Investment firm Demetra Holdings Plc bought back 5,110 of its own shares on the Cyprus Stock Exchange (CSE) on October 20, 2026, as part of an ongoing share repurchase programme, the company announced on Wednesday.
The transaction was executed through the Cyprus Investment and Securities Corporation Ltd (CISCO) at a price of €1.355 per share.
The share buyback was carried out in accordance with relevant regulations of the Cyprus Stock Exchange and circulars issued by the Cyprus Securities and Exchange Commission.
The purchases were executed in five separate transactions during the trading session on October 20, 2026.
The individual transactions comprised purchases of 124, 3,003, 493, 963, and 527 shares, all completed at the same price of €1.355 per share.
The share repurchase programme follows authorisation granted by shareholders at the company’s annual general meeting held on June 30, 2026.
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.
He previously served as president of the Institute of Certified Public Accountants of Cyprus (ICPAC) between 2013 and 2015 and was a member of Hellenic Bank’s board from 2005 to 2014, where he also held positions on its audit and risk management committees.
Meanwhile, Marios Papageorgiou has secured another five-year term as a member of the Cyprus Securities and Exchange Commission (CySEC) board, having first joined the regulator in October 2021.
A chartered accountant and University of Manchester economics graduate, Papageorgiou has a background in international taxation and corporate advisory services, including previous positions at PwC, EY and Renaissance Capital.
He also holds a tax management position at Melco Cyprus and has served as chairman of CySEC’s audit committee.
His reappointment comes just over a month after changes to the regulator’s leadership, with George Karatzias taking over as chairman and Loukas Lagoudis becoming vice-chairman on September 15.
The commission oversees investment firms, funds and crypto-asset service providers, with responsibility for regulatory compliance and investor protection.
In a separate decision, the cabinet appointed Michalis Sirivianos to the Cyprusgaming andcasinosupervisioncommission, with his term running until June 7, 2027.
Sirivianos is dean of the Faculty of Engineering and Technology at the Cyprus University of Technology (Tepak) and an associate professor specialising in cybersecurity, digital identity, blockchain technology and online safety.
He also sits on the board of the CYENS Centre of Excellence and serves as scientific coordinator of the Fact-check Cyprus Centre against Disinformation.
His appointment brings a technology and cybersecurity background to the casino regulator, which is responsible for supervising Cyprus’s licensed casino operations, ensuring compliance with licensing requirements and protecting players.
Unlike the National Betting Authority (NBA), which supervises the betting market, the casino commission oversees the island’s integrated casino resort and online casinos.
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.
The figures underline the continued reduction in the country’s debt burden relative to the size of its economy, with Cyprus recording the second-largest annual decline in the EU after Greece.
Greece’s debt-to-GDP ratio fell by 11.2 percentage points year-on-year, while Cyprus recorded a decline of 9.5 percentage points.
Slovenia and Portugal followed, with decreases of 4.5 and 3.4 percentage points respectively.
Compared with the first quarter of 2026, Cyprus recorded the largest reduction among member states, ahead of Greece, where the ratio fell by 2.7 percentage points.
Hungary recorded a decrease of 2 percentage points, Ireland 1.8 percentage points, Croatia 1.6 percentage points and Slovakia 1 percentage point.
Across the EU, government debt continued to rise in the second quarter, reaching 82.9 per cent of GDP, up from 82.5 per cent in the first quarter.
The euro area’s debt-to-GDP ratio increased to 88.8 per cent from 88.4 per cent over the same period.
Compared with the second quarter of 2025, the EU ratio rose from 81.4 per cent, while the euro area figure increased from 87.3 per cent.
At the end of June, Greece had the EU’s highest government debt ratio, at 140.8 per cent of GDP, followed by Italy at 139.9 per cent, France at 119.1 per cent, Belgium at 110.2 per cent and Spain at 101.4 per cent.
The lowest ratios were recorded in Estonia at 26.1 per cent, Denmark at 27.1 per cent, Luxembourg at 28.2 per cent and Bulgaria at 28.7 per cent.
Compared with the first quarter, government debt ratios increased in 15 member states and decreased in 10, while the figures for the Netherlands and Spain remained unchanged.
The largest quarterly increases were recorded in Poland, where the ratio rose by 3 percentage points, Portugal at 2.1 percentage points, Latvia at 1.9 percentage points, Lithuania at 1.6 percentage points and France at 1.4 percentage points.
Italy and Malta each recorded increases of 1.3 percentage points, while Estonia’s ratio rose by 1.1 percentage points.
On an annual basis, 18 member states recorded higher debt ratios and nine registered declines.
Poland had the largest increase, at 6.7 percentage points, followed by Lithuania at 4.9 percentage points, Belgium at 3.8 percentage points, France at 3.7 percentage points, Luxembourg at 3.6 percentage points and Estonia at 3 percentage points.
