All recent revisions indicate a more optimistic outlook compared to previous estimates.
A key factor driving these upward adjustments is the bank’s updated profit distribution policy.
In its preliminary results announcement, the Bank of Cyprus stated its intention to improve its profit distribution ratio for the 2025-2027 period, setting it between 50 and 70 per cent.
This marks a substantial increase from the 30 to 50 per cent range announced last year.
Despite a forecasted decline in net profits for 2025, analysts have responded positively to the bank’s strategy, revising their price targets upwards.
According to a statement released on Friday, Koumis met with Egyptian Ambassador Mohamed Shawky Zaazou, with discussions covering Cyprus-Egypt air connectivity, cruise tourism, and the role of travel agents and tour operators in both countries.
The announcement noted that “Koumis highlighted the potential for mutually beneficial cooperation in various sectors, particularly tourism”.
In addition, “he expressed his intention to establish a productive dialogue between the two nations to harness opportunities and capitalise on shared strengths”.
According to Oev, the transition follows the completion of the two consecutive two-year terms of current president Antonis Antoniou, which is the maximum allowed under the federation’s statutes.
In preparation for the leadership change, a 40-day nomination period was opened, concluding at midday on March 14, 2025.
Oev stated that during this period, Pantelides was the sole candidate, making his appointment uncontested.
Cyprus’ wholesale trade sector recorded a slight increase of 0.4 per cent in the fourth quarter of 2024 compared to the same period in 2023, according to a report released by the Cyprus Statistical Service on Friday.
The figures, based on the Wholesale Trade Turnover Value Index, indicate a stable but slow-growing sector, reflecting broader economic conditions.
Meanwhile, a more noticeable rise was observed in the Turnover Value Index for Trade and Repair of Motor Vehicles, which registered a 1.6 per cent increase year-on-year.
However, according to energy professor Andreas Poullikkas, the plan lacks the necessary depth, clear targets, and concrete implementation measures needed for a robust national strategy.
The former chairman of the Cyprus Energy Regulatory Authority (CERA) noted that the EU has established a comprehensive hydrogen strategy, setting specific goals for renewable hydrogen production and usage by 2030 and 2050.
Poullikkas noted that Cyprus’ draft strategy attempts to align with these objectives but remains far more limited in scope and detail compared to similar plans adopted by other EU member states.
“The document presents a vision for hydrogen use in Cyprus, focusing on energy transition, climate neutrality, and reducing reliance on fossil fuels,” he said.
However, he explained that while it outlines actions for infrastructure development, hydrogen use in transport, and regulatory framework creation, the proposals remain general and lack detailed implementation or funding plans.
Limassol has emerged as the main hub for financial, legal, and technological services, attracting foreign investment and solidifying Cyprus’ position as a business centre in Europe and the Middle East.
Due to this, the city has been informally dubbed the economic capital of Cyprus, according to the Vice President of Services at the Limassol Chamber of Commerce and Industry, Elias Neocleous.
Speaking to “Entrepreneurial Limassol,” the chamber’s monthly briefing, Neocleous stated that the emergence of new sectors such as financial technology (FinTech), legal technology (LegalTech), and regulatory technology (RegTech) presents opportunities for innovation and diversification.
According to the announcement, these include a variety of informative and educational activities.
“Global Money Week is the annual international campaign, aimed at raising awareness about the importance of financial education for young people”, the commission noted.
It added that “its goal is to help them gradually acquire the knowledge, skills, attitudes, and behaviours necessary to make sound financial decisions and to achieve financial well-being and resilience”.
Spearheaded by the Organisation for Economic Co-operation and Development (OECD), GMW 2025 will run from March 17-23, 2025.
This growth has been fueled by a 6 per cent increase in air travel routes, including a significant 9 per cent rise in flights to and from Germany, Europe’s largest economy.
Additionally, the complete resumption of services by an airline that hadn’t fully returned after the pandemic is now offering regular flights again, further enhancing the island’s global connectivity and boosting optimism for the tourist season.
Speaking during an interview with television channel Sigma, Koumis discussed initiatives to extend the tourism season beyond the traditional summer peak, aiming to capitalise on the quieter first and last months of the year.
Addressing the impact of the ongoing trade war and Trump’s tariffs, he acknowledged potential concerns about job losses and price hikes in export-dependent countries.
However, he said that “the impact on Cyprus would likely be minimal“, with only slight adjustments expected in the duration of stays and tourist spending, given that most visitors are from Europe where travel is viewed as essential.
Speaking at a conference on housing policy organised by the Edek party at the Lysarides foundation in Nicosia, Ioannou outlined the government’s two-pronged strategy: increasing housing supply and boosting citizens’ purchasing power, particularly for young people and families.
Ioannou described housing as a growing social crisis across Europe and beyond. He pointed to geopolitical tensions in Ukraine and the Eastern Mediterranean, alongside global inflation, as key factors driving up construction costs.
Foreign Minister Constantinos Kombos said the states bore a common “strong will to reinvigorate” convening of the ‘3+1’ format [with +1 being the US].
The drive was based on the rationale that “the expanded format is a multiplier of US regional architecture potential in the Eastern Mediterranean,” Kombos said.
Discussions had focused on the theme of interconnectivity and the three ministers had discussed the IMEC initiative (an India-Middle East-Europe trade corridor).
Kombos said the three states agreed that they stood to reap common strategic benefits within the “geo-financial scope” of the IMEC project.
“Together, we constitute the Mediterranean link of this corridor through critical infrastructure, shipping, and skilled human resources,” Kombos said.
The funding will be awarded to the 10 best business proposals, selected by Sir Stelios Haji-Ioannou, Creator and Owner of the easy family of brands and Founder and President of the Stelios Philanthropic Foundation.
This year, 96 Greek Cypriot and Turkish Cypriot entrepreneurs (forming 48 bilateral bi-communal groups) submitted their joint applications to the bi-communal entrepreneurship awards competition—significantly more than in 2024.
Once again, the competition focuses exclusively on the entrepreneurial initiatives of Greek Cypriots and Turkish Cypriots.
The 10 winning bilateral bi-communal business teams will share a total prize fund of €410,000.
