Cyprus is entering a phase of full energy transition, with the government prioritising independence from imported fossil fuels as the “only realistic option” for economic stability, Energy Minister Michalis Damianos said on Wednesday.

In his address at the 16th Nicosia Economic Congress, Damianos identified energy security as a top priority for the Republic in response to dramatic geopolitical developments in the Middle East, which he said have caused the largest disruption in the history of the oil market.

He underlined that the conflict in Iran and disruptions in the Strait of Hormuz, through which around 20 per cent of global oil and LNG trade passes, highlight the system’s vulnerability and are placing pressure on citizens’ purchasing power.

“Energy security cannot rely on uncertain international conditions,” he said, describing the strengthening of energy independence as “an imperative national necessity“.

The Bank of Cyprus on Wednesday announced that its board of directors has approved the annual financial report for the year ended December 31, 2025, confirming strong profitability, lending growth and capital strength.

The report includes the audited financial statements of the Bank of Cyprus Group, comprising the holding company, the Bank of Cyprus Public Company Limited and its subsidiaries.

The annual financial report has been made available on the group’s website for investors and the public.

The bank had already released its financial results announcement on March 31, 2026, alongside an investor presentation detailing strategy and outlook.

These results incorporated updates from the investor update published on March 3, 2026, as well as developments including a minority investment in Wealthyhood and the acquisition of a performing loan and deposit portfolio from the Cyprus Development Bank Public Company Limited.

President Nikos Christodoulides on Wednesday addressed key challenges in the energy sector, the utilisation of natural gas, and international efforts to promote Cyprus as an investment destination during a roundtable discussion with business representatives at the 16th Nicosia Economic Congress.

He stated that discussions will be held with ENI and Total to reach an agreement before the end of April for the first utilisation of Cypriot natural gas by 2027.

Highlighting energy challenges and costs, Christodoulides said “we are not satisfied with the results so far”.

“We are working; we have a plan regarding energy in our country,” he added.

The president explained that plans for renewable energy storage are expected soon, in order to enable “a higher share of renewables in the national energy mix”.

Cyprus used an international climate conference in Nicosia on Wednesday to call for stronger regional and international cooperation on climate change, with President Nikos Christodoulides saying the region must work together to turn the crisis into an opportunity to build more resilient economies, sustainable societies and a safer future for all.

The conference, titled Climate Action in the Eastern Mediterranean and Middle East: Regional Cooperation Empowered by Science and Innovation, is being held on April 8 and 9 in Nicosia within the framework of the Cyprus presidency of the Council of the EU.

Co-organised by the Cyprus Institute and the Deputy Ministry of Research, Innovation and Digital Policy, it has brought together government officials, scientists, policymakers and representatives of international organisations, with the aim of strengthening regional cooperation and promoting science diplomacy in one of the regions most vulnerable to climate change globally.

In his message at the opening ceremony, Christodoulides said the conference must go beyond dialogue and deliver “tangible outcomes”, reinforcing the commitment of all sides to act collectively, decisively and without delay.

European Commissioner for Fisheries and Oceans Costas Kadis used the climate conference in Nicosia on Wednesday to warn that the climate crisis is also “an ocean crisis”.

Kadis warned that “the Eastern Mediterranean, where communities have long depended on the sea, is already facing the consequences of warming waters, shifting fish stocks and growing pressure on coastal livelihoods”.

Addressing the conference, Kadis said it was a privilege to attend both in his role as commissioner and “as a native of Cyprus”, describing the Eastern Mediterranean as a cradle of civilisation where the fate of millions remains closely tied to the health of the sea. 

He said climate change is now putting that relationship at risk, with marine resources and the very fabric of coastal communities increasingly under pressure. In that context, he said the region offers clear evidence that “the climate crisis is an ocean crisis”, adding that the response must be bold and collective. 

Finance Minister Makis Keravnos on Wednesday outlined the government’s economic strategy amid global instability, reflecting on three years of governance marked by continuous crises and challenges.

