Cypriot Finance Minister Makis Keravnos travelled to Dublin on Thursday for the Eurogroup and informal meeting of EU finance ministers, where discussions are set to cover economic pressures, banking competitiveness, financial innovation and artificial intelligence.

Keravnos is attending the meetings taking place on September 18 and 19 as part of Ireland’s presidency of the Council of the European Union.

The Eurogroup meeting on Friday will include an exchange of views on recent economic developments and economic policy priorities, with the participation of the chair of the European Parliament’s Economic and Monetary Affairs Committee.

Ministers will also discuss ways to improve productivity and competitiveness in the euro area, based on a presentation by OECD Secretary-General Mathias Cormann.

Tourist arrivals to Cyprus fell by 3.3 per cent in August, as Britain, Poland, Germany and most other major markets weakened, while another sharp rise from Israel helped cushion what would otherwise have been a steeper decline.

A total of 581,880 tourist arrivals were recorded during the month, compared with 602,026 in August 2025, according to figures released on Thursday by the statistical service (Cystat). 

Despite the annual decline, August remained 4.9 per cent above the same month in 2024, when Cyprus received 554,923 tourist arrivals. 

For the January to August period, arrivals reached 2,820,649, down by 7 per cent from 3,034,155 during the corresponding period of 2025. Cyprus therefore received 213,506 fewer tourists during the first eight months of the year. 

The percentage shortfall has continued to shrink over the summer. At the end of June it stood at 10.1 per cent, before narrowing to 8 per cent by the end of July and now 7 per cent after August. 

Shipping Deputy Minister Marina Hadjimanolis is travelling to Athens on Thursday for a three-day working visit focused on promoting the Cyprus flag, meeting shipping executives and taking part in events marking World Maritime Day and the 20th anniversary of the Maritime Labour Convention (MLC).

The September 17-19 visit will see Hadjimanolis combine meetings with shipping companies with a series of industry and seafarer events, as Cyprus steps up efforts to strengthen its position as an international maritime centre and attract more vessels to its registry. 

Among the main events on her programme is ‘Women, Shipping, Social Contribution’, organised by the Shipping Deputy Ministry as part of activities surrounding World Maritime Day. 

Hadjimanolis will deliver the opening address, while First Lady Philippa Karsera Christodoulides will also attend. 

Cyprus has set out the detailed terms of its €400,000-a-year drive to bring foreign sports teams to the island for training, with additional financial incentives for winter camps, priority sports and stays in mountain and rural areas. 

The four-year scheme, running from 2026 to 2029, forms part of a wider package of tourism incentives approved by the cabinet last week. 

Under the revised programme, foreign teams and athletes will receive a financial incentive calculated according to where and when they train, rather than reimbursement for specific eligible expenses, as was the case under the previous scheme which ran until 2025. 

The change means teams, sports associations and travel organisers will be able to determine in advance the financial benefit of choosing Cyprus for a training camp. 

The Central Bank of Cyprus (CBC) expects economic growth to slow this year as the Middle East conflict weighs on tourism and investment, while inflation is projected to rise sharply, according to its September forecasts released on Thursday.

The CBC projected GDP growth of 2.9 per cent in 2026, down from 3.8 per cent in 2025, before growth accelerates to 3.1 per cent in both 2027 and 2028.

The forecasts, prepared by the CBC’s Division of Economic Analysis and Monetary Policy, cover GDP, unemployment, inflation and core inflation, while also assessing the main risks to the economic outlook.

The September projections incorporate the economic effects of the ongoing conflict in the Middle East, including higher international oil prices, elevated refining margins and increased geopolitical uncertainty.

Cyprus banks recorded €456 million in profit in the first six months of 2026, down by €122 million, representing a decrease of 21.1 per cent compared with the same period last year, according to aggregate data published by the Central Bank of Cyprus (CBC) on Thursday.

The banking sector’s profitability fell from €578m recorded during the first half of 2025, with the CBC attributing the decline primarily to losses from exchange differences.

The latest figures cover the profitability, balance sheet and capital adequacy of the Cyprus banking sector, with June 30, 2026 as the reference date.

