Cyprus Business Now: weekly wrap-up

Here are the top business stories in Cyprus from the week starting June 15: Brussels hosted the European Innovation Council Summit 2026 this month, where Laurence Petit, Director of Innovation at France’s CEA, shared insights on how Europe can transform scientific excellence into successful deep-tech companies. Speaking to the Cyprus Mail on the sidelines of the event, Petit discussed the ingredients behind CEA’s ability to produce between 10 and 15 spin-off companies each year, the sectors she believes hold the greatest promise, and why team building remains the biggest challenge facing research organisations. Since 2022, Petit has overseen all of CEA’s start-up support programmes, including maturation, incubation and venture-building activities, while simultaneously managing around 25 projects and the organisation’s investment subsidiary. CEA, formally known as the French Alternative Energies and Atomic Energy Commission, is one of Europe’s leading public research organisations, active across fields ranging from energy and digital technologies to defence, health and deep-tech innovation. Consumers in Cyprus purchasing goods from outside the European Union will face a temporary flat-fee duty of €3 per item starting July 1, 2026, according to guidance released by both the European Commission and the local Customs Department. This new customs regulation applies to all low-value consignments of up to €150 imported from non-EU countries, effectively abolishing the duty exemption that was in place until June 30, 2026. The €3 charge is a temporary measure scheduled to remain in effect until July 1, 2028, after which standard customs duties will apply based on the specific category of the goods. This initiative forms a core part of the EU’s Customs Reform, a broader project designed to modernise customs procedures and ensure higher levels of fairness, safety, and sustainability across the e-commerce sector. Limassol’s worsening traffic problem is no longer just a source of daily frustration, but a threat to the city’s growth, business confidence and ability to retain major companies, the Limassol Chamber of Commerce and Industry (Evel) has warned. This expression of concern came from chamber president Andreas Tsouloftas, who told Entrepreneurial Limassol, Evel’s periodical, that the issue had now moved well beyond inconvenience. Speaking during a broad meeting at Limassol municipal hall, held under Transport Minister Alexis Vafeades and attended by mayors, community leaders and other competent bodies, Tsouloftas said the city could not afford to remain stuck in years of discussions while long-delayed projects stayed on paper. For Limassol, he said, the stakes are now economic. The International Maritime Organisation (IMO) has welcomed the peace agreement announced between the US and the Islamic Republic of Iran, saying it signals “a crucial return to peace, dialogue, multilateralism and diplomacy”. According to the IMO, at least 46 attacks against international shipping have been verified in and around the Strait of Hormuz since the conflict began on February 28, 2026. IMO Secretary-General Arsenio Dominguez welcomed the agreement “with great satisfaction”, saying it represented “an important step toward restoring safety in this vital maritime corridor for seafarers and ships”. He said the agreement was also important for “safeguarding the fundamental principle of freedom of navigation”, a concern that remains central for global shipping and maritime centres such as Cyprus. At the political level, Cyprus’ Foreign Ministry also welcomed the development, saying in a post on Monday that “the agreement is a critical step towards lasting de-escalation in the region, including Lebanon, and the restoration of freedom of navigation, and provides new impetus towards a comprehensive negotiating framework for a sustainable resolution of the nuclear issue and all other critical issues.” Cyprus’ startup ecosystem is entering a period of growing maturity, but challenges surrounding founder quality, access to capital and international scaling remain, according to Dionysis Partsinevelos, associate at venture capital firm 33East and analyst at G4 Ventures. In an exclusive interview with the Cyprus Mail, Partsinevelos discussed the evolution of the island’s innovation landscape, lessons from elsewhere in Europe, as well as the sectors currently showing the strongest momentum in 2026. Drawing on experience, he explained why early-stage investing is ultimately centred on people rather than numbers, while warning that Cyprus faces a critical decade in its efforts to build a self-sustaining startup ecosystem. He also highlighted the growing role of applied artificial intelligence, DeepTech, PropTech and hospitality technology, and argued that the country needs more founders willing to take risks and pursue their ventures full time. Cyprus’ Chief Scientist for Research, Innovation and Technology, Demetris Skourides, represented the country at two European science and policy meetings in Austria and Germany last week, as discussions focused on the role