector.

Total loans recorded a net increase of €528.1 million in March 2026, compared with a net rise of €326.2 million in February 2026.

The annual growth rate of total loans reached 12.6 per cent, up from 12.3 per cent in February 2026, while the outstanding balance of total loans stood at €27.9 billion in March 2026.

Meanwhile, loans to Cyprus residents rose by €72.3m during the month, the central bank added.

More specifically, loans to households increased by €52.3m, while lending to non-financial corporations rose by €37.3m.

Director of the president’s press office Victoras Papadopoulos announced on Wednesday that the Cabinet has been briefed on a comprehensive strategic plan designed to strengthen the international image of Cyprus.

The initiative is titled ‘Stability with Perspective: A European Base with Global Reach‘ and represents a coordinated effort between the government and Invest Cyprus to create a modern and outward-looking national identity.

“The government, in cooperation with Invest Cyprus, is implementing a coordinated effort to form a modern, coherent, and extroverted image of the country abroad,” Papadopoulos stated in his written briefing.

This branding strategy seeks to encapsulate the current status of the country as a reliable and safe destination with a firm European orientation and significant regional influence.

The Economics Research Centre of the University of Cyprus (CypERC) has reported that economic sentiment in Cyprus improved in April 2026, while warning of slowing growth momentum and rising uncertainty.

Specifically, the Economic Sentiment Indicator rose by 2.1 points compared with March, driven mainly by less negative business sentiment in the services sector.

Despite this increase, the indicator remained below its historical average of 100 points, signalling weaker underlying economic momentum.

The improvement in services confidence was largely attributed to a significant upward revision in turnover expectations, alongside a more modest improvement in assessments of recent turnover performance.

However, business confidence in services remained relatively low, particularly among firms in hospitality services, reflecting ongoing sectoral challenges.

The Association of Cyprus Banks has outlined a new strategy focused on strengthening outward engagement, as newly appointed director general Marios Skandalis presented the plan during a media briefing.

Speaking at a working breakfast with representatives of the media, Skandalis described the initiative as a new chapter in the organisation’s long-standing history, aimed at reinforcing its role in society and the economy.

The strategy centres on enhancing openness and building meaningful relationships with social and business stakeholders, as well as strengthening cooperation with the state.

According to the association, the new approach seeks a more active and influential role through dialogue and proactive collaboration, positioning the organisation as a reliable partner that listens to the needs of both the market and society and takes action.

Eurobank S.A. shareholders convened in a hybrid annual general meeting this week to approve a massive €258.7 million dividend distribution and a comprehensive share buyback programme.

The meeting, held April 28, saw participation from shareholders representing 76.98 per cent of the paid-up share capital, totalling over 2.77 billion voting shares.

Investors overwhelmingly backed the board’s proposal to distribute the dividend from the bank’s special reserves account, although the payout remains subject to final approval from the European Central Bank (ECB).

In a further move to return value to shareholders, the assembly approved a share buyback programme with a total cost limit of €288m, set to run for 12 months following regulatory clearance.

The bank also received the green light to cancel 28,097,019 own shares, a move that will see Eurobank’s share capital reduced by approximately €6.18m.

The Cyprus Employers and Industrialists Federation (Oev) and the Hellenic Federation of Enterprises (Sev) have signed a memorandum of cooperation, formalising their joint commitment to strengthening entrepreneurship, competitiveness and extroversion in Cyprus and Greece.

According to an announcement released on Thursday, the agreement was signed by Oev president George Pantelides and Sev executive committee president Rania Aikaterinari, marking a significant step in enhancing bilateral business relations.

Through the memorandum, the two organisations establish a framework for deeper collaboration in areas including innovation, digital and green transformation, energy, skills development, trade and investment promotion.

The agreement also creates a structured platform for dialogue and coordination, aimed at exchanging know-how, developing joint initiatives and identifying new business opportunities.

Trade union Sek’s hotel workers branch expressed deep concern over the impact of ongoing instability in the Middle East on Cyprus’ tourism sector, while calling on the government to implement immediate and meaningful support measures.

In a statement released on Thursday, the union warned that uncertainty across the region is directly affecting tourism activity, with consequences already visible in hotel occupancy rates.