Despite the decline in profitability, the sector’s balance sheet expanded during the second quarter of the year, with total assets increasing by €1.15 billion, reflecting a rise of 1.6 per cent when compared with March.

Cyprus’ Harmonised Index of Consumer Prices (HICP) rose by 5.2 per cent year-on-year in August 2026, according to data released by the statistical service (Cystat) on Thursday. 

Compared with the previous month, consumer prices increased by 1.5 per cent, with the index rising to 106.80 points from 105.20 in July. 

Among the main categories, restaurants and accommodation services recorded the largest annual increase, rising by 13.3 per cent, followed by transport, which climbed by 9.8 per cent. 

Housing, water, electricity, natural gas and other fuels rose by 6.5 per cent, while recreation, sports and culture increased by 4.4 per cent. 

Food and non-alcoholic beverages were 3.8 per cent higher than a year earlier, while educational services rose by 3.2 per cent. 

Cyprus’ technology and business sectors are seeking closer cooperation on digital transformation and artificial intelligence, following talks between the Cyprus Information Technology Enterprises Association (CITEA) and the Employers and Industrialists Federation (Oev). 

The meeting focused on Cyprus’ digital transformation and the country’s National Artificial Intelligence Strategy, as well as the challenges facing Cypriot businesses as they adopt new technologies. 

The two sides discussed the need to accelerate the uptake of AI and the role that business and technology organisations can play in supporting its wider use across the economy. 

During the meeting, CITEA presented its main positions and recommendations on the National AI Strategy. 

The non-performing loan ratio of Cyprus’s banking sector remained unchanged at 1.6 per cent at the end of June 2026, according to updated data published by the Central Bank of Cyprus (CBC) on Thursday.

The latest aggregate data, which cover non-performing loans and have a reference date of June 30, 2026, showed that the ratio was unchanged from the end of March.

The ratio is calculated using the methodology applied in the European Banking Authority’s (EBA) risk dashboard, which includes loans and advances to central banks and credit institutions.

Although the NPL ratio remained stable, the coverage of non-performing loans by provisions increased during the second quarter.

The coverage ratio rose to 64.9 per cent at the end of June, compared with 62.7 per cent at the end of March.

Cyprus and Greece are preparing new joint business initiatives aimed at opening doors to Arab and Balkan markets, following talks in Nicosia this week between Greek Deputy Foreign Minister Harry Theoharis and the leadership of the Cyprus-Greece business association. 

The talks formed part of Theoharis’ September 14-15 visit to Cyprus, during which economic diplomacy, investment and the expansion of businesses into third markets featured prominently in meetings with government officials and the business community. 

According to the Cyprus-Greece business association, Theoharis told its leadership that economic cooperation between the two countries had grown considerably in recent years, making it increasingly easier for Cypriot and Greek companies to establish a presence in each other’s markets. 

The Cyprus Securities and Exchange Commission (CySEC) has withdrawn the Cyprus Investment Firm (CIF) licence of Eurotrade Investments RGB Ltd, citing the company’s failure to comply with requirements concerning its management and organisational arrangements.

The commission announced the decision on Thursday, September 17, following a board meeting held on August 3.

The decision was taken under the Investment Services and Activities and Regulated Markets Law, which governs the provision of investment services and activities and the operation of regulated markets in Cyprus.

Cyprus recorded the highest inflation rate in the euro area after Romania and Lithuania in August, as annual consumer price growth accelerated to 5.2 per cent from 4.4 per cent in July, according to Eurostat.

The latest figure marked another sharp increase for Cyprus, where inflation had stood at just 0.0 per cent a year earlier.

Cyprus’ annual inflation rate has risen steadily in recent months, reaching 1.5 per cent in March, 3.0 per cent in April, 3.5 per cent in May, 4.1 per cent in June and 4.4 per cent in July before reaching 5.2 per cent in August.

Prices in Cyprus also recorded a 1.5 per cent increase between July and August, the strongest monthly rise among the figures provided in the Eurostat data.

Cyprus’ industrial production rebounded by 1.1 per cent in July 2026, contrasting with declines across the European Union and euro area, according to a report from Eurostat.

The increase followed a 1.4 per cent decline in June, while Cyprus had also recorded a 0.4 per cent fall in May.