Eurostat’s data also showed that Cyprus’ government debt at the end of 2025 amounted to €20.05bn, equivalent to 52.3 per cent of GDP, according to the audited annual figures published by the Cyprus Statistical Service.
The annual figures placed Cyprus among the five EU member states to record a government surplus in 2025, with the country’s surplus reaching 3.6 per cent of GDP.
Looking at government debt across the bloc at the end of 2025, the lowest ratios were recorded in Estonia at 24 per cent of GDP, Luxembourg at 26 per cent, Denmark at 27.2 per cent, Bulgaria at 29.9 per cent, Ireland at 34.8 per cent, Sweden at 35.1 per cent and Lithuania at 39.3 per cent.
Twelve member states had debt ratios above the EU’s 60 per cent reference level, with the highest figures recorded in Greece at 145.4 per cent, Italy at 136.7 per cent, France at 115.7 per cent, Belgium at 108.1 per cent and Spain at 100.5 per cent.
At the end of the second quarter of 2026, debt securities accounted for 84.5 per cent of general government debt in the euro area and 83.9 per cent in the EU.
Loans represented 13.1 per cent of euro area debt and 13.8 per cent of EU debt, while currency and deposits accounted for 2.4 per cent in both.
Eurostat also reported intergovernmental lending, reflecting EU member states’ governments lending to other member states, at 1.3 per cent of GDP in the euro area and 1.1 per cent in the EU at the end of June.
Separately, seasonally adjusted government revenue in the euro area stood at 46.8 per cent of GDP in the second quarter of 2026, down from 46.9 per cent in the first quarter.
Although revenue increased by around €21bn in absolute terms, the rise was outweighed by growth in nominal GDP.
Government expenditure in the euro area increased to 50.1 per cent of GDP from 50 per cent, as seasonally adjusted spending rose by around €28bn.
In the EU, government revenue fell to 46.3 per cent of GDP from 46.4 per cent in the first quarter, as an increase of around €25bn in seasonally adjusted revenue was outweighed by nominal GDP growth.
EU government expenditure rose to 49.8 per cent of GDP from 49.6 per cent, with seasonally adjusted spending increasing by around €42bn.
Cyprus’ seasonally adjusted government surplus stood at 3.3 per cent of GDP in the second quarter of 2026, down from 3.8 per cent in the first quarter.
The surplus had fluctuated during 2025, standing at 3.6 per cent of GDP in the first quarter, 3.3 per cent in the second, 2.9 per cent in the third and 4.3 per cent in the fourth.
The latest quarterly decline followed a 0.5 percentage point decrease in the first quarter of 2026, meaning the surplus-to-GDP ratio fell by a further 0.5 percentage points in the second quarter.
Earlier, Cyprus recorded seasonally adjusted government surpluses of 4.5 per cent of GDP in the second quarter of 2024, 4.3 per cent in the third quarter and 2.9 per cent in the fourth quarter.
The figures were included in Eurostat’s latest government deficit and debt data, based on member states’ second 2026 notifications under the European Union’s Excessive Deficit Procedure and compiled using the European System of Accounts 2010 methodology.
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.
All other member states reported deficits, with the largest recorded in Romania at 7.8 per cent of GDP, Poland at 7.2 per cent, Belgium at 5.2 per cent and France at 5.1 per cent.
Eleven member states recorded deficits equal to or greater than 3 per cent of GDP.
Cyprus’ total government revenue rose by 7.7 per cent in 2025, increasing by €1.14bn to €15.9bn from €14.76bn in 2024, Cystat reported.
The increase reflected higher receipts from several major revenue sources, particularly social contributions and taxes on income and wealth.
Revenue from social contributions rose by €379.8 million, or 8.4 per cent, to €4.9bn, compared with €4.52bn in 2024.
Taxes on income and wealth increased by €379.1m, or 10 per cent, to €4.18bn from €3.8bn.
Taxes on production and imports rose by €67.4m, or 1.4 per cent, to €4.75bn, compared with €4.68bn a year earlier.
However, net value added tax revenue fell by €16m, or 0.5 per cent, to €3.15bn from €3.17bn in 2024.
Other current transfers increased by €84.6m, or 21.4 per cent, to €480.1m from €395.5m.
Revenue from the sale of goods and services rose by €161.7m, or 18.1 per cent, to €1.06bn, compared with €894.4m in 2024.
Capital transfers increased by €25.7m, or 7.6 per cent, to €362.6m, while property income received rose by €41.5m, or 34.3 per cent, to €162.6m.
Government expenditure also increased, rising by 9.2 per cent, or €1.22bn, to €14.54bn in 2025 from €13.31bn in 2024.
Compensation of employees, including imputed social contributions and civil servants’ pensions, increased by €295.3m, or 7.6 per cent, to €4.17bn from €3.88bn.
Social transfers rose by €283m, or 5.3 per cent, to €5.59bn, compared with €5.3bn in 2024.
Intermediate consumption, covering goods and services used by government in its operations, increased by €98.5m, or 6.6 per cent, to €1.59bn.
