Here are the top business stories in Cyprus from the week starting March 3:
Following its review, the statement said, CIBA will present its views and recommendations to president Nikos Christodoulides and Finance Minister Makis Keravnos.
“These proposals will be made public immediately after submission,” the association said.
Kazakos will assume his new role as Secretary General of the International Chamber of Shipping (ICS) on April 1, 2025.
This marks a significant honour for both Kazakos and the Cypriot shipping industry, showcasing Cyprus’ growing influence on the global stage.
As previously disclosed in its preliminary 2024 results, the Bank of Cyprus intends to repurchase shares worth a total of €30 million as part of its planned distributions for the year.
It should be noted that the first purchases were carried out on February 24, 2025.
This follows the bank’s successful completion of a €25 million share buyback programme in December 2024.
In addition, it should be noted that the EU-wide figure marked a decline from the share of 16.2 per cent recorded in 2018.
Low-wage workers are defined as those earning two-thirds or less of the median gross hourly earnings in their country of employment.
Led by president of the association, Andreas Demetriades, the delegation discussed with Foreign Minister Constantinos Kombos ways to enhance co-operation to attract investment and establish a favourable institutional framework that would facilitate development projects across Cyprus.
The discussion emphasised the need for a collaborative approach between the public and the private sector to effectively implement the national strategy.
Based on data collected from the traveller survey, which the service processes to produce its findings, tourism earnings for the month reached €86.9 million, up from €74.3 million in December 2023.
For the entire year of 2024, total tourism revenue amounted to €3.2 billion, representing a 7.3 per cent rise compared to €2.99 billion recorded in 2023.
The average per capita expenditure of tourists in December 2024 was €653.27, reflecting an 8.7 per cent increase from €600.79 in the same month of the previous year.
With the ICT sector contributing up to 15 per cent of the country’s GDP and generating approximately €4 billion in revenue in 2024, Cyprus is positioning itself for further growth.
Zapolianski shares his insights on the investment appeal of the island, the challenges it faces, and strategies to strengthen its position as a thriving tech hub.
Held from February 17 to 21, 2025, the event saw the participation of approximately 80 representatives from governments, employers, and workers.
The federation of employers and industrialists (Oev) announced on Thursday that Giorgos Hadzjikallis, their Senior Officer for Industrial Relations and Social Policy Department, was chosen from numerous candidates worldwide to represent employers at the ILO committee on ‘Prevention and resolution of labour disputes’.
During a meeting with the board of the Pancyprian Cooperative Association, Keravnos welcomed the initiative, stating that Cyprus’ society and economy need a new, healthy cooperative banking system.
“The message we are receiving is one of optimism and support for our efforts,” the association said in a statement following the meeting.
The association, which is spearheading the creation of the Pancyprian Cooperative Bank, informed the minister of the progress made so far.
According to reports, citing sources within the bank, the decision to extend the deadline aims to increase the number of employees opting for the scheme, as participation so far has fallen short of the bank’s expectations.
Late on Tuesday, reports indicated that approximately 150 employees had accepted the offer, a figure significantly below the bank’s initial target of 400 staff departures, which primarily focuses on older and lower-performing employees.
The bank has already informed its staff about the extension through an internal circular.
According to reports, ICPAC intends to prepare the document after consulting with stakeholders affected by the reform and gathering input from its members.
The consultation process began this week with a scheduled meeting between ICPAC and Cyprus’ major employer organisations, the Cyprus Chamber of Commerce and Industry (Keve) and the Employers and Industrialists Federation (Oev).
This initiative, the ministry explained, is part of the company’s exploration and production sharing contract with the Republic of Cyprus.
The scholarships are available for the academic year 2025-2026 for the Master’s Degree in Energy and Environmental Management and Economics (MEDEA) at the Eni Corporate University (ECU).
The programme is open to citizens or permanent residents of the Republic of Cyprus.
Successful candidates will have all expenses covered, including tuition fees, registration costs, travel, accommodation, and living expenses.
The approval allows the publication of the document, which was officially released on March 5, 2025.
Eurobank currently holds 385,847,001 shares in Hellenic Bank, representing 93.47 per cent of its issued share capital.
Under the applicable legal provisions, the public offer is considered successful and is unconditional.
As a result, Eurobank is obligated to acquire all remaining shares in Hellenic Bank that are tendered under the terms of the public offer, provided there are no circumstances leading to its withdrawal or cancellation.
According to the public offer document, Hellenic Bank shareholders who accept the offer will receive €4.843 per share, payable in cash.
Specifically, the two airports welcomed a total of 535,423 passengers, representing an 8 per cent increase compared to the same month in 2024.
This rise is particularly remarkable as February traditionally records the lowest passenger traffic of the year.
According to the latest figures, passenger traffic has seen its largest increase in recent years, with a growth rate of 7.39 per cent compared to the same period in 2024.
Deputy Minister of Research Nicodemos Damianou has called for increased public funding and private investments in cybersecurity for small and medium enterprises (SMEs), during an informal EU telecommunications ministers’ meeting.
The call aligns with the EU’s broader strategy to bolster resilience against growing cybersecurity threats.
The meeting also saw the ratification of the ‘Warsaw Call on cybersecurity challenges’ Joint Statement by EU member countries, aimed at strengthening the approach to cybersecurity threats with a focus on prevention, response, and recovery.
Damianou emphasised the importance of advanced cybersecurity tools and skilled workforce training to address the evolving threats.
Additionally, the ministry of research noted that “discussions at the council emphasised the need for enhanced cooperation among EU member states, more effective information sharing, and aligned crisis management at national and European levels.”
The NBA’s budget, approved by 36 MPs, projects total expenditures to reach €55,602,239 against projected revenues of €56,116,486. This results in a surplus of approximately €514,000.
Key revenue sources include €19 million from betting activity taxes and €23 million from taxes on specific gambling activities.
These scammers, posing as CySEC officers, have been approaching investors via email and fake online accounts, soliciting fees in exchange for supposed compensation claims related to firms under CySEC supervision.
In a statement, CySEC stressed that it does not engage in direct contact with individuals regarding financial matters.
“CySEC never contacts individuals by telephone or sends unsolicited correspondence and does not request personal data, financial or other information,” the regulator stated.
The Cypriot real estate market saw significant activity in January 2025, with the 50 largest property transactions amounting to €30.1 million, according to real estate analytics firm Ask Wire.
The company on Friday reported that the ten most expensive sales nationwide totalled €12.1 million during this period.
The highest-value transaction was a house in Mouttagiaka, Limassol, which sold for €2.05 million.
Limassol dominated the high-value property market, accounting for seven of the top 10 transactions with a combined value of €8.8 million.
According to an official announcement, the meetings aimed at enhancing tourism from Germany yielded significant advancements, including a substantial rise in airline seats scheduled for 2025.
Koumis engaged in productive discussions with leaders of tourism organisations that specialise in the German market and also met with airline executives to boost air connections.
Additionally, he conducted strategic dialogues with Ian Borg, Deputy Prime Minister and Minister of Foreign Affairs and Tourism of Malta, and Dani Shahar, Director General of the Ministry of Tourism of Israel, where they discussed the prevalent challenges in Mediterranean tourism.
