What began as a personal move soon evolved into a bold strategic decision.

In an interview with Cyprus Mail, Matt Murphie, founder and investor of Copper Island, the international film company with roots in the US, UK, Europe and Australia, which now launched its new post-production facility in Cyprus, explained that Limassol stood out not only for its accessibility and infrastructure, but also for its growing role as a business hub.

“From a logistical point of view, it’s well-positioned between Europe, the Middle East, and North Africa, which is ideal for international productions,” he said.

Cyprus’ competitive tax rebate scheme also played a role in the decision.

“The incentives were definitely a factor. While many regions offer rebates, Cyprus’ scheme is very competitive,” Murphie noted.

But he added, “incentives alone aren’t enough, it’s about the ecosystem as well.”

Having overseen more than $100 million in production budgets globally, Murphie brings a measured, long-term approach to Cyprus.

Eurobank on Thursday released a detailed report outlining its role as a catalyst in the evolving economic, commercial and business relations between India, Cyprus and Greece.

The announcement came in the wake of the historic visit of Indian Prime Minister Narendra Modi to Cyprus, his first in 23 years.

The visit, which took place less than a year after Modi’s trip to Athens, underscored the growing strategic importance of Greece and Cyprus in India’s vision for the India-Middle East-Europe Economic Corridor (IMEC).

This global corridor aims to facilitate trade between India and Europe by enhancing connectivity across regions.

During his visit to Nicosia, Modi, alongside the President of the Republic of Cyprus Nikos Christodoulides, attended a high-level meeting on June 15 with the business delegation accompanying the Indian leader.

They met with prominent figures from the Cypriot business community. Eurobank was represented at the meeting by its Chief Executive Officer Fokion Karavias and Hellenic Bank CEO Michalis Louis, whose bank operates as part of the Eurobank Group.

Cyprus Real Estate Agents Registration Council president Marinos Kineyirou on Thursday raised concerns over illegal real estate activity involving Greek Cypriot properties in the Turkish-occupied north.

He stressed that illegal estate agency activities go far beyond criminal offences. “This is not just a penal issue,” he said. “In Cyprus, it appears to be directly connected to the ongoing exploitation of Greek Cypriot properties in our occupied territories.”

Kineyirou said that “for nearly 51 years, Greek Cypriot refugees have been deprived of their property rights, bearing the tragic consequences of the Turkish invasion and occupation”.

He further stated that “in the absence of the lawful owners, an illegal real estate system has developed, particularly in recent years, capitalising on the unlawful occupation and exploitation of refugee properties”.

Michael Ioannou, the chief information officer of Elias Neocleous & Co LLC, has called for an urgent shift in how organisations approach cybersecurity, describing it as a core component of operational resilience and national security.

“Our era is characterised by a relentless barrage of technological developments,” he said.

Artificial Intelligence (AI) is not only redefining business capabilities but, he added, digital transformation is fundamentally reshaping the business landscape itself.

In such a rapidly evolving environment, Ioannou believes only those who choose to innovate, invest strategically and transform progressively will be able to lead in the emerging digital reality.

Cybersecurity, he explained, must no longer be viewed as a marginal or technical concern.

It has become a core prerequisite for business continuity, citizen trust and the protection of national sovereignty.

“As technology permeates every aspect of our lives, from personal communication to critical services, the surface area exposed to cyber threats is expanding at an alarming rate,” he noted.

Seafarers detained in connection with their professional duties must be treated fairly and with dignity, with full respect for their human rights, according to high-ranking maritime officials.

This was the consensus of senior members from the International Maritime Organisation (IMO), International Labour Organisation (ILO), International Chamber of Shipping (ICS), and International Transport Workers’ Federation (ITF) during a joint event held at the IMO headquarters in London this week.

Participants stressed the need for due process and the fair treatment of seafarers, enabling them to be swiftly repatriated in accordance with the IMO/ILO guidelines.

They acknowledged that unfair criminalisation remains a serious concern, damaging both seafarers’ wellbeing and wider industry confidence.

“Global trade depends on the people, the seafarers, who are onboard ships day in, day out,” said IMO Secretary-General Arsenio Dominguez.

He noted that the well-being of seafarers must remain a shared global priority and added that stronger legal protections, increased awareness, and continued collaboration are essential.

India’s Drone Destination has announced the establishment of its European subsidiary in Cyprus, marking another strategic step in deepening bilateral economic ties following Indian Prime Minister Narendra Modi’s historic first official visit to the island.

The New Delhi-based company, India’s first drone firm to be listed on NSE Emerge and a leader in commercial UAV operations, provides certified training programmes and tailored Drone-as-a-Service (DaaS) solutions, from agricultural spraying to aerial surveying and asset inspection.

According to the statement, Drone Destination, with a strong reputation for safety and operational excellence, now plans to build a full-fledged unmanned aerial ecosystem out of Cyprus.

The new entity will focus on research and development, service provision, education, and drone sports, aiming to position the island as a regional hub for unmanned systems across Europe, the Middle East and Africa.

As part of its expansion strategy, Drone Destination is already in talks with both public and private stakeholders in the wider region.

The number of building permits authorised in Cyprus dropped by 20.4 per cent in February, when compared to the same month in 2024, the state stastical service reported on Thursday.

The report showed that 562 building permits were issued in during this time, compared to 706 in February of the previous year.

The total value of these permits reached €296.3 million, while the total area amounted to 237,200 square metres.

These permits provide for the construction of 1,094 dwelling units.

Cyprus recorded the lowest inflation rate among all European Union countries in May, according to figures released by Eurostat this week.

Inflation in Cyprus fell to just 0.4 per cent in May 2025, down from 1.4 per cent in April and 3 per cent in May 2024.

The annual inflation rate in the eurozone decreased to 1.9 per cent in May 2025, from 2.2 per cent in April. One year earlier, the rate stood at 2.6 per cent.

In the European Union as a whole, annual inflation dropped to 2.2 per cent in May 2025, compared to 2.4 per cent in April. A year earlier, EU inflation had reached 2.7 per cent.

The lowest annual inflation rates were observed in Cyprus at 0.4 per cent, in France at 0.6 per cent, and in Ireland at 1.4 per cent.