Here are the top business stories in Cyprus from the week starting January 5:
Specifically, Eurobank on Monday issued an announcement following its previous notification on December 12, 2025, regarding the commencement of the share buyback programme.
This specific initiative was authorised by the decision of the extraordinary general meeting of the bank’s Shareholders held on October 22, 2025, in accordance with Article 49 of Law 4548/2018.
The current activity follows the corresponding programme of Eurobank Ergasias, known as Eurobank Holdings, which was established by a decision of the Ordinary General Meeting of Shareholders on April 30, 2025.
The move marks the first phase of a gradual rollout, aimed at ensuring a smooth transition for both employees and citizens.
At the same time, officials do not rule out an expansion of remote working days in the years ahead, depending on how the scheme performs.
In that context, the effectiveness of the new arrangement, employee productivity and its impact on public service delivery will be key factors in determining whether working away from the office is extended beyond the initial threshold.
The legal framework regulating remote working in the public service will formally enter into force on April 2, 2026, after the Council of Ministers set the start date in mid-December.
Indeed, shipping continues to play a central role in the economy, now contributing more than 7 per cent to Cyprus’ gross domestic product.
Speaking to Philenews, Hadjimanolis said the Deputy Ministry of Shipping is implementing a targeted strategic plan focused on upgrading services and more systematically promoting the competitive advantages of the Cyprus ship registry and the wider maritime cluster.
“The results are impressive,” said. “The Cyprus ship registry has grown steadily over the last two years, recording a 21 per cent increase since September 2023.”
“At the same time, the contribution of ship management to GDP now exceeds 5.5 per cent,” she added.
The guide was recently presented to owners of diving centres operating in Protaras and the Kappari area, as part of a coordinated effort to better organise and market local diving tourism.
Designed as a practical promotional tool, the guide maps all recognised diving spots across the municipality, classifying them by level of difficulty through a specially designed layout.
It also includes essential safety guidance, alongside a detailed overview of marine fauna and the distinctive features of each site.
According to the municipality, the guide will be distributed free of charge to both residents and visitors, reinforcing its role not only as a visitor aid but also as an educational resource highlighting the area’s underwater ecosystem.
“The Cyprus Securities and Exchange Commission, or CySEC, wishes to remind the Regulated Entities that Regulation (EU) 2024/1620 of the European Parliament and of the Council of May 31, 2024, which established the Authority for Anti-Money Laundering and Countering the Financing of Terrorism, entered into force in June 2024 and has been applicable since July 2025,” the commission said.
Under the provisions for the direct supervision of selected obliged entities, the new authority, known as AMLA, will work with national supervisors to conduct periodic assessments of credit and financial institutions operating in at least six Member States.
These assessments apply regardless of whether the financial activities are conducted through physical infrastructure on a specific territory or performed remotely via the freedom to provide services.
The deputy minister visited Ayia Napa to meet representatives of the Famagusta district, in order to discuss challenges and analyse actions related to the area’s tourism sector.
“We are here as part of another emblematic government action aimed at upgrading the tourism destinations of our country,” Koumis said after the meeting.
“We had the opportunity today, in the presence of both mayors and representatives of all tourism bodies, to examine everything that characterises the two destinations that have starred for years in the country’s tourism scene, namely Ayia Napa and Protaras,” Koumis said.
It also carries added significance for Greece and Cyprus as cooperation between two of the EU’s leading maritime states deepens at a time of mounting challenges for the sector.
In the run-up to the Presidency, Cyprus’ Deputy Minister of Shipping Marina Hadjimanolis paid a visit to the headquarters of the Hellenic Chamber of Shipping in Piraeus, where she met with the chamber’s leadership and senior officials.
The Greek shipping community was represented by chamber president George Alexandratos, vice president Vassilis Logothetis, members of the steering committee and the board of directors, as well as senior executives.
Hadjimanolis was accompanied by officials from the Embassy of the Republic of Cyprus in Athens and the Deputy Ministry of Shipping.
This move is seen by local tourism officials as essential for improving the island’s performance in one of Europe’s largest outbound markets.
Specifically, the Paphos region tourism board (Etap) said the additional capacity would make the destination more accessible to German travellers and support efforts to extend the tourist season beyond the peak summer months.
Under Ryanair’s summer programme, direct services to Paphos International Airport are expected from several German cities, delivering a total of nine inbound flights per week.
These include twice-weekly connections from Berlin-Brandenburg, Cologne and Dusseldorf, alongside three weekly services from Memmingen, near Munich.
The event was emphasised by Philokypros Rousounides, secretary general of the Cyprus Chamber of Commerce and Industry (Keve), through a post on his personal social media platform, where he shared details of the dinner he attended.
In his personal post, Rousounides said the dinner was attended by the Ukrainian foreign minister, Ukraine’s ambassador to Cyprus Serhii Nizhynskyi, the president of the Cyprus-Ukrainian Interstate Association Joseph Hadjihannas, as well as MP Demetris Demetriou.
