Cyprus’ petroleum product sales returned to annual decline in August, falling 1.4 per cent to 121,646 tonnes, according to figures released on Monday by the state statistical service (Cystat). The result reversed July’s 1.3 per cent annual increase, while sales also fell sharply by 15.3 per cent compared with July.

The decline came during a month in which several of the island’s largest petroleum product categories recorded weaker sales than a year earlier.

In August, asphalt sales recorded the sharpest fall, dropping 23.9 per cent to 1,484 tonnes, while heating gasoil declined 9.2 per cent to 3,021 tonnes and aviation kerosene provisions fell 6.1 per cent to 38,775 tonnes.

Road diesel sales were also lower during the month, falling 1.6 per cent year on year to 26,771 tonnes, while agricultural gasoil declined 3.7 per cent to 1,577 tonnes. Lubricant sales fell 6 per cent to 236 tonnes, while aviation gasoline dropped by half to just one tonne.

Shipping Deputy Minister Marina Hadjimanolis is travelling to Brussels on Monday for high-level talks on the future of European shipping and ports, with competitiveness, geopolitical pressures, fleet renewal and decarbonisation among the issues on the agenda.

Hadjimanolis will be in the Belgian capital from September 28 to 30, following an official invitation from European Commissioner for Sustainable Transport and Tourism Apostolos Tzitzikostas to take part in Connecting Europe Days 2026.

The European Commission’s flagship mobility and transport event runs from September 28 to October 1, bringing together policymakers, financial institutions, industry representatives and transport stakeholders to discuss measures aimed at creating a competitive, resilient, safe and sustainable European transport sector.

The conference will also examine the role of transport and connectivity in European competitiveness, strategic autonomy and resilience, alongside future infrastructure funding and links with countries outside the EU.

More than 5,000 people attended European Researchers’ Night 2026 in Nicosia, as the annual science and innovation event marked 20 years in Cyprus, according to the Research and Innovation Foundation (RIF).

The event, held at the Cyprus State Fair last week, also drew more than 2,000 school pupils through organised visits and activities.

This year’s edition, held under the theme “CELEBRATE 2.0 – Two Decades of STEAM-Powered Inspiration”, brought together researchers, academics, scientists, companies and organisations from across Cyprus’ research and innovation sector.

Visitors were able to explore more than 75 exhibition stands and take part in over 80 interactive activities, including experiments, workshops, simulations, games, quizzes and demonstrations.

Cyprus is heading into the autumn with one of the strongest growth rates in the EU, but rising energy costs, higher interest rates and weaker external demand could determine how much of that growth reaches households, CFA Society Cyprus board member Kyriacos Inios said.

“Cyprus goes into the autumn growing faster than almost any other EU economy, but with the same imported problem as everyone else: the war in the Middle East has pushed up the price of oil, and with it the price of everything that moves by road or ship,” Inios said.

With the ECB raising rates again, he added, “the next few months will show how much of the growth reaches household budgets”.

Inios described the starting point as strong. Real GDP grew by 3.8 per cent in 2025, compared with 1.5 per cent in the EU, while the European Commission’s May forecasts still put Cyprus ahead in 2026, at 2.3 per cent against 1.1 per cent for the EU.

Limassol-based Island Oil (Holdings) Ltd has rebranded as Island Energies, introducing a new corporate identity that reflects the group’s evolution, broader energy focus and future direction after more than three decades in business.

As part of the change, Island Oil (Holdings) Limited, Island Oil Limited, Island Petroleum Limited and NavTech Supplies Limited are being brought together under one clearer, unified identity.

However, while the name and visual identity are changing, the group said its commitment to clients, partners and people remains unchanged.

Island Energies will also continue to operate around five core principles, excellence with integrity, reliability, human-centred partnerships based on trust and mutuality, innovation for progress and transparency.

Chrysostomos Papavassiliou, founder, CEO and chairman of the board, said the new identity marks “a meaningful new chapter for the Group”.

Cyprus should make artificial intelligence and digital transformation a central part of its tourism strategy, the Hotels Association (Pasyxe) said on Sunday, arguing that technology could help strengthen the sector’s resilience, competitiveness and long-term growth.

Marking World Tourism Day, the association said AI could support tourism businesses in areas ranging from data collection and visitor services to energy efficiency, while helping the industry respond more effectively to changing traveller expectations.

However, Pasyxe stressed that the transition would require more than individual investment by hotels and tourism businesses. It called for coordinated planning, stronger infrastructure, specialised staff and a modern system of incentives to encourage companies to adopt new technologies.

The association said the issue was particularly important for Cyprus at a time when the tourism sector is seeking to sustain demand following the uncertainty created by the continuing crisis in the Middle East.

HR must move from a support function to a central role in business transformation as companies adapt to AI-driven change, according to Andreas Papadopoulos, Senior Manager Advisory at PwC Cyprus.

