Daily wrap-up of business & economy stories from the day before
The agreement was formalised in the presence of all relevant parties.
Speaking to reporters after the signing, Finance Minister Makis Keravnos expressed his satisfaction with the outcome.
This is an agreement that regulates the transfer of CSE personnel to the public service in the event that the privatisation process of the exchange is completed he said.
Kervanos described the deal as crucial to achieving the common goal of privatising the Cyprus Stock Exchange.
He said Cyprus’ economy was stable and resilient, with “one of the best performances in the EU,” pointing to its business-friendly environment, its geostrategic location at the crossroads of three continents and its role as a pillar of regional stability and humanitarian aid.
Damianou noted that relations between Cyprus and India were “deep and timeless” but had evolved rapidly in recent years, now extending into technology, shipping, tourism and investment.
Since his last visit a year ago, he said the partnership had entered a more dynamic phase with Indian companies choosing Cyprus as a base for new activities.
As Damianou mentioned, “that momentum gained historic significance when Indian Prime Minister Narendra Modi visited Cyprus in June, the first such visit in more than two decades.”
Speaking to Cypriot daily Politis, Mantovani said this was the first time since he joined the association in 1983 that he had seen such high volumes of arrivals during September.
He added that the early signs and bookings for October are also highly encouraging, with Larnaca and other destinations already reporting robust demand.
The majority of visitors this autumn are coming from the United Kingdom, Poland, Israel, and Germany, Mantovani said.
“In the 42 years I have worked in the tourism industry and with the Association of Cyprus Travel Agents, I do not recall another September with such a large number of tourist arrivals,” he said.
Cyprus’ Deputy Shipping Minister Marina Hadjimanolis showcased the advantages of the Cyprus registry and the wider maritime cluster during a reception at the High Commission of Cyprus in London, organised as part of the 12th London International Shipping Week.
According to the Deputy Ministry, the event was attended by leading figures from the political, diplomatic and maritime spheres of global shipping.
Hadjimanolis outlined the government’s commitment to the green and digital transition, the priorities of the ministry during Cyprus’ EU presidency in the first half of 2026, and the role of shipping in the economy.
She stressed that the sector contributes more than 7 per cent to Cyprus’ GDP and plays an equally important part in the country’s social and political development.
She also noted that Cyprus is not only a leading hub for shipowning and shipmanagement services but also “one of the largest top quality sovereign flag states.”
In addition, the survey showed that banks expect further increases in net demand for both mortgage loans and consumer and other household loans in the third quarter of 2025.
Meanwhile, lending criteria for both businesses and households remained unchanged in the second quarter.
However, banks anticipate stricter lending criteria for businesses in the third quarter, with household lending standards expected to remain unchanged.
Specifically, the CBC survey for the second quarter of 2025 found that lending criteria for businesses and households, covering mortgage as well as consumer and other loans, remained unchanged compared with the previous quarter.
Asked whether he has an opinion over the ongoing feud, he told reporters that “I have an opinion, I am informed, and when specific information emerges, we will see exactly what results from an agreement”.
“It is inconceivable at this time when the only country in the European Union which has zeroed inflation is Cyprus, while previously inflation was negative, that we cannot reach an agreement. That is why I appeal to all sides. It is a positive juncture to reach an agreement,” he said.
To this end, he stressed the need for “social dialogue” between workers and employers, describing it as “the basic method and the only way to reach a solution when we have critical issues to address”.
Speaking to the Cyprus News Agency (CNA) ahead of a meeting in Limassol on Friday, Tau said that routine tasks in compliance, fraud detection and customer service will increasingly be automated, enabling staff to focus on higher value work.
“This will lead to more flexibility and healthier working environments,” he noted.
He explained that the shift is also visible in staffing, recruitment and assessment, which are being reshaped by AI tools, adding that these create new responsibilities for transparency and the prevention of bias.
He stressed that advisory and analytical roles are expected to expand. Client advisors, he said, now operate in AI-powered digital environments, which changes the nature of customer contact and demands new digital skills.
According to a filing on the Cyprus Stock Exchange (CSE), the group’s main activities remain unchanged since the previous year.
These include the vinification of vine products, the production of beer and juices and the bottling of natural mineral water, which are distributed both locally and abroad.
The group is also active in the import and distribution of beer, wine and spirits, juices, bottled water and other canned food in the local market.
Turnover for the first six months of 2025 stood at €33,395,000 compared with €35,468,000 in the same period in 2024, representing a decrease of 5.84 per cent.
The event took place on Wednesday, September 17, at the bank’s headquarters in Nicosia and recognised the teachers who successfully completed the 2025 certification programme.
The programme was organised by the Cyprus Mathematical Society, in collaboration with the Cyprus Pedagogical Institute, the European Association of Career Guidance and the University of the National Education Commission in Krakow.
According to the announcement, Education Minister Athena Michaelidou personally awarded the certifications to the participating teachers.
The certification programme ran from February to July 2025.
The meeting will focus on the company’s performance during the first six months of 2025.
Louis confirmed that the review will be in line with its regulatory obligations, as its shares are traded on the regulated market of the Cyprus Stock Exchange (CSE).
The company provided a detailed breakdown of the repurchase, noting that it involved 10 separate transactions, all conducted on the same day at the same price of 1.685 cents per share.
Specifically, the purchases included 76 shares, 1,145 shares, 388 shares, 763 shares, 1,013 shares, 475 shares, 140 shares, 858 shares, 129 shares and 763 shares.
Demetra confirmed that the total number of shares acquired through these transactions amounted to 5,750.
The company’s revenue for the six months ending June 30, 2025, amounted to €9,005,565, down 3.33 per cent from €9,315,326 in the corresponding period of 2024.
The decline in revenue was primarily attributed to the geopolitical situation in the Middle East.
The company reported no income from non-recurring or extraordinary activities during the period from January 1 to June 30, 2025.
Top Kinisis Travel’s gross profit margin fell to 10.74 per cent, with gross profit of €967,085, compared with 11.88 per cent or €1,106,940 in the same period of 2024.
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