• Elon Musk said he's going to give every child in the US a share of his space company, SpaceX.
• That would amount to $10.7 billion, based on SpaceX's stock price and the 72 million US children.
• Governments and billionaires have previously explored ways to spread corporate ownership.

Christmas came early: Elon Musk wants American children to own stock in his space company, SpaceX, next year.

Musk wrote on X around 1 a.m. Monday that he planned to make the donation next year — "the first of many," he said. SpaceX went public this summer.

Giving one share to each of the estimated 72 million US children would cost roughly $10.7 billion at SpaceX's closing price of $147.92 on Friday. Musk's 4.77 billion SpaceX shares were worth about $706 billion at that price, so the gift would reduce his holdings by about 1.5%.

President Donald Trump said on Truth Social on Monday that the shares would be transferred through Trump Accounts, tax-advantaged investment accounts for eligible American kids launched this summer. Under temporary Treasury rules, donated shares generally cannot be sold for five years.

"This is exactly what was envisioned when we created TRUMP ACCOUNTS," Trump said. "Bringing together the GREAT PRIVATE SECTOR, Elon and so many more, to invest in our children."

The White House said nearly 70 million Trump Accounts have been created. Numerous entities have agreed to contribute, including a $6.25 billion donation from billionaire couple Michael and Susan Dell for children in lower-income zip codes. In July, SpaceX President Gwynne Shotwell and her husband pledged personal SpaceX shares worth at least $321 million, prioritizing lower-income communities.

The White House, Elon Musk, and SpaceX did not immediately respond to a request for comment from Business Insider.

Musk's plan to give away SpaceX stock raises questions about a new kind of billionaire philanthropy: Gifting people shares in a company instead of cash.

Giving millions of children a stake in SpaceX could give them money to use later in life — but the value is tied to a single company's stock. And history shows that efforts to spread corporate ownership can yield uneven results, from big investment returns to stakes being sold for quick cash.

Here are other historical efforts to share wealth or spread corporate ownership among everyday people.

US Sen. Mike Gravel's 1978 share proposal to Alaskans

In 1978, US Sen. Mike Gravel proposed a statewide ownership corporation that would have given Alaskans, including children, stakes in major energy and other business projects. The Trans-Alaska Pipeline System was one potential investment.

The idea was that Alaskans would benefit from an economic boom and any rising asset values. However, the plan never materialized.

Alaska instead developed a dividend system that draws on its preexisting Permanent Fund, a state fund established in 1976 with oil royalties that invests in stocks, bonds, and other assets. It began paying annual cash dividends to eligible Alaskans in 1982.

The Permanent Fund still continues today, with a $1,200 dividend distributed to every eligible Alaskan adult and child who applied in 2026. The initial dividend this year was set at $1,000, but recipients also got an extra $200 energy-relief payment.

Eastern Europe's 1990s mass privatization experiment

Following the collapse of the Soviet Union in 1991, several countries in Central and Eastern Europe used voucher programs to transfer former state-owned companies into the hands of everyday people.

Russia began distributing privatization vouchers to roughly 144 million people in 1992. Russians could use them to buy shares in former state companies, exchange them for shares in investment funds, or sell them for cash.

Czechoslovakia used a similar system, allowing adults to buy low-cost voucher books and use the points to bid on company shares or invest through funds. After Czechoslovakia split in early 1993, the Czech Republic continued its voucher program, while Slovakia canceled its planned second wave of voucher privatization.

Other countries, including Poland, Romania, Bulgaria, and the Baltic states, adopted their own versions of mass privatization.

The programs were designed to rapidly create broad public ownership. But many recipients sold their vouchers for cash amid economic uncertainty, rather than retaining shares.

Evžen Kočenda, a professor at Charles University's Institute of Economic Studies, said that the program was a good idea at the time, given the region's poor economy, but that ultimately, the vouchers were not 'real money,' but rather a financial asset.

Kuwait's 2019 national stock exchange privatization

Kuwait privatized Boursa Kuwait, the operator of its national stock exchange, in 2019, and gave Kuwaitis the opportunity to purchase a stake in the company. The only requirement for registration was that the individual was a Kuwaiti citizen.

