Finance Minister Makis Keravnos addressed the Ecofin council meeting in Brussels on Tuesday, highlighting the growing uncertainty facing the European and global economy.

Keravnos, who chaired the session, said discussions would focus on the impact of geopolitical developments on the global economy, building on earlier exchanges at the Eurogroup.

“Finance ministers are meeting in an environment of increased uncertainty due to the conflict in the Middle East and the ongoing war in Ukraine,” Keravnos said.

He explained that the debate would examine economic consequences and potential policy responses, reflecting the rapidly evolving international landscape.

Cyprus’ tourism revenue reached €85.3 million in February 2026, marking a 7 per cent increase year-on-year, according to a report from the Cyprus Statistical Service (Cystat).

The increase compares with €79.7 million recorded in February 2025, reflecting continued momentum at the start of the year.

For the January to February 2026 period, total tourism revenue is estimated at €159.9 million, up from €148.9 million in the same period of 2025, representing a 7.4 per cent rise.

The figures are based on the passenger survey conducted by Cystat, which tracks spending patterns among visitors.

Despite the rise in overall revenue, the average expenditure per tourist declined, pointing to a shift in spending behaviour.

Specifically, average spending per person stood at €581.85 in February 2026, compared with €595.71 in February 2025, recording a 2.3 per cent decrease.

The Stelios Bi-Communal Awards for Business Co-operation in Cyprus will bring together entrepreneurs and officials in Nicosia on June 8 to recognise joint ventures between Greek Cypriots and Turkish Cypriots.

According to an official announcement from the organisers, president Nikos Christodoulides is also expected to attend the event.

“For the 16th consecutive year, the Stelios Bi-Communal Awards for Business Co-operation in Cyprus reaffirm their pivotal role in strengthening bi-communal collaboration on the island by creating business opportunities and encouraging shared growth and peaceful coexistence,” the announcement stated.

A total of 78 entrepreneurs are participating in this year’s competition, forming 39 bi-communal business teams that will compete for a €500,000 prize fund.

The initiative aims to support partnerships that bring together individuals from both communities in pursuit of a shared entrepreneurial future, the organisers explained.

The Cyprus Shipping Chamber (CSC) has welcomed the decision of the International Maritime Organisation member states to continue intensive consultations aimed at achieving a global decarbonisation agreement for shipping as soon as possible.

Following the recent 84th session of the Marine Environment Protection Committee held in London between April 27 and May 1, 2026, the chamber issued a statement regarding the future of the industry.

“In an era where international shipping is called upon to manage complex challenges on its path towards decarbonisation, the chamber considers the outcome of the session as a substantial step forward,” the organisation stated.

Given that significant progress has already been made in reducing greenhouse gas emissions through coordinated global action, the chamber emphasised the need for continued focus.

“It is critical that the ongoing discussions remain focused on forming a practical, effective, and globally applicable framework,” the chamber highlighted.

Stakeholders expressed the expectation that all parties involved in the discussions will continue to show the same spirit of cooperation and constructive approach.

“The goal is to achieve a realistic and workable global solution that will ensure a level playing field for international shipping, while at the same time responding to environmental goals,” the chamber stated.

The Institute of Certified Public Accountants of Cyprus (Selk) held a meeting with labour minister Marinos Mousioutas this week, in order to discuss key issues affecting the accounting and financial sector.

According to an official announcement, the meeting took place on Monday at the labour ministry, aiming to strengthen cooperation and exchange views on matters of strategic importance.

Discussions focused on enhancing collaboration between Selk and the ministry, particularly in areas linked to workforce development and economic competitiveness.

Among the key topics examined was the approval of work permits for students from third countries, especially those seeking employment in the accounting and wider financial sector.

The participants also addressed the need to provide employment opportunities for university graduates from third countries who hold professional qualifications such as ACA and ACCA.

The examination of two applications for the development of shopping centres in eastern Limassol began in late March by the five-member Derogations Council, with the process expected to continue in subsequent sessions until final decisions are reached.

According to Entrepreneurial Limassol, a periodical published by the Limassol Chamber of Commerce (Evel), the council is currently reviewing the proposals in detail before reaching its conclusions.

“The process will continue in further meetings until final decisions are reached,” said Soteris Ktorides, president of the Council for the Study of Derogations, in response to a relevant query.

