Greek retail investors are increasingly turning to stock markets with relatively small starting amounts and a long-term investment approach, according to a new report by Wealthyhood, the investment platform that partnered with the Bank of Cyprus to expand access to investing in Cyprus.

The report, titled ‘Greek Investor Pulse 2026: The New Greek Investor‘, marks the first anniversary of Wealthyhood’s launch in Greece in October 2025 and draws on anonymised, aggregated data from more than 35,000 registered users.

It found that the typical new investor is 34 years old and starts investing with €100, while more than eight in 10 investors are currently in profit.

The findings also point to growing interest in domestic shares, with one in five investors now holding Greek stocks or exchange-traded funds (ETFs) following the introduction of Greek shares to the platform in July 2026.

The report is also relevant to Cyprus, where Wealthyhood launched a co-branded investment platform with the Bank of Cyprus earlier this year, making investing available to residents regardless of whether they bank with the lender.

The Wealthyhood x BoC platform subsequently introduced trading in Cypriot and Greek shares, allowing retail investors to access companies listed on the Cyprus Stock Exchange and Euronext Athens through a single application, with fractional investing available from €1.

“We thank our clients for their trust in our first year in Greece, and we make a promise that our app will keep getting better, day by day, to make investing easy, affordable and safe for everyone,” said Alexandros Christodoulakis, co-founder and chief executive of Wealthyhood.

Younger investors and broader participation

The report describes an investor base spanning different age groups, regions and income brackets, consisting mainly of employees and self-employed professionals on everyday incomes.

The median age is 34, with 34 per cent of investors under 30 and 31 per cent aged between 35 and 44.

Women account for approximately one in six new investors, although their returns were higher than those of men, at 23.8 per cent against 20.9 per cent on an annual basis.

Wealthyhood said increasing women’s participation remained one of the most important challenges for Greece’s investment market.

The figures also suggest that investing is no longer confined to high earners, with 58 per cent of investors declaring annual incomes below €20,000.

Around 66 per cent work full-time, while 17 per cent are self-employed.

Geographically, investors using the platform live in 458 towns across 73 of Greece’s 74 regional units.

Attica accounts for 51 per cent of investors, leaving 49 per cent living elsewhere in the country, while Thessaloniki follows with 11.7 per cent.

Other cities with notable investor populations include Patras, Heraklion, Chania, Larissa and Volos.

ETFs dominate first investments

Exchange-traded funds are the most common starting point for new investors, with 56 per cent making an ETF their first investment.

These funds provide exposure to a collection of stocks through a single investment, offering a way to diversify without buying each share individually.

The most popular first investment is the Vanguard S&P 500 ETF, which tracks the performance of 500 of the largest US companies and was chosen by 18 per cent of new Greek investors.

The S&P 500 is also the most popular investment overall, while NVIDIA is the favourite individual stock across generations.

Trading activity is concentrated around the opening of US markets, with the busiest hour falling between 5pm and 6pm, often after the working day.

Weekdays account for 91 per cent of orders, compared with 9 per cent at weekends.

Recommendations from friends also play a significant role in bringing new investors to the market, with 23 per cent saying they began investing following a referral.

Greek shares gain ground

Since Greek stocks became available on the platform in July, one in five investors has added Greek shares or ETFs to their portfolio.

The report found that 21 per cent of every euro invested since July went into Greek stocks and ETFs, while Public Power Corporation (PPC) rose to become the eighth most popular stock of the year within just three months of the market becoming available.

The findings suggest that access through a digital platform has encouraged investors to diversify beyond international markets and consider domestic companies.

The report also examined investor behaviour during the March 2026 market sell-off, finding that users bought €1.82 for every €1 they sold.

Almost half of Greek investors had not sold any of their investments, a finding Wealthyhood said pointed to a relatively long-term approach despite market volatility.

Most investors in profit

Overall, 82.8 per cent of investors were in profit, with an average annualised return of 21.1 per cent.

The report also found that investors who traded less frequently achieved higher returns than those who made more frequent trades.

Those making fewer moves and avoiding selling recorded annualised returns of 23.3 per cent, compared with 18.5 per cent among more active traders.

Wealthyhood said five broad conclusions emerged from the first year of data, including wider access to investing, a long-term investment horizon, resilience during the March sell-off, growing interest in Greek shares and positive returns across much of its investor base.

The findings indicate a gradual change in how Greek retail investors approach financial markets, with smaller initial investments, diversification through ETFs and increasing participation in domestic stocks.

Wealthyhood said its aim was to contribute to public discussion about retail participation in capital markets, using real-world anonymised data to examine who invests, what they choose and how they react during periods of uncertainty.

The Cyprus Stock Exchange (CSE) has thanked those who attended the funeral of its late deputy general manager Nikos Trypatsas, and those who sent condolences, laid wreaths or made donations in his memory.