Referring to the event on his personal platform, Rousounides said “the presence of senior political, diplomatic and economic figures highlighted the importance of further strengthening dialogue and cooperation between Cyprus and Ukraine, both at the diplomatic and economic levels.”
The ECB’s latest interest rate figures for November 2025 cover loans and deposits across the euro area, shedding light on borrowing and savings conditions and highlighting Cyprus’ position relative to its peers at a time of easing credit conditions and persistently weak deposit returns.
Bank interest rates on loans reflect the rates applied by monetary financial institutions to euro-denominated loans issued to households and corporations resident in euro area countries, offering a snapshot of the cost of credit across the bloc.
In November 2025, the average euro area cost of borrowing for households for consumption stood at 7.33 per cent, remaining steady compared with the previous month.
According to a report from the Cyprus Statistical Service (Cystat) released on Wednesday, the number of unemployed persons registered at District Labour Offices on the last day of December 2025 reached 11,901 persons.
Based on seasonally adjusted data, which reflect the underlying trend of unemployment, registered unemployment in December 2025 declined to 9,916 persons, compared with 10,013 persons in November 2025.
On an annual basis, registered unemployment fell by 481 persons, representing a decrease of 3.9 per cent compared with December 2024.
Cystat attributed this annual decline mainly to reduced unemployment in construction, accommodation and food service activities, trade, and manufacturing, as well as to a fall in the number of newcomers to the labour market.
The figure contrasts with developments at euro area level, where annual inflation is expected to have eased to 2 per cent in December, from 2.1 per cent in November.
Among the larger economies, inflation in December was estimated at 2.8 per cent in Germany, 3.1 per cent in Spain and 3.7 per cent in France, while Italy, by contrast, recorded a significantly lower rate of 0.7 per cent.
Looking at the main components of euro area inflation, services continued to post the highest annual rate, seen earlier in the autumn.
In October, services inflation stood at 3.4 per cent, up from 3.2 per cent in September.
According to the legislation approved by parliament and published in the Official Gazette of the Republic, authorities concluded that existing enforcement tools were no longer sufficient to meet the needs of the economy or taxpayers.
The restructured framework, therefore, introduces more targeted and immediate measures, while seeking to operate with greater flexibility and fairness.
Among the most significant changes is the introduction of temporary business closures in cases of persistent non-compliance.
Under the new framework, a tax inspector may suspend a business’s operations and seal its premises where the owner fails to submit two income tax returns, at least twelve monthly withholding statements or at least three VAT returns, provided these failures occur on or after January 1, 2027.
Specifically, net new loans fell to €256.3 million during this time, from total new loans of €565.2 million, compared with €429.4 million, from total new loans of €624.9 million in the previous month.
The Central Bank of Cyprus’ report also contained statistical data on average interest rates applied by monetary financial institutions in Cyprus on deposits and loans to euro area residents in euros, along with data on new lending volumes for the reference month of November 2025.
The data were included in the Monetary and Financial Statistics publication of December 2025, while comparative figures for euro area countries are available through the European Central Bank Data Portal.
The Central Bank said the main developments in interest rates for new deposit and loan contracts, including renegotiated contracts, were analysed in detail.
All agenda items were approved, as the required majorities were secured, according to information presented to shareholders during the meeting.
The company said that the final and official voting results will be announced through disclosures to the stock exchange, alongside detailed instructions on how shareholders may exercise the €19.04 exit right.
“The proposed merger is a transformational step for both companies and for the global gaming sector,” Giannos Karas said ahead of the discussion and vote.
“It positions the company appropriately to deliver strong financial performance and returns for shareholders,” he added.
The agreement sets out a framework for strategic collaboration spanning India, the European Union, the Middle East and North Africa, as well as additional international markets.
The statement from the centre further stated that the memorandum provides for the exploration of joint initiatives supporting innovation, research cooperation, technological development and market engagement, drawing on the complementary strengths of the two organisations.
Eratosthenes operates as a hub for research, innovation and Earth observation capabilities, while Pixxel is active in the development of advanced space technologies and solutions for both commercial and government applications.
The memorandum is viewed as an important step towards strengthening ties between the two entities and advancing cooperation in strategic areas linked to technological progress and international collaboration.
Moniatis’ community leader Charalambos Konstantinidis told Entrepreneurial Limassol, the periodical of the Limassol Chamber of Commerce and Industry (Evel), that the contract value stands at around €590,000.
Beyond the construction phase, the local authority is already looking ahead.
According to Konstantinidis, the goal is for the Gastronomy School to operate under the Ministry of Education and to be integrated into the Post-Secondary Institutes of Vocational Education and Training.
In that context, the Director of Secondary Technical and Vocational Education at the Ministry of Education, Elias Markatzis, confirmed that discussions with the community leader have already taken place.
