Cyprus Business Now: RIF, team building, Invest Cyprus, wages, fuel, shipping, BoC

Invest Cyprus has called for closer investment and innovation links between Cyprus and Greece, saying stronger cooperation could help smaller ecosystems attract more international capital and strengthen their global reach. Speaking at the BiG Innovation Forum, Invest Cyprus chief executive Marios Tannousis presented Cyprus’ perspective on attracting innovative companies and investment, with particular emphasis on the pharmaceutical and medtech sectors. He also emphasised the importance of stronger synergies between Cyprus and Greece, arguing that closer links and greater cooperation could help the two countries build scale, strengthen their international visibility and improve access to global investors. The wider discussion focused on innovation, investment and the opportunities available to smaller, agile ecosystems, as well as ways to mobilise more institutional capital and build stronger investment ecosystems. Foreign Minister Constantinos Kombos concluded a working visit to Japan with a series of political, business and academic meetings, as Cyprus looks to broaden cooperation with Tokyo beyond traditional diplomatic ties. The visit followed Kombos’ talks with Japanese Foreign Minister Toshimitsu Motegi on Monday, where the two sides focused on economic cooperation, maritime connectivity, shipping and higher education. According to the Japanese Foreign Ministry, the meeting lasted around 50 minutes, with Motegi describing Cyprus as an important partner sharing fundamental values with Japan. The Japanese minister also thanked Cyprus for its assistance in the evacuation of Japanese nationals from Lebanon in 2024, while the two ministers highlighted their common interests as maritime nations and the importance of maintaining the international maritime order. Bank of Cyprus (BoC) received 14 awards at the 2026 World’s Best Digital Bank Awards, organised by Global Finance magazine, marking a significant increase in the total number of distinctions received in the same awards programme compared with 2025. Specifically, the Bank maintained its leading position at European level, winning two regional awards for Western Europe, while also securing three additional awards at local level. At Western European level, BoC retained the Best in Social Media Marketing & Services award in the Consumer category and the Best in Transformation award in the Corporate category. Its continued success in SME Banking and Digital Transformation is largely driven by the capabilities of the Jinius digital platform. A Greek-flagged LNG carrier controlled by the Angelicoussis Shipping Group was struck by an unidentified projectile while leaving the Strait of Hormuz, in the latest incident to hit commercial shipping along one of the world’s most important energy routes. The Maran Gas Mystras, operated by Maran Gas Maritime, was hit around the waterline on Sunday, according to initial reports from Greece. Smoke was subsequently seen coming from the vessel, although the ship remained operational and continued under its own power. Maran Gas later said the vessel and its crew were safe, adding that the LNG carrier was fully operational and continuing its voyage normally. No damage affecting its operation has been reported and there has been no report of pollution. The origin and type of projectile have not yet been established. As of Monday morning, the incident had not appeared on the International Maritime Organisation’s (IMO) list of confirmed Middle East incidents, which was last updated on October 5. The IMO list recorded 93 confirmed incidents in the region, including the October 4 strike on the Lipsi, managed by George Prokopiou’s Dynacom, but did not yet list the Maran Gas Mystras. Oil prices above $100 a barrel are keeping pressure on fuel and electricity costs in Cyprus, with further increases at the pumps increasingly likely as global supply concerns persist. According to Politis, Brent crude remains above $100 per barrel despite releases from strategic reserves and a recovery in oil flows from the Gulf. Shipments from the region have reportedly risen to around 15.5 million barrels per day, more than 80 per cent of pre-war levels, but the increase has yet to bring prices down significantly. At the same time, shipping through the Strait of Hormuz remains costly and risky, while physical crude markets continue to face tight supply. For Cyprus, that means more pressure on petrol and diesel prices, while higher fuel costs are also expected to feed into electricity bills. Berlin-based embedded lending company finmid has raised €17 million in new funding as it expands into vehicle finance and marketplace lending through partnerships with Bolt and Skroutz. The Series A extension, announced on Tuesday, brings finmid’s total funding to €52 million and marks a significant expansion beyond the working capital financing that has formed the core of its business. The company said the new capital will be used to expand its asset-finance products, multi-source funding infrastructure and underwriting capabilities, while supporting further expansion into sectors including mobility and e-commerce. Finmid provides lending infrastructure that allows platforms used by businesses to offer financing without having to build their own lending systems. The company handles areas including underwriting, regulated lending and servicing, while the capital can come from the platform itself, a banking partner or finmid’s refinancing partners. Cyprus companies are increasingly turning to team building and workplace culture initiatives, with foreign businesses helping drive a shift towards viewing stronger workplace relationships as a business priority, according to interFRONTIERS Managing Director and Senior Facilitator Kyriacos Iacovides. Speaking to the Cyprus Mail, Iacovides said the Nicosia-based training and development company had seen growing demand for programmes aimed at improving teamwork, leadership