From October 9, all banks operating in Cyprus and across the EU must process payments around the clock, seven days a week, transferring funds between accounts in just a few seconds.
The change stems from the EU’s Instant Payments Regulation, adopted in April 2024, which builds on the Single Euro Payments Area (SEPA) system introduced by the European Payments Council.
The reform aims to end the long-standing delays in crediting payments, ensuring that both individuals and companies, especially small and medium-sized enterprises, gain immediate access to their funds.
The awards, now in their third consecutive year, aim to recognise innovation and support the growth of youth entrepreneurship in Cyprus.
The first prize of €100,000 was presented to George Chrysostomides for his Shopify website creation company, “Shrine”.
The second prize of €60,000 went to Chrystallena Poulli for her plant-based cosmetics company, “CP Herbalist”.
The third prize of €40,000 was awarded to Harout Chouldjian and Panayiotis Frantzesko for their international online shapewear clothing company, “Luxmery”.
This year’s edition of the awards attracted a record number of participants, solidifying its status as a key platform for innovation, creativity, and the empowerment of Cyprus’ young entrepreneurs.
Paphos has emerged as one of Cyprus’ most dynamic property markets in the first half of 2025, according to a report released on Tuesday by Landbank Analytics.
The findings show that Paphos recorded a high number of apartment sales, while resale houses in the district remained among the most expensive on the island.
Specifically, a total of 203 apartment transactions were recorded in Paphos during the first six months of 2025, more than twice the number of house sales.
In addition, the average resale apartment price stood at €129,774, the lowest in Cyprus, reflecting the district’s continued appeal to local and foreign buyers seeking affordable yet attractive options.
By contrast, resale houses in Paphos averaged €386,828 from 90 transactions, making them the second-most expensive in the country after Limassol.
Cyprus recorded one of the highest proportions of employees working long hours in the European Union during the second quarter of 2025, according to figures from Eurostat.
The figures reveal that 16.6 per cent of employed Cypriots aged 20 to 64 worked more than 45 hours per week in their main and second jobs combined.
This places Cyprus second only to Greece, which topped the list at 20.9 per cent, while Malta followed with 14.6 per cent.
At the other end of the scale, the lowest proportions of long-hour workers were found in Bulgaria, Latvia, and Romania, where the rates stood at 2.5 per cent, 4.1 per cent, and 5.9 per cent respectively.
Across the EU as a whole, 10.8 per cent of employed people worked more than 45 hours a week, highlighting a wide gap between southern and eastern European labour markets in terms of working culture and employment patterns.
The memorandum covers areas such as education, infrastructure, environmental protection, as well as the green transition of shipping.
The agreement was signed on Tuesday by Deputy Minister of Shipping Marina Hadjimanolis and Qatar’s Minister of Transport, Sheikh Mohammed bin Abdulla bin Mohammed Al Thani, on the sidelines of the Maritime Cyprus 2025 Conference in Limassol.
The signing followed a meeting between the two delegations, building on discussions held during Hadjimanolis’ official visit to Doha a few months earlier.
Hadjimanolis said she was pleased to welcome the Qatari minister to Cyprus, describing his presence as “a continuation of my visit to Doha, where we discussed the signing of this memorandum”.
Organised by the Shipping Deputy Ministry in cooperation with the Cyprus Union of Shipowners and the Cyprus Shipping Chamber, the three-day gathering reaffirmed Cyprus’ standing as one of the world’s leading maritime hubs and a bridge connecting regional and global shipping communities.
Opening the event, Stelios Himonas, Chairman and Permanent Secretary of the Shipping Deputy Ministry, said Maritime Cyprus had since 1989 served as a meeting point for those who govern, regulate, innovate and navigate.
“This is where the industry’s most pressing challenges, from decarbonisation and digitalisation to geopolitical uncertainty, are confronted collectively,” he noted.
According to an announcement released on Tuesday, chief scientist Demetris Skourides and RIF director general Theodoros Loukaidis held a series of high-level meetings with leading international figures in research and innovation.
During the forum, they met with Marcia McNutt, president of the US National Academy of Sciences, to discuss the need to redesign research evaluation systems.
The discussion focused on better use of knowledge and creating career opportunities for young researchers.
They also met with Maria Leptin, president of the European Research Council, to exchange views on the EU’s upcoming framework programme, the budget for frontier research, and measures supporting early-career scientists.
Addressing the presentation of the Photos Photiades Group’s new sustainability initiative ‘Epilogi’, he said the programme tackles one of today’s biggest challenges, protecting the environment in a “structured, practical and specific way.”
“Industry”, he said, “remains a key pillar of Cyprus’s economy but also one with significant energy needs.”
“However, through energy-efficient technologies, management systems and renewable energy, companies can reduce both their consumption and environmental footprint, our minimum obligation to future generations, while also strengthening their long-term competitiveness,” he added.
The supervisory bodies issued the statement to remind the public that crypto-assets remain high-risk products, with protection depending heavily on the type of asset and whether the service provider is authorised in the European Union.
The warning was accompanied by an explanatory factsheet, titled Crypto-assets explained: What MiCA means for you as a consumer, outlining how the Markets in Crypto-Assets Regulation (MiCA) affects EU investors and what safeguards are available.
AdTech Holding, a leading innovator in digital advertising and marketing technology, is hosting this year’s event under the auspices of the Deputy Ministry of Research, Innovation, and Digital Policy of Cyprus, with the support of TechIsland and other ecosystem partners.
“HackTech 2025 is more than just a coding competition – it’s a chance to use technology for good. Cyprus’s tech ecosystem is growing fast, and we believe that ideas coming from both enthusiasts and professionals across different companies can truly help tackle real challenges like wildfires,” said Alex Vasekin, CEO of AdTech Holding.
This year’s hackathon carries a heightened mission following the tragic wildfires that affected communities across Cyprus over the summer.
According to a statement by the Deputy Ministry, the meeting took place as part of the commissioner’s visit to Cyprus and focused on the sector’s importance to the Cypriot economy, as well as its performance from 2019 to the present.
The discussion acknowledged that tourism, in Cyprus as elsewhere, has been affected by both the pandemic and geopolitical tensions.
According to the announcement, the main topic of discussion was the European Tourism Strategy, an initiative of Commissioner Tzitzikostas, which is expected to be presented in 2026 following consultations with all stakeholders.
The process is set to culminate during the Cyprus Presidency of the Council of the EU.
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