Here are the top business stories in Cyprus from the week starting July 21:
In an opinion article published by Politis, Matsas said there had been “a recent absurdity” in the way the discussion on CoLA was being approached, and criticised those who “either misunderstand or deliberately misrepresent the institution’s role”.
“CoLA is not an arbitrary bonus,” he said. “It is a right that arises from collective agreements. Any distortion of its philosophy amounts to an attempt to violate a core component of those agreements, threatening to undermine the entire framework of collective bargaining.”
He argued that reducing or abolishing CoLA would have “unpredictable negative consequences for the labour market, social cohesion, and economic development.”
The chamber, which serves as the national coordinator of the Enterprise Europe Network Cyprus, highlighted the key role of RIF in strengthening Cyprus’s research and innovation ecosystem.
It should be noted that the RIF recently launched a series of funding programmes with a total budget of €18,015,000.
These programmes, Keve explained, are designed to “support competitiveness, export orientation, and innovation, with a particular emphasis on the private sector”.
Cyprus recorded a budget surplus of €619.1 million in the first quarter of 2025, according to preliminary fiscal data released on Monday by the Cyprus Statistical Service (Cystat).
This marks an increase from the surplus of €575.70m reported during the same period in 2024.
Total revenue rose by €231.20m or 6.8 per cent, reaching €3.64 billion in the January to March 2025 period, compared with €3.41 billion in the corresponding period of 2024.
Social contributions recorded the most significant increase in revenue, growing by €139.30m or 13.2 per cent to reach €1.19bn, compared with €1.05bn in the first quarter of 2024.
Revenue from income and wealth taxation grew by €70.70m or 7.7 per cent, totalling €985.90m, up from €915.20m in the same period last year.
In its June 2025 economic bulletin, the CBC revised its forecast for the country’s growth rate in 2025 to 3.1 per cent, slightly down from 3.2 per cent projected in the March macroeconomic outlook.
“This resilience,” he said, “is largely due to the strong buffers built in recent years in critical areas such as public finances, the banking sector, and the supervisory framework.”
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.
UK-based Seabound launched its first onboard carbon capture project in partnership with Hartmann Group, Heidelberg Materials Northern Europe, and InterMaritime Group.
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 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 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.
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.
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.
Gold and gold receivables totalled €1.25 billion.
Claims on non-euro area residents denominated in foreign currency amounted to €1.06 billion.
The federation of employers and industrialists (Oev) warned members that American products could face additional EU duties and urged them to submit comments by Friday, July 25 at 11.00 am.
The feedback will help shape Cyprus’ submission to the European Commission. Oev noted that the views of Cypriot companies would be “decisive” in defining the Republic’s position during EU-level negotiations.
Several EU countries are already pressing for carve-outs to shield sensitive exports from potential US retaliation.
According to an official announcement, the event marked the beginning of a major national initiative aimed at creating “a modern, green and sustainable model of development for Cyprus”, through the integration of smart city solutions across municipalities and communities.
Organised by the Deputy Ministry of Research, Innovation and Digital Policy in partnership with Cyta, the project is envisioned as a nationwide platform for smart city technologies.
These technologies, the announcement said, are designed to improve resource management, enhance public safety and deliver better citizen services through digital means.
Cypriot businessmen Costas Cleanthous and Charalambos Panayiotou, shareholders of fintech trading platform XM, have applied to the Central Bank of Cyprus (CBC) to acquire a majority stake in Ancoria Bank, according to Kathimerini.
Although both men are deeply involved in XM, the online trading company is not connected to the bank acquisition in any capacity.
The move, filed on July 18, seeks to increase their combined stake in Ancoria from under 9.9 per cent to nearly 80 per cent.
If approved, Cleanthous is expected to hold between 50 and 60 per cent of the bank, with Panayiotou taking around 20 per cent.
Ancoria’s current majority shareholder, Sievert Larsson, would see his stake reduced to about 20 per cent.
The submission, which had been in preparation since April, will be assessed by both domestic supervisors and the European Central Bank (ECB).
Limassol has emerged as the strongest performer for high-end house rentals in Cyprus’ residential property market, while Nicosia recorded the lowest average rents, according to a report released on Wednesday by Landbank Analytics.
The analysis, based on listings collected from real estate platforms, provides a detailed breakdown of average asking rents for houses, highlighting significant regional variations and market dynamics.
