Cyprus’ new credit scoring system reached two months of operation today, with 986 individuals and legal entities having accessed their data, according to Artemis Credit Bureau general manager Yiannis Tomasides.

The Credit Score system began producing creditworthiness scores on July 15, 2026, as part of the upgrading of the Artemis Data Exchange Mechanism.

Speaking to the Cyprus News Agency (CNA), Tomasides expressed satisfaction with the successful implementation and operation of the project, which was introduced in Cyprus by Artemis Credit Bureau.

“The project constitutes an important infrastructure project for the financial sector and the Cypriot economy in general,” Tomasides said.

He explained that a Credit Score is a numerical value assigned to a borrower based on information derived from their credit behaviour and held in a relevant database.

Cyprus and Greece are looking to strengthen economic diplomacy, attract investment and jointly pursue opportunities in third markets, Foreign Minister Constantinos Kombos said after talks in Nicosia this week with Greek Deputy Foreign Minister Harry Theoharis.

The meeting came during a two-day visit to Cyprus by Theoharis, who is responsible for economic diplomacy and extroversion, with his programme focused heavily on investment, trade and closer links between the two countries’ business communities. The visit runs from September 14 to 15, according to the Greek foreign ministry.  

Kombos, writing on his personal account after the meeting, said the two sides had focused on “strengthening economic diplomacy, investments, and joint business extroversion in third markets”. 

The talks therefore went beyond bilateral business ties, with Cyprus and Greece looking at how companies from both countries could work together in markets outside the two countries. 

Cyprus’ main professional body for HR executives wants a stronger voice in shaping the country’s labour market, as employers grapple with changing working practices, workforce development and the growing use of artificial intelligence.

The Cyprus Human Resource Management Association (CyHRMA) opened talks with the government and the island’s two main business organisations, with its new board seeking a more active role in discussions affecting employers and their staff.

In recent weeks, representatives led by CyHRMA president Athena Neophytou met Labour Minister Marinos Mousiouttas, the Cyprus Chamber of Commerce and Industry (Keve) and the Employers and Industrialists Federation (Oev).

The common thread running through the meetings was how HR professionals could contribute more directly to discussions over productivity, competitiveness and the changing workplace.

Cyprus is offering organisers up to €35,000 to bring conferences and corporate events to the island, under a new four-year incentive scheme aimed at attracting higher-value visitors and boosting tourism outside the peak summer season.

The Tourism Deputy Ministry has unveiled the scheme for 2026-2029, covering conferences and meetings, incentive trips, international competitions and sales workshops. The programme carries an annual budget of €150,000.  

Unlike its predecessor, which ran until 2025, the new scheme gives organisers an indication of the financial support available before an event takes place, allowing them to factor the incentive into their budgets when deciding where to hold it. 

That is particularly important in the conference market, where major international events are often awarded through competitive bidding several years in advance. 

Cyprus Marine Environment Protection Association (CYMEPA) secretary general Michalis Iereidis has called on the public to take part in a survey examining how communities view shipping’s green and digital transition and the environmental challenges facing the Eastern Mediterranean.

Iereidis said the region was facing unprecedented environmental challenges, with climate change already affecting coastal communities, the economy and everyday life.

He argued that shipping, as one of the most important pillars of both the global and local economy, was undergoing a historic transformation as the sector moved towards alternative fuels, digital applications and technologies designed to reduce emissions.

“This shift is not simply a technical or business adjustment, but an imperative for the future of our environment,” Iereidis stated.

Aegean Airlines returned to profit in the second quarter of 2026, but it was not enough to prevent a €3.3 million net loss for the first half, as higher fuel and emissions costs and disruption to its Middle East network weighed heavily on earnings.

The Greek carrier’s first-half revenue rose 4 per cent to €816.6m, from €787m a year earlier, while passenger traffic increased 3 per cent to 7.77m despite four months of flight suspensions across parts of the Middle East. 

Profitability, however, moved in the opposite direction. EBITDA fell 7 per cent to €145.3m, EBIT dropped 35 per cent to €38.5m and Aegean moved from a €66m pre-tax profit a year earlier to a €5.7m loss. 

The bottom line also swung sharply, from a €47.9m profit in the first half of 2025 to a €3.3m loss this year. 

The result nevertheless shows a marked improvement from the first quarter, when Aegean reported a €21.7m loss after tax, compared with €6.6m a year earlier, as rising fuel prices, foreign exchange movements and the suspension of Middle East flights hit performance.

Cyprus-based InterMaritime Shipmanagement is expanding its presence in Germany and Northern Europe through a new joint venture with Hamburg shipping company Carsten Rehder.

The two companies announced on Tuesday that they will take equal ownership of InterMaritime Shipmanagement GmbH & Co. KG, which will become the sole shareholder of Victoria Marine Ship Management GmbH & Co. KG, Carsten Rehder’s technical shipmanagement business.

Victoria Marine will operate as part of the InterMaritime Group under the InterMaritime Shipmanagement name and logo.

Based in Hamburg, the joint venture will provide full technical management for around 20 vessels, as well as crew management for a number of additional ships.

The companies said the partnership brings together Carsten Rehder’s local market knowledge and project development experience with InterMaritime’s international resources and network.

Global e-commerce platform Temu has partnered with the Cyprus Information Technology Enterprises Association (CITEA) in a move aimed at creating new opportunities for Cypriot technology companies to expand through digital channels and reach international markets.

Under the partnership, Temu will work with CITEA across its programmes, events and network of member companies, with the two sides focusing on digital entrepreneurship, business development and the international growth of local firms. 

CITEA, which represents Cyprus’ ICT sector, will meanwhile support engagement between its members and Temu, drawing attention to opportunities for Cypriot companies to use digital platforms, enter new markets and strengthen their international competitiveness. 