of scientific advice in shaping EU decisions. Skourides first took part in the European Science Advisors Forum (ESAF) Intermediate Meeting, held in Vienna on June 10, 2026, ahead of the forum’s next Annual General Assembly, which is expected to take place in Brussels in early December. The meeting was hosted by the Austrian Academy of Sciences, as the current ESAF chairmanship is held by Austria. ESAF was established in 2014 following an initiative by the European Commission. It operates as an EU-level forum and network aimed at promoting the use of scientific evidence in policymaking, while also allowing members to exchange practices and reflect on the role of scientific advice in political and non-political decision-making. Shipping Deputy Minister Marina Hadjimanolis on Monday welcomed Cuban Ambassador Ruben Pino Martinez to the Shipping Deputy Ministry, where the two sides discussed ways to deepen cooperation in the maritime sector. According to a statement, Hadjimanolis and the ambassador reaffirmed the longstanding friendship between Cyprus and Cuba, while underscoring the importance of maintaining close bilateral relations. The discussions also highlighted the significance of the existing bilateral maritime agreement between the two countries, which was described as an important framework supporting cooperation in the shipping sector. According to the Shipping Deputy Ministry, both sides expressed their commitment to building on this foundation and strengthening ties further. Cyprus’ role as a bridge between Europe, the Middle East and Africa came into focus on Monday, as officials, business leaders and investment experts gathered in Nicosia for the EuroMED Days conference. The event, held at a hotel in the capital on the occasion of the Cyprus Presidency of the Council of the European Union, focused on strengthening economic cooperation, investment and technological interconnection across the wider Mediterranean region. Participants said the Mediterranean is entering a new period of strategic importance, as geopolitical shifts, changing supply chains, the energy transition and the digital economy create both new challenges and opportunities for sustainable growth. Opening the conference, Invest Cyprus president Evgenios Evgeniou said Cyprus has long served as a meeting point for cultures, trade routes and ideas, adding that its role as a bridge between Europe, the Middle East, Africa and Asia has become even more relevant. Cyprus helped steer a long-awaited European agreement on air passenger rights this week, with EU officials saying the revised rules will bring clearer compensation procedures, stronger protection for travellers and greater transparency over ticket prices and hand luggage. The provisional agreement, reached by negotiators from the European Parliament and the Council, was unanimously approved on Monday evening by the European Parliament delegation in the conciliation committee. The reform updates rules that had remained largely unchanged since 2004 and seeks to give passengers clearer rights in cases of denied boarding, flight delays and cancellations. It also comes after more than a decade of negotiations, with MEPs saying they resisted efforts to weaken existing passenger protections while securing new safeguards for families, passengers with disabilities and reduced mobility, and travellers affected by disruption. The European Commission has launched a public consultation on the EU’s markets in crypto-assets regulation, as it prepares to review whether the bloc’s digital assets framework remains fit for purpose, the Finance Ministry said. The consultation, issued on May 19, seeks to collect data and views ahead of possible proposals to revise Regulation (EU) 2023/1114, known as the MiCA regulation (markets in crypto-assets). According to the ministry, the process forms part of the commission’s work under Articles 140 and 142 of MiCA, which require it to assess the application of the regulation and report on recent developments in the crypto-assets sector. Under Article 140, the Commission must submit a report on the application of MiCA to the European Parliament and the Council by June 30, 2027, after consulting the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA). That report may also be accompanied by a legislative proposal. Members of the board of the Cyprus Chamber of Commerce and Industry (Keve) met with Finance Minister Makis Keravnos on Monday, in order to discuss current economic challenges as part of an ongoing dialogue between the government and the business community. During the meeting, the participants held a comprehensive discussion regarding the ongoing economic difficulties and their subsequent effects on the national economy. Considerable emphasis was placed on the energy crisis and the significant pressure this is placing on the operational costs of local businesses, as well as the wider implications of the conflict in the Middle East for the tourism sector and other key economic pillars. The attendees also examined the economic ramifications resulting from the outbreak of foot and mouth disease, with