Here are the top business stories in Cyprus from the week starting July 28:
In addition, the bank’s total net profits fell by 4.3 per cent year-on-year to €691m.
This figure includes a voluntary exit programme cost of €27m at Hellenic Bank and a negative goodwill charge of €38m from the acquisition of CNP Cyprus Insurance.
Earnings per share reached €0.19, while the return on tangible equity stood at 16.6 per cent.
Overseas operations made a significant contribution to performance, with adjusted net profits rising by 34.7 per cent on an annual basis to €374m in the first half of 2025, accounting for 52.6 per cent of the group’s total profitability.
Nestled along the unspoiled coastline of Polis Chrysochous, the hotel has long been celebrated for its timeless design, impeccable service, and unique sense of place.
At the heart of its continued success is General Manager Sebastian Wurst, a seasoned hospitality leader with over 20 years of international experience.
Since moving to Cyprus from New York approximately ten years ago, Wurst has brought a deep appreciation for local culture and community to his role within the Thanos Hotels group.
Branded as ‘Cavalli by Limassol Blu Marine,’ the high-rise development will mark the first Cavalli-branded residential project not only in Cyprus but across the entire region.
Positioned just steps from the marina and the city’s commercial district, the tower will offer uninterrupted views of the Mediterranean, with interiors designed by Roberto Cavalli’s own creative team.
The show apartment is already drawing attention, featuring floor-to-ceiling windows, expansive terraces, and integrated smart home technology, all within a prime beachfront setting.
The launch coincides with a period of record activity in Cyprus’ property sector, where strong transaction volumes and market resilience are fuelling investor confidence.
The Commission said that Temu had failed to properly assess and mitigate the risks related to illegal goods being offered on its marketplace, adding that data pointed to a high risk for EU consumers encountering such products.
According to the company’s statement today, “we will continue to cooperate fully with the Commission.”
Last year, as mentioned in the Cyprus Mail, the island’s Consumer Protection Service published a list of recalled toys sold on Temu, citing serious safety concerns.
“We’re excited to share that Bolsterup has been accepted into the NVIDIA Inception Program,” the company said, explaining that the programme assists startups by offering technical resources, networking opportunities, and access to advanced technologies.
The construction-focused startup said it is “transforming the construction sector by leveraging artificial intelligence to eliminate fragmentation and connect the entire ecosystem“.
Bolsterup explained that its platform enables professionals, including developers, contractors, architects and suppliers, to “discover the right people, products, and opportunities within seconds“.
The study will examine the technical, economic, and environmental dimensions of the planned installation, including necessary upgrades to existing port infrastructure.
Its findings will serve as the foundation for the implementation of shore-based electricity, enabling vessels to shut down their engines while docked and connect to the local power grid.
Described as a project of strategic importance for Cyprus, the initiative is aligned with the European Union’s climate policies, including the Green Deal and broader targets for decarbonising maritime transport.
To mark this major milestone, the company has teamed up with Partnier, the parent company of Keymailer and Game.Press, to launch the Ludus Creator Program.
The new initiative is aimed at content creators who enjoy deep strategic gameplay and fast-paced PvP battles.
“7 million players is a solid number and we want to thank our community for playing Ludus. We are aiming to grow and the Creator Program is our way of inviting more people to join the battles,” said Vladimir Markov, CEO of Top App Games.
Both companies are headquartered in Limassol. Interorient is led by Cypriot shipping executive Themis Papadopoulos, while Danship and Partners is headed by Indian maritime professional Captain Danniel Gautam Chopra.
“This mega investment symbolises the deep and wide diplomatic relations, bilateral, between India and Cyprus and will bring the two countries even more closer to each other,” the official announcement stated.
The development follows Indian Prime Minister Narendra Modi’s state visit to Cyprus on June 15, the first by an Indian Prime Minister in over two decades.
Tourism revenue in Cyprus climbed to €373.3 million in May 2025, according to the latest results on Wednesday from the passengers survey conducted by the statistical service (Cystat).
This marks a 20.2 per cent increase compared to May 2024, when it stood at €310.5 million.
