Business & economy wrap-up from the day before

Cyprus’ large enterprises accounted for 25.7 per cent of services exports to countries outside the European Union in 2024, with smaller businesses also contributing to the country’s international trade in services, according to figures published by Eurostat on Friday.

The figures place Cyprus relatively close to several other European economies, including Italy, where large enterprises accounted for 27.3 per cent of services exports, Spain at 30.8 per cent and Luxembourg at 25 per cent.

The comparison highlights differences in the structure of services exports across the EU, where the contribution of large businesses varies considerably between member states.

In Cyprus, the figures also need to be viewed in the context of the country’s wider European trading relationships.

Eurostat’s statistics cover services exports to destinations outside the EU, meaning that services supplied by Cypriot businesses to customers in other EU member states are not included in these particular figures.

Consequently, the figures do not capture the entirety of Cyprus’ international services activity, particularly where businesses have commercial relationships with customers across the European single market.

Cyprus’ economy expanded by 3.1 per cent year-on-year in the third quarter of 2026, more than twice the growth recorded by the European Union and euro area, according to preliminary figures published by Eurostat on Friday.

The 3.1 per cent increase placed Cyprus among the stronger-performing EU economies, although growth moderated slightly from 3.4 per cent in the second quarter and 4.5 per cent in the final quarter of 2025.

On a quarterly basis, Cyprus’ gross domestic product (GDP) increased by 0.5 per cent between July and September, compared with 1.2 per cent in the previous quarter.

This was in line with the EU average, which also recorded quarterly growth of 0.5 per cent, while the euro area expanded by 0.4 per cent.

Across the EU, annual GDP growth reached 1.5 per cent, compared with 1.3 per cent in the euro area, marking slight improvements on the respective second-quarter rates of 1.4 per cent and 1.2 per cent.

Cyprus’ greenhouse gas emissions have historically increased alongside economic activity, highlighting the challenge of balancing growth with environmental targets, as new Eurostat figures show EU emissions declining slightly during the second quarter of 2026 despite an expansion in economic output.

Across the European Union, greenhouse gas emissions fell by 0.5 per cent between the first and second quarters of 2026, declining from 837 million tonnes to 833 million tonnes of CO2-equivalent.

The reduction came as the EU economy continued to expand, with GDP increasing by 0.8 per cent over the same period, suggesting that economic growth can be accompanied by lower emissions.

However, the longer-term comparison was less favourable, with emissions increasing by 1.4 per cent year-on-year in the second quarter, while EU GDP grew by 1.5 per cent.

The figures are particularly relevant for Cyprus, where Eurostat’s historical data show that greenhouse gas emissions increased by 2.8 per cent in the second quarter of 2024, before rising by 0.1 per cent in the third quarter and 4.4 per cent in the final quarter of that year.

Attracting another international fintech company is no longer enough for Cyprus. The government wants the jobs, expertise and investment that come with it, as it looks to turn the island’s growing financial technology industry into a more substantial contributor to the economy.

Energy, Commerce and Industry Minister Michael Damianos delivered that message at the Cyprus Fintech Summit 2026 in Nicosia on Thursday, where business leaders, investors and technology specialists gathered to examine the future of financial services, artificial intelligence and international investment.

Cyprus, he argued, has the opportunity to become a European gateway connecting companies with India, the Gulf and emerging African markets. But its success will depend on what those connections actually produce.

“The value of these connections becomes clear when a company finds a partner, enters a new market or builds a team here,” he told delegates, drawing attention to the commercial opportunities behind the country’s international ambitions.

The distinction is particularly relevant for Cyprus, which has spent years attracting overseas financial services and technology businesses through its EU membership, international connections and business environment.

Cyprus and Liechtenstein have successfully completed a double tax treaty aimed at eliminating double taxation on income and preventing tax evasion, the Finance Ministry has announced.

In a post on social media platform X (formerly Twitter), the ministry described the agreement as a milestone in strengthening bilateral cooperation between the two countries.

It added that the treaty would also reinforce legal certainty in taxation and facilitate cross-border business and investment opportunities.

Cyprus has spent years building its reputation as a shipping centre. The harder job is persuading the companies behind the ships to keep their offices, employees and investment on the island.

That is the distinction Cyprus Shipping Chamber (CSC) president Andreas Neophytou draws in an exclusive interview with the Cyprus Mail. A ship register gives the island international standing. A shipping company based here brings jobs, business and a reason for other firms to follow.

