Here are the top business stories in Cyprus from the week starting June 15:
Speaking to the Cyprus Mail on the sidelines of the event, Petit discussed the ingredients behind CEA’s ability to produce between 10 and 15 spin-off companies each year, the sectors she believes hold the greatest promise, and why team building remains the biggest challenge facing research organisations.
Since 2022, Petit has overseen all of CEA’s start-up support programmes, including maturation, incubation and venture-building activities, while simultaneously managing around 25 projects and the organisation’s investment subsidiary.
CEA, formally known as the French Alternative Energies and Atomic Energy Commission, is one of Europe’s leading public research organisations, active across fields ranging from energy and digital technologies to defence, health and deep-tech innovation.
This new customs regulation applies to all low-value consignments of up to €150 imported from non-EU countries, effectively abolishing the duty exemption that was in place until June 30, 2026.
The €3 charge is a temporary measure scheduled to remain in effect until July 1, 2028, after which standard customs duties will apply based on the specific category of the goods.
This initiative forms a core part of the EU’s Customs Reform, a broader project designed to modernise customs procedures and ensure higher levels of fairness, safety, and sustainability across the e-commerce sector.
This expression of concern came from chamber president Andreas Tsouloftas, who told Entrepreneurial Limassol, Evel’s periodical, that the issue had now moved well beyond inconvenience.
Speaking during a broad meeting at Limassol municipal hall, held under Transport Minister Alexis Vafeades and attended by mayors, community leaders and other competent bodies, Tsouloftas said the city could not afford to remain stuck in years of discussions while long-delayed projects stayed on paper.
For Limassol, he said, the stakes are now economic.
According to the IMO, at least 46 attacks against international shipping have been verified in and around the Strait of Hormuz since the conflict began on February 28, 2026.
IMO Secretary-General Arsenio Dominguez welcomed the agreement “with great satisfaction”, saying it represented “an important step toward restoring safety in this vital maritime corridor for seafarers and ships”.
He said the agreement was also important for “safeguarding the fundamental principle of freedom of navigation”, a concern that remains central for global shipping and maritime centres such as Cyprus.
At the political level, Cyprus’ Foreign Ministry also welcomed the development, saying in a post on Monday that “the agreement is a critical step towards lasting de-escalation in the region, including Lebanon, and the restoration of freedom of navigation, and provides new impetus towards a comprehensive negotiating framework for a sustainable resolution of the nuclear issue and all other critical issues.”
In an exclusive interview with the Cyprus Mail, Partsinevelos discussed the evolution of the island’s innovation landscape, lessons from elsewhere in Europe, as well as the sectors currently showing the strongest momentum in 2026.
Drawing on experience, he explained why early-stage investing is ultimately centred on people rather than numbers, while warning that Cyprus faces a critical decade in its efforts to build a self-sustaining startup ecosystem.
He also highlighted the growing role of applied artificial intelligence, DeepTech, PropTech and hospitality technology, and argued that the country needs more founders willing to take risks and pursue their ventures full time.
Skourides first took part in the European Science Advisors Forum (ESAF) Intermediate Meeting, held in Vienna on June 10, 2026, ahead of the forum’s next Annual General Assembly, which is expected to take place in Brussels in early December.
The meeting was hosted by the Austrian Academy of Sciences, as the current ESAF chairmanship is held by Austria.
ESAF was established in 2014 following an initiative by the European Commission. It operates as an EU-level forum and network aimed at promoting the use of scientific evidence in policymaking, while also allowing members to exchange practices and reflect on the role of scientific advice in political and non-political decision-making.
According to a statement, Hadjimanolis and the ambassador reaffirmed the longstanding friendship between Cyprus and Cuba, while underscoring the importance of maintaining close bilateral relations.
The discussions also highlighted the significance of the existing bilateral maritime agreement between the two countries, which was described as an important framework supporting cooperation in the shipping sector.
According to the Shipping Deputy Ministry, both sides expressed their commitment to building on this foundation and strengthening ties further.
The event, held at a hotel in the capital on the occasion of the Cyprus Presidency of the Council of the European Union, focused on strengthening economic cooperation, investment and technological interconnection across the wider Mediterranean region.