Those who participated — about 83,000 of the country's 4.4 million — were initially allocated up to 70 shares each. The initial public offering share price was set at 100 Kuwait fils, roughly $0.33 per share.

Following the privatization, Kuwaiti citizens and private-sector investors together owned roughly 94% of Boursa Kuwait. The Public Institution for Social Security held the remaining 6%.

The Kuwaitis who participated saw a huge return on investment: When Boursa Kuwait debuted on the public market in September 2020, its shares rose more than 10-fold from their 100-fils IPO price, closing at 1,055 fils, or about $3.41.

Today, the privatization is widely regarded as a major success in the investment world, and Boursa Kuwait has described it as the Middle East's only privately owned stock exchange.

• After expanding Trump Accounts to all children, the administration may look to adults next.
• We spoke to five experts about what should be in a Trump Account program for adults.
• Accounts should support the millions of Americans who don't have retirement savings, they said.

Trump Accounts, created for children, may be coming to adults, too.

Brad Gerstner, an architect of Trump Accounts, said on Wednesday that the tax-advantaged accounts should be rolled out to every US citizen under 40, though he flagged that Congress would need to pass new legislation to make that happen.

President Trump similarly said on Tuesday that the White House is exploring creating an "alternative" Trump Account for adults.

"We are looking at something different because it really is somewhat of a different thing having to do with adults," Trump said.

So what might that look like? We spoke to five experts about how Trump Accounts could work for adults, who they should be for, and how they could figure into financial planning.

Ray Boshara, a senior policy advisor at the Aspen Institute and Washington University in St. Louis' Center for Social Development, said the accounts could be a boon to the 46% of Americans without money in a retirement account, according to Federal Reserve data.

"I really like the idea of all Americans having a lifelong investment account through which they can build wealth and achieve financial security," said Boshara, who advocated enrolling all American children in Trump Accounts, a change that was rolled out earlier this month.

He sees expanding Trump accounts as an extension of the same push, as long as the accounts are automatically created for those adults, too.

Focus on those without retirement savings

There's a "pretty robust retirement savings system" in place for employees, said Boshara, but nearly half of Americans don't have retirement savings, many because their employer doesn't offer a plan.

Trump Accounts could "fill that huge gap," Boshara said, but unlike the plans for children, it may be worthwhile to focus on those without 401(k) or similar plans.

"One of the benefits of the Trump accounts for kids is that it's universal, but I'm not so sure you'd want it to be universal for an adult," Boshara said. Traditional IRAs already limit tax deductions for some higher earners, and that's a "good thing," he added.

"That way, you're not just giving wealthier Americans yet another tool," Boshara said.

If the goal is to help Americans without retirement, then Boshara's push away from universalism makes sense.

But Cem Karsan, founder of the hedge fund Kai Volatility Advisors, sees this as part of a broader effort to stem the tide of populism by giving regular Americans a greater stake in the stock market.

From that perspective, a universal plan is essential.

"It's essentially the infrastructure that's being laid, the pipes, for delivering ownership broadly to the masses," Karsan said.

For those with retirement accounts, a Trump Account, technically another type of IRA, could allow them to contribute more than the current cap, said Stephanie Link, chief investment strategist at Hightower Advisors.

"There would be an additional layer of tax-deferred wealth accumulation," Link said.

Don't mess with benefits

One of the main concerns with rolling out Trump Accounts to low-income Americans is that they could be kicked off public benefits like food stamps and Supplemental Security Income. This wasn't an issue for children, but many benefits available to adults can be means-tested, and contributing to an account may make you ineligible.

Right now, for traditional IRAs, the rules are a "patchwork," Boshara said. A single person with more than $2,000 in a traditional IRA can lose access to Supplemental Security Income, while Medicaid rules vary from state to state.

"What I'd call for is a categorical disregard," said Boshara, meaning money in the accounts wouldn't count against eligibility for public benefits.

"If you expect low- and moderate-income people to save and build wealth through an IRA, you have to protect their public benefits."

Maybe most importantly, Boshara said these should be a "supplement" for Social Security.

"We never see these as a substitute for Social Security," Boshara said.

Fund them

The most transformative part of the Trump accounts so far has been the $1,000 available to every US citizen born between 2025 and 2028. But Boshara's biggest critique of the program is that families have to open up to receive government payments and employer contributions.