In an announcement issued on Thursday, the exchange’s council and staff expressed their gratitude to everyone who paid tribute to Trypatsas, honouring his long-standing contribution to the organisation, his integrity and his character.

Trypatsas passed away on Monday following a prolonged battle with cancer, having served the CSE for 32 years after joining the organisation in 1994.

The exchange announced three days of mourning following his death, with flags flown at half-mast in his memory.

In its initial tribute, the CSE described his death as an irreplaceable loss to the organisation and to those who had worked alongside him.

It praised his professional career, dedication and contribution to the exchange’s work and mission, saying he had left an enduring mark on the organisation.

The CSE also paid tribute to his personal qualities and relationships with colleagues, describing him as an exceptional co-worker and a valued friend.

“The CSE family is saying goodbye to an exceptional colleague, but above all, a precious friend,” the exchange said.

The Association of Cyprus Banks (ACB) is taking part for the sixth consecutive year in the ASPIS awareness campaign, urging the public to remain vigilant against online scams and protect their personal and banking information.

The campaign is being run in cooperation with the Office of the Commissioner of Electronic Communications and Postal Regulation and the Cyprus Police, with the aim of protecting citizens from electronic fraud and strengthening security in digital transactions.

In an announcement, the association urged people to be “particularly careful” when dealing with suspicious text messages, emails and telephone calls requesting personal or banking details, passwords or transaction verification codes.

“A sense of urgency, suspicious links and requests for immediate confirmation of details are warning signs that should raise concerns among citizens,” the association said.

“As electronic transactions and digital communication become an integral part of everyday life, the methods used by fraudsters are constantly evolving,” it added.

“Awareness and prevention are therefore essential tools for protecting citizens and their property,” the association said.

The banking association stressed that the security of data, information and transactions remains a constant priority for the banking sector and the association itself.

“Banks invest in the security of their systems and transactions, while informing citizens about risks and protective measures remains crucial,” it pointed out.

The ASPIS campaign also underlines the importance of cooperation between the relevant authorities and the active participation of the public in efforts to create a safer digital environment, the association said.

Information on avoiding online scams, together with key warning signs that can help people identify attempted fraud, is available on the association’s website.

The association added that raising awareness and adopting simple digital security practices could make a substantial contribution to preventing fraud.

“Protection against online scams is everyone’s responsibility,” the association stressed.

“Awareness, vigilance and the responsible use of digital services are the first line of defence,” it concluded.

Emirates showcased new accessibility initiatives at the AccessAbilities Expo 2026 in Dubai, highlighting technologies and services designed to help passengers with disabilities travel with greater independence, including its travel rehearsal programme, which has also been held at Larnaca airport.

The airline presented its latest concepts at an interactive stand at the Dubai World Trade Centre, where the expo took place from October 19 to 21, bringing together accessibility solutions and inclusive innovation.

The exhibition was opened by Sheikh Ahmed bin Saeed Al Maktoum, chairman and chief executive of Emirates Airline and Group and patron of AccessAbilities Expo.

Among the concepts presented by Emirates were an aircraft cabin familiarisation experience for passengers with partial or total vision loss, an accessible lounge suite for people with limited mobility, and biometric boarding gates designed to accommodate passengers with accessibility needs.

“Our ambition is to help shape a more inclusive future for aviation by placing accessibility at the heart of the passenger experience,” said Mostafa Karam, divisional senior vice-president for customer affairs and service audit at Emirates.

“We are not limiting ourselves to individual services, but working with our partners to examine accessibility at every stage of the journey, from planning and the airport environment to the onboard experience and destinations,” Karam added.

“Guided by passengers’ needs and personal experiences, we are focusing on practical improvements that reduce barriers, widen choice and enable everyone to travel with greater clarity, confidence, independence and dignity,” he said.

Cabin familiarisation and accessible airport technology

One of the main attractions at the Emirates stand was an immersive experience designed to simulate key aspects of travelling in an aircraft cabin for passengers with partial or total vision loss.

Combining audio, tactile exploration of the seat and guided interaction with staff, the experience recreates important moments onboard in a calm, carefully designed environment.

Visitors could try it while seated in a genuine Emirates A350 aircraft seat fitted with a U-Dream headrest.

Audio narration describes features of the surrounding cabin, demonstrating how thoughtful design can help passengers understand their surroundings, build confidence and travel more independently and comfortably.

The airline also presented its Emirates Biometric Path system, used at its main hub in Terminal 3 of Dubai International Airport.

The accessible boarding gates are designed without physical barriers and use biometric technology to help passengers with accessibility needs move through the airport more smoothly and independently.

The area now features flexible camera coverage, with cameras automatically adjusting their height and angle without restricting the movement of passengers using specialised wheelchairs.

Emirates has also upgraded its self-service check-in kiosks with text-to-speech functionality, improved touchscreen usability, Braille and tactile features, headphone connectivity for audio access and height-adjustable screens.

