Cyprus Business Now: petrol, gender, cyber, seafarers, CBC, Invest Cyprus

Cyprus recorded one of the EU’s sharpest monthly increases in petrol prices in August, while fuel costs across the bloc continued to climb sharply on an annual basis, according to Eurostat data released on Tuesday. Petrol prices in Cyprus rose 6.2 per cent between July and August, the fourth-highest increase among EU member states, according to the data. Only Spain, where petrol prices increased by 8.2 per cent, Romania at 6.6 per cent and Italy at 6.3 per cent recorded larger monthly increases. Across the EU, petrol prices increased by 3.3 per cent in August compared with July, following a 4.7 per cent rise in July compared with June. Cyprus moved a step closer on Tuesday to requiring greater gender balance at the top of listed companies, as MPs began examining legislation under which at least 33 per cent of director positions would have to be held by the underrepresented gender. The bill, now before the House energy, trade, industry and tourism committee, would change not only the make-up of company boards but also how directors are chosen. Selection procedures would have to be based on clear, neutral and objective criteria, with greater emphasis on transparency and merit in senior appointments. Listed companies would also face new reporting requirements. The Office of the commissioner for gender equality would monitor implementation, while companies covered by the law would have to submit an annual report setting out information on their compliance. The Commissioner’s office welcomed the start of the parliamentary debate, saying more balanced representation was about more than numbers. It linked the measure to equal opportunities, transparency and merit in appointments, as well as greater participation by women and men in economic decision-making. Cyprus Securities and Exchange Commission (CySEC) chairman George Karatzias and vice chairman Loukas Lagoudis signed their contracts with Finance Minister Makis Keravnos on Tuesday, formally confirming their assumption of the two senior positions at the regulator. The appointments officially took effect last week, with Karatzias and Lagoudis meeting Keravnos at his office to sign the contracts formalising their new duties. “I wish Karatzias and Lagoudis every strength in their new duties, and the Finance Ministry remains at their disposal to support their work,” Keravnos said. The ministry said the signing marked the beginning of a new period for CySEC, with its new leadership bringing the knowledge and experience required to guide the regulator. Invest Cyprus presented Cyprus as a stable European base for regional growth during a London briefing on Tuesday, as it sought to make the case for the island as a hub for international business, financial services and wealth management. The investment promotion agency, which partnered with FT Locations for the event, said international companies were increasingly looking beyond cost when choosing where to establish and expand operations, placing greater weight on stability, regulatory credibility, access to talent and connectivity. Opening the discussion, Invest Cyprus chairman Evgenios Evgeniou said this shift played to Cyprus’ strengths. The agency pointed to the country’s position within the EU and eurozone, its common-law legal tradition, international workforce and location between Europe, the Middle East, North Africa and Asia as factors supporting its case as a regional business base. Cypriot manufacturers and software developers are entering the most demanding phase of Europe’s new cybersecurity regime, Research Deputy Minister Nicodemos Damianou said this week, as new obligations begin to take effect and smaller firms face the practical challenge of meeting them. Speaking at the ‘Building CRA Compliance through Horizontal Cybersecurity Standards’ conference in Nicosia, Damianou turned to an unlikely example to explain why Europe’s Cyber Resilience Act (CRA) reaches well beyond the traditional technology sector: a fish tank. A few years ago, he said, attackers gained access to a casino’s network through a smart thermometer installed in its lobby aquarium, before moving through the system and reaching its high-roller database. “Nobody who bought that thermometer thought they were making a decision that affected cybersecurity,” Damianou said, adding that this was “precisely the point” of the CRA. Twenty years after the Maritime Labour Convention (MLC) was adopted, Cyprus has joined a fresh debate over how long seafarers should be expected to work, as fatigue, mental health and recruitment move higher up shipping’s agenda. The argument goes well beyond an anniversary. Under Cyprus’ rules for ships flying its flag, seafarers must receive at least 10 hours of rest in any 24-hour period and 77 hours over seven days. Cyprus follows the minimum-rest model permitted under the MLC, rather than imposing the alternative ceiling of 72 working hours a week. In practice, that can leave room for as many as 91 working hours over seven days. A 2026 study in the European Labour Law Journal listed Cyprus among the flag states applying that system, bringing fresh attention to an old maritime question, just how much work at sea is too much? That question ran through an event in Athens marking 20 years since the MLC was adopted, organised jointly by Greece’s Panhellenic Seamen’s Federation (PNO) and Cyprus’ Omepege-Sek. Cyprus’ foreclosure framework has helped produce a significant number of consensual settlements while keeping repossession of primary homes relatively limited, according to