"Opting in is suppressing participation, especially among lower-income families because they don't have the awareness, or they don't interact with the tax system," he said.

He's hoping for Treasury rules that will activate accounts, so contributions can be added automatically, and that the $1,000 funding for newborns be continued indefinitely. And similarly, he's hoping that anyone can put money into adults' funds, like with children.

"The best thing about Trump Accounts for kids is that there are multiple investors in somebody's future," Boshara said. This could even include employer contributions.

"I'm not sure if all employers would contribute, but if they did, it's another savings benefit plan, HSA or 401K type of plan, which is again, more money in their pockets," Link said.

For those who already contribute to their 401(k) and other vehicles, like Roth IRAs, which can be a better fit for early career savers, the outside funding is the big beneficiary, said Christina Taylor, VP of tax development and delivery at tax fintech April.

"For adults saving their own money, a Roth IRA or a 401(k) with an employer match is often still the stronger tool," Taylor said. "Savers should think of a Trump Account as a collector for other people's contributions, not a replacement for retirement accounts they already have."

Treat adults like adults

Current Trump Accounts come with a range of restrictions that keep investors focused on the longer term, including a five-year holding period for individual stocks. That restriction on selling ends when they turn 18, and Boshara said that adults should be able to decide what they want their portfolio to look like.

"You want investor choice," he said. "You want to empower families to make good choices."

Trump Accounts hold only equity investments, so adult versions would require greater diversification.

"A 10-year-old can ride out a bad market, but someone five years from retirement needs some bonds, some cash, and a plan for withdrawals," said Brian Boswell, a wealth manager at Savvy Wealth.

It's a "great idea to make sure all Americans have a lifelong investing account," but the key is to ensure it meets adults' needs, Boshara said.

"Why not extend it and keep the great features of Trump accounts and discard the ones that don't make sense for adults?" Boshara said

• Barclays said it's cutting 5,000 jobs, or 5% of its workforce, in an AI push.
• Most of the cuts will impact support functions, including developers.
• Wall Street at large is grappling with how AI will transform both back- and front-office roles.

Barclays said it's cutting 5,000 jobs, or around 5% of its full-time workforce, as it increases its reliance on AI.

The British bank said in its third-quarter earnings statement that it is "structurally reducing" its costs through "technology-enabled" head count reductions.

Barclays laid out the numbers in its accompanying earnings presentation, linking the cuts specifically to "organisational simplification and technology change efficiency driven by AI."

Around 60% of the cuts will impact support functions, including developers, according to the presentation. Coding has become one of the main business use cases for AI across industries, causing some companies to cut back on developers.

Anna Cross, Barclays' group finance director, said the layoffs come as "AI makes our people more productive."

"Nowhere in the bank is this more relevant than in Barclays UK, where we have taken more structural cost actions than planned in '26," she said on the earnings call.

Wall Street is grappling with how AI will impact head count for both back- and front-office roles, as much of junior bankers' technical, repetitive workload can be automated. Some executives have said they're looking for young people with sharp judgment and communication skills rather than just analytical brainpower, as AI places an even greater premium on client interactions.

Goldman Sachs said in a memo last year that it plans to "restrain head count growth," and JPMorgan CEO Jamie Dimon has said he will likely hire fewer bankers and more "AI people."

Barclays joins a growing list of companies that have announced AI-related layoffs this year, including Snap and Coinbase. Business Insider analyzed 15 layoff memos earlier this year and found that "AI" was the most commonly used term.

AI hasn't always led to companies cutting back. Some companies have increased hiring, while others have cut some roles and hired more for others.

• Meta's AI agent, Muse, is unprofitable due to "very high compute costs," CEO Mark Zuckerberg says.
• Meanwhile, Meta expects Reality Labs, its AI glasses division, to lose $15 billion next year.
• The social media giant has a plan to fix that.

Meta says some of its biggest cash incinerators could finally start turning profits.

The social media giant, which generated over 97% of its quarterly revenue from ads, has faced persistent questions from investors about the lack of profitability in its AI and hardware initiatives.

Meta CEO Mark Zuckerberg addressed those concerns head-on during its third-quarter earnings call on Wednesday.