Other current expenditure rose by €22.9m, or 2.7 per cent, to €865.8m.
The most pronounced increase was in capital expenditure, which jumped by 46.4 per cent to €1.76bn from €1.2bn in 2024, an increase of €558.3m.
This comprised gross capital formation of €1.21bn, compared with €963.6m a year earlier, and other capital expenditure of €546.3m, up from €239.3m.
In contrast, property income payable fell by €1.6m, or 0.4 per cent, to €422.6m from €424.2m.
Subsidies decreased by €31.8m, or 18.6 per cent, to €139.6m from €171.4m.
Across the EU, government expenditure in 2025 amounted to 49.4 per cent of GDP, while revenue stood at 46.3 per cent.
In the euro area, expenditure reached 49.8 per cent of GDP and revenue 46.8 per cent.
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 Keravnoswarned 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 rise compared with an EU-wide increase of 6.7 per cent over the same period, while diesel prices across the bloc increased by 5.9 per cent.
The latest figures come as the government faces questions over whether its cost-of-living measures are sufficient to offset rising energy prices.
“Containing fuel prices rather than achieving major decreases is the government’s current policy,” Keravnos said on Tuesday.
Speaking on the sidelines of an event marking European Statistics Day, the finance minister said the authorities were monitoring the impact of recently announced support measures.
An initial assessment by the Consumer Protection Service had found that prices of some essential goods had fallen by 5 per cent, he said.
However, when asked whether rising energy prices had already offset the relief provided by those measures, Keravnos cautioned against expecting substantial reductions.
“Under the circumstances, one should not expect significant decreases,” he said.
Fuel prices rise across Europe
Eurostat reported that EU prices for fuels and lubricants used in personal transport increased by 31.4 per cent in September compared with the same month in 2025.
This followed annual increases of 16.9 per cent in July and 23.8 per cent in August, marking a further acceleration in fuel-related inflation.
Annual increases in September were higher than those recorded in both July and August in 26 of the bloc’s 27 member states.
Bulgaria recorded the largest annual increase, at 42.2 per cent, followed by Estonia at 40.6 per cent and Lithuania at 40.2 per cent.
A further 12 countries registered increases exceeding 30 per cent, with rises ranging from 37.5 per cent in the Czech Republic to 30.3 per cent in Portugal.
Hungary recorded the smallest annual increase, at 6.9 per cent, followed by Ireland at 17.7 per cent and Sweden at 19.9 per cent.
Diesel and petrol costs climb
On a monthly basis, diesel prices across the EU increased by 5.9 per cent in September, slowing from the 8.3 per cent rise recorded in August.
Petrol prices, meanwhile, accelerated, rising by 6.7 per cent in September compared with a 3.3 per cent increase in August.
Diesel prices increased in 26 EU countries between August and September, with the largest rises recorded in Sweden at 12.8 per cent, Latvia at 10.3 per cent and Poland at 9.7 per cent.
The smallest increases were recorded in Spain at 2.4 per cent, Croatia at 2.5 per cent and Romania at 3 per cent.
Petrol prices also rose in 26 member states over the month.
Sweden recorded the largest increase, at 13.8 per cent, followed by Poland at 9.7 per cent and Estonia at 9.5 per cent.
Cyprus registered the smallest monthly increase in petrol prices, at 3.8 per cent, followed by Romania at 4.2 per cent and Slovenia at 4.6 per cent.
The figures underline the continuing pressure on household transport costs, even as the pace of monthly increases differs considerably between member states.
For Cyprus, the latest data provide a mixed picture, with annual fuel-related inflation remaining substantial but the monthly rise in petrol prices among the lowest in the EU.
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.
The option remains available for eligible investors who prefer not to elect to receive shares under the scrip alternative to receive the payout in cash.
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.
Eurobank was represented by Deputy CEO Andreas Petsas, while Senior General Manager Stefanos Kassianides addressed the conference, emphasising the importance of cooperation between the two countries.
In particular, Kassianides stressed that Cyprus and Israel, by making use of their complementary advantages, could serve as a natural bridge between Europe and the wider region.
He also drew attention to the important role that businesses, investors and financial institutions could play in taking advantage of new opportunities arising from greater regional connectivity and initiatives such as the India-Middle East-Europe Economic Corridor (IMEC).
Speaking about the relationship between the two countries, Kassianides said that “the business relationship between Cyprus and Israel has strengthened significantly in recent years, based not only on the geographical proximity of the two countries but also on the strong economic, commercial and institutional ties that connect them”.
He went on to point out that “the complementary strengths of the two economies create strong prospects for even closer cooperation between their business communities, while Cyprus serves as a natural gateway to the European Union and the wider region”.
It was in this context that Kassianides referred to Eurobank Group’s international presence and strategic development, revealing that the bank is examining the possibility of establishing a representative office in Tel Aviv.
The move would further strengthen its ability to support Israeli businesses and investors in their international activities.