a piece of analysis published by the Central Bank of Cyprus (CBC) on Tuesday. The analysis, written by Marianna Christoforou, an officer in the CBC’s Risk Analysis Section, examined the country’s foreclosure legislation, safeguards for borrowers and the role of the system in managing non-performing loans (NPLs) and protecting financial stability. “Foreclosures should not be promoted as an end in themselves, but should operate as a last resort tool,” Christoforou wrote, arguing that the framework is intended to encourage responsible borrowing, protect depositors and strengthen financial stability. The CBC analysis said a large stock of NPLs can restrict banks’ ability to provide new financing, increase risk-management costs and affect funding costs, with potential knock-on effects for borrowers who continue to meet their obligations. Artificial intelligence is accelerating both cyber attacks and the discovery of new cyber risks, leaving organisations with less time to respond, Visa’s Cyprus country manager Michael Ioannides said as the payments group expands its cybersecurity tools and advisory services. “As AI accelerates both cyber attacks and the discovery of new cybersecurity risks, organisations need a clear view of the threats, but also practical actions that speed up their response,” Ioannides said. The company’s upgraded cybersecurity advisory services, he added, “combine the findings from Project Glasswing, VVAH’s open-source tools and our deep expertise in payments in Europe”. “In this way, we help organisations focus on the most critical risks, strengthen their response capabilities and their resilience, so they can respond to an ever-evolving threat environment shaped by artificial intelligence,” he said. Cyprus recently took part in the SIAL Guangzhou 2026 international food and drink exhibition earlier this month as part of efforts to strengthen trade ties with China and promote Cypriot businesses and products internationally. The Ministry of Energy, Commerce and Industry said that it participated in the exhibition in cooperation with the Cyprus Trade Centre in Beijing. The exhibition was held on September 3, 4 and 5 at the Poly World Trade Centre Expo in Guangzhou, attracting more than 1,500 exhibitors from 50 countries. More than 66,000 professional visitors from over 50 countries and regions also attended the event. The Cyprus pavilion provided visitors with information about opportunities for cooperation with Cyprus while showcasing a selection of Cypriot food and drink products. Cloud computing is already part of everyday business in Cyprus, but the next challenge is not simply to use more of it. Companies now need to think more carefully about security, resilience, data control and dependence on providers, according to Cyprus Information Technology Enterprises Association (CITEA) director Matina Zisiadou. “Cloud technology had moved well beyond something businesses could regard as a future development,” Zisiadou said. Email, file storage, workplace applications, accounting systems and databases are already among the services operating through the cloud, often without companies giving much thought to the infrastructure behind them. She pointed to the latest available Eurostat figures for 2025, which show that one in two businesses in Cyprus with 10 or more employees used paid cloud services, putting the island close to the EU average. The European Commission’s Digital Decade 2026 report, she added, also describes Cyprus’ adoption of advanced technologies such as cloud and data analytics as relatively advanced. The greatest danger from artificial intelligence may not be a machine turning against humanity, but people gradually losing confidence in their own ability to think without it, Neapolis University Paphos professor Savvas A. Hadjichristofis warned. Hadjichristofis, Vice-Rector for Research and Innovation and Professor of Artificial Intelligence at the university, said the deeper threat already had a name. “Uncritical trust in the machine”. The existential danger, he told the Cyprus News Agency (CNA), may ultimately not take the form of a machine attacking humanity. Instead, “it may take the form of a society that no longer feels capable of making decisions without the machine”. His warning comes as senior figures in the global AI industry, alongside researchers who have left leading technology companies, raise concerns about the speed at which advanced systems are developing and how they are being controlled. Cyprus had around 4,400 people employed in the sport sector in 2025, including 1,400 aged between 15 and 29 and 3,000 aged between 30 and 64, according to Eurostat data. The figures form part of a wider Eurostat overview showing that almost 1.8 million people were employed in sport across the European Union in 2025. The data showed that Cyprus had no published figure for sports workers aged 65 or over because the estimate was considered to have low reliability and was therefore excluded. Across the EU, the sport sector employed 1.7979 million people in 2025. Of these, 651,100 were aged between 15 and 29, while 1.0719 million were aged between 30 and 64 and 74,800 were aged 65 or over. Alpha Bank has priced a €700 million senior preferred bond issue after attracting €2.9 billion of demand from investors, the Greek bank announced on Monday. The fixed-rate reset notes, due on March 28, 2031, carry a coupon of 4.3888 per cent and can be called by the bank after three and a half years. The final order book stood at €2.6 billion, following demand of €2.9 billion during the pricing process. More than 110 investors