New accessible lounge suite

The airline unveiled a prototype of a dedicated lounge suite designed for wheelchair users and passengers with limited mobility, offering a private and comfortable space to rest before a flight.

Emirates first introduced its lounge suites in first-class lounges in 2024, combining premium finishes with features such as wireless charging and entertainment screens, alongside space to relax, work and dine.

The new accessible version is intended for wheelchair users, older travellers and people who need additional room, assistance transferring into and out of a seat, or support with posture.

Following the design of Emirates lounges, it incorporates wood, leather and marble finishes, together with an electrically adjustable armchair offering lift, swivel and recline functions, as well as support handles.

A dedicated wheelchair storage area and sufficient transfer space are also included, allowing passengers to use the suite independently or with assistance from a companion.

The prototype is being developed for first class, with the possibility of extending the concept to other cabin classes in the future.

Travel rehearsals include Larnaca

Emirates also highlighted its existing Travel Rehearsals programme, which works with airports worldwide to help autistic children and young adults, together with their families and support networks, familiarise themselves with the airport journey before taking a real flight.

The sessions are intended to reduce travel-related anxiety and build confidence by allowing participants to practise the different stages of moving through an airport in advance.

More than 35,000 Emirates employees have received training to support passengers on the autism spectrum and help facilitate both their journeys and their participation in the rehearsals.

The airline’s teams work with airport authorities and other partners to create a supportive and positive environment for families taking part.

Emirates has so far completed 80 Travel Rehearsals across six continents, benefiting more than 400 families.

The programme has been held at airports including Larnaca, Athens, Amsterdam, London Heathrow, London Gatwick, Paris, Dubai, Bangkok, Singapore, Sydney, Toronto, New York, Los Angeles, Cape Town, Johannesburg, Delhi, Tokyo and Hong Kong, among many others.

Online travel support and sensory products

The airline also directs passengers to its Accessible and Inclusive Travel Hub on Emirates.com, which provides information about accessibility services and assistance to help them plan their journeys.

Passengers can browse information according to their needs, including mobility assistance, visual or hearing difficulties and other non-visible support requirements.

They can also search by journey stage, covering preparation before a flight, departure from Dubai, the onboard experience, connections in Dubai and arrival in the city.

Other resources include information on requesting special assistance, a travel guide for passengers on the autism spectrum, maps and sensory guides for Dubai International Airport, and access to Emirates support through the Be My Eyes app for people with vision loss.

The hub also provides information on applying for Dubai’s Sanad tourist card, which offers access to useful services in the city.

Dedicated sections cover travelling with wheelchairs and mobility aids, as well as medical travel. These include the Frequent Traveller Medical Card, known as FREMEC, for eligible passengers with stable medical needs, alongside guidance on carrying medicines and medical devices.

Family travel information covers flying with children, travelling during pregnancy and arrangements for unaccompanied minors.

Emirates has also developed sensory products and activity toys for passengers of all ages, available onboard across all cabin classes.

The items are intended to provide familiar tactile activities that may help some neurodivergent passengers manage sensory input, concentrate or feel more comfortable during a flight.

They include an aircraft-shaped tactile stress-relief item, two types of fidget cube and a stretchy, aircraft-shaped popper toy.

The products may be offered to neurodivergent passengers, people experiencing difficulties during a flight and those who feel anxious about flying, where appropriate.

Accessibility features in onboard entertainment

Emirates’ ice inflight entertainment system offers more than 850 films with closed captions for deaf and hard-of-hearing passengers, alongside 200 films with audio description for passengers with vision loss.

The airline’s headphones are also compatible with hearing aids when the devices are switched to the T setting.

For passengers seeking relaxation or help managing anxiety, the entertainment system includes 12 wellbeing television channels and 31 channels featuring podcasts and playlists of meditation content and calming sounds.

On its Airbus A350-900 aircraft, Emirates has developed a new user interface in collaboration with Thales and organisations supporting people with vision loss.

The interface includes audio navigation cues, voice announcements and support for touch and swipe gestures, allowing passengers with partial or total vision loss to browse and select entertainment more independently.

Accessible chauffeur-driven vehicles in Dubai

Emirates has made 10 wheelchair-accessible branded vehicles available to passengers in Dubai through its Chauffeur Drive service.

The vehicles are Mercedes V-Class models modified with lowered floors for easier and safer access, increased interior height, an electrically operated passenger entry and exit mechanism, and adaptable seating arrangements.

Additional restraint systems are fitted to improve safety for passengers with significant mobility limitations.

Chauffeur Drive staff receive training in mobility assistance and in serving passengers with accessibility needs.

For now, the vehicles are available to eligible first-class and business-class passengers whose Chauffeur Drive service is based in Dubai, with plans to expand availability in the future.