The opportunities offered by Cyprus’ financial sector were also discussed during the summit, with Panayiotis Chrysostomou, manager of banking services and representative offices at Eurobank, taking part in a panel discussion on the country’s banking and investment services.
During the discussion, Chrysostomou outlined the opportunities Cyprus offers in these areas, placing particular emphasis on the role of the country’s financial institutions in supporting Israeli businesses and investors.
As he explained, “the role played by Cyprus’ financial institutions and banks, as stable and financially sound partners of Israeli businesses and investors, is of central importance to successfully capitalising on the prospects arising from their expansion into the European Union market, as well as the opportunities within the broader economic corridor connecting Asia and the Middle East with Europe, through Israel, Cyprus and Greece”.
Beyond its participation in the summit, Eurobank also supported a reception hosted by Cyprus’ ambassador to Israel, Cornelius Corneliou, to mark the 66th anniversary of the independence of the Republic of Cyprus.
The bank said its involvement reaffirmed its active role in strengthening cooperation between the Cypriot business community and international investment institutions.
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.
“Revenues of $1.05bn and 216 per cent year-on-year growth confirm the enormous potential of our company, the scale of our operations and the opportunities offered by our presence across multiple markets,” he added.
Kostevitch said the record performance had been achieved through the group’s regular business activities, reflecting the strength of its business model, broad product portfolio and relationships with global manufacturers and trading partners.
“Most importantly, this result is the outcome of our regular operating activities and demonstrates the strength of our business model, broad product portfolio and relationships with global manufacturers and trading partners,” he said.
The company attributed its performance partly to growing demand for artificial intelligence solutions, computing infrastructure and other advanced technologies across its international markets.
“Growing demand for AI solutions, computing infrastructure and modern technologies is creating new opportunities for the entire industry,” Kostevitch said.
“We have good visibility and our pipeline of projects suggest a continuation of AI development,” he added.
Kazakhstan, the United Arab Emirates and Ukraine generated the largest shares of Asbis’ September revenues, followed by Slovakia and Poland, which continues to account for a significant portion of the group’s sales.
The company also reported particularly strong growth in servers and server components, while smartphones delivered another solid performance.
“In product terms, we recorded the largest sales growth in September in the servers and server components segment,” Kostevitch mentioned.
“The smartphone segment also performed very well, which means we are growing beyond the AI segment as well,” he stated.
The latest figures extend a period of exceptional growth for Asbis, which recorded its most profitable quarter in its 36-year history during the second quarter of 2026, as demand for artificial intelligence infrastructure, servers and smartphones strengthened across its markets.
Record quarterly and half-year results
Asbis generated revenues of $1.69bn in the second quarter, an increase of 78.7 per cent from $949.3m in the corresponding period of 2025.
Net profit for the quarter more than tripled to $44.3m from $12.1m a year earlier.
For the first half of 2026, consolidated revenues reached $2.97bn, up 76 per cent year on year, while net profit after tax climbed to $80.6m from $19.4m in the first six months of 2025.
The strong results followed further monthly revenue increases over the summer.
In August, Asbis reported estimated revenues of $604m, up 91 per cent from $316m in August 2025.
July revenues had risen by 89 per cent year on year to $531m, compared with $281m in the corresponding month of 2025.
September’s estimated revenues therefore represented a substantial acceleration in growth, taking monthly sales above the $1bn threshold for the first time.
Keo plc will pay shareholders an interim dividendtotalling €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.
Keo shares will trade ex-dividend from October 30, meaning investors purchasing shares from that date will not qualify for the payment.
Investors buying shares by the close of trading on October 29, the last cum-dividend date, will be eligible for the distribution.
The company also clarified that investors holding securities through an off-floor transfer completed by the November 2 record date will qualify for the dividend.
Payments are scheduled to be made by November 29, the company confirmed.
The decision comes less than two months after Keo completed a €1.69 million dividend distribution in August, equivalent to four cents per fully paid ordinary share.
That earlier payment had been approved at the company’s annual general meeting in July and was funded from profits generated in 2024 and held in its revenue reserve.
The latest distribution comes as Keo faces weaker sales and lower earnings.
For the first half of 2026, the company reported net profit of €2.97m, down from €3.23m in the corresponding period of 2025, while turnover fell by 3.13 per cent to €32.35m from €33.40m.
Gross profit remained broadly stable at €11.28m, compared with €11.31m a year earlier, allowing the gross profit margin to improve to 34.9 per cent from 33.9 per cent.
However, profit from operations declined to €2.51m from €2.93m.
Keo’s full-year results for 2025 also showed easing profitability, with operating profit falling to €8.80m from €9.30m in 2024, while turnover declined by 1.1 per cent.
The company attributed the earlier fall in annual turnover to the absence of a one-off sales agreement that had boosted the previous year’s figures.
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.
Any balancing amount arising from the transaction was settled in cash, the banks stated.