On a monthly basis, Cyprus’ industrial output had risen by 1.6 per cent in March after falling 2.4 per cent in February, before remaining unchanged in April.

The July increase placed Cyprus among the EU countries that recorded growth in industrial production during the month, although the rise was considerably smaller than the increases recorded in Luxembourg, Croatia and Ireland.

Star Bulk Carriers has raised €107.8 million through a public share offering in Greece and a parallel listing on Euronext Athens, in what has been described as a first-of-its-kind transaction for the exchange.

The transaction was advised and coordinated by AXIA Ventures Group, a member of Alpha Bank Group, which acted as lead advisor, joint coordinator and bookrunner.

Star Bulk is a global dry bulk shipping company operating a diversified fleet on major international trade routes.

The company is the largest US-listed dry bulk shipping company by market capitalisation and fleet size, and the third-largest dry bulk shipping company overall, according to AXIA.

Demetra Holdings reported a lower net profit for the first half of 2026, with the company’s results affected by losses on equity investments despite stronger rental income and sharply lower finance costs.

The company’s board approved the interim condensed consolidated financial statements for the six months ended June 30, 2026 at a meeting earlier this week.

Demetra Holdings reported net profit after tax of €6.87 million, or 3.45 cents per share, for the first half of 2026, compared with €10.22 million, or 5.11 cents per share, in the corresponding period of 2025.

The company said the result was significantly affected by the recognition of €6.05 million in negative goodwill arising from the acquisition of a subsidiary during the period.

Limassol-based Top App Games reported $29 million in gross turnover in the first half of 2026 from its mobile game Ludus: Merge Arena on Thursday, as the Cyprus-based developer said the title had surpassed 12 million players worldwide.

The company said the game generated $14.80 million in the second quarter alone, making it the strongest quarter in Ludus’s history and representing a 5.2 per cent increase from the first quarter.

Top App Games said that, if the second-quarter rate were maintained for a full year, gross turnover would amount to approximately $59.2 million, while stressing that this was an annualised measure of the game’s current scale rather than a forecast for its full-year results.

“Ludus is now a stable, compounding business, and that stability is what lets us invest in bigger content, bigger collaborations and our next titles,” said Vladimir Markov, chief executive officer and studio head of Top App Games Ltd.

MHV Mediterranean Hospitality Venture has secured approval to list 101.41 million additional shares on the Cyprus Stock Exchange’s (CSE) Emerging Companies Market following a series of property acquisitions from its parent company, Prodea Real Estate Investment Company.

The additional shares, each with a nominal and issue value of €1, were issued to Prodea in exchange for its interests in five real estate and hospitality companies across Cyprus, Greece and Italy.

The CSE approved the admission of the shares to trading on the Emerging Companies Market (ECM), according to an information document dated September 16, 2026.

The Employers and Industrialists Federation (Oev) and TechIsland will sign a memorandum of cooperation on September 18, 2026, aimed at strengthening collaboration on technology, innovation, entrepreneurship, skills development and the competitiveness of the Cyprus economy.

The signing ceremony will take place at 10.30am on Friday, with Oev president George Pantelides and TechIsland president Valentinos Polykarpou expected to make statements afterwards.

The memorandum is intended to strengthen cooperation between the two organisations in areas including technology, innovation, entrepreneurship and skills development, while supporting the competitiveness of the wider economy.

The agreement comes as the technology sector continues to expand its involvement in initiatives extending beyond its traditional economic role, including projects focused on social and community issues.

Cyta and Connect Europe held a workshop on the proposed European Digital Networks Act and revised cybersecurity rules, with Cyprus’ telecommunications infrastructure and the future security of digital networks among the issues discussed.

The workshop, organised by Cyta in cooperation with Connect Europe, focused on the proposed Digital Networks Act (DNA) and the revision of the Cybersecurity Act, known as Cybersecurity Act 2 (CSA2).

Cyta CEO George Metzakis and Connect Europe Director General Alessandro Gropelli welcomed participants, while Commissioner of Communications Marios Pieris and Director of Digital Policy and Communications Kyriaki Pantziarou delivered opening remarks.

The event brought together representatives from competent public authorities, telecommunications providers, the business community, European institutions and Connect Europe.