In total, the ten highest-value property sales completed during the month amounted to €87.6m, according to an analysis by Ask Wire, the data analytics company combining real estate expertise with technology to track transactions, asking prices, and construction activity.
Once again, Limassol featured prominently, accounting for eight of the ten most expensive transactions nationwide.
By contrast, the remaining two deals were recorded in the Famagusta district, both in the Ayia Napa area.
The top transaction took place in Potamos Germasogeia, where the three-floor apartment changed hands for €15.2m.
Notably, the area appeared repeatedly in the rankings, with several high-value apartment sales recorded during the same month, emphasising its sustained appeal among buyers at the upper end of the market.
Speaking after the meeting, Christodoulides described the proposed EU budget for the 2028-2034 period as one of the most demanding dossiers facing the bloc, noting that negotiations on the MFF are “always difficult”.
Even so, he said he was confident consensus could be reached, stressing that discussions must be concluded by the end of the year, a timeline also supported by the presidents of the European Council and the European Commission.
At the same time, the President said the new framework must be shaped in a way that reflects the current challenges confronting the European Union.
He pointed to Cyprus’ experience since joining the bloc, saying that more than €4 billion has been channelled into projects benefiting citizens across the island.
The founder and owner of the easy family of brands and founder and chairman of the Stelios Philanthropic Foundation has reaffirmed his long-standing commitment to supporting co-operation between Greek Cypriots and Turkish Cypriots, with the awards to be presented on June 4, 2026.
A total of 18 entrepreneurs, forming nine bi-communal business teams, will be recognised.
For the second consecutive year, Sir Stelios has proceeded with a further increase in the prize money, providing tangible support to the nine winning teams, each consisting of two members.
This financial backing is intended to create the conditions for reinvestment, growth and the further strengthening of business activities across both communities.
The unemployment rate in Cyprus stood at 4.3 per cent in November, corresponding to around 23,000 people, marking a slight increase from October, when unemployment was recorded at 4.2 per cent or approximately 22,000 people.
Across the European Union, the seasonally adjusted unemployment rate in November remained unchanged at 6.0 per cent compared with October.
In the 21-country eurozone, unemployment also held steady at 6.3 per cent in November, showing no change from the previous month.
The highest seasonally adjusted unemployment rate among the EU’s 27 member states in November was recorded in Spain at 10.4 per cent.
Eurostat reported that guests spent 398.1 million nights across the EU in short-term rental accommodation between July and September 2025, with bookings made through platforms such as Airbnb, Booking and Expedia.
The statistical office reported that the total number of guest nights in the third quarter of 2025 rose by 8.7 per cent compared with the same quarter of 2024.
Compared with the third quarter of 2023, guest nights increased by a strong 28.2 per cent across the EU.
The largest year-on-year monthly increase was recorded in July 2025, when nights spent in short-term rentals rose by 10.0 per cent.
According to a statement, the Union’s delegation, led by president Polys V. Hajioannou and vice president Andreas Hadjiyiannis, met the President in the context of Cyprus assuming the EU Council Presidency, using the opportunity to exchange views on issues of strategic importance for Cypriot shipping.
At the centre of the discussion was the role the Presidency can play in strengthening the institutional and international standing of the sector, particularly at a time when shipping is increasingly recognised as critical to Europe’s economic stability.
In that context, reference was made to the shipping-related priorities of the Cyprus Presidency, which aim to emphasise the sector’s strategic importance for the EU, both in safeguarding supply-chain resilience and in supporting economic growth and competitiveness across the bloc.
For most of the year, performance remained strong. Over the January–November period, group sales were running at close to 8 per cent year on year, underlining steady consumer demand across its core markets, including Cyprus.
That trend, however, eased in December, traditionally the most critical month for the sector. Growth for the month slowed to 4.14 per cent year on year, almost half the pace recorded over the year as a whole.
The deviation from the annual average was largely attributed to supply-chain disruptions during the holiday period, stemming from widely reported road network blockades.
These affected not only domestic distribution but, more critically, the flow of exports to neighbouring countries.
Oceana is the largest international advocacy organisation focused solely on ocean conservation, using science-based campaigns to influence policy and protect marine life.
Since its founding in 2001, it has worked to rebuild ocean abundance by fighting overfishing, reducing plastic pollution, and preserving critical habitats around the globe.
In its statement, Oceana said the first semester of 2026 will be decisive in preserving effective fisheries legislation and in drafting a coherent framework that protects the ocean and the communities that depend on it.
In Cyprus, the House Price Index for the third quarter of 2025 stood at 146.86 units, based on 2015 as the reference year, according to a preliminary estimate by the Cyprus Statistical Service (Cystat).
Compared with the second quarter of 2025, house prices in Cyprus declined by 0.3 per cent, while on an annual basis they increased marginally by 0.1 per cent.
This modest annual rise came after stronger increases earlier in the year, with Cyprus recording 4.5 per cent year-on-year growth in the first quarter of 2025 and 2.7 per cent in the second quarter.
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