The Deputy Ministry of Tourism has launched a tender for hotel rooms in Nicosia to accommodate thousands of delegates expected during Cyprus’ presidency of the Council of Europe from January to June 2026, when more than 250 meetings will take place across the island.

According to the notice published on the Electronic Procurement System, the estimated value is set at €165,000 excluding VAT for 32,896 overnight stays, with the cost borne by the contracting authority. Including additional options, the total estimated value rises to €195,000.

Bids are open until September 3, 2025 at 11 a.m.

The announcement of eight different competitions to cover accommodation needs across Nicosia and the other districts was also confirmed by Deputy Minister for European Affairs Marilena Rauna during the Cyprus Hoteliers Association (Pasyxe) general assembly.

Israeli-owned BrainRocket will not be leaving Cyprus after all, following direct intervention by President Nikos Christodoulides, who met company officials to clarify the matter, according to Philenews.

Reports earlier this week had suggested the Limassol-based group was planning to relocate its operations to Spain, causing concern in government and business circles.

However, officials confirmed that only part of its workforce will be transferred abroad, while an equal number of new staff will be hired locally to maintain overall employment levels.

BrainRocket, which has operated in Cyprus for about a decade, employs around 1,500 people and is regarded as one of the island’s largest foreign-owned firms.

Eurobank has acquired 1,334,684 of its own shares between August 11-14, according to an announcement released this week.

The bank reported that the average purchase price per share was €3.45, with a total cost of €4,606,846.31.

In an official statement, Eurobank Holdings, said the buyback follows the approval of its Share Repurchase Programme by the Annual General Meeting of Shareholders on April 30, 2025.

The programme was initiated earlier on May 7, 2025, and approved by the board of directors on April 30, 2025.

The shares were purchased on the Athens Stock Exchange (ATHEX) through Eurobank Equities Monoprosopi Anonymous Investment Services Company.

Chief Scientist Demetris Skourides and Professor Konstantinos Zamboglou, Medical Director of the German Medical Institute (GMI), met in Limassol as part of the ongoing review of Agora 3.0, a strategic infrastructure project awarded by the Research and Innovation Foundation (RIF) to the German Oncology Centre.

Agora 3.0 has been described as a flagship initiative for digital transformation, placing GMI at the forefront of healthcare innovation in Cyprus and abroad.

Zamboglou said the institute aspires to become the first fully digitalised hospital in the country, integrating advanced health IT infrastructure to streamline patient care and research.

He noted that a dedicated AI Department had also been created, “becoming Cyprus’s first centre for testing, developing, and using AI for diagnosis,” and thanked the R for its support.

In addition, he continued that GMI has invested in an AI-ready supercomputer, ensuring that all medical data remains securely stored on-site.

Greece continues to attract high demand for travel throughout the autumn, with TUI AG, the largest European tour operator, confirming the country remains a top choice for Europeans.

The German group is already in talks with Greek hoteliers and managers of hotels within its network, as well as in Turkey, to extend operations until the end of November and, in some cases, even until January.

According to Kathimerini, this strategy was outlined by TUI AG CEO Sebastian Ebel during a conference call with analysts on nine-month results.

“We are planning more offers for the period after the peak summer season and aim to keep hotels open for a longer period, until January, in Greece and Turkey,” he said.

yprus has also been actively pursuing strategies to extend its tourist season beyond the traditional summer months, aiming to transform tourism into a near year-round industry.

The government and industry stakeholders view this as essential not only for increasing revenues but also for stabilising employment in the sector.

The National Bank of Greece has acquired 300,000 of its own shares during the period from August 7 to August 14, at a weighted average price of €13.1384 per share, with a total cost of €3,941,515.

The bank announced that this transaction followed the decisions of its annual general meeting of Shareholders held on May 30, 2025, and its June 4, 2025, announcement regarding the commencement of the first part of the share buyback programme approved by that meeting.

It was also carried out following the approval granted on May 28, 2025, by the Single Supervisory Mechanism of the European Central Bank, as well as the bank’s announcements made on June 16, June 26, July 4, July 14, July 21, July 29 and August 7, 2025, concerning the acquisition of own shares.

Andreas Neocleous has announced that he will step down as chief executive officer of Cypriot telecoms company Cyta at the end of August.

In a message to staff, the company confirmed that Neocleous has accepted a professional offer from a foreign company and will continue his career abroad.

The company said that the prescribed procedures to appoint an acting chief executive and subsequently fill the position have already been activated.

ASBISc Enterprises Plc has announced estimated consolidated revenues for July 2025, reporting a significant year-on-year increase.

According to the company, which is more commonly referred to as ASBIS, estimated consolidated revenues for July amounted to approximately $281 million.

This represents a 26 per cent rise compared with July 2024, when revenues stood at $223 million.

The Cyprus Stock Exchange (CSE) on Friday announced the continuation of the suspension of trading of shares of ZREES Fraction Plc on the Emerging Companies Market for an additional two months, until October 27, 2025.

The decision was taken under Article 185 of the Securities and Cyprus Stock Exchange Law, as the reasons requiring the suspension of trading continue to exist, the exchange said.

The suspension is due to the company’s failure to maintain the services of a nominated advisor, a requirement for listed companies, the announcement added.

ZREES Fraction Plc has also failed to submit and publish its annual financial report for the year ended December 31, 2023, the exchange said.

Additionally, the company did not submit or publish its half-yearly financial report for the period ended June 30, 2024.