Schengen membership could make Cyprus a more convenient headquarters, particularly for staff who need to travel at short notice. But the competition for maritime business is only part of Neophytou’s concerns.

There is the danger facing crews in the Gulf, the cost of Europe’s environmental rules and the rather awkward question of what fuel tomorrow’s ships will use. It is a substantial agenda for an industry estimated to contribute 7 per cent of Cyprus’ GDP.

Cyprus generated 3,206 tonnes of textile waste in 2024, compared with 12,793 tonnes in Greece, according to figures published by Eurostat covering waste generated across the European Union.

The figures show that Cyprus produced 4.04 million tonnes of waste in total during the year, including 2.1 million tonnes excluding major mineral waste.

Greece generated approximately 30 million tonnes of waste, of which 12,793 tonnes consisted of textiles, while the corresponding European Union total stood at 2.27 million tonnes of textile waste out of almost 2.2 billion tonnes of waste overall.

Across the bloc, textile waste reached approximately 2.3 million tonnes in 2024, with household disposal accounting for more than half of the amount generated.

Several property and hotel companies linked to the Constantinou family have reported mixed business performance in 2026, with some Paphos hotels facing weaker occupancy and profitability while related businesses continue selling properties and pursuing new development opportunities.

The disclosures, issued by six companies, show contrasting trends across the group’s hotel, property investment, development and rental activities, against a backdrop of economic and geopolitical uncertainty affecting tourism.

King’s Head Development Plc, which operates the four-star Pioneer Beach Hotel in Geroskipou, reported the sharpest deterioration among the hotel businesses, with accommodation revenue falling by approximately 15 per cent in 2026.

Average occupancy dropped to 66 per cent, compared with 84 per cent in 2025, while the company recorded a first-half net loss of €1.1 million, against a profit of €660,000 during the same period last year.

Charalambos Papantoniou has been elected president of the Paphos Chamber of Commerce and Industry (Evep) for the 2026–2029 term, succeeding George Mais, who has led the organisation since 2020.

The change in leadership was confirmed this week, when the Chamber’s newly appointed board of directors met to formally constitute itself in accordance with its constitution.

Alongside Papantoniou’s election, the board appointed five vice-presidents, each responsible for a key area of the district’s business activity.

Michalis Michael was elected vice-president for industry, while Nikos Laouris will oversee trade and Nikos Kouvaros will take responsibility for finance.

Meanwhile, Agathoklis Constantinou was elected vice-president for tourism, one of the district’s most important economic sectors, with Lefteris Aristodemou assuming responsibility for services.

The board of directors of Logicom Public Ltd will meet on November 26, 2026, to examine the company’s interim unaudited financial statements for the first nine months of the year.

The review will cover both the Logicom Group and the parent company, with the financial statements relating to the period ended September 30, 2026.

The company disclosed the planned meeting in a notification to the market, saying the board would consider the results among other matters.

The National Bank of Greece (NBG) has announced plans to distribute an interim dividend of €230 million to shareholders for the 2026 financial year, with payments scheduled to begin on November 20, subject to approval by the European Central Bank (ECB).

The distribution was announced following a meeting of the bank’s board of directors on October 21, with the total gross payment initially calculated at €0.2546686567 per share.

After taking account of the bank’s treasury shares, the final gross dividend payable to eligible shareholders will be €0.2605543814 per share.

A 5 per cent withholding tax will be deducted in accordance with Article 64 of Greek Law 4172/2013, bringing the net payment to €0.2475266623 per share.

The withholding rate may differ or be exempted for shareholders covered by specific provisions of the legislation, including Articles 46, 48 and 63 of the same law.

Cyprus recorded annual economic growth of 3.1 per cent in the third quarter of 2026, slowing from 3.4 per cent in the previous quarter, according to preliminary data released by the state statistical service (Cystat) on Friday.

Specifically, the Cypriot economy’s seasonally adjusted gross domestic product (GDP) increased by 3.1 per cent compared with the third quarter of 2025, while growth on a quarterly basis reached 0.5 per cent, down from 1.2 per cent in the second quarter.

The expansion was driven mainly by wholesale and retail trade and vehicle repairs, financial and insurance activities, construction, and information and communication, the statistical service said.

The latest figures show that the economy continued to expand during the summer months, although at a slower pace than in the preceding quarter.