Papadopoulos noted that workforce is increasingly the decisive factor in whether business reinvention and transformation succeed, while HR functions are expected to enable and empower this shift.

Drawing on recent PwC studies, he observed that “a clear message emerges, in an AI-enabled economy, HR must be repositioned as a core engine of transformation”, with skills, operating model and responsible AI adoption at the heart of its mandate.

Referring to PwC’s 27th Annual Global CEO Survey, he explained that workforce relevance is both the biggest challenge and the greatest enabler, with future skills, workforce adaptability and culture seen as the primary barriers to transformation but also as “the most powerful accelerators when managed effectively”.

National Bank of Greece is bringing senior technology and investment executives to Cyprus for Innovation Cyprus 2.0, with Microsoft, Mastercard, Amazon Web Services and leading investment funds set to take part in the event in Nicosia.

According to the bank, the initiative is aimed at strengthening links between the Cyprus innovation ecosystem and international technology and funding networks, while creating opportunities for cooperation between businesses, academic institutions, startups and investment organisations.

The event will take place on Wednesday, October 7, 2026, at the National Bank of Greece administration building in Nicosia, as part of the INSPIRE Entrepreneurial Festival.

The programme will feature executives from internationally recognised technology and innovation organisations, including Microsoft Greece, Cyprus & Malta, Mastercard Greece, Cyprus & Malta and Amazon Web Services Greece, Cyprus & Malta.

Hermes Airports is stepping up efforts to reduce Cyprus’ reliance on peak-season tourism, working with airlines and tourism operators to attract more passengers outside the traditional summer months and strengthen year-round connectivity.

The airport operator outlined Cyprus’ approach at the Tourism Seasonality Summit in Rimini, Italy, where the industry looked at how destinations can build demand during quieter periods and gradually extend the travel season.

The conference was jointly organised by Low Season Traveller, a tourism and destination marketing platform, and Routes, the B2B platform bringing together airports, airlines and tourism authorities.

Much of the discussion centred on the so-called shoulder season, when demand falls between the main summer and winter peaks, and on how destinations can encourage travel habits that are less tied to particular times of year.

Strong and expanding air connectivity remains crucial to the sustainable growth of Cyprus tourism and the wider economy, Hermes Airports said on the occasion of World Tourism Day.

The company noted that tourism remains one of the most important pillars of the Cypriot economy and has shown considerable resilience in recent years despite successive international challenges and uncertainty.

According to Hermes Airports, this performance reflects the collective efforts of the company, the state, the tourism industry and other stakeholders, which have worked together to maintain the competitiveness of Cyprus as a destination.

Larnaca and Paphos airports continue to play a strategic role by keeping Cyprus connected with international markets and steadily expanding the country’s network of air links.

As more everyday services move online, a CYENS-developed platform is aiming to help seniors and people in rural and remote areas of Cyprus use smartphones and digital services with greater confidence, independence and safety.

Digital Kin, developed by a team led by Fotis Liarokapis of the Extended Experiences (EX) Research Group at the CYENS Centre of Excellence, was created in strategic collaboration with Cyta and focuses on strengthening practical digital skills.

The initiative comes as the ability to use a smartphone is increasingly becoming essential for social and economic participation, whether for communicating with family, accessing healthcare services, making payments or finding information online.

At the centre of the initiative is the Digital Kin platform, which turns potentially complicated digital tasks into simple, practical and easy-to-follow instructions in Greek.

Built around the principle that technology should make people’s lives easier rather than become another barrier, the platform offers six learning areas and more than 85 step-by-step guides, adapted for both Android smartphones and iPhones.

Bank of Cyprus (BoC) introduced transactions directly in Indian Rupees (INR) for businesses and individuals, according to the bank, as it seeks to expand payment links with India and strengthen its presence in the market.

The new service is aimed at customers with commercial, investment or other financial ties to the Indian market and forms part of the bank’s strategy to develop new international payment corridors.

By allowing transactions to be carried out directly in INR, the service provides greater flexibility in managing international payments, including the settlement of obligations or invoices directly in the currency in which they are denominated.

At the same time, it reduces the need to use intermediary currencies, simplifying the process and contributing to more direct, efficient and cost-effective cross-border transactions.

The service is particularly relevant to businesses operating in India, companies with commercial partnerships or a presence in the country, as well as individuals making payments in INR. It also serves Indian nationals working in Cyprus who wish to make remittances to their home country.

Capital.com has launched direct investing in stocks and exchange-traded funds (ETF) across Europe, marking its next step towards becoming a multi-asset trading and investment platform.

According to the company, the move gives clients across its European markets a single place to act on both short-term trading views and long-term investment goals, extending the platform beyond short-term trading to include long-term investing.

The launch reflects a broader view of how clients approach markets. Some come to the platform to act on a short-term view, while others are building a position they intend to hold for years.

Capital.com said its Built for Better Decisions principle is about matching the instrument to the client’s intention, rather than expecting one type of instrument to serve every purpose.