The collaboration builds on Temu’s existing presence in Cyprus. The company introduced its Local Seller Programme in 2025, giving eligible local businesses access to digital commerce opportunities and the possibility of reaching customers across Europe.

Cyprus recorded the largest year-on-year decline in the EU’s job vacancy rate in the second quarter of 2026, as the proportion of unfilled positions fell to 2.6 per cent, according to Eurostat.

The job vacancy rate in Cyprus fell by 0.7 percentage points from 3.3 per cent in the second quarter of 2025, marking a sustained decline over the past year.

The rate stood at 3.0 per cent in the third quarter of 2025 before falling to 2.8 per cent in both the fourth quarter of 2025 and the first quarter of 2026.

It then declined further to 2.6 per cent in the second quarter of 2026, Eurostat reported.

Despite the fall, Cyprus continued to record a higher vacancy rate than both the EU and euro area averages, which stood at 2.0 per cent and 2.1 per cent respectively.

Financial entities regulated by the Cyprus Securities and Exchange Commission (CySEC) have until today, September 15, to submit a form required to calculate their annual information and communication technology (ICT) fee under the EU’s Digital Operational Resilience Act (DORA).

In its latest announcement, CySEC urged financial entities in Cyprus that had not yet submitted the required documentation to do so through its portal before the deadline.

The deadline follows an earlier CySEC announcement on August 26 concerning the submission of the self-categorisation form and calculation of the annual ICT fee under DORA.

The requirement stems from CySEC Directive DIR73-2009-07 and Policy Statement PS-03-2025, which set out the fees payable by financial entities falling within the scope of DORA.

Cyprus employers faced higher wage bills in the second quarter of 2026, with hourly labour costs rising by 3.8 per cent year on year, according to provisional data released by the statistical service (Cystat) on Tuesday.

The increase was slightly stronger than in the first quarter, when labour costs had risen by 3.4 per cent compared with a year earlier, showing a further pick-up in the cost of employing workers. It was also marginally above the 3.7 per cent annual increase recorded in the second quarter of 2025.

The rise was driven by both parts of employers’ labour costs. Wages and salaries per hour worked increased by 3.9 per cent from the second quarter of 2025, while non-wage costs rose by 3.6 per cent.

Wage growth also accelerated from the first quarter, when the annual increase stood at 3.4 per cent. Non-wage costs, meanwhile, picked up from 3 per cent in the first three months of the year.

Cyprus’ wholesale trade recorded a sharp increase in the second quarter of 2026, while turnover from the sale and repair of motor vehicles moved in the opposite direction, according to figures released by the statistical service (Cystat) on Tuesday.

The wholesale trade turnover value index rose by 17.8 per cent year on year between April and June, while the corresponding index for the sale and repair of motor vehicles fell by 2.5 per cent.

The divergence was also evident across the first half of the year. Wholesale trade turnover increased by 14.6 per cent compared with January to June 2025, while turnover in motor vehicle sales and repairs declined by 3.1 per cent.

Within wholesale trade, the strongest second-quarter increase was recorded in other specialised wholesale, where turnover jumped by 45.3 per cent year on year. The category was also up 32.8 per cent over the first six months of 2026.

The average interest rate on new household deposits in Cyprus fell to 1.27 per cent in July 2026, while the average rate on new housing loans rose to 3.24 per cent, according to the Central Bank of Cyprus (CBC).

Both rates remained below their respective euro area averages, with the average deposit rate in the euro area standing at 2.10 per cent and the corresponding rate for housing loans at 3.54 per cent.

The CBC figures cover each credit institution operating in Cyprus, with July 2026 as the reference month.

The average interest rate on new euro-denominated deposits from euro area-resident households fell from 1.42 per cent in June to 1.27 per cent in July.

The Cyprus Chamber of Commerce and Industry (Keve) has urged Cypriot businesses in the environmental and sustainability sectors to consider attending an international trade exhibition in Budapest in October, where companies, investors and technology developers will meet to discuss new business opportunities.

ENVIRONTEC, powered by ÖKOINDUSTRIA 2026, will take place from October 7 to 9 in the Hungarian capital, bringing together decision-makers, investors, environmental and sustainability companies, researchers, technology developers and industrial users.

The event is intended to provide a platform for business networking, knowledge exchange and the development of practical environmental solutions and new commercial opportunities.

For Cypriot firms, the exhibition could provide an opportunity to identify potential partners and customers in Central and Eastern Europe, particularly in areas such as waste management, water treatment, renewable energy and environmental technology.

Digital Innovation Hub Cyprus (DiGiNN) announced this week that it has supported hundreds of organisations and more than 1,500 professionals across Cyprus as part of efforts to accelerate digital transformation.

In a statement published by DiGiNN, the organisation said its work had generated measurable results across a range of digital transformation services.

DiGiNN said it had delivered more than 200 services helping organisations test digital solutions before committing to investment.

It had also supported more than 1,500 professionals through programmes aimed at developing digital skills.

Lebanon has signed the Digital Cooperation Organisation (DCO) Charter, paving the way for the country to become a full member of the organisation and creating new opportunities for cooperation with Cyprus and other DCO member states.

The agreement was signed in Riyadh by Kamal Shehadi, Lebanon’s Minister of Displaced and Minister of State for Technology and Artificial Intelligence, and formally handed to Deemah AlYahya, Secretary General of the DCO, during a ceremony at the organisation’s headquarters.

Lebanon has become a signatory member through the signing, with its accession as a full member state to be completed through the relevant procedures.

The move is particularly relevant for Cyprus, which is already among the DCO’s member states and has been involved in the organisation’s work on digital transformation, artificial intelligence, digital infrastructure and emerging technologies.