Here are the top business stories in Cyprus from the week starting August 10:

Cyprus’ airports are handling around 50,000 passengers and 325 flights every day at the height of the summer season, as authorities reopen road access to Larnaca airport’s arrivals area to ease congestion.

According to Hermes Airports’ director of aviation development, marketing and communications Maria Kouroupi, Larnaca airport is currently operating approximately 230 flights daily, serving around 36,000 arriving and departing passengers each day.

She added that Paphos airport is welcoming about 14,000 passengers daily across 95 flights.

The figures were released as the road leading to the exits of Larnaca airport’s arrivals area reopened to private vehicles after months of restricted access.

Kouroupi explained that the reopening allows private cars to enter the arrivals area for brief stops to collect passengers, while police officers are stationed on site to supervise traffic and prevent congestion.

Shipping companies in Cyprus and Greece could face a radically different carbon bill depending on which of four rival proposals prevails at the International Maritime Organisation (IMO), with the options ranging from no direct greenhouse gas charge to a Tier 1 compliance price of $300 per tonne of CO2 equivalent.

The outcome directly concerns Cyprus’ shipmanagement cluster and the Greek-owned fleet, affecting operating costs, charter agreements, investment in cleaner fuels and decisions over whether older vessels remain commercially viable. 

It also comes as companies operating through European ports are already paying under the EU Emissions Trading System and complying with FuelEU Maritime, creating fears that a future IMO mechanism could expose them to overlapping charges for the same emissions. 

At the centre of the negotiations is a question with a very expensive answer, how much should a ship pay for its pollution, and who will ultimately pick up the bill?

Eurobank announced on Monday that it repurchased a total of 1,099,627 own shares on Euronext Athens between August 3, 2026, and August 7, 2026.

The lender executed the share buyback transactions at an average purchase price of €4.4739 per share, resulting in a total outlay of €4,919,628.39.

The share buyback was carried out through the bank’s investment firm, Eurobank Equities Single Member Investment Firm, in accordance with Article 49 of Law 4548/2018.

The ongoing share buyback programme was originally approved by shareholders during the bank’s annual general meeting held on April 28, 2026.

Cyprus is preparing to overhaul the rules governing forced property sales, moving valuations into private hands, introducing a fixed 15 per cent reduction after an unsuccessful auction and drawing a line under cases that remain unresolved for years.

The department of lands and surveys opened a public consultation on August 7, saying the changes were designed to modernise the way reserve prices are calculated and shorten procedures that can remain open after repeated failed auctions. 

A reserve price is the lowest amount that may be accepted for a property at auction. It is intended to prevent an owner’s property from being sold at an exceptionally low price when it is being offered outside the normal market. 

Forced sales can arise following an unexecuted court judgment, the exercise of a mortgage lender’s legal rights or another court or statutory procedure. The proposed rules would also cover indivisible properties held by co-owners who have been unable to agree on their future. 

Greek retail group Jumbo recorded one of its strongest performances in Cyprus in July, with sales rising by approximately 14 per cent year-on-year, helping return the retailer’s overall results to the levels expected by management.

For the first seven months of 2026, Jumbo’s sales in Cyprus increased by around 6 per cent, keeping the market ahead of the group-wide growth rate. 

Across the Jumbo Group, sales climbed by approximately 9 per cent in July, accelerating from the 7 per cent increase recorded in June. As a result, sales for the January-to-July period were around 5 per cent higher year-on-year. 

The July improvement brought the group’s performance fully back in line with the guidance presented at its recent annual general meeting. 

Management continues to forecast full-year sales growth of approximately 5 per cent, while net profit is expected to range between €310 million and €320 million.

Cyprus recorded a further increase in building activity in April 2026, with the state statistical service (Cystat) reporting that 639 building permits were authorised, up 10.7 per cent compared with the same month last year.

The permits had a combined value of €413 million and covered 335,336 square metres, providing for the construction of 1,728 dwelling units. 

During the January to April 2026 period, the number of permits reached 2,915, compared with 2,157 a year earlier, representing an increase of 35.1 per cent. 

Meanwhile, their total value rose by 46.1 per cent, from €1.14 billion to €1.67bn, while the authorised floor area expanded by 45.5 per cent, from 927,996 to 1.35m square metres. 

A new free mobile app helping people in Cyprus report signs of wildfires, receive nearby alerts and access key fire-safety information has gone live, with TechIsland and Brickworks Games launching SafeIsland CY in collaboration with Kitas Weather.

