The governor and senior officials of the Central Bank of Cyprus (CBC) presented the next steps in the transition to the second and final part of the digital euro project’s preparation phase on Thursday during a press conference at the bank’s headquarters in Nicosia.

CBC governor Christodoulos Patsalides said that “the adoption of the digital euro is becoming imperative as digital payments are increasing rapidly and the world is becoming more and more digital”.

He mentioned that negotiations for the proposed legislation are underway in the European Council and European Parliament.

The process is expected to be completed within 2026, with the contribution of the Cypriot Presidency of the Council during the first half of that year.

Patsalides first referenced the European Central Bank (ECB) Governing Council’s decision last week to proceed to the second and final part of the digital euro project’s preparation phase.

This decision follows the successful completion of the first part, which began in November 2023 and laid the foundation for a possible issuance of the euro area’s common currency in digital form.

Cyprus and Greece may share a common reference point in real estate and services, yet their balance reveals two distinct growth models, according to Pavlos Loizou, CEO of Ask Wire.

As Loizou put it, “Cyprus continues to ‘build’ its economy. In contrast, Greece lives mainly by utilising what it already has.”

In recent years, he said, real estate-related activities in Cyprus have represented around 15–16 per cent of the country’s GDP, among the highest ratios in Europe. About two-thirds stem from rental income and property management, while the rest comes from construction.

In cities such as Limassol or Larnaca, he noted, “one in three new apartments is purchased by foreigners, if not more,” while large projects such as marinas, tourist complexes, and energy facilities are reshaping entire areas.

This heavy reliance, Loizou warned, has two sides. On the one hand, construction generates employment and attracts capital, but on the other, it increases economic vulnerability.

Eurobank released an announcement on Thursday summarising its participation at the 11th International Funds Summit, held in Nicosia, where the bank underscored its commitment to building investment bridges between Europe and India through Cyprus.

The summit, which took place with the support of Eurobank, explored global trends in alternative investments and opportunities for cross-border cooperation shaping the new era of international funds.

Representing Eurobank, Panayiotis Chrysostomou, Manager of Banking Services and Representative Offices, International Business Banking, took part in the panel “India & Cyprus – Building Bridges in Alternative Investments”, which formed part of the broader Strategic Dialogue: The India Dimension.

The discussion highlighted Cyprus’ emerging role as a strategic gateway for Indian fund managers seeking entry into the European market, while also examining cross-border fund structuring, tax efficiency, institutional capital flows, and innovation in financial services.

The Cyprus Statistical Service (Cystat) on Thursday reported that the inflation rate stood at –0.3 per cent in October 2025, meaning that consumer prices were slightly lower than in October 2024.

This marks a period of mild deflation, reflecting a general decrease in the average cost of goods and services over the past year.

Specifically, the Consumer Price Index (CPI) for October 2025 rose by 0.54 points, reaching 118.25 units, compared to 117.71 units in September 2025.

When compared with October 2024, the largest positive change in the economic categories was recorded in services at 3 per cent.

The Ministry of Energy, Commerce and Industry, in collaboration with the trade centre of the Republic of Cyprus in Vienna, participated in the specialised services exhibition, GEWINN-Messe 2025, which took place in Vienna on October 23 and 24.

The ministry announced that Cyprus’ participation in the exhibition is part of the Republic of Cyprus’ broader efforts to promote the country as a centre for international business activities and the provision of professional services.

Within this context, the Commercial Counsellor of the Republic of Cyprus in Vienna, Zacharias Triteos, had the opportunity to inform visitors to the Cypriot stand about the wide range of services offered by Cypriot businesses, as well as the competitive advantages that make Cyprus an attractive destination for business and investment activities.

The Cyprus Chamber of Commerce and Industry (Keve) is seeking applications for a full-time officer position in its European Affairs and Programmes Department, to be based at its central offices in Nicosia.

Keve is the largest business organisation in Cyprus, boasting a network that includes five local chambers, over 9,000 member companies, and 161 professional associations.

According to the chamber, the successful candidate will participate actively in the implementation of European projects and initiatives.

Key duties for the role include coordinating and managing Keve’s participation in approved projects, ensuring compliance with EU regulations and deadlines.