Participants said the Mediterranean is entering a new period of strategic importance, as geopolitical shifts, changing supply chains, the energy transition and the digital economy create both new challenges and opportunities for sustainable growth.
Opening the conference, Invest Cyprus president Evgenios Evgeniou said Cyprus has long served as a meeting point for cultures, trade routes and ideas, adding that its role as a bridge between Europe, the Middle East, Africa and Asia has become even more relevant.
The provisional agreement, reached by negotiators from the European Parliament and the Council, was unanimously approved on Monday evening by the European Parliament delegation in the conciliation committee.
The reform updates rules that had remained largely unchanged since 2004 and seeks to give passengers clearer rights in cases of denied boarding, flight delays and cancellations.
It also comes after more than a decade of negotiations, with MEPs saying they resisted efforts to weaken existing passenger protections while securing new safeguards for families, passengers with disabilities and reduced mobility, and travellers affected by disruption.
The consultation, issued on May 19, seeks to collect data and views ahead of possible proposals to revise Regulation (EU) 2023/1114, known as the MiCA regulation (markets in crypto-assets).
According to the ministry, the process forms part of the commission’s work under Articles 140 and 142 of MiCA, which require it to assess the application of the regulation and report on recent developments in the crypto-assets sector.
Under Article 140, the Commission must submit a report on the application of MiCA to the European Parliament and the Council by June 30, 2027, after consulting the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA).
That report may also be accompanied by a legislative proposal.
During the meeting, the participants held a comprehensive discussion regarding the ongoing economic difficulties and their subsequent effects on the national economy.
Considerable emphasis was placed on the energy crisis and the significant pressure this is placing on the operational costs of local businesses, as well as the wider implications of the conflict in the Middle East for the tourism sector and other key economic pillars.
The attendees also examined the economic ramifications resulting from the outbreak of foot and mouth disease, with particular attention given to the consequences for the agricultural sector and the supply chain, alongside the potential secondary impacts on broader commercial activity.
Among them, he said, the management of jointly owned buildings has now become one of the most pressing, particularly after the developments of recent months, which have shown that the issue “can no longer be left on hold”.
However, many of these buildings are now facing serious maintenance and management problems, Georgiades said, creating risks not only for the value of properties but also for the safety of those living in them.
As a result, he added, poor management, weak oversight and the lack of proper controls have contributed to the serious deterioration of a number of buildings, “with direct consequences for the safety of residents”.
According to the statement, the visit brought together Skourides and the federation’s leadership team, with TIF executive director Androulla Eleftheriou briefing him on the organisation’s international mission, strategic priorities and long-standing work in strengthening care, research, policy guidance and patient advocacy across health systems worldwide.
Eleftheriou presented TIF’s role as a global reference point for the thalassaemia community, noting its work in providing guidance, promoting best practices, supporting research, advising policymakers and ensuring that the voice of patients remains central to decisions affecting their care.
She also referred to recent developments linked to the National Strategy for Blood, pointing to the importance of coordinated policy, prevention, patient-centred planning, quality care and equitable access to safe and effective blood services.
The awards ceremony was organised by the Cyprus Mathematical Society (CMS), with the support and cooperation of the BoC, bringing together students, parents, guardians and teachers.
According to the announcement, the ceremony recognised students who stood out in local, Pancyprian and international mathematics competitions, rewarding their dedication, perseverance and strong performance.
The event also reflected the BoCs’ long-standing support for the younger generation, particularly in areas linked to STEM, namely science, technology, entrepreneurship and mathematics.
Speaking at the opening of the ‘Shaping the Next Digital Frontier’ digital conference in Nicosia on Tuesday, organised in the context of the Cyprus Presidency of the Council of the European Union, Damianou stressed that Europe could no longer afford to rely on technologies developed elsewhere and needed to compete on innovation, investment, speed and scale.
“Europe cannot afford to be merely a regulator of technologies developed elsewhere,” said the deputy minister.
“We must be a builder, a deployer, and a scaler of critical technologies,” he added.
Damianou said that technology had become a decisive factor in geopolitical influence, economic resilience and strategic relevance, while artificial intelligence was rapidly shifting from experimentation to widespread deployment.
