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.

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 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.

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.

Further information is available through the Bank of Cyprus’ dedicated CDB customer information page.

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.