and employee relationships. Iacovides, who has 27 years of corporate experience in leadership, change, sales, negotiation and team coaching, joined interFRONTIERS in early 2014 after leaving the banking sector. He described the move as a major change in his professional life, taking him from banking into a business focused on improving people’s performance and developing workplace skills. InterFRONTIERS has developed over roughly 25 years and works with international partners to provide training and team-building solutions to companies in Cyprus. State-owned asset management company Kedipes made a further €60 million cash payment to the state for the third quarter of 2026, taking total repayments linked to the former Cyprus cooperative bank above €2 billion. The payment forms part of the repayment of state aid granted to the former cooperative bank. Since Kedipes began operations in 2018, total repayments have reached €2.002bn. Of this, €1.82bn has been repaid in cash, while a further €48m relates to the transfer of 247 properties to the Republic of Cyprus. Another €121m has been spent on the implementation of the Mortgage-to-Rent scheme, covering the inclusion of 978 homes, while other repayments, including instalments under the Estia scheme, amount to €13m. Cyprus remains among the EU countries where the final implementation of new pay transparency rules is unresolved, according to a report from compensation and salary benchmarking platform TalentUp. TalentUp said its October 2026 review of the European Union Pay Transparency Directive showed that Cyprus had prepared draft legislation before the June 2026 deadline, but the parliamentary process was disrupted by the dissolution of Parliament in April and the subsequent legislative elections. As a result, the final status and timetable for transposing the directive into Cyprus law remain uncertain. The EU directive is intended to help close gender pay gaps by strengthening equal pay for equal work and work of equal value between women and men. The Research and Innovation Foundation (RIF) took part in the 23rd Science and Technology in Society Forum in Japan from October 4 to October 6, 2026, bringing Cyprus into international discussions on the future of research, innovation and funding in the age of artificial intelligence. RIF Chief Scientist and chairman of its board Demetris Skourides and RIF director general Theodoros Loukaidis travelled to Japan to attend the forum, which is organised by the Japanese government and brings together representatives of governments, funding organisations, universities, researchers and businesses. The Cyprus delegation took part in a round-table discussion involving research and innovation funding organisations, focusing on the development of diverse mechanisms and pathways for research and impact in the era of artificial intelligence. The discussion brought together presidents and general directors of research funding organisations to examine how artificial intelligence tools are being used in the writing and evaluation of research proposals, as well as wider issues surrounding the future of research funding. Cyprus’ registered unemployment rose by 9.7 per cent year on year in September, driven mainly by public administration and defence, information and communication, and administrative and support services, according to figures released on Tuesday by the statistical service (Cystat). The number of unemployed persons registered at district labour offices reached 8,366 at the end of September, compared with 7,624 in the same month last year, an increase of 742 people. Compared with August, however, the actual number fell from 12,385. The seasonally adjusted figure moved in the opposite direction, rising to 10,809 from 10,715 in August. It was also above the 9,895 recorded in September 2025. The seasonally adjusted total stood at 10,082 in January, 10,095 in February and 10,292 in March, before rising to 10,565 in April. Cyprus had a working-age population of 61.6 per cent on January 1, 2025, placing the country above the European Union average of 58.3 per cent, according to Eurostat. The figures show that people aged between 20 and 64 accounted for more than three-fifths of Cyprus’ population at the start of last year. Cyprus is treated as a single region in the Eurostat breakdown because of its size, rather than being divided into several NUTS level 3 regions. Across the EU as a whole, 58.3 per cent of the population was of working age on January 1, 2025. The share was at least 63.0 per cent in 39 NUTS level 3 regions, with most of these located in Germany. The group also included island regions in Spain as well as several capital regions and surrounding areas. Cyprus had one of the European Union’s highest employment rates among people aged 20 to 64 in 2025, reaching 81.3 per cent, according to Eurostat. The figure put Cyprus higher than the EU average of 76.1 per cent and above the European Pillar of Social Rights Action Plan target of 78 per cent for 2030. The EU employment rate for people aged 20 to 64 rose to 76.1 per cent in 2025, the highest level recorded since the statistical series began in 2009. This left the bloc’s overall employment rate 1.9 percentage points below its 2030 target. Cyprus was among the EU regions that had already reached or exceeded that target in 2025. The push by Europe’s aviation industry for wider voluntary use of biometric technology could offer a more seamless way through airports, including Larnaca and Paphos, as Cyprus seeks to strengthen its air connectivity and cope with large passenger volumes. ACI EUROPE, Amadeus, IATA, IDEMIA Public Security and SITA recently announced the formation of the Responsible Biometrics Travel Industry Coalition, calling on European Union policymakers to ensure new digital rules do not unintentionally restrict passengers from choosing biometric travel. The coalition is urging EU policymakers to ensure the Digital Omnibus supports the voluntary and secure use of biometrics