Bank of Cyprus Holdings said the acquisition was expected to have a modest positive impact on the group’s income statement, while its effect on capital would be limited to approximately 30 basis points.
The group said the transaction had been executed on normal commercial terms and was aligned with its strategy of expanding its performing loans and deposit base over the medium term.
It added that the acquisition would strengthen its customer base and reaffirmed its strategic priority of pursuing both organic growth and acquisitions to deliver attractive and sustainable returns while creating value for shareholders.
For CDB, the transfer was described as an appropriate step that took into account the interests of its stakeholders, including depositors, creditors, bondholders and shareholders.
Arrangements have been implemented to ensure continuity in customer servicing, CDB said.
The Cyprus Development Bank further stated that it will continue to service and manage the assets and liabilities excluded from the transaction, including its Tier 2 subordinated bonds, in accordance with their existing terms and conditions.
Following completion, CDB’s activities will focus on managing and servicing its remaining assets and liabilities.
Both banks confirmed that the transaction did not relate to or affect the interests of their respective company secretaries or any designated persons under the relevant provisions of Cyprus’ securities and stock exchange legislation.
Bank of Cyprus Holdings said it had been advised on the transaction by KPMG Limited as financial adviser and Hadjianastassiou Ioannides LLC as legal and competition counsel.
On their part, CDB said it had received legal advice from Antis Triantafyllides & Sons LLC.
Customers to continue using CDB services during transition
In a separate announcement, the Bank of Cyprus said the affected accounts had been legally transferred to the bank, but their technical integration into its systems would take place at a later stage, at the end of a transitional period.
The bank welcomed CDB’s customers and thanked its existing customers for their continued trust.
It said it was working to ensure that the transition and technical integration of the accounts took place as smoothly and securely as possible, while maintaining uninterrupted customer service.
Customers’ day-to-day banking arrangements will remain unchanged during the transitional period, and they will not need to take any action at this stage, the bank said.
Customers will continue to be served through CDB’s branches and electronic banking channels, while their existing CDB accounts, international bank account numbers (IBANs) and debit cards will remain valid.
Standing orders, direct debits and payments, including salary payments, will also continue to operate normally.
What is more, loan repayments will continue through CDB using the existing arrangements, and the main terms and conditions of outstanding loans will remain unchanged.
There will also be no immediate changes to interest rates on deposit accounts, the Bank of Cyprus said.
Once the technical transition has been completed and the relevant products begin to be serviced directly through the Bank of Cyprus’ systems, customers will be informed in advance.
The bank said it would provide guidance on any new account details and IBANs, replacement cards and instructions for accessing its digital banking services, wherever necessary.
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.
The transaction details listed in the announcement record the purchase on October 15, when all 1,157,429 shares were acquired at an average price of €4.2187.
The shares were purchased at prices ranging from €4.199 to €4.24.
Following the latest purchases, Alpha Bank holds 15,758,061 of its own shares, representing 0.70 per cent of its total share capital.
Despite the 8.4 per cent decline from the €360.1m recorded during the first three months of the year, total betting activity was still 11 per cent higher than the €298.1m reported in the corresponding quarter of 2025.
More importantly for operators, gross gaming revenue, which represents the amount retained after paying out player winnings, increased by 24 per cent year-on-year to €46.9m, compared with €37.9m a year earlier.
The figure was also higher than the €45.9m recorded in the previous quarter, meaning that bookmakers earned more from a smaller volume of bets.
As a result, the proportion of wagers retained by operators rose to approximately 14.2 per cent, compared with 12.7 per cent in the preceding quarter. These earnings do not represent net profits, as operating costs and other expenses have not been deducted.
The island ranked behind Croatia, which recorded 24.5 nights per inhabitant, and Malta, with 21.7, placing Cyprus among the EU countries where tourism activity is highest relative to the resident population.
Greece followed with 15.1 nights per inhabitant, while Austria recorded 14.6, the report added.
Across the EU, tourism intensity averaged 7.0 nights per resident in 2025, up from 6.7 in 2024.
At the other end of the scale, Romania recorded the lowest figure, at 1.6 nights per inhabitant, followed by Latvia at 2.7, and Poland and Slovakia, both at 2.9.
The figures come as the EU recorded 3.1 billion nights spent in tourist accommodation establishments in 2025, up 4.1 per cent from 3.0 billion in 2024.
Paphos hoteliers association president Evripides Loizides warned on Tuesday that immediate action was needed to strengthen the island’s promotion abroad, particularly as competition intensifies and uncertainty continues to weigh on holiday decisions.
Speaking to the Cyprus News Agency (CNA), Loizides said “the 2026 summer season had started strongly, only for the war and its wider consequences to disrupt demand and leave hotels facing considerable losses.”
As a result, hotel occupancy during the three summer months and through September was approximately 7 per cent lower than in the corresponding period of 2025.
However, he explained that “the difficulties facing the hotel industry extended beyond weaker demand, with increasing competition from short-term holiday rentals and accommodation in the occupied area, adding further pressure on established businesses.”