Emirates’ wider accessibility commitments

The airline said it was continuing to develop accessible travel solutions gradually, prioritising innovation while focusing on measures it considers appropriate and responsible.

It is also working with international partners, including regulators, airport operators, specialist organisations, communities and passengers, to improve accessibility throughout the travel experience.

Emirates aims to strengthen accessibility through greater international standardisation of procedures and a consistent passenger experience across online services, call centres, airports and aircraft.

The airline began operating in Cyprus in 1994 and has served more than 2.1 million passengers in the Cypriot market over the past 32 years.

Founded in 1985 with two aircraft, Emirates has grown into the world’s largest international airline.

Its ice entertainment system offers more than 6,500 channels, while the airline also highlights the hospitality and personalised service provided by its multicultural cabin crew.

Cyprus’ economy grew by 25.8 per cent in real terms between 2019 and 2024, recording one of the strongest expansions in the European Union since before the Covid-19 pandemic, according to Eurostat figures comparing economic performance across the bloc’s regions.

The increase placed Cyprus well above the EU-wide growth rate of 5.6 per cent over the same period, highlighting the island’s economic expansion between the final pre-pandemic year and 2024.

The figures come alongside more recent data showing that Cyprus recorded the EU’s highest government surplus in 2025 and the largest quarterly decline in public debt relative to gross domestic product (GDP) in the second quarter of 2026, underlining the country’s recent economic and fiscal performance.

Eurostat’s regional comparison covered 244 regions across the EU for which data were available, with 197 recording higher levels of economic activity in 2024 than in 2019.

GDP fell in 46 regions, while the Spanish region of Ciudad de Ceuta recorded no change, the European statistical office reported.

Cyprus’ 25.8 per cent expansion was among the strongest increases recorded across the bloc, although it remained below the exceptional growth rates registered in Ireland and several other regions.

Ireland’s Eastern and Midland region recorded the EU’s largest increase, with real GDP rising by 38 per cent between 2019 and 2024.

The region also had the highest GDP per inhabitant in the EU in 2024, the latest figures showed.

Ireland’s Northern and Western region followed with growth of 36.4 per cent, the second-highest rate across the bloc, while its Southern region recorded an increase of 26 per cent, the sixth-highest.

Outside Ireland, the strongest increases were recorded in Romania’s Bucureşti-Ilfov region, where GDP grew by 33 per cent, Malta, at 32.9 per cent, and the French outermost region of Mayotte, at 32.1 per cent.

Almost all EU capital regions recorded economic growth over the five-year period, with Helsinki-Uusimaa in Finland the sole exception, registering a real GDP decline of 1.9 per cent.

At the other end of the scale, Bulgaria’s Yugoiztochen region recorded the largest contraction, with economic output falling by 20.5 per cent.

Greece’s Dytiki Makedonia region experienced a decline of 18 per cent, while the Dutch region of Groningen contracted by 14 per cent.

Romania’s Sud-Muntenia and Sud-Vest Oltenia regions recorded decreases of 13.5 per cent and 11.3 per cent respectively.

It should be noted, however, that unlike larger EU countries, which are divided into several statistical regions for this comparison, Cyprus is treated as a single region because of its size, meaning the 25.8 per cent growth figure reflects the performance of the entire national economy rather than differences between individual areas.

Stronger public finances

The regional growth figures provide a longer-term perspective on Cyprus’ economic performance, while the latest public finance statistics offer a more recent picture of the country’s fiscal position.

Cyprus recorded a government surplus of 3.6 per cent of GDP in 2025, the highest in the EU, according to figures published by the Cyprus Statistical Service (Cystat) and Eurostat on Wednesday.

The surplus amounted to €1.36 billion, with public revenue reaching almost €15.9 billion, based on audited and verified figures compiled under the European Commission’s Excessive Deficit Procedure.

Moreover, government debt stood at €20.05bn, equivalent to 52.3 per cent of GDP.

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.

The country also recorded the bloc’s largest quarterly reduction in government debt relative to GDP in the second quarter of 2026.

The debt-to-GDP ratio fell to 48.5 per cent at the end of June, down from 51.5 per cent in the first quarter and 58.1 per cent in the second quarter of 2025.

General government gross debt declined to €19.2bn at the end of June, compared with €20.03bn at the end of March and €21.7bn a year earlier.

Safe Bulkers has taken delivery of Kypros Island, the first methanol dual-fuel bulk carrier to join the Cyprus register, after Shipping Deputy Minister Marina Hadjimanolis named the new vessel at a shipyard in China.

Built by Japan’s Tsuneishi Shipbuilding at its Zhoushan yard, the 81,200-deadweight-tonne Kamsarmax is also the first ship of its kind to enter Safe Bulkers’ fleet. Although designed to carry everyday dry bulk cargoes such as grain, iron ore and coal, it can operate on either methanol or conventional marine fuel.