Zuckerberg said that Muse, the AI assistant it launched last month, is unprofitable since it's "very compute intensive to run." Meta expects to start turning that around next year by massively improving Muse's efficiency.

"If compute efficiency continues improving quickly for another few years, which we think is highly likely, then Muse will be highly profitable over multiple years," he said.

Meta plans to make money from Muse by taking a small transaction fee off of purchases it drives, Zuckerberg said at Meta's Connect conference last month.

Zuckerberg added that Muse, which launched only in the US and Canada, wasn't launched globally due in part to the amount of compute it requires. (Meta's North American users are generally its most lucrative.)

Zuckerberg also struck a positive note about its cash-hemorrhaging Reality Labs division, which makes products like Meta Ray-Bans and virtual reality glasses.

Meta expects Reality Labs to narrow its losses to about $15 billion in 2027, down from the $18 to $19 billion it expects to lose this year. The division should start trending toward profitability next year, as Meta's AI systems make it more useful, Zuckerberg said.

"I continue to believe that the path to delivering holographic experience, of bringing together the physical and digital worlds and everyday glasses, will come through VR first," Zuckerberg said.

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European prosecutors have searched offices in Brussels and Strasbourg as an investigation into alleged misuse of parliamentary funds by the former Identity and Democracy group raises questions over financial liabilities inherited by Patriots for Europe.

European prosecutors carried out searches at the European Parliament’s offices in Brussels and Strasbourg on Wednesday, 21 October, as part of an investigation into alleged financial irregularities involving the former Identity and Democracy (ID) parliamentary group.

The investigation concerns approximately €4.33 million in European Union funds that were allegedly improperly spent during the 2019–2024 parliamentary term. The European Public Prosecutor’s Office (EPPO) confirmed that searches had taken place in connection with an ongoing inquiry into the use of EU funds by a former parliamentary group.

The premises searched are now occupied by Patriots for Europe, the European Parliament’s third-largest political group, which includes France’s National Rally, Hungary’s Fidesz, Italy’s Lega and Spain’s Vox. Patriots for Europe insists that it has no legal continuity with Identity and Democracy and denies being involved in the investigation.

Investigation into parliamentary expenditure

The European Public Prosecutor’s Office opened its investigation in July 2025 following concerns identified by the European Parliament’s financial administration about expenditure incurred by Identity and Democracy.

The former group, which dissolved following the 2024 European elections, included representatives of France’s National Rally, Italy’s Lega and Germany’s Alternative for Germany.

According to details of the parliamentary financial examination subsequently reported in France, investigators are examining approximately €3.6 million in contracts awarded to external service providers, including businesses with political connections to parties represented within the former group.

The financial examination also identified more than €700,000 in donations to organisations whose activities were allegedly unrelated to the parliamentary group’s official functions.

The authorities are examining whether parliamentary resources were used in accordance with EU financial rules, including restrictions on using public money for national party-political activities.

These are allegations under investigation, not criminal findings. The EPPO has not announced convictions arising from the current inquiry, and the individuals and organisations concerned retain the presumption of innocence.

Earlier investigative measures were conducted in France, Belgium, Spain and Italy in June 2026. Wednesday’s searches mark a further stage in the proceedings.

Can Patriots for Europe inherit the liabilities?

The investigation has opened a separate dispute over whether Patriots for Europe could be required to repay money allegedly misspent by its predecessor.

Identity and Democracy ceased to exist after the 2024 elections. Several parties previously represented in the group subsequently joined Patriots for Europe, a new parliamentary formation that also brought together Viktor Orbán’s Fidesz and Spain’s Vox.

Patriots for Europe maintains that the two groups are legally separate. Its representatives argue that the dissolution of Identity and Democracy ended that group’s institutional existence and that the present parliamentary organisation is not responsible for its predecessor’s financial affairs.

However, the European Parliament’s budgetary authorities have examined whether responsibility for outstanding liabilities can pass to a successor group.

An opinion approved by the Parliament’s Budgetary Control Committee in September considered the circumstances in which continuity between parliamentary groups might establish financial responsibility.

Such an assessment may consider whether members, administrative personnel, operational resources and other assets were transferred from one organisation to another.

The outcome could determine whether the current group is exposed to potential repayment demands, irrespective of whether its present members were personally involved in the expenditure under investigation.

