Speaking at a conference organised by the Cyprus Chamber of Commerce and Industry (Keve) in collaboration with Hellenic Bank, Finance Minister Makis Keravnos presented the government’s dedicated action plan, approved by the Council of Ministers in August 2023 and scheduled for implementation from 2024 to 2027.
The minister said the plan was developed in response to persistently low levels of Mergers and Acquisitions (M&A) activity in Cyprus, which he linked to the structure of local businesses.
“M&A in Cyprus are at very low levels, mainly due to the type of businesses, namely family businesses in traditional sectors, where there is no culture of mergers,” he said.
“One of these challenges is what’s known as technical debt: the long-term cost and complexity that arise when organizations opt for quick, short-term technology solutions instead of more resilient, well-architected approaches,” he said.
“Sooner or later, every business accumulates technical debt as a result of the modernisation efforts demanded by today’s fast-evolving landscape,” Kapiris continued.
This observation is also supported by findings in the 2024 Readiness Report by Kyndryl, where respondents ranked technical debt among the top five modernization challenges facing organisations.
Speaking at the 36th Annual General meeting of the Cyprus Shipping Chamber (CSC) in Limassol on Tuesday, the President underlined the government’s firm commitment to supporting the local shipping industry through targeted and sustainable policies.
He described the Chamber as a “catalytic factor” in placing Cyprus on the global maritime map since its establishment in 1989 and thanked outgoing president of the CSC, Themis Papadopoulos for his contribution.
Christodoulides noted that the Cyprus shipping registry has grown by over 18 per cent in the past two years, while the country’s Tonnage Tax System recorded a 15 per cent increase over the same period.
“We are not stopping here,” he said, pointing to a renewed effort to expand Cyprus’ appeal as a maritime base, citing increased interest from international shipping firms following his visit to New York in April.
The one-stop-shop, launched this week by President Nikos Christodoulides, is designed to streamline services for companies wishing to set up or expand operations on the island, bringing together key government departments and Invest Cyprus under one roof.
Speaking at the opening ceremony, Christodoulides said the Centre reflects Cyprus’ wider goal of reducing bureaucracy and digitalising public services, promising “faster and better service” tailored to the needs of investors and enterprises.
“It’s an important step in our effort to create a Cyprus with fewer obstacles, a Cyprus that’s easier to do business in,” he said.
Addressing the 36th Annual General meeting of the Cyprus Shipping Chamber (CSC) in Limassol, Demetriou described the maritime sector as a strategic key of the economy and a “source of national pride”, reaffirming the House’s commitment to strengthening the industry in line with European and international obligations.
She pointed to Cyprus’ determination to maintain its global standing in shipping, despite geopolitical instability and regional conflicts, notably the war in Ukraine and the ongoing unrest in the Middle East.
“Cyprus continues its determined efforts to serve as a reliable and stable partner,” she said, noting that the country currently hosts the third largest merchant fleet in the EU and the eleventh worldwide, employing more than 9,000 professionals on land and over 55,000 seafarers at sea.
Demetriou acknowledged the pace of change in the global maritime environment and said Cyprus remains fully committed to sanctions and international frameworks, underlining that the country must respond to emerging challenges “with responsibility and clarity”.
The event was addressed by President Nikos Christodoulides, House president Annita Demetriou, and outgoing Chamber President Themis Papadopoulos.
In his speech, Christodoulides praised the Chamber’s role in the ongoing development of Cyprus shipping, reaffirming the government’s recognition of the industry as a stable pillar of the national economy.
He underlined the country’s continued political support, which he said would be channelled through targeted mechanisms and practical measures to boost the island’s attractiveness as a shipping centre.
Demetriou, speaking on behalf of the House of Representatives, pointed to the sector’s resilience in the face of international challenges and described shipping as a “strategic pillar of the economy.”
Revenue reached €306.0 million, up 14 per cent compared to the same period in 2024, as total passenger traffic rose by 8 per cent to 3.1 million.
International traffic increased by 12 per cent, while total available seat kilometres (ASKs) climbed by 11 per cent to 4.1 billion. The load factor stood at 80.6 per cent.
According to the company, EBITDA reached €43.8 million, compared to €33.2 million in Q1 2024, marking the highest first-quarter EBITDA performance in Aegean’s history.
EBIT losses narrowed to €2.6 million, down from €7.2 million a year earlier, while after-tax losses were significantly reduced to €6.6 million, compared with €21 million in the same quarter last year.
George Karageorgos, Head of Freedom24’s Greek office, announced this milestone at a press conference attended by leading national media outlets such as Fortune, Capital and CNN Greece.
In 2024 alone, Freedom24’s customer base in Greece grew by 71.6 per cent, while client assets tripled to €330 million. “This is a significant milestone that confirms the company’s strong growth in Greece and the trust that Greek investors place in modern, transparent, and easy-to-use digital investment solutions,” said Karageorgos.
Freedom24’s web and mobile platform offers direct access to more than one million financial instruments, including stocks, ETFs, bonds and derivatives, from major markets in the U.S., Europe and Asia.
Christia, who has been serving as Group Chief Corporate Officer (CCO) since March 2024, will retain her existing responsibilities while stepping into a broader strategic role.
In her expanded position, she will work closely with Group CEO Ugne Buraciene and the board to drive execution and long-term planning.
Since joining the company earlier this year, Christia has led corporate functions spanning legal, compliance, risk, finance and HR.
She is a qualified solicitor and chartered accountant (FCA), holding a degree in Accounting and Law from the University of Manchester.
Her previous experience includes senior roles at PwC Cyprus and KPMG UK, bringing more than 15 years of expertise in corporate governance, tax and legal structuring.
