Cypriots have strong entrepreneurial perceptions and intentions but have to contend with structural challenges which ultimately limit the creation of new businesses, according to the 9th national entrepreneurship report for Cyprus, conducted by the Global Entrepreneurship Monitor (GEM).

The presentation of the report, which covered the 2024-2025 period, took place at the University of Cyprus, with the participation of representatives from academia, the business community and the state.

According to the findings, 40.2 per cent of adults in Cyprus believe there are good opportunities to start a business, maintaining the positive trend seen in recent years.

At the same time, 47.8 per cent consider it easy to start a business, a figure close to the European average.

Confidence in entrepreneurial ability remains particularly high, with 59.9 per cent stating they possess the necessary knowledge, skills and experience to launch a business.

In addition, 68.3 per cent of adults say they personally know an entrepreneur, underlining the strong presence of entrepreneurial networks in Cyprus.

The Bank of Cyprus Public Company Limited has decided to exercise its legal right for the early redemption of its outstanding senior preferred notes totalling €300 million.

The parent entity, Bank of Cyprus Holdings Public Limited Company, together with its subsidiaries comprising the wider banking group, issued the formal corporate update to global financial markets.

The specific financial instruments facing early repayment consist of fixed rate notes with a reset provision that were initially distributed to international investors.

The financial institution executed the original debt issuance on June 24, 2021, with a final designated maturity date stretching into the subsequent calendar year of 2027.

The banking group will officially utilise the specific corporate clause to complete the premature loan settlement exactly five years from the initial date of flotation.

The Institute of Certified Public Accountants of Cyprus (Selk) has signed a Memorandum of Understanding (MoU) with the Institute of Chartered Accountants of India (ICAI), in a move aimed at strengthening professional and business ties between Cyprus and India.

The agreement was signed during the recent official visit of President Nikos Christodoulides to India and forms part of Selk’s wider efforts to build stronger international partnerships with major professional bodies.

According to an announcement released this week, the MoU marks an important step in deepening cooperation between the two countries, particularly in the fields of accounting, auditing, professional education and business services.

Cypriot beverage maker KEO is said to be moving ahead with a €25 million industrial investment in Limassol, with plans to build a new alcoholic beverages distribution and bottling centre in Kato Polemidia.

According to a report from Philenews, the project, which has been submitted to the competent authorities through an information report, is expected to bring together key parts of the company’s production, processing and logistics operations.

The new centre will be built within the administrative boundaries of the Kato Polemidia municipal district.

Its location, close to the port’s vertical road, is expected to give the company direct access to both Limassol port and the Limassol-Paphos motorway, strengthening its distribution network and overall operational capacity.

Construction is expected to begin once the necessary planning and building permits are secured.

State Aid Control Commissioner Stella Michaelidou met with European Court of Auditors member Lefteris Christoforou and his office director Theodosis Tsiolas on May 21, to discuss the agency’s strategic priorities.

The high-level meeting took place ahead of a historic milestone as Cyprus prepares to host European Union member state representatives for crucial state aid decision-making sessions on June 8, 2026, and June 9, 2026.

“The agency is working to upgrade its institutional role, not just as a compliance tool, but as a growth engine aimed at ensuring compatible state funding and promoting strategic aid that strengthens and modernises the economy,” Michaelidou said.

Evolving European realities make the office’s role more demanding and complex with increased responsibilities because expanding state aid rules decentralise powers to individual member states, she added.

The Cyprus Stock Exchange (CSE) council on Tuesday announced the continued presentation of a special financial marking on the bonds of the Cyprus Development Bank Public Company Limited, following the publication of the financial records of the lender.

The regulatory evaluation was prompted by the formal submission and subsequent public disclosure of the annual financial report of the firm for the twelve-month period which concluded on December 31, 2025.

The investment securities issued by the bank are listed on the emerging companies market, which functions as the non-regulated market segment of the local stock exchange.

Market supervisors determined that the corporate bonds will continue to feature a special capital letter S marking across all public trading boards and official price bulletins.

Greek retail group Jumbo on Tuesday announced a major expansion plan to add new stores to its growing international network, which already includes a strong presence in Cyprus, through a strategic agreement with the Balfin Group.

The agreement will see the Jumbo brand enter six new markets, namely Ukraine, Georgia, Armenia, Azerbaijan, Kazakhstan and Uzbekistan, significantly broadening its regional footprint.

As part of the partnership, Balfin will establish a central logistics hub in China to support the expanded network and streamline supply chain operations across these territories.

The move builds on an already established collaboration between the two groups in Albania, Kosovo, Bosnia and Herzegovina, Montenegro and Moldova, where a new store is expected to begin operations within the year.

The Nicosia Tourism Board on Tuesday released a roundup of its recent promotional activities, outlining campaigns, collaborations and European projects aimed at strengthening the capital’s tourism profile.

The board said the past weeks were marked by seasonal campaigns centred on Easter, alongside international digital collaborations designed to expand the city’s visibility abroad.

During Holy Week, the organisation partnered with local travel creator @teacher_intravels to document religious traditions and community participation in the capital.

The initiative focused on the atmosphere of Holy Friday in the historic centre, capturing candlelit processions, hymns and long-standing rituals involving local communities.

Petrolina Holdings Public Limited has announced that it will convene its annual general meeting on June 18, 2026, where it will review its yearly performance and secure critical shareholder approvals.

A central item on the agenda will be the formal examination of the annual report for the 2025 financial year, which encompasses the management report, the corporate governance statement, and the consolidated financial statements for the period concluding on December 31, 2025.

Shareholders will also participate in the election of members of the board of directors to guide the firm through the next corporate cycle.