No final determination of such liability has been established through Wednesday’s searches.

Political consequences in Strasbourg

The searches come at a time when Patriots for Europe has become a major political force within the European Parliament.

Its member parties have challenged EU policy on immigration, economic regulation and the distribution of powers between Brussels and national governments. National Rally and Fidesz are also influential actors in the domestic politics of France and Hungary respectively.

An investigation involving their parliamentary organisation is therefore likely to attract scrutiny beyond the immediate financial questions.

Nevertheless, the political influence of the group and the criminal investigation must be considered separately. The presence of prosecutors at parliamentary premises does not establish wrongdoing by the current group’s MEPs.

The case also raises broader questions about financial accountability within the Parliament, particularly when a political group dissolves following an election and its members establish a new organisation.

Unlike national political parties, European parliamentary groups receive funding specifically to support their legislative, administrative and political work inside the institution.

Those resources are subject to financial controls intended to prevent their diversion into activities that should be funded by national parties or other organisations.

Further proceedings

The EPPO is responsible for investigating and prosecuting offences affecting the European Union’s financial interests. It operates independently of national governments and EU political institutions.

The European Parliament has confirmed its cooperation with the authorities but has declined to comment on the substance of the continuing investigation.

Prosecutors must now assess the evidence obtained during the searches alongside financial records and material collected during previous investigative measures.

Any decision to bring criminal proceedings would depend on the evidence available and the relevant national and European legal requirements.

Separately, the Parliament will have to establish whether any recoverable funds are owed by the former group and, if so, which organisation is legally responsible for repayment.

For Patriots for Europe, the immediate issue is not only the progress of the criminal inquiry but whether the financial arrangements of a dissolved parliamentary group can create obligations for its successor.

• Investor Brad Gerstner wants Trump Accounts expanded to every US citizen under 40.
• The plan would create early IRAs that employers and donors could fund.
• Gerstner, regarded as the architect of Trump Accounts, said the change would require new legislation.

Brad Gerstner, the investor and architect of Trump Accounts, is pushing to expand the investment accounts beyond children and make them available to every US citizen under 40.

In an interview with CNBC on Wednesday, Gerstner said the change would require new legislation rather than a regulatory rule change.

Trump Accounts are tax-advantaged investment accounts created under President Donald Trump’s tax-and-spending law. Right now, they are available to Americans under 18, while children born between 2025 and 2028 are eligible for a $1,000 federal seed contribution.

When account holders turn 18, the accounts become traditional individual retirement accounts, or IRAs.

"Every year, 3.7 million kids age up into IRAs," Gerstner said. "Why not pull forward 20 years of IRAs? We can create all of those today, everybody under 40."

Gerstner's idea would create the accounts for adults under 40 without necessarily requiring the government to make an upfront deposit. Instead, he said, it would give employers, philanthropists and companies a ready-made vehicle through which to contribute.

That structure could allow companies or private citizens to contribute to accounts, he said, creating a "vessel" for the funding.

On Monday, Elon Musk said he planned to give one share of SpaceX stock to every American child through Trump Accounts. Giving a share to the roughly 72 million children in the US would be worth around $11.5 billion, based on SpaceX's share price in Wednesday trading.

Other major donors, including Michael and Susan Dell, Ray Dalio, and SpaceX President Gwynne Shotwell, have also backed the initiative.

Gerstner pointed out there has already been innovation in the investment field, mentioning the federal Saver's Match, created under the bipartisan SECURE 2.0 law, which is scheduled to begin in 2027.

The program will provide a federal match of up to $1,000 a year for eligible low- and middle-income workers who contribute to qualifying retirement accounts.

In comments to the New York Post, Gerstner said he was working on the legislation to make Trump Accounts available to anyone under 40, potentially within months. The proposal could also make account funding permanent.

The proposal's prospects in Congress, including its cost and whether lawmakers would support new matching funds, remain unclear.

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.

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.

Portugal’s housing shortage is being driven largely by a sharp decline in private construction, according to Economy and Territorial Cohesion Minister Manuel Castro Almeida, who has called on local authorities

The post Is a new construction shortage fueling Portugal’s housing crisis? appeared first on Portugal Resident.

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.