Wrap-up of business & economy stories from the day before
The unified schedule has already been published on the bank’s website.
The development follows the merger between Hellenic Bank and Eurobank Cyprus, which formally began on September 1, 2025, with the transfer of all assets and liabilities of Eurobank Cyprus to Hellenic Bank.
At the same time, the process has started to change the name of Hellenic Bank Public Company Ltd to Eurobank Limited.
“The new name reflects the shared vision, dynamism and innovation that characterise the Eurobank Group, mirroring the strategy of the unified organisation for sustainable growth and a customer-focused approach,” Hellenic Bank said.
According to provisional estimates released by the Statistical Service (Cystat) on Friday, total employment during this period was 508,291 people, of whom 455,484 were employees and 52,807 were self-employed.
The most notable growth was recorded in information and communication, wholesale and retail trade, and accommodation and food service activities.
Meanwhile, actual hours worked in the second quarter of 2025 increased by 2.2 per cent year-on-year, reaching 236,196.
According to a report by Philenews, the matter is under evaluation as the next step in the bank’s expansion into the Greek market, a move that would also highlight the group’s growing outward orientation.
The potential of this happening resurfaced after a report by Greek news portal Insider, which wrote that the Cypriot bank is considering creating a permanent representative office in Athens with a focus on corporate lending.
Citing sources from the Bank of Cyprus, Philenews reported that the option is indeed being evaluated, as senior executives of the group have previously mentioned during presentations of financial results.
They stressed that there is no final decision at this stage and no move will be made before the end of this year.
The regulator said that at its meeting on August 25, 2025, it decided to withdraw the investment firm licence of Fibo Markets Ltd, following the company’s own decision to renounce its authorisation.
At the same time, CySEC informed the public that the membership of Oasis Wealth Management Ltd, The Alternative GMI Ltd, Itrade Global (CY) Ltd and Viverno Markets Ltd has been withdrawn from the ICF.
The regulator clarified that the loss of membership status does not affect the rights of covered clients to receive compensation for investment operations carried out up to the point of withdrawal, provided the conditions for compensation are met.
He added that by the end of 2025 a new system for electronic public procurement contracts will also be launched, which, in his words, “will enhance transparency and accountability”.
Antoniades explained that under the accrual basis, revenues will be recorded in the financial year to which they belong and expenses when they occur, regardless of the movement of cash.
He clarified that the application of this system will be carried out on a pilot basis during the first two years, 2025 and 2026.
He stressed that accrual accounting has been applied in other countries for many years and added that “this will provide greater transparency”.
On an annual basis, Cyprus recorded a decrease of 1.2 per cent in July 2025 compared with the same month of the previous year.
The decline followed a rise of 0.3 per cent in June 2025 and 0.7 per cent in May 2025, but a decrease of 0.4 per cent in February 2025.
In annual terms, the July 2025 figure marked a sharper decline than the 0.2 per cent drop recorded in June 2025.
In contrast, industrial producer prices in the euro area increased by 0.4 per cent in July 2025 compared with June 2025, while in the EU they rose by 0.6 per cent.
The association also focused on the specific characteristics of the insurance sector and the need for regulations that enhance transparency, safeguard tax fairness and support the competitiveness of the economy.
The above statements were conveyed during a meeting held earlier this week with tax commissioner Soteris Markides and members of his team at the Finance Ministry, in the context of the ongoing public consultation on the planned tax reform.
In a statement, Saek said that the meeting was “conducted in a spirit of honest dialogue and cooperation“, with both sides exchanging views on the proposed regulations affecting the insurance industry, which are included in the relevant draft bills.
The policy statement, numbered PS-03-2025, outlines the supervisory and testing fees that will apply to firms falling under the scope of Regulation (EU) 2022/2554.
The annual supervision fee has been set to range between €2,000 and €20,000, depending on the size of each entity.
An assessment fee for threat-based penetration testing was set at €20,000.
CySEC explained that the fees were determined after taking into account feedback submitted by stakeholders in response to the public consultation document CP-01-2025, which was published earlier in the year.
During the period January to March 2025, the total weight of goods transported by road in Cyprus increased by 0.2 per cent compared with the same period in 2024.
Meanwhile, the weight of freight transported from and to Cyprus rose by 6.4 per cent over the same period.
The move follows the recent deactivation of the portal, which led to the cancellation of 14 applications under the electromobility grants scheme.
The €9,000 grant applies to the purchase of used private vehicles with zero CO2 emissions. However, vehicles already registered in the motor vehicle registry before the application date will not be eligible.
“We are delighted to bring our flights back to Abu Dhabi,” Wizz Air said in an announcement.
“With this return, Wizz Air once again brings its signature pink jets to the Abu Dhabi skies, reinforcing its commitment to expanding affordable travel opportunities across the region,” the airline added.
Flights will operate four times per week on Tuesdays, Thursdays, Saturdays and Sundays, with fares starting from €24.99.
Demetra Holdings Plc on Friday announced that it completed yet another repurchase of its own shares.
According to the announcement, the transaction was in line with the relevant regulations of the Cyprus Stock Exchange (CSE) and the circulars of the Cyprus Securities and Exchange Commission (CySEC)
The company informed investors that the decision was carried out following the authorisation granted by the annual general meeting held on June 24, 2025, and in accordance with the Companies Law, Chapter 113, Article 57A.
During its session on September 4, 2025, the company, through the Cyprus Investment and Securities Corporation Ltd (CISCO), repurchased a total of 9,000 shares at an average price of 1.70 cents.
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