The meeting focused on the island’s growing role in European chess and plans to build on the progress made since Freedom became the general partner of the Cyprus Chess Federation in 2023.
“In three years, Cyprus has become one of Europe’s chess hubs, and we want to keep building on that,” Turlov said.
“It was important for us to present our plans for chess on the island to the President, and we are grateful for his time and attention to the game,” he added.
Turlov, who is also the founder and chief executive of Freedom Holding Corp, was elected FIDE president on September 26 at the federation’s congress in Samarkand.
Celebrated every year on October 20, European Statistics Day aims to raise awareness of the role official statistics play in understanding the economy and society, the CBC said in an announcement.
The bank stated that statistics also help provide a clearer picture of the complexity of the world, with figures encountered in everyday life covering everything from interest rates on loans and deposits to card payments, investments and external transactions.
“These numbers are not just data, they are information that helps citizens, businesses and decision-makers make informed decisions,” the CBC said.
Speaking at the 10th Annual Capital Link International Shipping Forum in Pudong on Tuesday, October 20, Hadjimanolis joined Greek Maritime Affairs Minister Vassilis Kikilias for a ministerial discussion on the challenges facing global shipping, from investment and regulation to decarbonisation.
With shipowners facing growing pressure to modernise their fleets, she stressed that governments must provide the certainty businesses need to make long-term investment decisions.
“In today’s changing maritime landscape, competitiveness depends on stability, predictability and the ability to adapt,” Hadjimanolis said, adding that “Cyprus is committed to providing a reliable business environment that supports investment and long-term growth.”
The initiative centres on Synesgy, an ESG assessment platform developed by the international CRIF group, which allows companies to evaluate their sustainability performance and that of their supply chains.
The association explained that Artemis had prepared the market through nationwide information campaigns and presentations for Cypriot businesses and economic stakeholders before European requirements were introduced locally.
The aim was to show businesses of all sizes that ESG criteria were not merely a formal obligation, but a strategic tool for improving competitiveness, accessing finance and supporting long-term sustainability.
Held under the theme “The World in 2027: The New Global Landscape for Business, Economics and Security”, the event will bring together political leaders, diplomats, business executives, academics and international experts to examine developments shaping the global economy and security environment.
The discussions will focus on how geopolitical shifts, economic pressures and emerging technologies are influencing decisions by governments, companies and investors ahead of 2027.
The data showed that 92.7 million people across the EU were at risk of poverty or social exclusion, equivalent to just over one in five residents.
Cyprus is counted as a single statistical region because of its size, while other EU member states are divided into multiple regions for the purposes of the comparison.
The figures therefore place Cyprus below the bloc-wide average, although they do not reveal differences in poverty and social exclusion between individual districts or communities on the island.
The 8th Cyprus-Israel Business & Investment Summit brought together representatives of the two countries to explore ways of strengthening commercial ties, attracting investment and helping companies establish a presence in European markets.
Among the speakers, Invest Cyprus CEO Marios Tannousis presented the island as a strategic gateway to the European Union, particularly for Israeli companies considering relocating operations, establishing regional headquarters or expanding their activities abroad.
He linked these opportunities to the government’s Vision 2035 strategy, which seeks to strengthen Cyprus’ competitiveness through research, technology, innovation and entrepreneurship, while attracting more international businesses and skilled professionals.
The awards are open to solutions from the public sector, private sector and civil society across DCO member states and worldwide, recognising the use of technology and innovation to accelerate digital transformation and promote a more inclusive, sustainable and prosperous digital economy.
Under the theme “Building the Future, Today”, the second edition will highlight initiatives that are already shaping the digital future by improving access to services, empowering people and communities, supporting business growth, advancing innovation and broadening participation in the digital economy.
The bank acquired the shares on Euronext Athens between October 8 and October 15, at a weighted average price of €16.2581 per share, according to an official announcement.
The total cost of the purchases was €5,365,183.50, the bank reported.
The largest daily purchase took place on October 8, when the bank bought 105,000 shares at an average price of €16.1527, spending €1,696,033.50.
“The labour market is a key indicator of an economy’s resilience and prospects, as it is closely linked to growth, productivity and social welfare,” said Marios Polemidiotis, a member of the CBC’s Economic Analysis and Monetary Policy Division.
In the CBC’s October 2026 Economic Brief, Polemidiotis said Cyprus had maintained a resilient labour market despite successive external shocks since the pandemic, including the energy crisis, inflationary pressures, tighter financial conditions and persistent geopolitical uncertainty.
“Unemployment declined to a historic low of 3.6 per cent of the labour force in the second quarter of 2026, employment continues to expand, inflows of foreign workers remain significant, and labour force participation among Cypriots has been maintained at high levels,” he said.
The scholarships, offering a combined €30,000, are available for the 2026-2027 academic year and have been established in memory of Dr Christiana Kouta.