The report revealed that average house rents in Limassol climbed to €5,099 in July 2025, further confirming its position as the most expensive district for high-end rentals.
Meanwhile, Paphos followed closely with an average rent of €4,338, reflecting strong demand for premium properties and confirming its status as a prime destination for luxury residential leases.
By contrast, Nicosia recorded the lowest average rent among all districts at €2,756.
The awards are organised by the Deputy Ministry of Tourism in collaboration with the Cyprus Hospitality Body (Kypria Filoxenia).
According to the announcement, the awards will focus on two core pillars.
The first pillar centres on hospitality experience, and the public is invited to nominate individuals or teams who went above and beyond during the year 2024 to deliver exceptional service and create unforgettable moments for visitors to Cyprus.
Located in Tsiflikoudia, within a mixed-use zone that combines light industry and economic activities, the 17,737-square-metre plot was previously owned by Nemitsas Industries Ltd.
The company specialised in manufacturing industrial machinery, such as turbines, pumps and concrete mixers, along with cast products like iron and brass components for mining.
Currently, the site is used for material storage and houses several government services, including the departments of electromechanical services and public works.
According to the findings published in the centre’s latest bulletin, recent geopolitical tensions, primarily due to the Russia-Ukraine war and other regional conflicts, have pushed global oil and food prices higher.
The report highlighted that these countries play a crucial role in global trade in those specific commodities.
The study examines how fluctuations in food and oil prices influence inflation in Cyprus.
Credit transfers remain the most popular non-cash payment method in Cyprus by total transaction value, accounting for 83 per cent, according to a report published on Thursday by the Central Bank of Cyprus (CBC).
Cheques came in second place by value, with an 7 per cent share, confirming their continued significant presence in the local market despite the broader trend toward digitalisation.
The CBC report, which covered payment statistics for the second half of 2024, highlighted that Cypriots primarily use credit transfers, with an average transaction value of €4,402, and cheques, with an average of €3,615, for high-value payments.
In contrast, payment cards, which have an average transaction value of €39, are typically used for lower-value purchases.
The report also showed that the average value of cheque payments in Cyprus was three times higher than that of the euro area, where the average stood at €1,140.
The funding will be allocated to both immediate frontline needs and longer-term rehabilitation efforts, following a thorough assessment of the damage.
According to the company, this assessment will be carried out in collaboration with local authorities and institutional bodies, as well as through on-site visits, to ensure that the support is targeted and used transparently.
The European Central Bank’s decision to hold interest rates gives the eurozone time to assess growing trade risks and maintain financial stability, according to fintech app Plum.
Following the ECB’s governing council meeting on Thursday, the central bank announced that it would keep the three key interest rates unchanged, with inflation currently at the ECB’s medium-term target of 2 per cent.
Inflation has stabilised around the ECB’s medium-term target of 2 per cent, and the governing council noted that incoming data remains broadly consistent with its previous assessment.
Domestic price pressures are continuing to ease, supported by slower wage growth across the euro area.
According to the relevant filing by the exchange, the announcement pertains to the period between January and June 2025.
Moreover, the CSE explained that this evaluation aimed to assess whether listed companies on the Regulated Market continued to meet the minimum market value threshold, which is both a listing condition and an ongoing obligation.
The exchange confirmed that shares of four companies will be traded without the special marking (marked by the Greek letter for sigma) starting Monday, July 28, 2025, following their successful compliance with the aforementioned listing requirement.
According to the company, profits also rose markedly, climbing to €19.5 million in the first six months of 2025 compared to €11.6 million in the corresponding period of 2024.
Earlier this year, the company’s general meeting approved a dividend payout of €12.9 million, equivalent to €0.18 per ordinary share, with €0.06 attributed to 2023 profits and the remaining €0.12 drawn from 2024 profits allocated to the annuity reserve.
Despite facing persistent volatility in energy and fuel prices, the company has taken a proactive stance, implementing a range of cost-containment measures across its operations to safeguard profitability.
The three-day event, organised by the debuty ministry of shipping in collaboration with the Cyprus Shipping Chamber (CSC) and the Cyprus Shipowners’ Association, will take place at the Parklane Resort and Spa Hotel, drawing over 1,000 shipping professionals from around the world.
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