particular attention given to the consequences for the agricultural sector and the supply chain, alongside the potential secondary impacts on broader commercial activity. Cyprus’ new House of Representatives must treat condominium reform as an urgent public safety issue, Cyprus Real Estate Developers Association vice chairman Savvas Georgiades has said, warning that years of delays have left thousands of residents exposed to poor maintenance, weak management and deteriorating buildings. Among them, he said, the management of jointly owned buildings has now become one of the most pressing, particularly after the developments of recent months, which have shown that the issue “can no longer be left on hold”. However, many of these buildings are now facing serious maintenance and management problems, Georgiades said, creating risks not only for the value of properties but also for the safety of those living in them. As a result, he added, poor management, weak oversight and the lack of proper controls have contributed to the serious deterioration of a number of buildings, “with direct consequences for the safety of residents”. Cyprus’ role in advancing patient-centred health innovation came into focus during a visit by Chief Scientist for Research, Innovation and Technology Demetris Skourides to the Thalassaemia International Federation (TIF), where discussions centred on artificial intelligence, digital tools and global cooperation in support of people living with thalassaemia and other haemoglobinopathies. According to the statement, the visit brought together Skourides and the federation’s leadership team, with TIF executive director Androulla Eleftheriou briefing him on the organisation’s international mission, strategic priorities and long-standing work in strengthening care, research, policy guidance and patient advocacy across health systems worldwide. Eleftheriou presented TIF’s role as a global reference point for the thalassaemia community, noting its work in providing guidance, promoting best practices, supporting research, advising policymakers and ensuring that the voice of patients remains central to decisions affecting their care. She also referred to recent developments linked to the National Strategy for Blood, pointing to the importance of coordinated policy, prevention, patient-centred planning, quality care and equitable access to safe and effective blood services. A packed hall at the Bank of Cyprus (BoC) head offices became a celebration of talent, effort and family pride, as students who excelled in mathematics competitions in Cyprus and abroad were honoured for their achievements. The awards ceremony was organised by the Cyprus Mathematical Society (CMS), with the support and cooperation of the BoC, bringing together students, parents, guardians and teachers. According to the announcement, the ceremony recognised students who stood out in local, Pancyprian and international mathematics competitions, rewarding their dedication, perseverance and strong performance. The event also reflected the BoCs’ long-standing support for the younger generation, particularly in areas linked to STEM, namely science, technology, entrepreneurship and mathematics. Europe must move beyond regulation and become a builder, deployer and scaler of critical technologies, according to Deputy Minister of Research, Innovation and Digital Policy Nicodemos Damianou. Speaking at the opening of the ‘Shaping the Next Digital Frontier’ digital conference in Nicosia on Tuesday, organised in the context of the Cyprus Presidency of the Council of the European Union, Damianou stressed that Europe could no longer afford to rely on technologies developed elsewhere and needed to compete on innovation, investment, speed and scale. “Europe cannot afford to be merely a regulator of technologies developed elsewhere,” said the deputy minister. “We must be a builder, a deployer, and a scaler of critical technologies,” he added. Damianou said that technology had become a decisive factor in geopolitical influence, economic resilience and strategic relevance, while artificial intelligence was rapidly shifting from experimentation to widespread deployment. Europe and Cyprus must prioritise speed, connectivity and human ingenuity if they are to turn technological innovation into real-world impact in the age of artificial intelligence, according to Amazon executive Panos Panay. Speaking on Wednesday during a fireside chat at the ‘Shaping the Next Digital Frontier’ conference in Nicosia, Panay, who is currently Amazon’s senior vice president for devices, Alexa and Leo, argued that successful technology ultimately depends on making people’s lives easier rather than simply introducing novelty. The discussion, held as part of the Cyprus Presidency of the Council of the European Union, was moderated by Republic of Cyprus chief scientist and Research and Innovation Foundation chairman Demetris Skourides. Panay, who oversees products including Alexa, Kindle, Fire TV, Ring cameras, Amazon Leo and other emerging technologies, said building products at scale while preserving a personal touch remained