According to the updated data, annual GDP growth stood at 3.4 per cent in the second quarter of 2026, following an increase of 3.1 per cent in the first quarter.

The government is maintaining its target of implementing pension reform on January 1, 2027, despite delays in submitting the relevant bill due to a legal obstacle, Labour Minister Marinos Mousiouttas said on Friday.

Speaking to CyBC’s morning programme, Mousiouttas expressed confidence that the issue would be resolved in the coming days, allowing the bill to proceed to the Council of Ministers before being submitted to parliament.

He acknowledged that disagreements remained between the government, trade unions and employers’ organisations, particularly over financial matters.

The minister also outlined the government’s intention to encourage people to remain in employment longer, arguing that increasing life expectancy, labour shortages and the long-term sustainability of the Social Insurance Fund made such measures necessary.

Island Energies, formerly known as Island Oil (Holdings) Limited, celebrated its new corporate identity at a reception in Limassol on Thursday evening, bringing together representatives of Cyprus’ shipping and business community.

The event, held at the Four Seasons Hotel this week, marked another chapter for the Limassol-based group, which has grown from a marine fuel supplier established in 1992 into an international maritime and energy business.

Chrysostomos Papavassiliou, the group’s founder, chief executive and chairman, reflected on the company’s beginnings almost 35 years ago, recalling how the business first operated from a small office in an apartment building just a short distance from the hotel hosting the reception.

Since then, the company has expanded into 12 countries, developing activities across marine fuel supply and trading, onshore energy solutions, ship owning and vessel management.

Speaking about the company’s growth, Papavassiliou placed particular emphasis on the people behind its development and the importance of maintaining long-term business relationships.

Andreas Tsouloftas took charge of the Limassol Chamber of Commerce and Industry (Evel) at a time when businesses were closing their doors, restrictions were disrupting everyday life and the economic consequences of Covid-19 were still unfolding.

Six years later, as he steps down from the presidency, he leaves behind an organisation he believes has strengthened its standing among businesses, government institutions and the wider community, with closer international ties and a greater presence in public affairs.

Speaking to Entrepreneurial Limassol, a periodical published by the Limassol Chamber of Commerce and Industry (Evel), Tsouloftas looked back on a presidency that began in late 2020, recalling the difficulties of the pandemic, the chamber’s growing involvement in European affairs and the relationships built with foreign embassies.

“When I took over the presidency of the chamber at the end of 2020, it was the year Covid had begun,” he recalled, describing a period unlike anything the organisation had previously experienced.

Businesses were forced to close, restaurants and other establishments faced restrictions, and the chamber found itself dealing with problems that extended across almost every part of the local economy.

Multinational gaming entertainment company Allwyn AG now holds 44,555,882 of its own shares, equivalent to 5.52 per cent of its issued share capital, following the completion of its interim distribution scrip option.

The company announced that 271,883 treasury shares had been credited to the securities accounts of eligible shareholders who chose to participate in the option.

The completion of the process has left Allwyn holding the remaining shares in treasury, representing 5.52 per cent of its total issued share capital.

The announcement comes as Allwyn pursues a broader strategy to take greater control of the technology and content underpinning its betting and gaming operations.

Earlier this week, the company agreed a €50 million deal with sportsbook technology provider Kambi Group, giving it access to Kambi’s sportsbook source code through a global perpetual licence.

Kazakos, secretary-general of the International Chamber of Shipping (ICS), will join European Shipowners secretary-general Sotiris Raptis and TradeWinds editor-in-chief Julian Bray on Wednesday, November 18, for a discussion on regulatory fragmentation and cybersecurity at the TradeWinds Shipowners Forum.

The discussion, scheduled for 2pm at the Grand Hyatt Hong Kong, forms part of Hong Kong Maritime Week, which runs from November 15 to 21 and brings together shipowners, policymakers, financiers and technology executives.

The timing is particularly significant. Shipping companies are facing growing pressure to reduce emissions, invest in cleaner vessels and protect increasingly connected fleets from cyber threats. But the regulations governing those responsibilities are developing at different speeds across the world’s major trading regions.

For an industry whose ships can cross several jurisdictions on a single voyage, the consequences extend well beyond paperwork.

Different reporting requirements, carbon pricing systems and environmental standards can increase operating costs, complicate investment decisions and leave shipowners uncertain about which technologies and fuels will meet future obligations.