For the five-month period from January to May 2025, revenue from tourism is estimated at €955.8 million, a rise of 27.2 per cent over the €751.2 million recorded in the same period of 2024.
In terms of individual spending, the average expenditure per person in May 2025 reached €779.08, reflecting a 5.7 per cent increase compared to €736.82 in May 2024.
As in previous months, the United Kingdom remained the largest source of tourists to Cyprus, accounting for 37.4 per cent of total arrivals in May. Travellers from the UK spent on average €97.77 per day.
The consortium agreement was signed by personal data protection commissioner Irene Loizidou-Nicolaidou, Keve secretary general Philokypros Rousounides, and the executive director of the University of Limassol Ioanna Panayiotou.
The Data ProTech project, officially titled “Supporting Data Protection Compliance in AI Technology Usage by Cyprus SMEs,” aims to support small and medium-sized enterprises in the field of personal data protection when using artificial intelligence.
The project is being implemented under the European Citizens, Equality, Rights and Values programme CERV-2024-DATA.
During the meeting with Tatham, Koumis underlined the strategic significance of the UK market, calling it “historically the largest source of tourists for Cypriot tourism.”
He pointed to consistently high levels of arrivals and reaffirmed the deputy tourism ministry’s commitment to maintaining strong performance, particularly during the winter months.
Tatham, for his part, expressed support for deeper collaboration between the two countries and noted that British tourists continued to hold a very positive view of the Cypriot tourism experience.
The announcement marks a significant step in addressing common transactional challenges faced by shipping companies, seafarers and suppliers.
The 7 Seas E-Wallet has been developed to enable faster, easier and more secure seamless mass payments, a pressing need within the maritime sector.
As a licensed Electronic Money Institution, Sepaga will serve as the partner behind the platform and will provide the infrastructure for opening electronic accounts or e-wallets, executing payments including international money transfers, managing currency exchange and performing KYC and AML procedures through automated checks.
Keve explained that “the platform was created as a result of a successful initiative that took place in London and was organised by the Presidency of the Republic of Cyprus, Invest Cyprus and Keve, in the presence of the President of the Republic of Cyprus”.
Moreover, Keve said that it had “supported the Presidency’s initiative from the very beginning with the aim of attracting and repatriating talent, taking an active role in organising the successful event in collaboration with the Presidency and Invest Cyprus”.
The agreement was signed on Thursday at the Finance Ministry by Finance Minister Makis Keravnos and EIB vice president Kyriakos Kakouris. It forms part of a broader €400 million national investment programme running through 2029, aimed at improving connectivity, road safety, and climate resilience.
Kakouris made clear that the new tranche “is not simply financial support for a specific project. It represents our shared commitment to creating better, safer and more sustainable infrastructure that will substantially improve the daily lives of the Cypriot people.”
He said the investment would help reduce accidents, improve regional access, and promote sustainable urban mobility.
Kakouris added that infrastructure is a “catalyst of social cohesion, facilitating access, communication and development.”
The report provides a detailed overview of financial assets and liabilities across various sectors of the economy.
According to the CBC, insurance companies posted financial assets totalling €5.7 billion. These assets are distributed with 7 per cent held in cash and deposits, 2 per cent in loans, 29 per cent in debt securities, 46 per cent in equities, and 16 per cent in other financial instruments.
Investment organisations hold €7.0 billion in financial assets. Of these, 5 per cent are in cash and deposits, 14 per cent in loans and debt securities, 79 per cent in equities, and 2 per cent in other financial instruments.
The platform, called fotiamap.com, allows anyone to drop a pin on an interactive map to indicate the location of a fire.
It was created as a free public tool to enable faster community-led reporting and improve the ability of emergency services to respond quickly.
The web app was developed over the course of a single weekend by Ramzi Edward Khoury and Violetta Skittidi, the founders of the legal-tech artificial intelligence platform Formulaw.
The developers explained that fotiamap.com was designed specifically for Cyprus and aims to support both citizens and emergency services by increasing visibility of incidents and facilitating quicker responses.
Skourides, who also chairs the Cyprus’ AI TaskForce, said the island’s long-term vision is to embed artificial intelligence across key government functions while strengthening its startup ecosystem and data infrastructure.
