Cyprus Business Now: oil, CySEC, Eurobank, tech, co-op scam, RIF, lending

The Middle East’s oil map is being rewritten at sea, as attacks around the Strait of Hormuz and Red Sea push exporters towards pipelines, alternative ports and longer tanker routes that were once treated largely as back-up options. The problem is that some of those escape routes are now coming under pressure too. Saudi Arabia’s East-West oil pipeline, which carries crude across the kingdom to the Red Sea port of Yanbu and allows exports to avoid Hormuz, was temporarily shut following a drone attack over the weekend, Reuters reported on Monday. The disruption came as shipping through Hormuz remained a fraction of normal levels. That has brought into sharper focus a change which has been building for months. Oil producers are no longer looking simply for the cheapest way to get crude to market. Increasingly, they need more than one way out. Outgoing Cyprus Securities and Exchange Commission (CySEC) chairman George Theocharides has singled out three changes which he believes defined his six years at the regulator, as a five-year review shows more than 4,000 supervisory checks and over €12 million in administrative sanctions during the period. In what he described as his final post as CySEC chairman, Theocharides said a few days had passed since he was informed that he would not continue at the regulator, bringing to a close a period which began when he became vice-chairman in July 2020 and later chairman in September 2021. “A few days have passed since I was informed that I will no longer continue at CySEC,” he said, before thanking those he worked with over the past six years, from market participants and service providers to government officials, MPs and colleagues at European and international regulatory bodies. His strongest acknowledgement, however, was reserved for CySEC’s staff, whom he credited with much of the regulator’s development during that period, saying that “most credit for the establishment of CySEC as a strong, credible and forward-thinking organization goes to its people”. Cyprus has largely cleaned up its banking sector’s non-performing loans (NPLs), but a substantial private debt problem remains outside bank balance sheets, according to Xenios Socratous of the Central Bank of Cyprus’ (CBC) risk analysis section. In a piece of analysis published on the central bank’s website, Socratous argued that Cyprus had undergone one of the most dramatic transformations in European banking, moving from having NPL levels approaching half of total lending to a banking system whose asset-quality indicators are now broadly aligned with the European Union average. However, he stressed that the improvement in bank balance sheets did not mean the underlying debt problem had disappeared. “The problem of NPLs was never simply a banking ratio. It was a macroeconomic constraint,” Socratous stated. The Limassol Chamber of Commerce and Industry (Evel) has paid tribute to businessman Andreas Laos, a long-serving member of the city’s business community and former chamber vice-president for industry, following his death. The chamber’s president, board members and staff expressed their condolences to Laos’ family and loved ones, describing him as a businessman of “exceptional and noble character” who served the business community with consistency and dedication. Laos had a long association with the Limassol chamber, serving on its board from 1996 and later as vice-president for industry between 2009 and 2014, according to the chamber. During that time, the Evel said, he made a substantial contribution to the development and strengthening of industry in both Limassol and Cyprus. His involvement with the chamber continued over many years. Chamber records show Laos taking part in its work well beyond his period as industry vice-president, while in 2019 he was formally honoured by the Evel for his contribution to the chamber and Limassol’s business community. International Chamber of Shipping (ICS) secretary general Thomas Kazakos has raised the organisation’s push for a toll-free Strait of Hormuz with Kuwait’s ambassador to the UK, as the shipping body continues its campaign against charges or controls on vessels using international straits. The International chamber said Kazakos met Badar A. Almunayekh, Kuwait’s ambassador to the United Kingdom, at the country’s embassy in London, with discussions focusing on freedom of navigation and the ability of merchant ships to move through international waterways “safely, predictably and without unnecessary impediment”. The meeting forms part of the ICS “No Tolls/No Control Change” campaign, which is pressing for freedom of navigation and a toll-free Strait of Hormuz. At the heart of the campaign is the organisation’s position that merchant ships must be able to use international waterways without compulsory charges or measures controlling their passage. According to the ICS, proposals surrounding the Strait of Hormuz have taken several forms, including “tolls”, “charges for services”, “compulsory insurance” and, most recently, “cargo charges”. Cypriot MEP Michalis Hadjipantela asked the Association of Cyprus Banks (ACB) to strengthen protection for the main homes of vulnerable borrowers who have already repaid a substantial part of their mortgage. The letter, also sent to the Central Bank of Cyprus (CBC) and the European Central Bank (ECB), follows provisions backed by the European Parliament earlier this year calling for greater protection of first homes, particularly for vulnerable households. According to Politis, Hadjipantela is now asking Cyprus’ banks to take those provisions into account when dealing with borrowers who have remained consistent with their repayments. The issue centres on the European Parliament’s Banking Union report for 2025, on which Hadjipantela served as shadow rapporteur for the European People’s Party. Under the text approved by parliament, member states and the relevant authorities are urged to ensure adequate protection of primary residences, particularly for vulnerable households. The company behind plans for a new cooperative bank in Cyprus has reported an attempted online scam to police, after discovering fake websites and social media accounts claiming to help people buy its shares. The Pancyprian Cooperative Society for Participation and Promotion of Cooperativism said the unauthorised sites and profiles were presenting themselves as sources of support for people seeking online access to its ongoing share offering. It warned that no individual, company or other third party has been authorised to act on its behalf, mediate transactions or provide assistance to prospective members. The company identified its official website as its only corporate website, while applications to become a member and purchase shares are made exclusively through its dedicated share