The Cyprus Trade Centre in Dubai visited Gulfood Manufacturing 2025 at the Dubai World Trade Centre, meeting four participating Cypriot companies, as part of its broader effort to strengthen commercial ties with Gulf markets.

The visit highlighted Cyprus’ growing engagement with the region’s industrial and food-processing sector at a time when manufacturers in the Gulf are increasing investment in automation, packaging systems and production-line upgrades.

At the same time, the Trade Centre has operated in Dubai since the late 1970s under the Ministry of Energy, and forms part of the Cypriot government’s long-standing network of overseas trade offices.

It works closely with the Embassy of the Republic of Cyprus in the UAE and covers all six members of the Gulf Cooperation Council (GCC), the UAE, Saudi Arabia, Qatar, Kuwait, Oman and Bahrain.

Over the years, it has focused on supporting Cypriot exporters entering Gulf markets, promoting bilateral trade and providing companies with market intelligence, regulatory information and contacts across the region.

Star Bulk Carriers, with ship management offices in Limassol, has placed an order for three Kamsarmax vessels at Hengli Shipyards in China, at an estimated construction cost of $35 million per vessel.

According to the announcement, the newbuildings will be fitted with exhaust gas cleaning systems (scrubbers), reflecting the company’s ongoing investment in environmentally efficient technologies.

The move forms part of Star Bulk’s broader strategy to upgrade and expand its fleet, which currently consists of 137 dry bulk carriers, ranging from Supramax to Newcastlemax.

With an average fleet age of 11.9 years, the company is in a strong position to pursue energy upgrades and further align with international environmental standards.

Nicosia turns into a small space hub today as Cyprus hosts the 6th COSPAR Symposium alongside a public ‘Space Science Street Festival’, offering the public a chance to meet astronauts, scientists and global space leaders at Town Hall Square.

The festival, organised by the Cyprus Space Exploration Organisation (CSEO) together with Cyprus Comic Con, begins at 7 pm and is free to all. It spans Town Hall square and the CSEO Space Outreach Centre, bringing space science to the public in an informal setting.

In its announcement, CSEO said that “this is your chance to discover the wonders of space in a fun, relaxed and exciting atmosphere”, adding that visitors will be able to meet Hungarian astronaut Gyula Cserenyi of the HUNOR programme, COSPAR president Pascale Ehrenfreund and CSEO president George Danos.

“This is a rare opportunity to meet the people who are shaping the future of space exploration,” the organisation noted.

The industrial turnover index in Cyprus stood at 115.2 units in August 2025, marking a decrease of 3.4 per cent compared with August 2024, according to figures released this week by the Cyprus Statistical Service (Cystat).

For the period January to August 2025, the index recorded an overall increase of 4 per cent compared with the same period of the previous year.

In the manufacturing sector, the index reached 105.0 units, recording an annual increase of 1.2 per cent.

In mining and quarrying, the index increased by 2.1 per cent, while in electricity supply and water supply and materials recovery it decreased by 15.7 per cent and 1.3 per cent, respectively.

Mitsides Public Company Ltd announced on Thursday that its board of directors met to discuss the current state of the company’s activities.

“The board of directors of Mitsides Public Company Ltd held a meeting on November 6, 2025, where it “examined, inter alia, the progress of the group’s operations” the company stated in its announcement.

Mitsides Public Company Ltd is traded on the Cyprus Stock Exchange’s (CSE) regulated market.

Demetra Holdings Plc informed investors on Thursday that it completed yet another buyback of its own shares.

The company stated that it successfully purchased a total of 8,300 own shares at a price of 1.635 cents per share on November 5.

The company carried out the buyback through its broker, the Cyprus Investment & Securities Corporation Ltd (CISCO).

The Cyprus Stock Exchange (CSE) on Thursday announced the market share breakdown of its members for October 2025, providing a detailed overview of trading activity across the local market.

According to the CSE Council, the latest data cover both monthly and cumulative market shares, distinguishing between transactions that include and exclude pre-agreed deals.

The announcement includes four sets of data covering both monthly and cumulative activity.

These comprise members’ market shares including and excluding pre-agreed transactions for October 2025, as well as the corresponding figures for the period from January to October 2025.