Its delivery gives Cyprus a first foothold in this emerging part of the dry bulk market, where alternative-fuel vessels remain far less common than in container shipping. For Safe Bulkers, meanwhile, it puts a sizeable investment in cleaner ship technology to work.

The project has close ties to Limassol. Back in October 2023, Tsuneishi announced a two-ship order involving Safe Bulkers and Japanese trading group Itochu Corporation. The contracts for the methanol-fuelled Kamsarmax carriers were signed at Safe Bulkers Tower in the city, with delivery envisaged between the second half of 2026 and the first half of 2027.

Kypros Island was launched on June 25 at Tsuneishi’s shipyard on Xiushan Island, near Zhoushan. The newbuild subsequently underwent preparations for delivery, with sea trials scheduled for October 11 to 16, before its formal naming by Hadjimanolis during her working visit to China.

The ship’s design goes beyond its choice of fuel. Tsuneishi has modified the hull to improve efficiency and introduced aerodynamic features aimed at reducing wind resistance. A large methanol tank has also been placed towards the stern, allowing the vessel to retain much of the cargo capacity for which the Kamsarmax class is known.

A second methanol dual-fuel Kamsarmax is expected to follow in January 2027. Together, the two vessels form part of a wider renewal programme through which the company is replacing older tonnage with ships designed to consume less fuel and meet more demanding environmental standards.

In its latest published fleet update, covering July 24, Safe Bulkers reported 46 vessels with combined capacity of about 4.5 million deadweight tonnes, alongside an orderbook of ten newbuildings scheduled for delivery through 2029. It had also completed environmental upgrades on 25 existing ships, including measures to reduce resistance in the water and improve energy efficiency.

The arrival of Kypros Island comes as Cyprus seeks to draw more modern tonnage to its flag. Hadjimanolis has spent much of October meeting shipowners, shipbuilders and maritime executives in Japan and China, promoting the register and the wider services offered by the island’s shipping industry.

At a reception in Tokyo on October 15, she said the Cyprus register had grown by 27 per cent since September 2023, reaching its highest level in 25 years. The addition of the Safe Bulkers vessel therefore comes at a time when the government is pressing both to expand the flag and to attract newer, more efficient ships.

There is a regulatory reason for that push, too. The European Union’s FuelEU Maritime rules, which began applying in January 2025, gradually tighten the limits on the greenhouse gas intensity of energy used by ships calling at European ports. Shipowners are also preparing for further international requirements as discussions continue at the International Maritime Organisation (IMO).

However, methanol is not automatically a low-carbon answer. Although it can reduce certain air pollutants, its overall climate benefit depends on how the fuel is produced. Renewable methanol offers a much stronger emissions case than methanol made from fossil fuels, while availability and cost remain hurdles for operators.

That distinction matters as shipping companies decide where to invest. Kypros Island gives Safe Bulkers the flexibility to use methanol as cleaner supplies become available, without relying on a single fuel today. And for Cyprus, it brings that shift into the national fleet under a name that leaves little doubt about the vessel’s connection to the island.

Genikes Insurance has revised its privacy statement to clarify how it processes customers’ personal data and protects their rights, the company announced on Thursday.

The revised statement explains how the insurer handles personal information and safeguards consumer data, while providing customers with information about the use and security of their data.

The document is available on the company’s website, as well as at Genikes Insurance branches.

The revision follows the requirements of the European Union’s General Data Protection Regulation (GDPR), Regulation (EU) 2016/679, which establishes rules governing the processing of personal data and the protection of individuals’ privacy.

It also takes into account Cyprus’ Law 125(I) of 2018, which provides for the protection of natural persons with regard to the processing of personal data and the free movement of such data.

Genikes Insurance said the revision reflected its commitment to comprehensively protecting and respecting personal data.

Cyprus is receiving up to 35 per cent fewer parcels from outside the European Union, although the volume of goods being imported has barely changed, as shoppers adjust to new customs charges ahead of a further increase on November 1.

The latest figures from the Customs Department point to a change in purchasing habits rather than a corresponding decline in demand, with consumers increasingly combining several products into a single shipment.

Customs Department spokesman Giorgos Constantinou has told Politis that parcels arriving from third countries have fallen by 30 to 35 per cent since the EU introduced a temporary €3 customs duty on July 1.

However, while shipments previously contained an average of one or two declared product categories, that number has now risen to four or five, leaving the overall volume of goods declared at roughly the same level.

The figures offer a clearer picture of how Cypriots are responding to the charges. Rather than abandoning cheaper international platforms, many appear to be changing how they place their orders.

Indeed, when the duty was first introduced, the July figures showed that more than 100,000 parcels, containing approximately 400,000 declared product categories, had entered Cyprus during the first 15 days of the month.

At the time, Constantinou maintained that purchases from platforms such as Temu and Shein remained attractive despite the additional cost. The latest figures now point to a shift in shipping patterns, although they do not establish whether consumers are spending more or less overall.