The Research and Innovation Foundation (RIF) has announced a new call for proposals under its ‘Creation and Initial Development of Startups with International Orientation (PRE-SEED)’ programme, aiming to support young innovative companies with global growth potential. 

The call, titled PRE-SEED/0526, has a total budget of €1 million, while the maximum funding available for each project has been set at €119,999. 

According to the RIF, proposals must be submitted through the IRIS portal, with the deadline set for September 11, 2026, at 1pm. 

The programme is designed to support the creation and early development of innovative startups seeking to develop products and services with prospects for international market penetration. 

Satellite connectivity is no longer simply about keeping ships, businesses or remote operations online. It is increasingly becoming part of the infrastructure on which critical decisions, digital operations and autonomous systems depend.

This was the message shared by Tototheo Global CEO Despina Panayiotou Theodosiou, who took part in the Space Industry Forum in Singapore, a high-level gathering co-organised by Novaspace and GSOA.

The forum was held on May 19, at The Fullerton Hotel in Singapore, bringing together senior executives, policymakers and industry leaders from the satellite and space sector.

According to the organisers, the event was designed as a platform for “high-level networking, strategic dialogue and partnership-building”, with discussions covering connectivity, direct-to-device services, government space strategies and NewSpace developments.

“Last week, I had the pleasure of participating in the Space Industry Forum in Singapore, joining industry leaders to discuss the evolving role of satellite infrastructure in enabling resilient, secure, and operationally critical connectivity across global industries,” Theodosiou said.

The Finance Ministry has announced a comprehensive revision of the domestic out-of-pocket travel allowance framework for civil servants, introducing updated spending parameters across the public sector.

The administrative changes were officially enacted through a targeted policy circular dispatched by the director of the public administration and personnel department.

The newly distributed directive formally modifies a historical administrative policy that had been in active operation since February 8, 2024.

The sweeping modifications to the state travel compensation parameters officially entered into retrospective economic effect on May 1, 2026.

Cyprus Employers and Industrialists Federation (Oev) president George Pantelides on Tuesday met with British High Commissioner to Cyprus Michael Tatham to discuss the strengthening of economic and trade relations between Cyprus and the United Kingdom.

According to an announcement by the federation, the meeting was also attended by Oev director-general Michalis Antoniou and head of trade and investment at the British High Commission in Cyprus Elena Orphanidou.

During the discussions, both sides exchanged views on prospects for enhancing bilateral economic ties, with a focus on expanding trade flows, increasing investment and fostering closer cooperation between businesses in the two countries.

Particular emphasis was placed on the tourism sector, where the importance of the British market for the Cypriot economy was underlined.

The Institute of Certified Public Accountants of Cyprus (Selk) on Tursday announced the appointment of the Financial Reporting Standards Committee, marking a significant step toward creating a simplified framework for small businesses.

The specialised regulatory body was established under a new legislative act passed by the House of Representatives on January 22, 2026.

The primary objective of the newly formed body involves drafting a simplified financial framework specifically designed to ease the administrative burden of preparing corporate accounts for small business entities.

The administrative panel will take full responsibility for establishing, monitoring, and reviewing the designated financial reporting standard for small entities.

The Cyprus Cement Public Company Ltd has issued an official notice on convening its seventy-fifth annual general meeting to review yearly performance and secure shareholder approvals.

The gathering for the shareholders of the major industrial firm will take place at the Parklane hotel in Limassol on June 18, 2026.

A central item on the agenda will be the formal review of the management report of the board of directors for the 2025 financial year.

Shareholders will also be asked to receive, review, and ultimately vote on the approval of the financial statements alongside the independent auditors’ report covering the same twelve-month period.

An important financial decision facing investors at the meeting is the proposed approval of a dividend distribution amounting to €0.02105 per share, which will be paid out from the accumulated profits generated across the 2024 and 2025 financial years.

The Cyprus Computer Society has announced that it will launch its inaugural casual networking initiative to bring tech professionals and innovators together in Limassol.

The event, officially branded as the First CCS Tech Social, is scheduled to take place on May 28, 2026.

The collaborative gathering will run from 7:00 p.m. until 10:00 p.m. at Vinylio Wine Etc, a prominent venue located within the coastal city.

Organisers designed the evening to provide a relaxed, beautiful environment that fosters open dialogue regarding technology, innovation, and STEM education.

The Deputy Ministry of Research, Innovation and Digital Policy has announced that Cyprus will host a major international tech summit in Nicosia on June 17, 2026, to shape the future of the European and global digital agenda.

The prestigious two-day high-level dialogue, titled Shaping the Next Digital Frontier, is organised within the official framework of the Cypriot Presidency of the Council of the European Union.

The landmark proceedings will take place at the Filoxenia Conference Centre in the capital city.

The summit occurs at a crucial turning point for the digital future of Europe and will function as a premier forum for strategic dialogue concerning the European Union digital agenda.

A primary analytical focus of the gathering will be directed towards the rapidly evolving landscape of artificial intelligence.

Demetra Holdings Plc completed the repurchase of thousands of its own shares on the Cyprus Stock Exchange (CSE) on May 25, through the Cyprus Investment and Securities Corporation Limited (CISCO).

According to an announcement on Tuesday, the latest round of purchases followed a specific authorisation granted to directors during the annual general meeting which took place on June 24, 2025.

The combined market activity resulted in the acquisition of 6,333 ordinary treasury shares from the public float.

The overall deployment of capital was completed at a volume-weighted average execution price of €1.603 per single share.

A granular assessment of the regulatory filing reveals that the buying pattern was split into five distinct tranches over the course of the single trading day.