platform. The two official sites were independently accessible on Monday. Total employment in Cyprus’ broad public sector reached 78,433 persons in the second quarter of 2026, rising by 1,119 people, a 1.4 per cent increase from a year earlier, according to the state statistical service (Cystat). Of the total, 73,284 people were employed in general government, while publicly owned enterprises and companies accounted for 5,149 employees. Within general government, which includes central government and local authorities, there were 55,372 state employees, 11,314 employees in non-profit organisations and 6,598 employees in local authorities. Compared with the second quarter of 2025, employment in general government increased by 1,009 people, up 1.4 per cent. The share of adults in Cyprus participating in education and training rose to 12 per cent in 2025, up from 7.5 per cent in 2015, according to figures published by Eurostat, highlighting a growing role for lifelong learning in the country’s labour market. Across the European Union, 13.7 per cent of people aged between 25 and 64 said they had participated in formal or non-formal education and training during the four weeks preceding the survey in 2025. The EU-wide figure was up from 10.1 per cent in 2015, with participation increasing steadily over the decade apart from a temporary decline in 2020, which Eurostat said was likely linked to the COVID-19 pandemic and the contingency measures introduced during that period. Cyprus recorded a 4.5 percentage point increase over the 10-year period, putting its 2025 participation rate 1.7 percentage points below the EU average. Cyprus recorded 12,930 job vacancies in the second quarter of 2026, down by 3,123 vacancies, a 19.5 per cent decrease from a year earlier, according to the statistical service (Cystat). The job vacancy rate stood at 2.6 per cent, compared with 2.8 per cent in the first quarter of 2026 and 3.3 per cent in the second quarter of 2025. Compared with the first quarter of 2026, the number of vacancies fell by 975, a 7 per cent decrease, from 13,905. Cystat said the highest job vacancy rate in the second quarter was recorded in accommodation and food service activities, at 4.6 per cent. Transportation and storage followed at 3.5 per cent, alongside administrative and support service activities, which also recorded a vacancy rate of 3.5 per cent. The Research and Innovation Foundation (RIF) has received a record 284 proposals for its PRE-SEED programme, highlighting growing interest in creating and developing startups with international ambitions in Cyprus. The submission process for the latest PRE-SEED/0526 call under the “Creation and Initial Development of Startups with an International Orientation” programme was completed on September 11, 2026, according to the foundation. A total of 284 proposals were successfully submitted through the foundation’s IRIS electronic services portal, marking the highest level of participation recorded for the programme. The RIF explained that the high level of participation was an indication of the growing momentum in Cyprus’ startup sector, as more teams and businesses seek to turn innovative ideas into products and services capable of expanding internationally. More than one in 10 consumers could be regularly using AI agents to shop and make purchases online on their behalf by 2030, according to a new Mastercard report examining the future of shopping and payments. The report, titled ‘A Short History of the Future of Shopping and Payments‘, combines Mastercard research with forecasts from four international experts on the future of artificial intelligence and commerce. The experts are Magnus Lindkvist, Patrick Dixon, Katja Forbes and Theodora Lau, with the report examining how artificial intelligence could reshape shopping and payments by the end of the decade. Mastercard said AI agents are expected to take on an increasing number of routine purchases, including potentially negotiating prices on behalf of consumers. Smart devices such as watches and rings are also expected to provide consumers with personalised product information before and after purchases, while AI is likely to take on a more active role inside physical shops. Eurobank S.A. repurchased over 1 million of its own shares on Euronext Athens between September 7, 2026 and September 11, 2026, as part of its ongoing share buyback programme. The lender confirmed on Monday that it acquired a total of 1,060,775 shares at an average purchase price of €4.7124 per share. According to filings on both Euronext Athens and the Cyprus Stock Exchange (CSE), the financial institution spent a total cost of €4,998,843.06 across the five-day trading period. This strategic initiative follows the bank’s initial announcement on June 10, 2026, regarding the commencement of the repurchase scheme. GAP Vassilopoulos Public Ltd reported an 81.1 per cent increase in profit attributable to shareholders for the first half of 2025, despite only modest growth in revenue, according to its interim management report approved on Monday. The company reported that profit attributable to shareholders rose to €1.49 million in the six months to June 30, 2025, from €821,746 in the corresponding period of 2024. In addition, the company’s revenue increased by 1.61 per cent year-on-year to €35.89 million, from €35.32 million. Earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 20.5 per cent to €2.99 million, compared with €2.48 million in the first half of 2024. Demetra Holdings Plc repurchased 3,005 of its own shares on September 11, 2026, as part of an ongoing share buyback initiative. All four transactions executed during the trading session were processed through the Cyprus Investment & Securities Corporation Ltd (CISCO). Every share acquired during the session was purchased at a uniform price of €1.405. The total volume of shares was accumulated across four distinct transactions over the course of the day. In the first individual purchase, Demetra Holdings acquired a tranche of 1,088 shares. A second, smaller transaction resulted in the repurchase of 206 shares. The largest single order of the day saw the firm secure 1,500 shares. The Cyprus Stock Exchange (CSE) has approved Eurobank Equities Investment Firm Single Member SA as a market maker for Globalwealth Group Plc shares, while also confirming that 20 million additional shares in S.N.P. Southeast Network Public Ltd will begin trading on September 15, 2026. Following an earlier announcement issued on September 10, 2026, the CSE stated that it had inadvertently cited an older ISIN code for the securities of S.N.P. Southeast Network Public Ltd. The exchange clarified that the 20 million additional ordinary shares of S.N.P. Southeast Network Public Ltd, which have a nominal value of €0.01 each, were issued as part of a share capital increase at an issue price of €0.01 per share.