Greek shipowner Giorgos Vardinogiannis, a member of the family whose shipping and energy interests extended into Cyprus and president of Panathinaikos for almost 21 years, died on Friday aged 90.

Known as the ‘Captain’, Vardinogiannis died following a short stay in hospital. He began his career at sea and served two terms on the board of the Union of Greek Shipowners, while becoming widely known through his leadership of the Athens football club.

Born in Episkopi, Rethymno, in 1936, he was one of ten children of Giannis Vardinogiannis and Chrysi Theodoroulaki. He trained at a merchant navy college in Southampton before serving aboard merchant ships. His brothers Nikos and Vardis went into business after serving in the Greek navy, while other family members pursued careers in shipping and politics.

The family built its business around ships, marine fuels and oil refining. Among its early ventures was SEKA, established at Kaloi Limenes in southern Crete in 1963 alongside Mobil and Aristotle Onassis to supply fuel to vessels on eastern Mediterranean routes. Nikos also founded Varnima, with interests in shipping and hotels.

The Bank of Cyprus (BoC) – the Cyprus Development Bank Group (CDB) agreement has been finalised, banking union Etyk said this week, following negotiations that raised the ceiling for voluntary retirement payouts to €350,000 and secured the transfer of employees who chose to stay.

In a statement issued on October 15, Etyk said its intervention had increased the maximum payout from an initial €200,000, describing the revised package as the most generous offered to banking staff.

The union also said BoC had initially intended to acquire CDB’s banking business without taking on its employees. Following discussions, however, it agreed to absorb staff who had not opted for voluntary departure, with their employment rights and continuity of service preserved.

According to Etyk, negotiations had reached a serious impasse at one stage, threatening the transaction after more than half of CDB’s workforce had already left under the early retirement scheme. The union then convened a general meeting, chaired by its honorary president Loizos Hadjicostis, as efforts continued to reach an agreement acceptable to all parties.

Cyprus is stepping up efforts to attract Japanese shipping business, with Shipping Deputy Minister Marina Hadjimanolis hosting a reception in Tokyo to promote the Cyprus flag and develop closer ties with the country’s maritime industry.

Bringing together representatives of Japan’s maritime and business communities, the reception showcased Cyprus as an international shipping centre and highlighted the advantages of its flag, according to the Shipping Deputy Ministry.

At the same time, the event explored opportunities for new partnerships and closer cooperation with Japan’s maritime industry, with Polys Hajioannou, president of the Cyprus Union of Shipowners (CUS), delivering the opening address at the Cyprus Ship Registry reception.

The reception forms part of a wider programme of contacts in Tokyo, where Hadjimanolis is also scheduled to take part in the 5th Capital Link Japan Maritime Forum on Friday, October 16.

Greek Shipping Minister Vassilis Kikilias called for closer cooperation with Japan on shipping and shipbuilding following talks in Tokyo, as Cyprus Shipping Deputy Minister Marina Hadjimanolis pursues similar efforts to strengthen maritime business ties with Japan.

Kikilias met Japanese Shipowners’ Association (JSA) vice-president Masanori Kato and secretary-general Yasuhiro Shinohara, in the presence of both countries’ ambassadors, to discuss maritime cooperation, freedom of navigation and the impact of armed conflicts on global trade.

The discussions also addressed the shipping industry’s energy transition and the need for balanced international regulations through the International Maritime Organisation (IMO).

In a social media post on Friday, Kikilias said “Greece and Japan had both the ability and responsibility to play a decisive role in international shipping developments.”

Cyprus-based shipping companies are seeking a role in the development of the Kronos offshore gas field, following discussions between the Cyprus Shipping Chamber (CSC) and Eni Cyprus on maritime services and future liquefied natural gas (LNG) exports.

The chamber’s Offshore Activities Committee met representatives of Eni Cyprus on Friday, October 16, to discuss the company’s development plans for the gas field in Block 6 of Cyprus’ exclusive economic zone (EEZ) and opportunities for the island’s shipping industry.

Eni was represented by logistics manager Fadi Sayde, procurement manager Salman Ali Syed and senior contracts engineer Foteini Ioannou.

According to the chamber, discussions focused on the potential participation of Cyprus-based shipping companies in offshore operations, the provision of maritime services and activities associated with future LNG exports.

