The Stelios Bi-communal Business Partnership Awards were held at the offices of the Stelios Philanthropic Foundation, in the presence of President Nikos Christodoulides, the UN envoy, Maria Angela Holguin, and Senegalese diplomat Khassim Diagne, UN special representative and head of the peacekeeping force in Cyprus, Unficyp.
Addressing the ceremony, Christodoulides said the awards had become a long-standing institution, adding that he attends the event each year because he “deeply value and believe in what these awards represent”.
“And if I had to sum it up, it would be this, the essence of the awards lies in the transformative power of cooperation and peaceful coexistence,” he said.
The analysis shows that Cypriot banks pass on ECB rate changes to depositors to a more limited extent, and in some cases also to borrowers, with the most significant divergence observed in deposit interest rates, which remain the lowest in the Eurozone.
The CBC said that Cyprus deposit rates represent the largest deviation from the Eurozone average, particularly during the period of ECB rate increases, when banks transferred only a portion of the hikes to savers compared with other member states.
The same limited adjustment was also observed during the recent period of falling ECB rates, indicating a broadly subdued transmission mechanism in both directions of the interest rate cycle.
This pattern is especially evident in new fixed-term deposits by households and businesses, where Cyprus continues to record one of the weakest performances in the transmission of ECB monetary policy.
In particular, the average rate on new household fixed-term deposits of up to one year stood at 1.20 per cent in April 2026, significantly below the Eurozone median of around 1.8 per cent.
According to the data, total beer deliveries, covering both the domestic market and exports, reached 4,389,649 litres in May 2026, compared with 4,497,608 litres in May 2025, reflecting the overall decline.
The fall was primarily attributed to a sharp drop in beer exports, which recorded a decrease of 31.3 per cent over the period.
Export volumes fell to 262,090 litres in May 2026, compared with 381,641 litres in the same month the previous year, underlining the scale of the contraction in external demand.
By contrast, domestic beer deliveries in Cyprus recorded a slight increase of 0.3 per cent year on year, indicating relative stability in local consumption.
The visit was described as a deeply personal return to his family roots, bringing him back to a community closely linked to his childhood memories, family heritage and philanthropic work in Cyprus.
Residents welcomed Sir Stelios during the visit, expressing appreciation for his long-standing support for Pedoulas and its people.
As part of the trip, he visited a number of local landmarks and community initiatives, including the Food from the Heart centre of the Stelios Philanthropic Foundation, located on Filoxenias Street in Pedoulas, which supports vulnerable families.
As a member of BSM’s Management Board, Pantazidou joined the company in 2010 and has held a number of leadership roles across the organisation.
In her new position, she will continue to oversee the Group’s people, sustainability and communications functions, while also assuming responsibility for Group HR Marine, bringing BSM’s shore-based and seafaring workforce under unified leadership.
“Over the past 16 years, Elena has played an important role in the development of our people agenda and organisational culture,” said Sebastian von Hardenberg, CEO of BSM.
The latest figures formed part of newly released Eurostat data on general government debt in the European Union, which also examined debt instruments, debt holders, debt maturities, transactions in debt securities and government guarantees.
Across the bloc, the structure of general government gross debt differed considerably from country to country.
These differences reflected factors such as the initial and remaining maturity of debt, the instruments used by governments and the institutional sectors holding the debt.
However, a much more uniform picture emerged when debt was examined according to its currency denomination.
The event, which carries the theme “Shipping Ahead of Tomorrow”, is scheduled for Friday, June 26, 2026, between 7pm and 8.30pm at the DP World Cruise Passenger Terminal 5 at the port of Limassol.
The gathering is expected to place particular emphasis on current developments affecting shipping, as well as the future direction of the industry.
A speech on behalf of president Nikos Christodoulides will be delivered by Deputy Shipping Minister Marina Hadjimanolis.
Also due to address the event is European Commissioner for Fisheries and Oceans Costas Kadis.
This downturn represents a reversal for the Cypriot market, which had previously recorded growth of 0.5 per cent in March 2026 and 0.7 per cent in February 2026.
Across the wider euro area, the seasonally adjusted retail trade volume fell by 0.4 per cent in April 2026 compared with the previous month.
The European Union as a whole experienced a slightly sharper contraction, with total retail trade volume decreasing by 0.5 per cent over the same period.
For the first five months of the year, sales in Cyprus, including both physical stores and online sales, were up by around 3.5 per cent compared with the same period last year.
Across the group, total sales increased by around 4 per cent year-on-year in May, matching the growth rate recorded for the January-to-May period.
Jumbo said the performance confirmed that the group remains a preferred choice for consumers, even as businesses continue to operate in an environment shaped by prolonged geopolitical tensions, higher energy costs, transport pressures and supply chain uncertainty.
The company said instability across the broader Middle East is increasingly affecting consumer demand, while the prevailing uncertainty is placing greater pressure on less flexible business models.
The figures were released in a press statement on employment and national accounts covering the first quarter of 2026.
The data showed that total employment for the period was estimated at 513,367 persons.
Of this total, 460,476 were employees, while 52,891 were self-employed.
Compared with the corresponding quarter of 2025, total employment increased by 2 per cent during the first quarter of 2026.
In an announcement released on Monday to mark the occasion, the foundation explained that the office has played a central role in strengthening knowledge transfer capacities and advancing the commercialisation of research and innovation results in Cyprus.
The office provides a broad range of knowledge transfer and commercialisation services, while also supporting the development of knowledge transfer skills and capabilities across the country.
The figures showed that real labour productivity per person in Cyprus rose by 1 per cent compared with the first quarter of 2025.
At the same time, real labour productivity per hour worked in Cyprus increased by 0.3 per cent on a year-on-year basis.
Across the European Union, labour productivity increased by just 0.1 per cent when measured both by persons employed and by hours worked compared with the same quarter of the previous year.
The annual awards are held under the auspices of the President of the Republic of Cyprus Nikos Christodoulides, recognising young entrepreneurs under the age of 40 across multiple sectors.
The organisers said the awards will cover a wide range of fields including commercial businesses, industrial enterprises, services, tourism, shipping, research, innovation and technology, and arts and culture, alongside a new category for 2026 targeting young diaspora entrepreneurs in Greece and the United Kingdom.
Eligibility extends to self-made entrepreneurs and successors in family businesses, provided they are active in Cyprus for the main categories, while the diaspora category applies to those operating in Greece or the United Kingdom.
The event, titled “Financial Literacy for Life – European Citizens’ Dialogue”, will take place at the CBC amphitheatre between 5.30pm and 7pm.
It will be attended by CBC governor Christodoulos Patsalides and Bank of Greece governor Yannis Stournaras, reflecting growing European emphasis on improving financial awareness among citizens.
The discussion will also feature the presentation of results from a targeted research exercise conducted by the Central Bank of Cyprus on February 24–25, across selected locations in several cities in Cyprus.
Speaking at the event, themed ‘End-to-End Connections’, Theodosiou said the topic captured the essence of modern procurement and supply chain management, describing the sector as fundamentally people-driven rather than being defined only by contracts, pricing, systems or vendors.
“Procurement is often considered as contracts, pricing, systems and vendors, but in fact it is all about people,” she said.
Theodosiou said collaboration between suppliers, clients and vessel owners is essential in addressing operational and commercial challenges.
She added that the industry is operating in an increasingly complex environment, characterised by supply chain disruption, geopolitical instability, inflationary pressures, regulatory change and growing ESG expectations.
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