Addressing the audience at the 16th Nicosia Economic Congress, which took place in Nicosia, Keravnos touched on three years of economic policy implementation, which, as he said, coincided with a period of alternating global crises that shaped decision-making.

Keravnos said globalisation trends could be traced back to the post-war period, noting that exports of goods and services rose from around 8 per cent of global GDP in 1950 to approximately 30 per cent in 2024.

This shift, he explained, reflected the transition from closed national economies to interconnected markets and international production networks.

Maritime health and wellness platform OneCare Group is urging shipping companies to take proactive steps to support crew members during key moments in the year when feelings of loneliness may intensify. 

As families prepare celebrations over the Easter period, the group said, this can be a stark reminder to seafarers of what they are missing out on. In that context, it urged companies not to miss signs of silent distress, warning that these can lead to a mental health crisis among crew members. 

The platform, which includes WellAtSea, Marine Medical Solutions, Mental Health Support Solutions, and OneLearn Global, said that while seafaring has always required resilience, companies must also acknowledge the hardship that key celebrations in the calendar can bring. 

“As an industry, we must ensure that crew members are not only physically safe but emotionally supported,” said Marinos Kokkinis, chief executive of OneCare Group, adding that proactive communication, accessible wellbeing services, and visible leadership empathy can make a measurable difference. 

Invest Cyprus has welcomed the official launch of the Plug and Play Tech Centre in Cyprus, describing it as a development that opens a new chapter for the country’s innovation ecosystem and further reinforces its strategic direction towards high-value international partnerships.

The official launch of Plug and Play’s operations in Cyprus took place this week, at the presidential palace, in the presence of Deputy Minister to the President Irene Piki and Deputy Minister of Research Nicodemos Damianou.

The presence in Cyprus of one of the world’s leading innovation organisations, headquartered in Silicon Valley and active in more than 60 locations worldwide, is expected to strengthen the country’s position on the global innovation map, while also creating new prospects for startups, research organisations, investors and outward-looking businesses.

Cyprus has intensified its international tourism outreach as Deputy Tourism Minister Kostas Koumis held a series of high-level contacts in key tourism markets abroad, including a working visit to the United Kingdom that concluded on Monday.

The visit, which began on April 6, involved meetings with representatives of the tourism industry aimed at strengthening Cyprus’ presence in one of its most important markets.

Koumis has also recently engaged with journalists from across Europe who were hosted in Cyprus as part of efforts to promote the country’s tourism sector.

“The tourism activity in the country continues uninterrupted,” the Deputy Minister said, addressing foreign media representatives.

He used the meeting to outline the current state of Cyprus’ tourism sector and reinforce confidence in the destination.

Limassol’s historic shopping centre saw weaker footfall over Easter, with traders blaming poor consumer sentiment, lower tourist arrivals linked to the war in the region, and unseasonably cold, rainy weather. 

Christis Demetriou, municipal councillor and representative of shop owners in Limassol’s historic commercial centre, told the Cyprus News Agency (CNA) that the decline was relatively small and largely in line with current conditions affecting the market.

He said “recent low temperatures and rainfall had kept people away from the city centre and also held back purchases of spring and summer goods,” although he voiced confidence that this would ease as the weather improves. 

Beyond the weather, Demetriou said market activity had also been weighed down by what he described as negative public sentiment over the cost of living, the war in a neighbouring country and tourist arrivals that fell short of expectations for the Easter period. 

Paphos shopkeepers reported subdued Easter trading, saying that festive decorations and seasonal displays were not enough to lift footfall in the city’s upgraded shopping centre.

Speaking to the Cyprus News Agency (CNA), Kyriacos Kyriacou, a long-standing retailer and active member of shopping centre committees, said the market had effectively “frozen”, as geopolitical tensions and broader economic pressure continued to weigh on consumer behaviour.

He said that public concern over developments in the region, coupled with the rising cost of goods and supermarket shopping, had dampened spending, while bookings remained particularly weak and expectations for the near term were low.

Kyriacou also pointed to the timing of Easter, which falls relatively early this year, as well as weather conditions that have yet to support stronger demand for clothing and footwear. 