Cyprus’ expanding betting industry cannot be judged by financial performance alone, Finance Minister Makis Keravnos warned, calling for greater protection of players as gambling activity continues to grow and digital risks increase.

In a speech delivered on his behalf at the 9th Safer Gambling Conference in Nicosia this week, and published in full by the Finance Ministry on Thursday, Keravnos stressed that the industry’s contribution to the economy must be balanced against its social consequences.

His message was delivered by Lucy Herodotou Mouskou, director of financial management of the central government, who represented the minister at the event organised by the National Betting Authority (NBA).

Keravnos acknowledged that betting activity has expanded considerably in recent years, contributing to economic activity and generating additional value for the Cypriot economy.

Island Energies, the Limassol-based maritime and energy group formerly known as Island Oil, donated a vehicle to the Cyprus Red Cross – Limassol Branch, supporting a transport programme that has already completed 264 journeys for people with mobility difficulties since July 2026.

For people facing mobility challenges, access to transport can make the difference between attending medical appointments, receiving rehabilitation treatment and being unable to reach essential services.

The company’s contribution forms part of its longstanding collaboration with the Cyprus Red Cross, helping residents across the Limassol district access healthcare facilities and other important destinations while maintaining their independence.

Although the programme has been operating since July, it was officially launched on October 14 during a ceremony at the Red Cross premises in Limassol, where the contributions of Island Energies and the Stelios Philanthropic Foundation were recognised.

The Cyprus Securities and Exchange Commission (CySEC) has fined Limassol-based Titanedge Securities Ltd €100,000 for breaches involving client information, unauthorised investment advice and inadequate compliance procedures, weeks after the company announced plans to cease operations.

The regulator announced the penalty on Friday, October 16, following an investigation into violations of the Investment Services and Activities and Regulated Markets Law of 2017, committed during 2023 and 2024.

The largest penalty, €40,000, concerned the company’s failure to ensure that information provided to existing and prospective clients, including marketing communications, was fair, clear and not misleading.

A further €30,000 was imposed after CySEC established that Titanedge had been providing investment advice without the required authorisation.

The remaining €30,000 related to shortcomings in the company’s internal compliance arrangements, with the regulator finding that it had failed to establish adequate policies and procedures to meet its legal obligations.

Cyprus has generated a reported €1.57 billion in concession revenue from Larnaca and Paphos airports and Limassol port over the past two decades, with new figures showing that port receipts continued to provide substantial income in 2026.

According to figures reported by philenews on Friday, the total includes more than €1bn attributed to airport concessions between 2006 and 2025, alongside €574 million from Limassol port between 2016 and July 2026.

The latest figures, provided by the Transport Ministry to parliament, show that the port alone generated €44.6m during the first seven months of 2026, with full-year receipts expected to exceed €80m.

The Cyprus Computer Society (CCS) organised the Robotex Cyprus 2026 awards ceremony this week, hosted by the Bank of Cyprus (BoC), recognising the winners of the ninth Robotex Cyprus Educational and Sports Robotics Competition, held last June.

The competition took place under the auspices of the Deputy Ministry of Research, Innovation and Digital Policy.

The event was addressed by Pampos Christodoulou, the newly appointed president of the Cyprus Youth Organisation (Onek), one of the co-organisers of Robotex Cyprus.

Meanwhile, the Deputy Minister of Research, Innovation and Digital Policy also congratulated the young participants in a speech delivered on his behalf by Stavri Ttofa, acting director general of the Deputy Ministry.

Demetra Holdings held €376.2 million in bank deposits and cash at the end of September 2026, representing 73.26 per cent of its total assets, according to an investment statement released through the Cyprus Stock Exchange (CSE) this week.

The substantial cash position accounted for nearly three-quarters of the company’s €513.5m asset portfolio, making it by far its largest allocation.

However, the figure was lower than the €403.2m recorded at the end of 2025, when cash and deposits represented 77.37 per cent of total assets.

Meanwhile, Demetra maintained €89.9m in property development and management investments across Cyprus, Romania and Bulgaria, equivalent to 17.51 per cent of its assets.

Cyprus accounted for the largest share, with property investments valued at €77.7m, followed by €10m in Romania and €2.2m in Bulgaria.