Fuel prices in Cyprus rose by 24.6 per cent year-on-year in September, accelerating from 19.1 per cent in August, according to Eurostat figures published on Wednesday, as Finance Minister Makis Keravnos warned that the government was focused on containing costs rather than achieving major price reductions.

The increase in the prices of fuels and lubricants for personal transport in Cyprus was below the European Union average of 31.4 per cent, but still reflected the continuing pressure on motorists as energy costs climbed across the bloc.

On a monthly basis, petrol prices in Cyprus rose by 3.8 per cent between August and September, the smallest increase recorded among EU member states.

The Bank of Cyprus has completed its acquisition of performing loans worth approximately €130 million and deposits of around €440 million from the Cyprus Development Bank (CDB), following the receipt of all required regulatory approvals, the two banks announced on Wednesday.

The transaction, agreed in March, covers substantially all of CDB’s performing loans and deposits, together with certain other assets and liabilities, and was completed at a price close to their book value.

The consideration was nearly at par, with the total estimated discount on the assets transferred amounting to approximately €2.8 million, according to CDB.

The government has renewed appointments at two of the island’s main financial regulators and named an academic to the casino watchdog, following decisions taken by the cabinet on Wednesday.

Ioannis Charilaou has been reappointed as a non-executive member of the Central Bank of Cyprus (CBC) board for a further five years, from October 21, 2026, until October 20, 2031.

A chartered certified accountant, Charilaou has served on the board since October 2016, making this his third consecutive term.

Cyprus recorded the European Union’s highest government surplus in 2025, at 3.6 per cent of gross domestic product (GDP), as public revenue rose to almost €15.9 billion, according to figures published by the Cyprus Statistical Service (Cystat) and Eurostat on Wednesday.

The surplus amounted to €1.36bn, based on audited and verified figures compiled under the European Commission’s Excessive Deficit Procedure, while government debt stood at €20.05bn, equivalent to 52.3 per cent of GDP.

Eurostat’s figures showed that Cyprus was one of only five EU member states to record a government surplus last year, alongside Denmark, at 2.9 per cent of GDP, Greece at 2 per cent, Ireland at 1.8 per cent and Portugal at 0.7 per cent.

Cyprus’ technology sector is seeking closer cooperation with the Office of the Commissioner of Electronic Communications on cybersecurity and artificial intelligence, following discussions on joint initiatives, specialised training and stronger links between public authorities and technology businesses.

A delegation of the Cyprus Information Technology Enterprises Association (CITEA) held a meeting with Electronic Communications Commissioner Marios Pieris, in the presence of Assistant Commissioner Georgios Georgiou, with the aim of strengthening cooperation and promoting joint initiatives in both fields.

Representing CITEA were the association’s president George Malekkos, vice-president Antonia Michael, board member Nikos Kaisis and director Matina Zisiadou.

Cyprus recorded the largest quarterly decline in government debt relative to GDP in the European Union in the second quarter of 2026, with the ratio falling to 48.5 per cent, according to Eurostat figures published on Wednesday.

The ratio dropped by 3 percentage points from 51.5 per cent in the first quarter and was 9.5 percentage points lower than the 58.1 per cent recorded in the second quarter of 2025.

Cyprus’ general government gross debt stood at €19.2 billion at the end of June 2026, down from €20.03 billion at the end of March and €21.7 billion a year earlier.

Eurobank is considering establishing a representative office in Tel Aviv to strengthen its support for Israeli businesses and investors, as Cyprus seeks to build on closer economic ties with Israel and its growing role as a European business and investment hub.

The prospect was raised during the 8th Cyprus-Israel Business & Investment Summit, held in Tel Aviv this week, with the participation and support of Eurobank.

The conference brought together entrepreneurs, investors and institutional representatives from both countries, at a time when bilateral relations are expanding across trade, investment, energy, tourism, services, technology and innovation.

Allwyn AG has announced that Eurobank SA will act as the paying bank for its upcoming €0.20 interim distribution, which is scheduled to be paid in November to eligible shareholders who do not opt for a scrip alternative.

The distribution will be processed through the operators of the beneficiaries’ accounts in the Dematerialised Securities System, including banks, custodians and securities firms.

The payment procedures will be conducted in accordance with Euronext Athens regulations and relevant corporate resolutions.

Artificial intelligence can produce convincing messages and imitate empathy, but it cannot replace the trust and personal relationships that underpin the shipping industry, according to WISTA Cyprus vice-president Maria Theodosiou, who has questioned the growing reliance on technology for human communication.

Writing on her personal platform, Theodosiou reflected on a contradiction she sees emerging in modern leadership, where businesses invest considerable effort in developing communication and emotional intelligence while increasingly allowing AI to speak on their behalf.

Her comments followed a three-hour workshop titled ‘The Art of Leadership’, organised by WISTA Cyprus and delivered by Sofia Rizou, during which participants explored emotional intelligence, body language, communication and the influence of words through interactive exercises and role-playing.

Alpha Bank purchased 1,157,429 of its own shares for €4.88 million during the week ending October 16, as part of its ongoing share buyback programme, the lender has announced.

The shares were traded on Euronext Athens between October 12 and October 16, at an average purchase price of €4.2187 per share, with the total consideration amounting to €4,882,845.72.

The bank’s announcement, published on October 20, follows an earlier update dated July 31 and relates to a buyback programme approved by its annual general meeting on June 26, 2026.

Keo plc will pay shareholders an interim dividend totalling €2,109,096 by November 29, following a decision by the company’s board of directors on October 20, the Cypriot beverage producer announced on Wednesday.

The distribution amounts to five cents per fully paid ordinary share, representing a higher per-share payment than the four-cent dividend completed by the company in August.

Shareholders registered in the Cyprus Stock Exchange’s records on November 2 will be entitled to receive the latest dividend.

Cyprus-based technology distributor Asbis surpassed $1 billion in monthly sales for the first time in its history in September, generating estimated consolidated revenues of $1.05 billion, a 216 per cent increase compared with the same month last year, the company announced on Wednesday.

The Limassol-headquartered group’s revenues rose from $332 million in September 2025, making the latest month both its strongest September on record and its highest-revenue month ever.

“September 2026 will go down in ASBIS history as the month in which we achieved the highest sales in the Group’s history,” said Serhei Kostevitch, chief executive officer of Asbis Group.

The Cyprus Stock Exchange (CSE) on Wednesday announced that it has approved the listing of €50 million in new 13-week government treasury bills, following an auction held on October 19, with trading scheduled to begin on Friday, October 23.

The issue comprises 50,000 treasury bills with a nominal value of €1,000 each, representing the 10th issue in the 2026 series.

The bills will run from October 23, 2026, until January 22, 2027, and were issued by the Republic of Cyprus following the auction conducted earlier this week.