Cyprus and India have vowed to deepen economic ties, with president Nikos Christodoulides describing Indian Prime Minister Narendra Modi’s visit to the island as “historic,” marking a turning point in bilateral relations and opening new channels for investment.

Speaking at a roundtable discussion with business leaders in Limassol on Sunday, Christodoulides said the visit paves the way for “an unprecedented strategic relationship” between the two countries, based on shared values and common interests.

He said that Cyprus, as the southeasternmost EU member, provides a stable foothold in an otherwise volatile Eastern Mediterranean.

The official visit, which began on Saturday, was described by the President as laying “strong foundations” for redefining Cyprus-India economic cooperation.

He said Cyprus aspires to become “a natural gateway” for Indian companies expanding into Europe, leveraging its EU membership, geographic position, and growing technology ecosystem.

Christodoulides also extended his condolences to the Indian people following a deadly air accident, before turning to the opportunities at hand.

The Cyprus Stock Exchange (CSE) has announced that it held a meeting on Monday with senior officials from the National Stock Exchange of India at its headquarters in Nicosia.

The meeting marked a follow-up to the recent signing of a memorandum of understanding between the two stock exchanges.

Representing the Indian side were Ashish Chauhan, Managing Director and Chief Executive Officer of NSE Group, and V Bala, Managing Director and Chief Executive Officer of NSE International Exchange.

According to the chairman of the CSE council Marinos Christodoulides, the partnership “falls within the broader framework of strengthening business and investment ties between Cyprus and India“.

He said this “objective was clearly outlined during the official visit of the Indian prime minister Narendra Mondi to Cyprus the previous day”.

The CSE also stated that the collaboration between the two exchanges will explore possibilities for joint work in areas such as investment, the development of new financial products, and the dual listing of companies on both markets.

The Cyprus Mail recently sat down with Andrey Leskin, CTO of Czech firm Qrator Labs, which also has a presence in Limassol, who delved into the cybersecurity risks confronting Europe’s small and medium-sized enterprises (SMEs).

In this in-depth interview, Leskin identified ransomware as the leading threat, compounded by limited resources and a lack of strategic awareness among SMEs.

Moreover, he outlined how governments can support the sector through tax-friendly policies, public education, and fostering local cybersecurity ecosystems.

Leskin also highlighted the systemic challenges in the cybersecurity job market, including the talent gap and perception issues, and weighed in on Cyprus’ ambitions to become a regional cybersecurity hub, exploring both its competitive advantages and looming risks.

PwC Cyprus on Monday announced that it recently hosted two high-impact leadership events aimed at empowering family-owned and small businesses with the strategies, tools, and insights needed to grow and adapt in a shifting economic landscape.

Held on June 12-13 at the firm’s Experience Centre in Nicosia, the events were organised under the auspices of the Cyprus-UK Business Association and the Institute of Chartered Accountants in England and Wales (ICAEW), with support from the British High Commission.

According to the announcement, the sessions attracted a diverse audience of entrepreneurs, business leaders, and industry professionals who gathered to explore current leadership challenges and the opportunities they present.

Both events were anchored by keynote speaker Michelle Lestas, a renowned business turnaround specialist and award-winning author.

The Research and Innovation Foundation (RIF) has launched a new €10 million funding scheme to help Cypriot companies turn innovative ideas into high-value products and services.

Known as STEP (setting up facilities and production lines for manufacturing new innovative products or services), the programme is part of a series of flagship actions unveiled by president Nikos Christodoulides in the 2025 annual governance programme.

According to the RIF, it aims to “reinforce the productive fabric of the economy through targeted support for industrial innovation“.

Open to all Cypriot businesses regardless of size, STEP provides funding of up to €2 million per project, in line with EU state aid regulations.

The focus is on sectors aligned with the EU’s Strategic Technologies for Europe Platform (STEP), specifically advanced digital technologies, clean and efficient technologies, and biotechnologies.

The Cyprus Securities and Exchange Commission (CySEC) has announced three separate decisions taken during a recent meeting, reflecting its ongoing regulatory oversight of investment firms and funds operating in the country.

In one case, CySEC imposed a total administrative fine of €1,300 on WRDNB Ltd for failing to submit the required quarterly report for the fourth quarter of 2024 on time.

According to the commission, the company did not meet the deadline for filing the QST-CIF Form as required by a CySEC circular.

Moreover, CySEC said the fine was issued due to non-compliance with its reporting obligations.

The Cyprus Stock Exchange (CSE) on Monday announced adjustments to the weight factors applied to several stocks within its major indices, following its previous update on May 26, 2025.

These changes are based on index management rules and data effective as of June 13, 2025.

The General Index of the CSE will now apply a weight cap of 25 per cent for any stock whose weight exceeds that level.

As a result, the share of Bank of Cyprus Holdings Plc will be weighted at a factor of 0.084920, and the share of Demetra Holdings Plc will be weighted at 0.894445.

The announcement explained that both companies exceeded the 25 per cent threshold of the General Index.

Freedom Holding Corp. on Monday reported a 23 per cent year-on-year increase in revenue for the fiscal year ending March 31, 2025, reaching $2.05 billion.

The financial results, announced by the Kazakhstan-headquartered firm, reflect strong performance across both its brokerage and insurance segments, in line with the company’s stated growth strategy.

The group operates through subsidiaries and representative offices in 22 countries, including Cyprus.

Net profit for the year totalled $84.5 million, with earnings per share reaching $1.43, based on a basic weighted average of 59.4 million shares.

Insurance underwriting income surged by 134 per cent to $618 million, while interest income grew by 4 per cent to $864 million.

Employment in the broad public sector in Cyprus reached 77,034 in the first quarter of 2025, according to a report released on Monday by the Cyprus Statistical Service (Cystat).

Of this total, 72,072 were employed in general government and 4,962 in companies and enterprises controlled by the government.

Within the general government, which includes central government, non-profit organisations and local authorities, employment stood at 55,243, 11,248 and 5,581 respectively.

The statistical service also reported that the number of job vacancies in Cyprus during the first quarter of 2025 amounted to 13,524, marking an increase of 295 positions or 2.2 per cent compared with the same quarter in the previous year, when vacancies stood at 13,229.

Compared with the fourth quarter of 2024, vacancies increased by 527, a rise of 4.1 per cent.

The vacancy rate, defined as the number of job vacancies as a proportion of the total number of occupied posts and vacancies, stood at 2.9 per cent in the first quarter of 2025.