The organisation, formally representing employees in hotels, catering and leisure centres, stressed that the situation is “beginning to weigh heavily on the sector at a critical point in the season“.

It explained that “continued geopolitical tension is discouraging travel demand and creating volatility in bookings“, echoing recent reports that Cyprus’ tourism sector remains vulnerable following regional security developments, including drone-related incidents that have unsettled travellers.

Cyprus recorded a decline in unemployment in March 2026, with the rate falling to 4.3 per cent, according to a report from Eurostat.

This represents an improvement compared with March 2025, when unemployment in Cyprus stood at 4.6 per cent.

In absolute terms, the number of unemployed people in Cyprus was estimated at approximately 23,000 down from 24,000 a year earlier.

Across the euro area, the seasonally adjusted unemployment rate stood at 6.2 per cent in March 2026, down from 6.3 per cent in February 2026 and also lower than the 6.3 per cent recorded in March 2025.

Cyprus recorded a significant increase in inflation in April 2026, with the annual rate estimated at 3 per cent, according to a flash estimate released by Eurostat.

This marks a notable rise from 1.5 per cent in March 2026 and 0.9 per cent in February 2026, indicating a clear upward trend in price pressures.

When compared with April 2025, when inflation stood at 1.4 per cent, the latest estimate reflects a substantial year-on-year acceleration.

On a monthly basis, inflation in Cyprus is estimated at 2.2 per cent for April 2026, pointing to a sharp increase in prices within a single month.

The Cyprus Gaming and Casino Supervision Authority has clarified that casinos operating on cruise ships and passenger vessels fall outside its regulatory framework, regardless of the vessel’s flag.

The authority explained that such activities are not subject to its supervision, as they take place beyond the jurisdiction of the Republic of Cyprus.

“Casinos operating on cruise ships and passenger vessels do not fall under the regulatory and supervisory framework of the authority, regardless of the ship’s flag,” the authority said.

It further pointed out that, in line with international practice, these casinos are permitted to operate only under specific conditions.

“Casinos on these vessels operate exclusively when they are in international waters and not while they are in ports or within the territorial waters of the Republic of Cyprus,” the authority stated.

Alpha Bank Cyprus on Thursday announced that it hosted an event titled “Reframing Strategy in the Age of AI”, bringing together senior executives from businesses and organisations across the Cypriot economy to explore the role of artificial intelligence in modern decision-making and strategy.

According to the announcement, the event aimed to showcase new perspectives on how artificial intelligence is reshaping business strategy, while creating space for meaningful dialogue with the wider business community.

The keynote speaker was professor of technology and business administration at INSEAD, Theodoros Evgeniou, an internationally recognised academic with nearly three decades of experience in machine learning and artificial intelligence for business.

During his presentation, he highlighted how artificial intelligence is influencing strategic thinking, decision-making, governance, risk management and the responsible use of technology by organisations.

The initiative forms part of Alpha Bank Cyprus’ broader strategy to support the business community as a trusted partner, contributing to discussions around major technological and economic shifts shaping the market.

Ask Wire CEO Pavlos Loizou on Thursday announced that the Tax Department has partnered with the company to integrate its real estate intelligence platform into daily operations.

The agreement marks a key moment in Cyprus’ digital transformation, with the government adopting technology designed to enhance market transparency and efficiency.

“It is a milestone when the government chooses your tech to anchor its digital transformation,” Loizou said.

He added that for partners in the banking, insurance and investment sectors across Cyprus and Greece, the development reinforces the data standard being set across the region.

According to Loizou, the platform will provide “institutional-grade precision”, enabling the Tax Department to utilise the same advanced analytical tools used by leading banks and funds to monitor the market consistently.

President Nikos Christodoulides addressed an event marking the 30th anniversary of the Cyprus Securities and Exchange Commission (CySEC) on Wednesday evening, highlighting its role as a cornerstone of the country’s financial architecture.

“The Cyprus Securities and Exchange Commission constitutes a cornerstone of our financial architecture,” the president said.

He emphasised that European capital markets are at a critical juncture, pointing to initiatives such as the Savings and Investments Union and the green and digital transition as forces set to reshape market dynamics.

“In this changing landscape, our challenge is to strike the right balance,” he said.

“We must enhance market efficiency and competitiveness, but never at the expense of integrity, investor protection or financial stability,” he added.