The next change comes on November 1, when a new €2 EU handling fee is due to take effect, bringing the combined customs charges on qualifying low-value imports to €5 per distinct product category.

The distinction is important. As explained in earlier reporting, the €3 duty is not imposed simply on each parcel or individual article, but according to the customs classification of the goods it contains.

Under the new arrangements, a parcel containing five identical T-shirts would generally attract €5 in combined charges, while one containing a T-shirt, a watch and a handbag could incur €15, provided the items fall under three different tariff classifications.

Nor does the €150 threshold apply equally to both measures.

The temporary €3 customs duty concerns qualifying consignments worth up to €150, which previously benefited from an exemption. The new €2 handling fee, however, will apply to qualifying online purchases shipped directly from outside the EU regardless of their value.

For more expensive consignments, the handling fee will therefore be added to the normal customs duties applicable to the goods.

Crucially, the charges are imposed on the businesses responsible for importing or declaring the products, rather than automatically billed directly to consumers.

That does not mean shoppers will escape the cost. Online sellers, platforms and delivery operators may incorporate the charges into their prices or recover them from customers, either at checkout or before delivery.

Furthermore, VAT remains payable, although it may already be included in the price charged by the retailer. Consumers should therefore pay attention to the final amount rather than the advertised cost of individual products.

The rules also depend on where goods are dispatched from. Products already imported and released for free circulation within the EU are not treated in the same way as goods shipped directly to consumers from third countries.

For the Customs Department, meanwhile, the July duty is already generating substantial sums.

Constantinou estimated monthly revenue at between €1 million and €1.5 million, although the figures remain provisional. Under the EU’s customs revenue arrangements, 75 per cent is allocated to the European budget, with Cyprus retaining the remaining 25 per cent.

The measures form part of a much wider attempt by Brussels to deal with the enormous growth in low-value imports.

According to European Commission figures, almost 5.9 billion low-value items entered the EU in 2025, compared with 4.6 billion in 2024, an increase of approximately 26 per cent. More than 90 per cent originated from China.

The scale of those shipments has increasingly strained customs administrations, while raising concerns about competition between European retailers and overseas businesses selling directly to consumers.

European companies importing goods in bulk have generally been subject to customs duties, whereas overseas sellers could previously benefit from the exemption on individual consignments below €150.

Brussels argues that removing that advantage will help establish fairer competition while improving oversight of goods entering the European market.

There are also concerns about product safety.

Targeted inspections conducted across the EU in 2025 found that more than 60 per cent of the products examined in categories including toys, cosmetics, electronics, food supplements and protective equipment failed to comply with European requirements.

The findings did not represent all imported goods, but highlighted the difficulty of checking such large volumes of products.

The Commission’s wider customs data also showed that inspection rates had fallen to just 65 items per million imported in 2025, despite nearly 388,000 controls being carried out.

Constantinou said the additional €2 fee was intended to help cover these growing demands, including investment in artificial intelligence, risk-analysis systems, specialised equipment and additional personnel.

Such systems are designed to help customs authorities identify suspicious shipments and focus physical inspections on products presenting a higher risk.

The changes will also bring stricter information requirements. From November 1, product identifiers will become mandatory in relevant import declarations, improving authorities’ ability to trace goods and identify potentially dangerous products.

Under the EU’s broader reform, the temporary €3 duty is scheduled to end in July 2028, when normal customs tariffs will replace the flat-rate system and the EU’s centralised customs data platform begins operating for e-commerce.

The EU customs guidance sets out the transition, which will also place greater responsibility on online platforms and sellers for customs compliance.

For Cyprus, however, the more immediate test will come in the weeks ahead. With Black Friday and Christmas shopping approaching, the Customs Department expects the coming period to provide a better indication of how the additional fee affects demand, delivery patterns and purchasing decisions.

Comparisons should also become more reliable, as Cyprus only began systematically recording these imports through its own electronic customs system in October last year. Previously, some declarations were processed through other EU member states.

What remains to be seen is whether the new charges will be enough to encourage consumers to buy more from European retailers, or whether the price difference will continue to make international platforms attractive.

European Union leaders have correctly identified high energy prices as a threat to households, industry and the wider economy, but their proposed response remains inadequate, energy systems expert Andreas Poullikkas has warned.

Writing after the EU summit held on October 15-16, the former Cyprus Energy Regulatory Authority (CERA) chairman and vice-rector of Frederick University argued that Europe needed structural investment in electricity networks, interconnections and energy storage rather than continued reliance on temporary support measures.

“The diagnosis is correct, but the treatment remains largely inadequate,” Poullikkas said, assessing the summit’s conclusions.

EU leaders called for a coordinated response based on targeted and temporary measures, welcoming delays to certain obligations under the methane regulation and the proposed extension of the temporary state aid framework for the industrial sectors most exposed to high energy costs.