The Labour Ministry has announced that self-employed workers in Cyprus have been granted access to subsidised training programmes offered by the Human Resource Development Authority (Anad).

This access is provided on a basis equivalent to that already applicable to employed individuals, the ministry explained.

The expansion forms part of a broader policy aimed at promoting lifelong learning and strengthening workforce capabilities.

It is also intended to support the upgrading of skills within the labour force.

At the same time, the measure contributes to enhancing the productivity and competitiveness of the Cypriot economy.

The Alshaya Group has acquired the operating rights for Starbucks stores in Greece and Cyprus, taking over as the new exclusive owner and manager of the business from the Marinopoulos family.

The move brings 30 stores in Greece and 18 in Cyprus under Alshaya’s management, with the network employing around 500 people across the two markets.

In Greece, the new operating entity will be called Alshaya Hellas SMSA, while in Cyprus it will operate under the name Murgab Cyprus Ltd.

The Starbucks chain in Greece and Cyprus began operating in 2002.

Until now, the business had been managed by the Marinopoulos family, with Yiannis Marinopoulos serving as chief executive. He is expected to return to the family business.

The Cyprus Securities and Exchange Commission (CySEC) on Wednesday issued a warning to investors regarding unauthorised investment websites operating without the required licence.

The regulator stated that the websites in question do not belong to any entity authorised to provide investment services or perform investment activities.

The websites identified by CySEC include titanledger.io, connectfinancials.com, meridian-experts.com, finxara.com and getleveraged.com.

It clarified that such authorisation is required under Article 5 of Law 87(I)/2017.

The commission stressed that engaging with unlicensed entities may expose investors to significant risks.

Maritime technology firm Tototheo Global on Wednesday announced its participation as a corporate anchor in a new initiative led by Plug and Play Tech Centre, marking the launch of the first international startup accelerator in Cyprus.

The initiative is considered of strategic importance for Cyprus’ future in technology and business growth, aiming to establish an Innovation Centre alongside comprehensive programmes to support startups and high-potential businesses.

As part of the initiative, Tototheo Global is contributing to the creation of an internationally oriented innovation platform designed to strengthen Cyprus’ access to global expertise, investment opportunities and international markets.

Headquartered in Silicon Valley and operating in more than 60 locations worldwide, Plug and Play connects startups, investors, corporations, universities and public-sector organisations.

House prices in Cyprus remained stable on a quarterly basis in the fourth quarter of 2025, even as prices continued to rise across most of the European Union, according to Eurostat.

Across the euro area, house prices increased by 5.1 per cent year-on-year in the fourth quarter of 2025, the statistical office reported.

In the wider EU, prices rose slightly faster, recording a 5.5 per cent annual increase, it added.

These figures follow similar trends in the third quarter of 2025, when house prices increased by 5.1 per cent in the euro area and 5.4 per cent in the EU.

Cyprus recorded a general government surplus of €594.3 million between January and February of this year, representing 1.5 per cent of the country’s GDP, according to the state statistical service (Cystat).

This marked a decline compared with a surplus of €663.4m, corresponding to 1.8 per cent of GDP recorded during the same period in 2025.

The figures reflect the fiscal performance of the general government, based on preliminary estimates compiled by the statistical service.

Total revenue for the period reached €2.71 billion, reflecting an increase of €23.4 million, a rise of 0.9 per cent, compared with €2.68 billion in the corresponding period of 2025.

The Institute of Certified Public Accountants of Cyprus (ICPAC) celebrated its 65th anniversary this week by highlighting its enduring contribution to the accounting profession and the economic development of the country on April 8, 2026.

A symbolic ceremony marked the occasion as the President of ICPAC, Odysseas Christodoulou, and the new General Director, Andreas Papadatos, blew out the candles on an anniversary cake to signal the continuation of a journey defined by consistency and evolution.

The moment underscored the collective journey and the continuous evolution of the organisation over the decades since its establishment.

As part of the official celebrations, the ICPAC building was illuminated to symbolically honour the trajectory of the association over more than six decades.