Business & economy wrap-up from the day before
Poullikkas, a professor of energy systems at Frederick University, pointed out that the debate over the Cyprus-Greece GSI project had focused heavily on its financial cost, particularly the contribution required from the Republic.
While scrutiny of such a major investment was justified, he argued that cost alone could not determine its strategic value.
“The real question Cyprus should be asking is much bigger. What kind of energy infrastructure do we want to hand over to the next generations of Cyprus?” Poullikkas said.
He argued that Cyprus needed to decide whether it wanted to remain electrically isolated or use its geographical position as a strategic advantage and develop into an energy hub in the Eastern Mediterranean.
The increase was significantly lower than the 18.6 per cent annual rise recorded in June and the 20.5 per cent increase registered in May.
Despite the slowdown, fuel prices in Cyprus remained higher than a year earlier, although the island recorded one of the more moderate annual increases in the European Union.
Across the EU, the price of fuels and lubricants for personal transport rose by 16.9 per cent in July compared with July 2025, following annual increases of 20.7 per cent in May and 13.7 per cent in June.
Fuel prices were higher year-on-year in 25 of the EU’s 27 member states in July.
In 13 countries, the annual increase recorded in July was larger than the increase seen in June.
ACTTA president Charis Papacharalambous told the Cyprus News Agency (CNA) on Friday that overseas travel by Cyprus residents was increasing by around 7 per cent, putting the total on course to exceed two million for the first time.
“I believe we will have a new record. If we had 1.96 million trips last year, this year we will reach 2.1 million,” Papacharalambous said.
The projected total would amount to around 2.2 trips per permanent resident each year, he added.
Papacharalambous said the most important development was that residents continued to travel, with overseas trips increasingly viewed as a necessity rather than a luxury.
“The resident of Cyprus continues to travel,” he said, attributing part of the increase to improved air connectivity, which has expanded the range and frequency of available destinations.
The Silicon Valley-based innovation platform said its first Plug and Play Cyprus cohort would bring together Sprouty, ModelRoom, Cleedee, BLEND.app, Digital Fox, EleniAI, EMBIO Diagnostics, Fewton, Neura Energy and QubeHub.
“It’s official. After officially kicking off our activities in April, we’re thrilled to share our first ever cohort, Plug and Play Cyprus, Batch 1,” the organisation said in an announcement.
The programme comes as Cyprus records its strongest recent performance in international startup rankings, with the country climbing to 34th place globally in the StartupBlink Global Startup Ecosystem Index 2026.
The meeting will mark the expansion of the Cyprus-Greece-Malta cooperation framework and the first time Italy has joined the grouping.
The inclusion of Italy is the result of targeted and sustained efforts to strengthen regional cooperation and the strategic alliances of the Republic of Cyprus in the maritime sector, Hadjimanolis told the Cyprus News Agency (CNA).
“This expansion is the result of our targeted and persistent efforts to strengthen regional cooperation and the strategic alliances of the Republic of Cyprus in the maritime sector,” Hadjimanolis said.
She added that Italy’s participation would give the framework greater momentum while demonstrating a shared desire for closer coordination and meaningful dialogue on the challenges and opportunities shaping the future of shipping.
“Italy’s presence strengthens the dynamic of the framework and confirms our common will for closer coordination and meaningful dialogue around the challenges and opportunities shaping the future of shipping,” she said.
Hadjimanolis said the initiative to involve Italy followed her visit to Rome at the invitation of her Italian counterpart.
“The positive response from Italy confirms the shared belief that the challenges facing shipping today require closer coordination, cooperation and common approaches,” the deputy minister said.
The Limassol-headquartered group, which publishes monthly revenue estimates in line with its regulatory disclosure policies, had recorded turnover of $281m in July 2025.
The board of directors confirmed that the latest figure reflects its best possible estimation of monthly financial performance.
Final accounting figures may differ slightly from the published estimate once complete financial reviews are concluded.
The company disclosed the information following its previous decision on the publication of estimated monthly consolidated revenues, as originally outlined in a past report.
The temporary suspension of trading applies to the series 2026 treasury bills covering the period from May 29, 2026 to August 28, 2026, which trade under the code TB13E26.
The trading halt will come into effect on August 25, 2026, and will remain in place through August 27, 2026 inclusive.
Bourse authorities confirmed that the three-day trading suspension is necessary to facilitate the clearing of all outstanding market transactions prior to the final removal of the security.
The findings of the report, which were shared by Greek business outlet Newmoney, highlighted how the sector has moved far beyond the debt crisis era that once placed both the economy and banking system at the centre of euro area turmoil.
More than a decade after that crisis period, both pillars are now regarded by the international investment community as textbook examples of recovery and resilience on the European periphery.
Andrea Costanzo, vice-president of European financial institution ratings at Morningstar DBRS, told S&P Global Market Intelligence that the sector has largely completed its post-crisis restructuring.
“We expect Greek banks to maintain their strengthened credit profiles over the short and medium term, supported by favourable economic conditions, sustainable credit expansion, improving revenue diversification and significantly upgraded risk profiles,” Costanzo said.
Greek banking groups with operations in Cyprus, including Eurobank and Alpha Bank which maintain direct banking operations on the island, have delivered stronger-than-expected second-quarter results, with faster lending growth, resilient interest income and rising fee revenue prompting analysts to remain upbeat about the sector’s prospects for 2026 and 2027.
The “Trilateral+1 Meeting” is scheduled to take place from 9.30am to 12.30pm at the Parklane Hotel in Limassol, in the Jasmine Hall.
Cyprus Shipping Deputy Minister Marina Hadjimanolis will take part in the meeting alongside Greece’s minister Vassilis Kikilias, Malta’s minister Chris Bonett and Italy’s minister Edoardo Rixi.
The talks are expected to focus on the competitiveness of EU shipping, decarbonisation and other issues affecting the sector.
The meeting comes as European shipping continues to face pressure to remain competitive while addressing the industry’s transition towards lower-carbon operations.
The EU-India AI & Digital Innovation Access Platform launch webinar will take place online from 10.30am to 12.30pm Central European Time, corresponding to 2pm to 4pm Indian Standard Time.
The initiative is being launched through the EEN Digital Sector Group in collaboration with EEN India – Global Business Inroads (GBI).
The platform is intended to create a more structured way for European companies, technology providers and research and development organisations to engage with India’s rapidly expanding digital and AI ecosystem.
A particular focus will be on helping European organisations use India as a strategic destination for building AI capabilities, including through the establishment of AI-enabled Global Capability Centres (GCCs).
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