We are currently offering digital services via the gov.cy portal which acts as the digital front, and are exploring options that will improve the citizen customer experience.
“By 2030, we aim to have set the foundation that offers citizens, personalised government services powered by AI,” he said, citing examples such as passport renewals and visa automation.
Selk said the collaboration aims to “establish a strong foundation for joint initiatives that will strengthen Cyprus’ international image as a competitive business and investment destination”.
The partnership also seeks to “attract foreign companies and investments while supporting the country’s sustainable development”.
Moreover, Selk said that the signing of the memorandum “took place in a particularly positive atmosphere, with the participation of the leadership teams of both organisations”.
“This is a collaboration with substance, perspective and institutional responsibility,” Selk added.
Hermes Airports, which manages and controls Larnaca and Paphos international airports, noted in the Flight Mode that route planning is the outcome of long-term strategy and short-term operational needs, from fleet composition to aircraft and crew availability, all guided by profitability expectations and growth objectives.
Flight networks are typically scheduled twice a year, six to twelve months in advance, covering the summer (April–October) and winter (November–March) seasons.
According to Hermes, the airline’s business model plays a key role. Full-service carriers such as Aegean, Lufthansa or Emirates usually operate out of central hubs, connecting multiple destinations via stopovers.
The average gross monthly earnings of employees in Cyprus reached €2,509 during the first quarter of 2025, according to a report from the state statistical service released on Tuesday.
This reflects a 5.4 per cent increase compared to €2,382 in the first quarter of 2024.
The report also indicated that seasonally adjusted average gross monthly earnings rose by 1.4 per cent in the first quarter of 2025 compared to the fourth quarter of 2024.
Male employees recorded average gross monthly earnings of €2,689 in the first quarter of 2025.
At the same time, the same figure for female employees stood at an average of €2,284.
Compared to the same period in 2024, male employees’ earnings increased by 5.2 per cent.
Meanwhile, female employees saw a 5.5 per cent rise during that same timeframe.
According to a report in Philenews, the bill introduces a strict measure enabling the tax department, with a court order and police assistance, to temporarily shut down companies that fail to meet tax obligations or obstruct tax audits.
The initiative draws inspiration from the Greek model, in use for years by the Independent Authority for Public Revenue (IAPR).
According to the proposed amendment to the tax verification and collection act, business premises may be sealed when a court is convinced that the business operator repeatedly breaks the law and engages in serious violations.
The measure targets those who either fail to issue invoices for at least three different transactions or for any single transaction exceeding €500, or deliberately issue inaccurate receipts.
According to a filing on the Cyprus Stock Exchange (CSE), the company confirmed that its board of directors examined and approved the agreement on July 25, 2025, before making it public today.
The agreement is between MHV Mediterranean Hospitality Venture Plc as the issuer and Prodea Real Estate Investment Company S.A. as the subscriber and bondholder.
The bond loan will be raised through the issuance of common bonds with a nominal value of €1 each.
The bonds may be issued partially or in tranches up to the total maximum amount of €20 million.
What is more, the bonds have a maturity period of five years from the date of the first issue unless they are repaid earlier.
Keve explained that the MoU aims to strengthen business compliance and support small and medium-sized enterprises (SMEs) in Cyprus.
The MoU was signed on Monday at the Keve headquarters in Nicosia by chamber president Stavros Stavrou and CCA president Andrea Moundi Savvidi, marking the start of what both organisations described as a dynamic partnership.
The agreement aims to enhance cooperation between the two bodies through joint actions and initiatives, including education and training on regulatory compliance, compliance support services, networking and knowledge exchange, as well as the sharing of information and collaboration in events organised by Keve and the CCA.
The observatory presents the average weighted price for 250 basic consumer products, including food and other goods, based on the quantities and daily prices at which these products were sold across 400 retail outlets nationwide throughout the month.
The purpose of the observatory is to offer consumers an objective comparative snapshot of market prices from all retail outlets, including supermarkets, bakeries, kiosks and other shops.
The overall assessment for June highlights another significant reduction in the inflation rate, which continues to hover at deflationary levels of minus 0.4 per cent compared with minus 0.2 per cent in May and plus 0.2 per cent in April.
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