while maintaining passenger choice and strong privacy safeguards. For Cyprus, the issue has particular relevance because the island relies heavily on air travel and has already introduced facial recognition technology at both of its international airports. Cyprus’ main financial watchdog has warned investors about six websites offering or appearing to offer investment or crypto-asset services without the required authorisation. The Cyprus Securities and Exchange Commission (CySEC) said the websites do not belong to entities authorised to provide investment services or carry out investment activities under Cyprus law, or to provide crypto-asset services under European Union rules. The websites named in the warning are arongroups.co, growellcapitals.com, fanorenki.de, nevald-ki.io, xyvotrades.com and ambrosiafx.com. CySEC said investors should be particularly careful before conducting business with companies operating through these websites, as they have not been authorised for the relevant services. Keo plc’s board will meet on October 20 to consider whether to pay another dividend, less than two months after the Cypriot beverage company completed a €1.69 million distribution to shareholders. The company announced that its board of directors will convene at 9.30am on October 20 to consider the possibility of paying a dividend. The announcement does not specify the amount of any potential payment or whether the board is considering an interim dividend, meaning the size and terms of any distribution will only become clear if the board approves one. The planned meeting comes shortly after Keo reported first-half net profit of €2.97 million, down from €3.23 million in the corresponding period of 2025. Norway is moving to temporarily ban AI-powered smart glasses in a range of public spaces, as concerns grow across Europe over devices capable of photographing, filming and recording people without their knowledge. The Norwegian government said on Monday that it plans to bring legislation before parliament as quickly as possible, while a group of experts will examine how wearable technology should be regulated permanently. Possible restrictions could cover parks, beaches, museums, shopping centres and public events, as well as schools, kindergartens, playgrounds and youth clubs. The government is also considering restrictions in places where privacy is particularly sensitive, including doctors’ surgeries, healthcare facilities, swimming pools and gyms with changing rooms and showers. Universities and other educational institutions could also be included. Digitalisation and Public Governance Minister Torgeir Micaelsen said he was concerned about powerful new technology being introduced in situations where people risk being photographed, filmed or recorded without knowing it. The Famagusta district recorded a sharp increase in construction and planning approvals during the first nine months of 2026, with building applications already 40.1 per cent above the total recorded for the whole of 2025, according to the Famagusta District Local Government Organisation (EOA). The organisation completed 646 building permit applications by the end of September, compared with 461 during all of 2025, meaning the number had already exceeded last year’s total by 185 applications before the end of 2026. September was also a record month for the organisation’s licensing directorate, with 299 licensing applications completed, the highest monthly figure since the organisation began operating. The previous monthly record was 293 applications, recorded in June 2025. The Famagusta District Local Government Organisation said the latest figures reflected a broader improvement in its handling of development and construction applications. The sharp rise in energy prices pushed industrial producer prices higher across the euro area and European Union in August, with Cyprus also recording an increase, according to a report from Eurostat. Industrial producer prices in Cyprus rose 0.2 per cent month on month in August, following a 1.8 per cent increase in July, while prices across the euro area and EU both climbed 1.9 per cent. The latest figures from Eurostat, the statistical office of the European Union, showed that the August increase in Cyprus was considerably smaller than the 1.9 per cent rises recorded in both the euro area and EU. Cyprus and Australia are seeking to strengthen business and investment ties, with discussions in Nicosia covering technology, innovation, education and healthcare, alongside the prospect of a future business mission to Australia. The talks took place at the Cyprus Chamber of Commerce and Industry (Keve), where chamber president Stavros Stavrou and secretary general Philokypros Roussounides welcomed Australian High Commissioner to Cyprus Emily Pugin. Also attending were Marios Siammas, Policy and Public Diplomacy Manager at the Australian High Commission, and Marios Tannousis, CEO of Invest Cyprus. Representatives of the Cyprus-Australia Business Association and the wider Cypriot-Australian business community also took part, including association president Christos Vasiliou, George Georgiou, Michael Koutrouzas and Peter Kitas. The net asset value per share of Demetra Holdings Plc stood at €2.4980 as of September 30, 2026, the company announced, while it also disclosed the purchase of more of its own shares. Demetra Holdings published the net asset value figure on Tuesday, with the fully diluted net asset value listed as not applicable. The company separately announced that it had bought back 4,514 own shares at €1.38 per share during a session on October 5, 2026. The purchases were carried out through the Cyprus Investment & Securities Corporation Ltd (CISCO), in accordance with the authorisation granted at Demetra Holdings’ annual general meeting on June 30, 2026. The buyback was conducted pursuant to the relevant provisions of the Cyprus Stock Exchange regulations and circulars issued by the Cyprus Securities and Exchange Commission (CySEC).