Speaking on Wednesday during a fireside chat at the ‘Shaping the Next Digital Frontier’ conference in Nicosia, Panay, who is currently Amazon’s senior vice president for devices, Alexa and Leo, argued that successful technology ultimately depends on making people’s lives easier rather than simply introducing novelty.
The discussion, held as part of the Cyprus Presidency of the Council of the European Union, was moderated by Republic of Cyprus chief scientist and Research and Innovation Foundation chairman Demetris Skourides.
Panay, who oversees products including Alexa, Kindle, Fire TV, Ring cameras, Amazon Leo and other emerging technologies, said building products at scale while preserving a personal touch remained a difficult balancing act.
The data published by Cyprus Statistical Service (Cystat) showed that tourist arrivals reached 455,680 in May 2026, down from 479,160 in May 2025.
The figures indicate that the island’s tourism sector experienced a slowdown after a strong performance in previous years.
For the first five months of 2026, total tourist arrivals amounted to 1,166,050, compared with 1,344,486 during the corresponding period of 2025.
This represented a year-on-year decline of 13.3 per cent.
According to the latest figures from the Statistical Service (Cystat), tourist arrivals in May reached about 455,000, marking a 4.9 per cent decrease compared with May 2025, but an 8.1 per cent increase compared with May 2024.
For the first five months of 2026, arrivals were 13.3 per cent lower than in the same period last year, while they were almost unchanged from 2024, recording a 0.4 per cent decrease.
“The announcement of the results of the Cystat for tourist arrivals for the month of May confirms the gradual recovery of the tourism sector in our country,” Koumis said.
Speaking after the Council of Ministers meeting, Vafeades said he had briefed cabinet on the agreement reached in Strasbourg during the Cyprus Presidency of the Council of the EU.
The reform updates rules that had remained largely unchanged for more than a decade and seeks to make passenger rights clearer in cases of flight delays, cancellations and denied boarding.
“We consider it a great success for all passengers throughout Europe, for a regulation that had not progressed for about 13 years,” Vafeades said, adding that the text would now proceed to the next legislative stages.
According to the minister, the agreement will make it easier for passengers to know their rights and claim compensation, while also introducing clearer rules for families and vulnerable travellers.
Addressing delegates at the City of Dreams Mediterranean, Theocharides set out the main regulatory and supervisory issues shaping financial markets across the European Union, as Cyprus continues to play a more visible role in European financial services during its Presidency.
His keynote address placed supervision at the heart of an event more commonly associated with brokers, fintech firms, payment providers, liquidity companies and trading technology vendors, reflecting how closely the sector’s growth is now tied to regulation, compliance and market integrity.
The three-day event, running from June 16 to 18, is expected to draw more than 6,500 attendees, 200 exhibitors and over 120 speakers, making it one of the largest international gatherings for the online trading and fintech industries.
The board of directors of ASBISc Enterprises Plc said the agreement between its Dubai-based subsidiary Asbis Middle East FZE and Apple Distribution International Ltd, based in Cork, has now entered into force.
Under the deal, Apple has appointed Asbis Middle East FZE as a non-exclusive independent value-added distributor of Apple products across a wide range of countries in Africa.
These include Algeria, Benin, Mali, Mauritania, Guinea, Burkina Faso, Niger, Guinea-Bissau, Ghana, Ivory Coast, Sierra Leone, Liberia, Cape Verde and Togo, significantly broadening Asbis’ regional presence.
In an exclusive interview with the Cyprus Mail, the association stressed that Cyprus serves as a prime example of why European aviation policies must take into account the realities facing islands and remote regions.
ERA, which represents more than 50 airlines and over 200 companies across the aviation sector, including manufacturers, airports, suppliers and aviation service providers, said regional aviation plays a fundamental role in supporting social cohesion, territorial equality and economic growth across Europe.
The organisation explained that regional carriers operate in conditions that are vastly different from those faced by major network airlines.
According to the latest EOS Intelligence assessment, cited by newmoney, the situation remains particularly fragile in both the Red Sea and the Strait of Hormuz, despite diplomatic efforts between the United States and Iran aimed at easing tensions.
EOS Intelligence warned that challenges to merchant shipping are expected to continue, with the safety of seafarers and the smooth operation of global supply chains still dependent on stability in two of the world’s most sensitive maritime corridors.