They also supported voluntary pooling of energy demand by businesses and industries, allowing larger combined purchasing volumes to strengthen negotiating power and potentially secure lower, more stable prices.

On the EU emissions trading system (ETS), leaders called for faster legislative work on the Market Stability Reserve to limit excessive volatility and for an updated assessment of the impact of the ETS2 system.

Poullikkas welcomed the recognition that the energy transition could help address both energy security and affordability, describing it as the most positive aspect of the summit’s conclusions.

“The energy transition, with faster electrification, more renewables and other low-emission sources, stronger grids, storage and energy efficiency, is the most effective strategy for structurally lower prices,” he said.

However, he warned that the volatility of carbon allowance prices was already affecting energy costs rather than representing a theoretical concern.

Carbon allowances approached €88 per tonne in early October 2026 and remained above €85 in the middle of the month, according to his analysis.

“When fossil fuel power plants set the electricity market price, every increase or decrease in the price of emissions allowances is transferred directly to the consumer’s bill,” Poullikkas said.

He argued that the EU needed a clear and predictable intervention mechanism to ensure carbon pricing continued to encourage investment without becoming an additional source of uncertainty.

The first weakness in the summit’s approach, he said, was that temporary measures could ease immediate pressure without changing the underlying cost structure.

“If state aid is not linked to investment in renewables, storage and energy savings, it risks entrenching the dependence it is supposed to reduce,” Poullikkas warned.

He also questioned the consistency of the EU’s approach to regulatory certainty, with leaders calling for a transparent and predictable carbon market while simultaneously welcoming delays to certain methane obligations.

“Investors and importers need stable rules, not continuous revisions,” he said.

In his assessment, every postponement risked reinforcing the impression that regulatory requirements could be changed under pressure.

Poullikkas identified infrastructure as the third and most serious weakness, noting that the package of measures for European electricity grids was among the files expected to be completed by the end of the year.

However, the summit conclusions did not set quantitative targets, specify funding or establish an implementation timetable for the necessary infrastructure.

“Interconnections and storage are not a luxury,” he said, describing them as essential infrastructure for security of supply and price stability.

Although EU leaders explicitly recognised the role of cross-border electricity interconnections in supporting Ukraine, Poullikkas argued that the conclusions did not provide equivalent attention to the bloc’s own island and isolated energy systems.

The protection of vulnerable consumers represented another gap, particularly in relation to ETS2, the emissions trading system intended to cover additional sectors.

Under the mechanism, additional allowances can be released from the Market Stability Reserve if the average auction price exceeds €45 per tonne in 2020 prices, adjusted for inflation, for two consecutive months.

“This is a mechanism for easing price pressures, not an absolute price cap,” Poullikkas said.

While he considered the direction appropriate, he argued that household protection needed to be explicit and adequately funded to prevent climate policy from becoming a social burden.

He called for a more substantial European intervention built around binding targets and EU funding for electricity grids and interconnections, with specific provision for island and isolated energy systems.

Clear targets and market mechanisms for energy storage were also needed to absorb more renewable electricity and reduce reliance on expensive peak-generation plants.

At the same time, Poullikkas argued that Europe needed a genuinely competitive electricity market with transparent price signals that encouraged investment and prevented market distortions.

He proposed introducing a price shock absorber to limit the temporary pass-through of extreme fossil fuel price fluctuations into wholesale electricity prices.

“During periods of extreme fluctuations in fossil fuel prices, their transmission to the wholesale electricity market should be temporarily limited, protecting consumers and businesses without undermining the functioning of the market,” he said.

Temporary support measures should also be tied to investment commitments and clear expiry dates, he added, so they acted as a bridge towards a different energy system rather than becoming permanent exceptions.

Poullikkas also highlighted the strategic importance of the Eastern Mediterranean, arguing that the region could become an energy corridor to Europe and strengthen security of supply.

Concerns expressed by EU leaders over the Strait of Hormuz and the Red Sea, as well as the possibility of prolonged disruption to international energy supply chains, made the need for regional energy cooperation more urgent, he said.

“The EU will not solve the cost of energy through successive emergency interventions,” Poullikkas warned.

“Grids, storage, interconnections and a stable carbon market are needed,” he added.

Unless the summit’s diagnosis is translated into binding targets, specific timetables and sufficient funding, Europe risks returning to the same emergency measures every winter, he concluded.

The Cyprus Chamber of Commerce and Industry (Keve) announced on Wednesday that existing businesses can apply for funding of up to €100,000 per project under a new €1.5 million grant scheme aimed at accelerating the development and commercialisation of innovative cybersecurity products and services.

The programme was announced by the Office of the Commissioner of Communications’ Digital Security Authority (DSA), acting as Cyprus’ designated National Cybersecurity Coordination Centre (NCC-CY), in cooperation with the Research and Innovation Foundation (RIF).

