Trade unions are raising objections over the privatisation of the Cyprus Stock Exchange (CSE), warning that staff rights have not been fully safeguarded under the draft law currently before Parliament.

During Monday’s session of the Finance Committee, representatives from Sek and Peo said that while agreements had been reached with the Finance Ministry during earlier consultations, several of them were later altered or omitted entirely from the final bill.

They cited the abolition of vacant promotion posts, the disregard of collective agreements, and the removal of supplementary staff transfer plans as examples of what they described as a unilateral rollback of established labour rights.

Energy Minister George Papanastasiou on Tuesday said there was no justification for any increase in fuel prices despite the present geopolitical upheaval in the Middle East.

Speaking after the conclusion of the day’s House energy committee meeting, he said that countries which produce crude oil are “continuing to produce at the rate they were producing”.

“Demand remains where it is, so any increase is not justified when there is geopolitical turmoil,” he said.

“In geopolitical turmoil, the psychology of traders raises prices, and it is always temporary.”

He added the government is not expecting large-scale price increases “like those which occurred during the Gulf War” in 1990, because the world is much less dependant on fossil fuel than it was at that time.

He said that oil production had also “dispersed” from the Middle East in the intervening 35 years, with countries outside the region now producing oil at higher rates than in the past.

In a statement released on Tuesday, following a meeting with president Nikos Christodoulides, the Cyprus Real Estate Developers Association underlined the significant role played by the island’s real estate development and construction sector in Cyprus’ economic and social progress.

The meeting, which took place on June 23, was also attended by Interior minister Constantinos Ioannou, Migration deputy minister Nicholas Ioannides, deputy minister to the President Irene Piki, government spokesperson Konstantinos Letymbiotis, and head of the president’s press office Victoras Papadopoulos.

Representing the association were chairperson Yiannis Misirlis, deputy chairperson Demetris Assiotis, vice president Antonis Kakoullis, secretary general Savvas Georgiades, board member Panikkos Livadiotis, honorary president Michalis Hadjipanayiotou, and executive secretary Antonis Fragoudis.

Cyprus’ banking sector recorded one of the highest profitability and capital adequacy levels in the European Union at the end of 2024, according to the European Central Bank (ECB).

The figures revealed that Cypriot banks recorded the third-highest return on equity (RoE) across the EU at the end of December 2024, reaching 17.7 per cent.

This marked a notable rise from 14.7 per cent at the close of the third quarter of 2024, though slightly below the 21.9 per cent achieved at the end of 2023.

BrainRocket joins TechIsland as donor, expanding support for Cyprus tech ecosystem Cyprus-based BrainRocket has joined TechIsland as one of the association’s donors, further strengthening its ties to the local tech sector and reaffirming its long-term commitment to the island’s innovation ecosystem.

Founded and headquartered in Limassol, BrainRocket specialises in full-cycle development of web and mobile products for clients across fintech, iGaming and marketing.

The company, which launched in 2020 with a team of just 100 people, now employs more than 1,300 professionals across Cyprus, Portugal, Poland, Malta and Serbia.

Senior executives from across Cyprus’ public and private sectors gathered in Nicosia last week for the 4th Cyprus Association of Information Technology Enterprises (CITEA) Digital Cyprus Conference.

The event examined how digital innovation is reshaping business strategy and driving long-term competitiveness.

Held under the theme ‘Driving Business Success through Digital Technologies’, the conference focused on the practical integration of AI, data analytics, cybersecurity and digital culture into the corporate landscape.

ASBIS Enterprises Plc announced this week a significant year-on-year increase in its estimated consolidated revenues for May 2025.

According to an announcement on the Cyprus Stock Exchange (CSE), the board of directors stated that estimated consolidated revenues for May 2025 reached approximately $320 million.

They stated that this figure represents an increase of approximately 40 per cent compared to May 2024, when revenues stood at $228 million.

Cyprus-based Matrix Ship Management has appointed Geoff Ramsay as head of ship management, a newly created role aimed at strengthening the company’s leadership team amid ongoing international expansion.

Ramsay brings with him more than 25 years of shore-based ship management experience, having held senior roles across various sectors of the maritime industry.  

His appointment comes as Matrix, a subsidiary of Matrix Marine Group, continues to grow its managed fleet and expand services, particularly in the passenger vessel segment. 

The consumer protection service has reported mixed movements in Cyprus’ consumer prices for May 2025.

The service highlighted increases in frozen molluscs and shellfish, oils, eggs and fish, while noting marked declines in fresh vegetables and baby diapers.

Based on data from the statistical service, the inflation rate dropped in May, entering negative territory at minus 0.2 per cent, compared to a rise of 0.2 per cent in April and 1.6 per cent in March.