Cyprus generated €3.2 billion from tourism in 2024 as traveller numbers rose, with Paphos ranked as the island’s top destination, according to a report released on Tuesday by the statistical service.

Specifically, total arrivals reached 6,285,427 during this time, reflecting a rise of 2.9 per cent over the previous year.

Departures, meanwhile, totalled 6,270,760, which also marked an increase of 2.70 per cent compared to 2023.

Air traffic continued to dominate travel patterns, accounting for 97.70 per cent of both arrivals and departures during the year.

Tourist arrivals specifically saw a stronger uptick, increasing by 5.1 per cent to reach 4,040,200 in 2024, compared to 3,845,652 the year before.

Cyprus has been ranked in the middle of the global wealth rankings for 2025 by The Economist, which placed Switzerland at the top and Burundi at the bottom in its assessment of 178 countries.

The list measures income at market exchange rates, purchasing power adjusted for local prices, and earnings adjusted for both prices and working hours.

Switzerland leads in nominal GDP per person, with average earnings of more than $100,000 last year. Singapore and Norway follow, at $90,700 and $86,800, respectively.

But Switzerland is also one of the most expensive countries in the world, meaning its high salaries do not stretch very far.

Adjusted for local costs, Singapore jumps ahead. And when working hours are also factored in, Norway takes first place for the second consecutive year, followed by Qatar and Denmark.

The Kourion and Limassol municipalities will manage parts of their beaches this summer, adopting Ayia Napa’s model to improve services while ensuring low costs for locals and visitors, it emerged on Tuesday.

In an article published by the Limassol Chamber of Commerce (Evel), Kourion mayor Pantelis Georgiou said that the municipality has taken responsibility for services and facilities at Kourion and Lady’s Mile beaches, excluding areas adjacent to restaurants.

The aim, he stressed, is to provide “quality service at a low cost.” He added that sunbeds on the municipality-run zones will be charged at €2.50, and visitors are free to bring their own ice packs or other equipment without interference.

At Kourion beach, facilities have already been installed, but at Lady’s Mile, sunbeds will only be set up once the turtle nesting season ends.

The finance ministry has asked “reasonable questions” regarding the Great Sea Interconnector project in its letter to the energy ministry, Energy Minister George Papanastasiou said on Tuesday.

Speaking to CyBC radio, he moved to dispel reports of a disagreement between the finance ministry and his own ministry regarding the future of the project, describing them as “exaggerations” and “inventive scenarios”.

“The finance ministry was clear in its letters. We consider the questions to be reasonable, and we are proceeding with an answer. The rest is inventive publications,” he said, before adding that he has “absolutely no difference” of opinion with the finance ministry.

“Each ministry does its job. The finance ministry will find resources and we, the energy ministry, are monitoring the energy project and will answer the questions which were raised,” he said.

Chief marketing officers (CMOs) in the online trading and CFD sector face exceptionally short tenures, with firms based in Cyprus, the United Kingdom, and the UAE showing similar patterns, according to a study by marketing agency FYI.

Specifically, the study found that most CMOs in this space leave after just 17.5 months.

That median tenure comes from analysis of 50 data points spanning 2014 to July 2025 and covering 40 CMOs across 38 brokers based in Cyprus, the United Kingdom and the UAE.

On average, CMOs stayed for 22.4 months, though a few long‑serving individuals raised that average.

Nineteen out of fifty CMOs departed within their first year, making brief tenures common.

Moreover, only two CMOs remained in their role for five years or more.

Insight Enterprises and Columbia Group have signed a strategic partnership to deliver IT and OT services to the maritime sector, combining Insight’s enterprise technology expertise with Columbia’s operational experience in shipping.

Under the agreement, services will be provided through the SmartSea brand, offering a suite of digital technologies such as cloud infrastructure, cybersecurity, AI-driven analytics, and digital workplace systems.

“We are excited to join forces with Insight to bring next-generation IT and OT solutions onboard our managed fleet and the wider maritime industry,” said Mark O’Neil, president and CEO of Columbia Group.

“This partnership will enable us to provide unparalleled services to our clients and drive innovation in the sector,” he added.

Cyprus took centre stage in a groundbreaking effort to decarbonise the shipping industry, as the island plays a key role in supporting a first-of-its-kind onboard carbon capture project.

The initiative is co-funded by the Eurostars partnership on Innovative SMEs, part of Horizon Europe, through the Cyprus Research and Innovation Foundation (RIF).

This funding supports collaborative R&D projects driving innovation across industries, including maritime transport. The consortium of funding recipients also includes the Cyprus Marine and Maritime Institute (CMMI), a centre of excellence in maritime research with a focus on advancing new decarbonisation technologies.

The Deputy Ministry of Research, Innovation and Digital Policy on Tuesday announced that it has entered into a strategic agreement with Lenovo and Newcytech Business Solutions Ltd.

According to the announcement, the agreement, which was signed with the ministry’s department of information technology services, aims to improve the digital infrastructure of Cyprus’ public sector.

The agreement concerns the supply of specialised Lenovo ThinkSystem servers that will support the technology needs of Cyprus’ public sector entities over the next two years, with the option to extend for an additional year.

The project will be implemented with the support of Newcytech Business Solutions Ltd, Lenovo’s strategic partner in Cyprus.

The Central Bank of Cyprus (CBC) on Tuesday reported total assets of €28.35 billion as of June 30, 2025, according to a report by governor Christodoulos Patsalides.

The largest component of the central bank’s assets was intra-Eurosystem claims, which stood at €18.09 billion.

Securities of euro area residents denominated in euro accounted for €7.22 billion, while gold and gold receivables totalled €1.25 billion.

According to the report, the central bank had no loans outstanding to euro area credit institutions related to monetary policy operations as at the end of June.