participated in the issue, with fund managers, banks and wealth management firms accounting for 95 per cent of the allocation. Allwyn AG purchased 750,116 of its own shares for €9.56 million on Euronext Athens between September 14 and September 18, 2026, as part of its ongoing share buyback programme. The purchases were made under the buyback programme announced on June 4, 2026. On September 14, Allwyn purchased 150,027 shares for €1,950,576.04, at an average price of €13.0015 per share. The company bought a further 151,136 shares on September 15 for €1,945,195.89, at an average price of €12.8705 per share. The Agros Development Company (Proodos), owner of the Rodon Hotel in Agros, reported a wider first-half loss of €173,843 this week, with the company expecting weaker financial results for the remainder of 2026 as the hotel faces lower revenue and higher costs. The loss attributable to shareholders increased from €39,922 in the first half of 2025 to €173,843 in the six months to June 30, 2026. The company said the deterioration was mainly linked to higher operating and administrative expenses associated with the Rodon Hotel, including a provision for a 13th salary, higher energy costs and increased maintenance and repair expenses. Despite the weaker profitability, income remained broadly unchanged, falling marginally to €1,508,971 from €1,509,785 in the corresponding period of 2025. The net loss of Louis plc widened to €18.70 million in the first half of 2026, as the hotel and tourism group attributed weaker financial performance to a decline in tourist traffic to Cyprus amid geopolitical developments and uncertainty in the wider Middle East. The company’s net loss after tax attributable to shareholders increased by €7.60 million, or around 68 per cent, from €11.10 million in the first half of 2025 to €18.70 million in the six months to June 30, 2026. Louis plc said its turnover also fell, while operating profitability declined substantially during the period. Turnover stood at €44.80 million, down €4.50 million, or 9.20 per cent, from €49.30 million in the corresponding period of 2025. Demetra Holdings Plc acquired 3,970 of its own shares on the Cyprus Stock Exchange (CSE) for €1.39 per share on September 21, 2026, the company announced on Tuesday. The transactions were executed through the Cyprus Investment & Securities Corporation Ltd (CISCO) in accordance with the regulatory frameworks of the Cyprus Stock Exchange and the Cyprus Securities and Exchange Commission. Moreover, the share buyback was conducted pursuant to the authorisation granted by shareholders during the company’s annual general meeting on June 30, 2026. Eurobank repurchased 1,313,681 of its own shares for €6.14 million on Euronext Athens between September 14 and September 18, 2026, as part of its ongoing share buyback programme. The bank said the shares were bought at an average price of €4.6710 each, bringing its total holdings of own shares to 27,131,714 following the latest transactions. The buyback programme was approved by Eurobank’s annual general meeting on April 28, 2026, under Article 49 of Law 4548/2018, with the bank’s board approving its implementation on April 29. Eurobank announced the start of the programme on June 10, 2026. Cyprus is being positioned as a potential gateway to the European market for businesses from Digital Cooperation Organisation (DCO) member states, with the organisation preparing a virtual masterclass on European expansion for startups. The DCO and 28DIGITAL will hold the session on September 30, aimed at helping startups from DCO member states understand the opportunities, requirements and practical routes for entering and scaling in the European market. Cyprus is one of the DCO’s member states, alongside countries including Bahrain, Greece, Kuwait, Qatar, Saudi Arabia and Oman. The online session will take place from 4pm to 5pm Cyprus time and will examine European market opportunities, routes to market entry, business ecosystems and lessons from companies that have already expanded into Europe. The American Chamber of Commerce in Cyprus (AmCham Cyprus) will bring together officials and business leaders in Nicosia on November 6 for its annual conference, focusing on transatlantic cooperation, energy security and emerging strategic corridors. The conference, titled “Strategic Corridors & Alliances: Shaping the Future of Transatlantic Cooperation”, will take place at The Landmark Nicosia. The event will gather senior government officials, diplomats and experts from Cyprus, Europe, the United States and the wider Eastern Mediterranean. AmCham Cyprus said the conference was being held against a backdrop of geopolitical shifts, changing supply chains and energy security challenges. Moody’s confirmed Eurobank’s Baa1 long-term deposit and senior unsecured debt ratings this week, while raising the outlook on its deposit ratings to positive from stable. In its latest report, the findings of which were shared by Greek business outlet Newmoney, the ratings agency also confirmed the bank’s standalone Baseline Credit Assessment (BCA) and adjusted BCA at baa3, while changing the outlook on its senior unsecured debt to stable from negative. The move followed Moody’s recent decision to raise the outlook on Greece’s sovereign rating to positive from stable while affirming the country’s Baa3 long-term issuer rating. Moody’s said the confirmation of Eurobank’s Baa1 deposit and senior unsecured debt ratings reflected its baa3 standalone assessment and its view that potential losses if the bank were to fail would be very low, providing a two-notch uplift.