The Red Sea remains one of the main areas of concern, after the Houthis expanded the range of vessels they consider legitimate targets. Ships with links to Israel, whether through flag, ownership, shareholding or business activity, are considered exposed to potential attack when transiting the area, while vessels connected to American interests are also seen as facing increased risk.
Speaking to the Cyprus News Agency (CNA), Michaelides said hotel traffic in June was clearly better than in March, April and May, when the sector came under pressure from a weaker flow of visitors and a more uncertain booking environment.
However, he said the improvement had not yet brought the industry back to the usual levels for this time of year, adding that reservations were showing an upward trend but continued to move below normal seasonal levels.
The picture also differs considerably from district to district and from hotel to hotel. In Famagusta district, average hotel occupancy in June stands at around 60 per cent, while in Paphos it reaches about 70 per cent, with the decline there being comparatively smaller than in other areas.
The interview, titled ‘The Macro Shock Era: What’s Next For The Global Economy’, opened the second day in the Speaker Hall, setting the tone for a programme focused on markets, regulation, resilience and growth.
The discussion explored the impact of geopolitical tensions on growth, inflation, global trade and financial markets, at a time when businesses and policymakers continue to operate in a more uncertain economic environment.
Persianis and Anucauskas also examined central bank policy, economic resilience and the challenges facing smaller open economies, before turning to Cyprus and its ability to withstand external shocks.
The conversation placed particular focus on the pressures facing economies exposed to international trade, capital flows and shifts in investor sentiment, while also assessing Cyprus’ structural strengths and remaining vulnerabilities in the current global landscape.
Speaking to the Cyprus Mail on the sidelines of the 2026 European Innovation Council Summit in Brussels, Kruczkowska said the continent has made significant progress in supporting entrepreneurship but still struggles to operate as a unified innovation space.
Kruczkowska, who has spent more than 15 years working across venture capital, public policy and startup ecosystem development in Poland and across Europe, said the summit provided an important opportunity to engage with stakeholders from across the continent.
“It’s always very useful to meet people from all over Europe,” she said. “Having this dialogue will help us think above our national interest, and I do enjoy this mixture of different opinions and different angles.”
The discussion began with the session ‘The Tokenisation Revolution: Who Will Own the Markets of Tomorrow?’, which brought together Jonathan Fine of Ultimate Group, Louis Hawila, VP Capital Markets – Europe at Crypto.com, Stavros Vassiliades, COO and Executive Director at Kraken Cyprus, and Oren Danziger, Managing Director at Finvasia Wealth.
At the centre of the debate was the evolving landscape of tokenised assets and the question of which market participants are best positioned to shape future financial infrastructure.
Panellists looked at whether traditional financial institutions, with their scale, client relationships and regulatory experience, are more likely to lead the transition towards tokenised markets, or whether blockchain-native platforms, which have moved faster in developing digital asset products and infrastructure, will take the lead.
According to an announcement by the finance ministry, the two officials exchanged views on Cyprus-Canada relations, as well as on matters of mutual interest concerning the economy and international developments.
The meeting also examined ways to further strengthen the economic and commercial relations between the two countries.
The two ministers referred to the already high level of relations between Cyprus and Canada and stressed the need for their continued enhancement for the mutual benefit of both sides.
The island recorded a rate of just two per cent for this demographic, placing it among the top ten best-performing nations within the European Union.
This performance stands in contrast to the broader continental picture, where the rate for young people aged 15 to 29 years stood at 5.8 per cent, maintaining the same share recorded in 2024.
Across the union, this figure for the youth remains slightly lower than the rate observed for the total population, which sat at 6.3 per cent.
In an interview with Entrepreneurial Limassol, a periodical published by the Limassol Chamber of Commerce and Industry (Evel), Matthaiou said that despite substantial investment in hotel units and the expansion of alternative forms of tourism in recent years, reaching Troodos remains difficult and costly for foreign visitors.
“The trip from the airports to Troodos can be more expensive than the airfare itself,” he said.
He explained that there are currently no direct bus connections linking the airports of Larnaca and Paphos with the Troodos region.
Matthaiou revealed that discussions had already taken place with the transport ministry and the deputy tourism ministry.