Available on iOS and Android as part of an initial pilot phase, SafeIsland CY brings wildfire reports, nearby alerts and fire-safety information together through one interactive map, while Kitas Weather will administer the platform during the pilot, support the provision of timely updates and assist with reviewing and verifying information submitted through the app.

The app was developed by Brickworks Games as part of the TechIsland Wildfire Initiative, which was established by TechIsland following the devastating wildfires of 2025 to support affected communities and strengthen wildfire prevention, preparedness and immediate response.

Designed as a community-powered public-safety tool, SafeIsland CY aims to improve early awareness and help communities share useful information faster during periods of increased wildfire risk.

Cyprus’ airports handled over 1.63 million passengers in July 2026, with passenger traffic narrowing its year-on-year decline to just 1 per cent as the recovery continued despite ongoing regional instability.

Specifically, a total of 1,635,055 passengers travelled through Larnaca and Paphos airports during the month, according to data published by Hermes Airports in its monthly bulletin.

The July figures represent a marked improvement from earlier in the year, with the operator saying the recovery seen in previous months continued despite challenges affecting the wider region.

Paphos airport recorded particularly strong growth, handling 7 per cent more passengers than in July 2025.

Cyprus-based biotech innovator Marianna Prokopi-Demetriades has been named the 2026 Study UK Alumni Awards global winner for Business and Innovation, becoming one of only four people worldwide to receive the British Council distinction this year.

Prokopi-Demetriades progressed from winning the award in Cyprus to representing Europe among seven international finalists in her category, before being selected as the global winner. 

The scale of the competition makes the achievement particularly notable. Now in its 12th year, the awards attracted more than 1,800 applications from over 120 countries, representing more than 140 UK universities. Just 28 candidates reached the global final, with one winner chosen in each of four categories. 

“Absolutely ecstatic and still trying to take this all in,” Prokopi-Demetriades said while announcing the news on her personal platform. 

Cyprus’ startup and investment scene is expanding rapidly, but founders still face the challenge of making their businesses visible beyond the island, according to public relations and communications strategist Evgenia Zaslavskaya.

Zaslavskaya, the founder of international communications agency ZECOMMS, has made Cyprus her home after working with technology startups, venture capital firms and global companies across international markets.

Speaking exclusively to the Cyprus Mail, she delved into how founders can build visibility without large marketing budgets, what separates startups that attract international media attention from those that do not, and why she believes Cyprus is one of Europe’s most underrated innovation hubs.

Zaslavskaya launched ZECOMMS in 2022 and, in the three years since, the agency has supported more than 50 companies across sectors including fintech, femtech, robotics, climatetech, cybersecurity and child safety.

Freedom Holding Corp, the parent company of Freedom24, reported a 40 per cent year-on-year increase in net revenue for the first quarter of its 2027 financial year, driven by strong growth across its brokerage and banking operations.

The Nasdaq-listed group reported total net revenue of $732.5 million for the three months to June 30, 2026, compared with $524 million in the corresponding period a year earlier.

Net income, however, fell to $31.7m, or $0.52 per diluted share, from $37.4m, or $0.61 per diluted share, in the same quarter of the previous year.

Total assets rose to $14 billion, up from $13.2 billion at the end of March, while the group’s combined customer base across banking, brokerage, insurance and other businesses reached 8.743 million.

Hotels in Limassol have reached around 90 per cent occupancy in August, matching last year’s booking levels as a rise in last-minute reservations helped the city recover from earlier concerns over the summer season.

“The key feature of this year is that of last-minute bookings, and the figures confirm what we said at the end of June,” president of the Limassol branch of the Cyprus Hotel Association (Pasyxe) Christos Tsanos told the Cyprus News Agency (CNA).

“August is performing at the same booking levels as August 2025,” he added.

Moreover, Tsanos said occupancy levels across Limassol city and district were currently at around 90 per cent for August.

He further stated that bookings had been strengthened during the August 10-17 period, particularly through increased demand from the domestic tourism market.

The Central Bank of Cyprus (CBC) has published a piece of analysis by its internal audit director Constantinos Trikoupis, arguing that new international requirements for internal audit can strengthen public trust in central banks and financial authorities, while also creating new demands for auditors.