According to the official announcement, the funding covers postgraduate programmes involving full-time or part-time in-person attendance, whether at universities in Cyprus or abroad.
To qualify, applicants must hold Cypriot citizenship and a university degree with a minimum grade of 6.5 out of 10, equivalent to an Upper Second-Class Honours degree of 60 per cent, a GPA of 3.0 out of 4.0, or 13 out of 20 for graduates of French universities.
The analysis covered 1,956 recorded sale agreements worth €606.4 million between July and September, with Paphos increasing its share of transactions from 12.8 per cent in the second quarter to 17 per cent, while Limassol’s share of total transaction value climbed to 40.5 per cent.
“The more revealing story lies in how that activity was redistributed,” said Andreas Christophorides, founder and chief executive of Landbank Group.
“Limassol strengthened its share of total transaction value, Paphos gained ground by number of sales, while Nicosia continued to play an important role in new developments despite its lower relative share,” he added.
The company’s board of directors unanimously approved the distribution in a written resolution shared on the Cyprus Stock Exchange (CSE), based on management accounts as at September 30, 2026.
Enteca said its current financial and cash position, together with its retained earnings, allowed it to proceed with the payment after taking account of its future commitments.
The dividend will be paid to holders of Class B shares recorded with the CSE on October 29, which is the record date for determining eligible shareholders.
The proposed arrangements, announced on Tuesday, aim to restructure existing debt, improve financing terms and provide funding facilities to group companies, according to a notice issued by the company.
The meeting will take place at 12.30pm at the Hilton Nicosia hotel, with shareholders asked to approve and ratify a series of financing agreements, guarantees and other arrangements connected with the restructuring.
The framework agreement involves Louis plc, Louis Hotels Public Company Limited, Clin Company Limited, the Bank of Cyprus and other parties.
According to the reporting, the move forms part of FxPro’s strategy to align its business structure with its longer-term growth plans, with the group indicating that its Cyprus operations account for a relatively small part of its overall business.
Peter Aust, chief operating officer of FxPro, told the publication that the group’s expansion in recent years had been driven predominantly by markets outside Europe, which have become its main growth engines.
The group, he explained, intends to concentrate investment, resources and innovation on those international markets, while maintaining its existing ownership, leadership and broader strategy.
Cyprus promoted its business environment and opportunities in financial technology at an international blockchain summit held in Washington and New York between September 29 and October 2, with government representatives taking part in discussions on digital assets, regulation and cross-border innovation.
The Ministry of Energy, Commerce and Industry represented the Republic of Cyprus through its New York Trade Centre at the summit, entitled The Future of Money, Governance, and the Law 2026.
The event was organised by the international non-profit Government Blockchain Association and brought together senior policymakers, business leaders, investors and technology specialists.
Discussions focused on the implications of artificial intelligence, blockchain and quantum computing for international governance and financial infrastructure, alongside regulatory frameworks and digital assets.
During the summit, the New York Trade Centre operated an information stand to present Cyprus as a European business hub and outline its prospects in innovation and financial technology, commonly known as fintech.
The revised data show economic growth of 6 per cent in 2023, up from the previous estimate of 3.6 per cent, while growth for 2024 was revised upwards from 3.9 per cent to 6.6 per cent.
For 2025, the growth rate was revised from 3.8 per cent to 4.8 per cent, placing Cyprus second among the EU’s 27 member states, according to the government.
By comparison, the EU economy grew by 1.4 per cent in 2025 and the eurozone by 1.2 per cent, meaning Cyprus expanded at more than three times the EU average.
Speaking to media on the sidelines of an event marking European Statistics Day, Keravnos commented on the latest relief package to tackle the rising cost of living and on whether the government plans additional measures.
He said authorities are monitoring the support measures announced, adding that a first assessment by the Consumer Protection Service shows a 5 per cent drop in the prices of some essential items.
But asked whether still climbing energy prices have already neutralised the effect of the relief measures, Keravnos said that under the circumstances one should not expect significant decreases.
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.
The experience prompted Theodosiou to consider how much time people devote to understanding one another, particularly through their choice of words, tone and behaviour.
“We spend countless hours learning how to communicate more effectively,” she said, explaining that people work on everything from facial expressions and gestures to storytelling and emotional intelligence because words shape relationships, influence emotions and build trust.
However, despite recognising the importance of these skills, she pointed out that “we are increasingly willing to hand over our communication to artificial intelligence,” raising questions about what might be lost in the process.
The issue has become particularly interesting to Theodosiou as she progresses through MIT’s AI-Driven Leadership programme, which examines the impact of emerging technologies on organisations and the way they are managed.
While studying the possibilities offered by AI, she has also been considering the qualities that distinguish human leadership from technological capability.
As she explained, “We invest in developing the deeply human skills that make us effective leaders, while simultaneously embracing technology capable of imitating those very skills.”
Indeed, although AI can already produce persuasive writing and carefully structured messages, Theodosiou questioned whether such capabilities amount to genuine understanding.