He added that once the examination is completed, the council will submit its reasoned recommendations to the Cabinet, although no specific timeline was provided for this step.

The council had previously convened in December 2025. During that meeting, it reviewed and approved the minutes of two public hearings, dated October 10, 2025, concerning two separate applications.

The National Bank of Greece (NBG) has announced it will proceed with the early repayment of a bond loan it had previously issued, exercising its call option ahead of maturity.

The bank confirmed that the bonds, originally amounting to £200 million, were due to mature on June 2, 2027, but will now be repaid in full to investors.

Investors will receive 100 per cent of the nominal value of the bonds along with any accrued interest, in line with the terms of the issuance.

The outstanding balance of £30.93 million will be settled immediately as part of the early redemption process.

The bonds in question are Fixed Rate Resettable Unsubordinated MREL Notes, issued on December 2, 2022 under the bank’s €5 billion Global Medium Term Note Programme.

Cyprus has recorded the largest decrease in electricity prices in the European Union, with a drop of 14. 7 per cent, Eurostat data published on Tuesday show.

Overall, electricity prices dropped sharply in Cyprus in the in the second half of 2025 compared to the second half of 2024, ranking the country first before France, which recorded a 12.5 per cent decrease and Denmark, where prices dropped by 11.9 per cent.

Meanwhile electricity prices for households soared in Romania, increasing by 58.6 per cent, followed by a 34.4 per cent increase in Austria and an increase of 32.7 per cent in Ireland.

The prices in Cyprus are reflected in purchasing power parity (ppp) at €30.4 per 100 kWh in the second half of 2025, down from €32.1 in the first half of the year and €35.7 in the second half of 2024.

A steady rise in casino gambling proceeds was recorded over the last two years, according to a report handed over to the presidency’s office on Tuesday.

The report, compiled by the Gaming & Casino Supervision Commission, was handed to under-secretary to the president Irini Piki. It covers the years 2024 and 2025.

Established in 2017, the commission’s task is to regulate land-based (or physical) casinos.

The data show a steady and significant increase in casino earnings during the two-year period.

In 2025, gross gaming revenue (GGR) came to €227 million, the previous year it was €189 million; and in 2023 it clocked in at €130 million.

Cyprus’ Industrial Turnover Index climbed to 130.7 units in February, representing a 0.4 per cent increase compared to the same month in the previous year, according to the Cyprus Statistical Service (Cystat).

For the combined period of January and February 2026, the index recorded a cumulative increase of 1.6 per cent when measured against the corresponding months of 2025.

The manufacturing sector saw the Industrial Turnover Index reach 130.9 units during the second month of the year.

The Cyprus Stock Exchange (CSE) on Tuesday that it will delist 71,335 bonds issued by Elbridge Investments (Cyprus) Ltd following an early redemption of the securities.

The exchange is exercising the power conferred upon it by Article 178(1) of the Securities and Cyprus Stock Exchange Law to remove the bonds from the Emerging Companies Market.

These specific financial instruments, identified by the ISIN code CY0148711019, have been trading under the local and international code ELCY.

The issuer completed the early redemption of 71,335 listed bonds on April 29, 2026, moving significantly ahead of the original schedule.

Cypriot investment firm Demetra Holdings Plc has acquired another 2,615 of its own shares at a price of €1.45 per share through the Cyprus Investment and Securities Corporation Limited (CISCO).

According to an announcement released on Tuesday, the transaction involved three separate purchases on May 4, including a primary buyback of 1,839 shares and two subsequent acquisitions of 388 shares each.

Every share within this buyback exercise was purchased at a uniform price of €1.45.

These market activities resulted in a total volume of 2,615 shares being successfully repurchased by the company.

The European Commission’s Directorate-General for Energy on Tuesday announced the finalists of the 2026 European Sustainable Energy Awards, opening public voting for the best clean energy projects and leaders across Europe.

A total of nine finalists have been shortlisted across three categories, recognising innovation in energy efficiency and renewable energy.

The awards, part of the European Sustainable Energy Week (EUSEW), highlight initiatives that are advancing the transition to a cleaner and more sustainable energy system.

The winners will be selected through an online public vote, which is now open and will run until May 31, 2026.