Cyprus is a member of the DCO, an international multilateral organisation focused on promoting inclusive growth in the digital economy and advancing what it describes as digital prosperity for all.
On the sidelines of Cyprus’ “Shaping the Next Digital Frontier” conference, AlYahya held a number of meetings aimed at deepening cooperation in areas ranging from digital investment and artificial intelligence to connectivity and digital infrastructure.
A key part of the visit involved discussions with Invest Cyprus chairman Evgenios Evgeniou, with whom AlYahya reviewed the progress achieved through the DFDI Cyprus initiative.
She described Invest Cyprus as a valued partner of the DCO.
In an article entitled “Investing in the financial literacy of the new generation”, the governor said that the issue of financial education and its role in shaping responsible attitudes and behaviours has become increasingly prominent in public debate in recent years.
He said this attention is fully justified.
Patsalides pointed out that Cyprus consistently ranks among the countries with the lowest levels of financial literacy in the European Union.
He added that young people record the weakest performances among all age groups.
The company, controlled by the family of Poly V. Hajioannou and listed on the New York Stock Exchange, said net income rose to $22.2 million in the first quarter of 2026, compared with $7.2 million in the same period last year, according to its official earnings announcement.
Net revenue increased by 16 per cent to $74.4m, from $64.3m a year earlier, mainly due to higher charter revenues and the contribution of vessels fitted with exhaust gas cleaning systems, known as scrubbers.
Earnings per share rose to $0.20, from $0.05 in the first quarter of 2025, while EBITDA increased to $42.2m, compared with $28.8m a year earlier.
On an adjusted basis, net income stood at $20.7m, while adjusted EBITDA reached $40.7m.
The closing ceremony for the 2025–2026 programme was hosted by Columbia Shipmanagement, bringing together teachers, industry representatives and organisers to celebrate another year of cooperation between classrooms and the shipping sector.
Teachers who took part in the programme were awarded certificates in appreciation of their participation, as the initiative continues to introduce pupils to the maritime world and the role of shipping in Cyprus and internationally.
The event was attended by Despina Pirikki on behalf of Shipping Deputy Minister Marina Hadjimanolis, whose continued support for the programme was acknowledged by the organisers.
During the first meeting of the newly formed board, president Odysseas Christodoulou retained his position, while vice-president Andreas Andreou also continued in his role.
The association announced that the new board was established after the conclusion of the statutory part of the annual assembly.
In the context of the Annual General Meeting, Konstantinos Kallis and Marios Demetriades were re-elected to the board for a new term.
The new board of directors comprises president Odysseas Christodoulou, vice-president Andreas Andreou and secretary Eleni Pyrgou.
The decline was mainly attributed to the lower write-off of negative goodwill from the acquisition of investments, as well as reduced turnover, gross profit and other income.
This was partly offset by lower administrative expenses, reduced expected credit losses and lower taxation when compared with the first quarter of 2025.
Gross sales decreased by 2 per cent to €286.6m, from €292.4m a year earlier.
The group said the distribution sector recorded a marginal decline of 0.9 per cent, mainly due to lower sales in Saudi Arabia, the United Arab Emirates, Kuwait and Romania.
In a statement, CySEC said that the websites in question do not belong to entities holding a licence to provide investment services or engage in investment activities, as provided for under Article 5 of Law 87(I)/2017.
The regulator identified the following platforms as failing to hold the necessary authorisation to provide investment services in the European Union: solartecna.com, lucrativeedges.com, optramarket.com, and harvestsphereonline.com.
The list of flagged entities also includes pehjosf.com, irafloxi.com, evpmarketgroup.com, aintelligence24.com, and primeinvests.eu.
Speaking to the Cyprus Mail on the sidelines of the 2026 European Innovation Council (EIC) Summit in Brussels, Barjasic said that too many discussions about innovation focus on funding while overlooking the deeper foundations required to create sustainable companies and retain talent in Europe.
The founder of Connectology and Global Advisor at the Global Entrepreneurship Network said one of the biggest mistakes made by early-stage founders is assuming that attracting investors should be their first objective.
Instead, she believes entrepreneurs should begin by validating whether a genuine market exists for what they are building.
“The most important thing is to validate whether there is a need for whatever solution or service they are building,” Barjasic said.
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