“AI can write beautifully, structure compelling narratives and even simulate empathy,” she observed, before asking whether it could genuinely connect with people or recreate the warmth, vulnerability, intuition and trust that develop through personal interaction.
Her answer was clear, as she does not believe technology can reproduce those experiences, regardless of how sophisticated its communication becomes.
For Theodosiou, this distinction goes to the heart of what leadership should involve, particularly when dealing with people whose trust cannot be secured simply through well-chosen words.
“Leadership, after all, is not simply about delivering the right message,” she said, stressing that it also concerns “how we conduct ourselves, the relationships we build and how we make others feel.”
The discussion is especially relevant to shipping, where the adoption of AI and digital technologies is changing procurement, logistics, operational planning and supply-chain management.
Although these developments can improve efficiency and support decision-making, commercial relationships across the maritime sector continue to depend on the ability of people to work together, resolve problems and build confidence over time.
Theodosiou has previously made a similar argument about the industry’s technological development, placing people ahead of digital systems and artificial intelligence.
Earlier, she maintained that the sector could succeed by “investing in people first, digital frameworks second, and AI third, in that order,” reflecting her belief that technology should support professional expertise rather than replace it.
Her latest reflections take that position further, focusing on the personal connections that sustain maritime businesses even as more activities become automated.
Theodosiou explained that the question is particularly relevant to the maritime, shipping and ship-supply industries, “where trust, collaboration, adaptability and practical expertise remain essential across the supply chain.”
The workshop itself also reflected the importance of these qualities, with Rizou drawing on interactive learning techniques to demonstrate how communication, emotional awareness and behaviour influence relationships.
Rizou’s wider work in maritime training includes Seafarers Boost, an initiative using theatre-based techniques to help maritime professionals develop communication skills, confidence and emotional resilience.
For Theodosiou, however, embracing technology and preserving human connection need not be competing objectives. Rather, the challenge lies in understanding where AI can be useful and where personal judgement and interaction remain essential.
“The future will undoubtedly be shaped by technology and AI,” she said, maintaining that the strongest leaders will be those who combine technological tools with “empathy, judgement, communication and the ability to build lasting relationships.”
She therefore left readers with a question that extends beyond shipping and into the future of leadership itself, “As AI becomes better at finding the right words, will we become better at understanding their human impact?”
Cyprus promoted its business environment and opportunities in financial technology at an international blockchain summit held in Washington and New York between September 29 and October 2, with government representatives taking part in discussions on digital assets, regulation and cross-border innovation.
The Ministry of Energy, Commerce and Industry represented the Republic of Cyprus through its New York Trade Centre at the summit, entitled The Future of Money, Governance, and the Law 2026.
The event was organised by the international non-profit Government Blockchain Association and brought together senior policymakers, business leaders, investors and technology specialists.
Discussions focused on the implications of artificial intelligence, blockchain and quantum computing for international governance and financial infrastructure, alongside regulatory frameworks and digital assets.
During the summit, the New York Trade Centre operated an information stand to present Cyprus as a European business hub and outline its prospects in innovation and financial technology, commonly known as fintech.
Visitors were also briefed on the island’s business and regulatory environment and the advantages available to companies operating from Cyprus through its membership of the European Union’s single market.
Cyprus’ Trade Counsellor in New York, Aristos Constantinou, also took part in a round-table discussion at the US Capitol alongside American officials and industry figures.
Participants included Charles Hoskinson, co-founder of Ethereum and founder of Cardano, with discussions focusing on regulation, digital sovereignty and cross-border innovation.
The summit concluded on October 2 with a forum at the United Nations headquarters in New York, examining the impact of emerging technologies on financial systems.
Constantinou participated as a panellist alongside Michael Terpin, a digital assets entrepreneur and investor, and Anthony Howell, director and representative of the government of Bermuda in Washington.
The discussion, which examined international cooperation on the regulatory oversight of digital assets, was moderated by Heather Leigh Flannery, co-founder and chair of the board of Blockchain in Healthcare Global.
The ministry said Cyprus’ participation formed part of its efforts to strengthen the international reach of Cypriot service providers and promote the island as an international business centre.
The initiative also sought to highlight Cyprus’ growth prospects in the digital economy and emerging technologies, the ministry added.
Investment firm Demetra Holdings Plc purchased 5,140 of its own shares on October 19, 2026, as part of an ongoing share buyback programme, according to an official announcement published on Tuesday.
The company acquired the shares at a price of €1.355 per share, bringing the total value of the transaction to approximately €6,964.70.
The buyback transaction was executed through the Cyprus Investment & Securities Corporation Limited (CISCO) on the Cyprus Stock Exchange (CSE).
The purchase was carried out in accordance with the relevant regulations of the CSE and the circulars of the Cyprus Securities and Exchange Commission (CySEC).
Finally, the transaction follows the authorisation granted by the company’s shareholders during the annual general meeting held on June 30, 2026.
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