Trikoupis said public trust is one of the most valuable assets of central banks and financial supervisory authorities, which operate under increased accountability and scrutiny from governing bodies, national and European institutions, financial markets and society.

“Trust is the operational currency of public institutions,” Trikoupis said, highlighting the importance of independent, thorough and comparable assurance across Europe’s interconnected financial system.

Hotel occupancy in the Paphos district is expected to reach between 85 and 90 per cent in August, according to Paphos hoteliers association president Evripides Loizides, who nevertheless warned that falling room prices and weaker autumn bookings continued to weigh on the sector.

Speaking to the Cyprus News Agency (CNA), Loizides said demand would be particularly strong around the August 15 holiday, traditionally one of the busiest periods of the summer for the district’s hotels, tourist accommodation and restaurants.

Although August remained one of the most important months for Paphos tourism, he expressed cautious optimism about its performance, pointing to the growing influence of last-minute reservations.

“Consumers are delaying decisions about their holidays and looking for the best possible price,” Loizides said, explaining that higher living costs and financial pressure were prompting travellers to make reservations shortly before departure.

Hotel occupancy in the Famagusta district is expected to reach between 80 and 85 per cent in August, as the tourism sector recovers from a difficult start to the season, according to Famagusta hoteliers association president Panayiotis Constantinou.

Speaking to the Cyprus News Agency (CNA), Constantinou said tourist traffic had improved significantly during July and August, following the losses recorded in the opening months of the season. 

“The situation has now changed,” Constantinou said, adding that the district’s main tourism markets were performing at fairly good levels. 

Demand was being driven mainly by visitors from the United Kingdom, Israel, Poland, Scandinavia and Central Europe.

A sharp rise in building permits points to a stronger construction sector and a positive outlook for the wider Cypriot economy, according to the Cyprus employers and industrialists federation (Oev) and the Cyprus chamber of commerce and industry (Keve).

Speaking to the Cyprus News Agency (CNA), Oev director general Michalis Antoniou emphasised strong housing demand but warned that labour shortages were limiting the sector’s ability to respond. Keve secretary general Philokypros Rousounides, meanwhile, called for less bureaucracy and faster licensing procedures. 

According to the latest figures from the statistical service (Cystat), 2,915 building permits were issued between January and April 2026, up from 2,157 during the corresponding period of 2025. This represented an increase of 35.1 per cent. 

At the same time, the total value of permits rose by 46.1 per cent, their total floor area increased by 45.5 per cent and the number of planned residential units jumped by 65 per cent. 

Paralimni’s central core is a step closer to a major overhaul after the municipality secured planning permission for a redevelopment designed to reshape the heart of the town and support local commercial activity.

The Paralimni-Deryneia municipality said on Thursday that it had received the permit on Monday, August 10, clearing an important hurdle in its wider development programme. 

The work will include the replacement of the existing road surface, the construction and upgrading of pavements, new tree planting and green spaces, as well as service areas for shops and visitors. 

Parking spaces will also be created as part of the scheme, which is intended to make the centre easier to use for residents, businesses and tourists. The municipality said the goal was “to create a modern, functional and accessible urban environment” that would improve residents’ daily lives. 

The Central Bank of Cyprus (CBC) has extended the deadline for companies seeking to mint, package and deliver Cyprus euro silver and gold collector coins, giving potential bidders until September 25, 2026 to submit their tenders.

The extension moves the deadline from the previously announced September 4, 2026, to the date mentioned above.

The procurement process, officially designated Tender No. 12/2026, concerns the minting, packaging and delivery of Cypriot euro silver and gold collector coins.

The CBC had originally opened the tender to interested economic operators, with the contract to be awarded on the basis of the lowest price offered for the services.

The cost of filling a 1,000-litre heating oil tank in Cyprus has risen by almost €500 since March, prompting fresh questions over whether retail fuel prices are being properly monitored.

The consumers association stated that it accepts that turmoil in the Middle East has pushed international energy costs higher.

Its concern, it explained, is whether those pressures fully explain the increases passed on to Cypriot motorists and households.

Association president Marios Drousiotis told the Cyprus News Agency (CNA) on Thursday that the figures offered “strong indications that something is wrong with fuel prices in Cyprus”, calling on the authorities to provide evidence that the rises were justified. 

Heating oil has recorded the steepest increase. According to the association, its price climbed from €0.950 per litre on March 1 to €1.438 on August 13, a rise of 48.8 cents.