The scheme aims to help existing enterprises rapidly develop and bring competitive cybersecurity solutions to market, with funding available for innovative software, hardware and educational material.

The educational component covers material designed for critical infrastructure operators, small and medium-sized enterprises (SMEs) and students.

The total budget stands at €1.5 million, with individual projects eligible for grants of up to €100,000.

The call for proposals was launched on October 9, with applications due by December 8, 2026.

The scheme is co-funded by the Republic of Cyprus and the European Union’s Digital Europe Programme under the European project N4CY2, titled “Advancing the NCC-CY – The Next Chapter of the National Cybersecurity Coordination Centre of Cyprus”.

Interested businesses can find details of the funding conditions and submit proposals through the RIF’s IRIS platform.

Applicants can locate the relevant funding call by visiting the platform’s calls for proposals section.

The NCC-CY and RIF will hold an online information webinar on October 26 to explain the scheme and provide further details to prospective applicants.

The session will run from noon to 1pm, with interested businesses able to register through the official webinar registration page.

Keve encouraged eligible enterprises to review the scheme’s provisions and consider applying for funding to support the development and market introduction of cybersecurity innovations.

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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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The Paphos regional tourism board (Etap) is hosting a delegation of eight German travel agents as part of ongoing efforts to strengthen visitor numbers from Germany and promote the district as a leading year-round tourism destination.

The initiative is being carried out in close cooperation with Louis Hotels, while Etap is responsible for coordinating the programme and organising visits to introduce the travel professionals to the destination.

The visit provides an opportunity for the German agents to experience Paphos’ natural beauty, rich cultural heritage and upgraded infrastructure first-hand, Etap said in an announcement.

As part of the familiarisation programme, Etap has arranged an extensive schedule of excursions and visits to rural areas across the Paphos district, showcasing the destination beyond its established tourist centres.

The initiative also highlights the importance of cooperation between the private and public sectors of the tourism industry, with the aim of further promoting the region’s tourism offering and strengthening its image and recognition among international visitors.

Etap said the effort was intended to create new opportunities in strategically important Central European markets, while supporting the continued development and international promotion of Paphos as a destination throughout the year.

Cyprus family businesses face the succession test as Paphos conference brings generations together

The future of family-owned businesses in Cyprus, and particularly the difficulties of passing them from one generation to the next, will take centre stage at a public conference hosted by AUB Mediterraneo in Paphos on November 6.

The discussion comes as succession remains one of the most pressing challenges facing family enterprises, with a 2025 analysis by KPMG Cyprus finding that only 30 per cent of family businesses successfully pass to the second generation, while just 10 to 12 per cent survive to the third.

Beyond the question of who takes over, however, the challenge also involves preparing future leaders, introducing professional management practices and maintaining the relationships and values on which these businesses were built.

These issues will be explored during The Development of Family Businesses, a conference bringing together academics, company founders, next-generation executives and professionals working within family-owned enterprises.

Organised by the American University of Beirut – Mediterraneo, the event will examine how family businesses develop, what can prevent their continued growth and how different generations approach leadership and decision-making.

The programme will begin with an address by Alain Daou, Dean of the university’s Faculty of Business, followed by a presentation from Panikkos Poutziouris, Visiting Faculty and Professor of Entrepreneurial Management at the European Institute of Management and Finance (EIMF).

His presentation, entitled “How Do Owner-Managed Family Businesses Develop – or Derail?”, will examine the factors influencing the development and long-term survival of family enterprises.

The discussion will then move from academic analysis to practical business experience, with three speakers offering perspectives from different stages and positions within family companies.

Lisa Nemitsa Petevi, founder-president of L. Nemitsas Ltd, will discuss the founder’s perspective, while Thanos Michaelides, CEO of Thanos Hotels and Resorts, will address the experience of the next generation taking on leadership responsibilities.

Meanwhile, Bilal Zein, Head of Single-Family Office at Averda Group, will offer a different perspective, examining the role of professionals who are not members of the owning family.

Together, their contributions will explore the relationship between family ownership and professional management, as well as the different expectations that can emerge as businesses grow and leadership changes hands.

The presentations will be followed by a panel discussion chaired by Daou, giving participants the opportunity to question the speakers, share experiences and discuss challenges encountered within their own businesses.

The conference also comes as AUB Mediterraneo continues to expand its business education activities in Cyprus. Its Faculty of Business has become the first business education institution in Cyprus to receive EQUIS accreditation from EFMD, an international accreditation body for business and management education.

The event will take place at the AUB Mediterraneo Auditorium in Paphos on Friday, November 6, from 10am to 2pm, with registration beginning at 9.45am.

Attendance is free and open to the public, including family business owners, future business leaders, professionals and students. The conference will be conducted in English and will conclude with lunch and networking.

Those interested in attending are requested to complete the registration form by November 2.

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 Cyprus gaming and casino supervision commission, 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 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 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.