a difficult balancing act. Cyprus recorded a decline in tourist arrivals during May 2026, with visitor numbers falling by 4.9 per cent compared with the same month last year, according to figures released by the statistical service on Wednesday. The data published by Cyprus Statistical Service (Cystat) showed that tourist arrivals reached 455,680 in May 2026, down from 479,160 in May 2025. The figures indicate that the island’s tourism sector experienced a slowdown after a strong performance in previous years. For the first five months of 2026, total tourist arrivals amounted to 1,166,050, compared with 1,344,486 during the corresponding period of 2025. This represented a year-on-year decline of 13.3 per cent. Cyprus’ tourism sector is returning to a more stable path after a difficult spring, Deputy Tourism Minister Kostas Koumis said on Wednesday, as May arrivals showed signs of recovery despite remaining below last year’s levels. According to the latest figures from the Statistical Service (Cystat), tourist arrivals in May reached about 455,000, marking a 4.9 per cent decrease compared with May 2025, but an 8.1 per cent increase compared with May 2024. For the first five months of 2026, arrivals were 13.3 per cent lower than in the same period last year, while they were almost unchanged from 2024, recording a 0.4 per cent decrease. “The announcement of the results of the Cystat for tourist arrivals for the month of May confirms the gradual recovery of the tourism sector in our country,” Koumis said. Cyprus transport minister Alexis Vafeades said on Wednesday that a long-awaited European agreement on air passenger rights is expected to come into force in early July 2027, following approval by the European Parliament and the Council. Speaking after the Council of Ministers meeting, Vafeades said he had briefed cabinet on the agreement reached in Strasbourg during the Cyprus Presidency of the Council of the EU. The reform updates rules that had remained largely unchanged for more than a decade and seeks to make passenger rights clearer in cases of flight delays, cancellations and denied boarding. “We consider it a great success for all passengers throughout Europe, for a regulation that had not progressed for about 13 years,” Vafeades said, adding that the text would now proceed to the next legislative stages. According to the minister, the agreement will make it easier for passengers to know their rights and claim compensation, while also introducing clearer rules for families and vulnerable travellers. George Theocharides, Chairman of the Cyprus Securities and Exchange Commission (CySEC) opened iFX EXPO International 2026 in Limassol on Wednesday with a regulatory message aimed at an industry facing sharper scrutiny, faster technology shifts and a more demanding European policy environment. Addressing delegates at the City of Dreams Mediterranean, Theocharides set out the main regulatory and supervisory issues shaping financial markets across the European Union, as Cyprus continues to play a more visible role in European financial services during its Presidency. His keynote address placed supervision at the heart of an event more commonly associated with brokers, fintech firms, payment providers, liquidity companies and trading technology vendors, reflecting how closely the sector’s growth is now tied to regulation, compliance and market integrity. The three-day event, running from June 16 to 18, is expected to draw more than 6,500 attendees, 200 exhibitors and over 120 speakers, making it one of the largest international gatherings for the online trading and fintech industries. Cyprus-based IT distributor Asbis has confirmed that its subsidiary Asbis Middle East FZE has brought into force a new agreement with Apple Distribution International Ltd, expanding its role as an authorised distributor across multiple African markets. The board of directors of ASBISc Enterprises Plc said the agreement between its Dubai-based subsidiary Asbis Middle East FZE and Apple Distribution International Ltd, based in Cork, has now entered into force. Under the deal, Apple has appointed Asbis Middle East FZE as a non-exclusive independent value-added distributor of Apple products across a wide range of countries in Africa. These include Algeria, Benin, Mali, Mauritania, Guinea, Burkina Faso, Niger, Guinea-Bissau, Ghana, Ivory Coast, Sierra Leone, Liberia, Cape Verde and Togo, significantly broadening Asbis’ regional presence. Europe’s regional air connectivity remains under pressure and island states such as Cyprus risk being disproportionately affected by rising costs and rigid regulations, according to the European Regions Airline Association (ERA). In an exclusive interview with the Cyprus Mail, the association stressed that Cyprus serves as a prime example of why European aviation policies must take into account the realities facing islands and remote regions. ERA, which represents more than 50 airlines and over 200 companies across the aviation sector, including manufacturers, airports, suppliers and aviation service providers, said regional aviation plays a fundamental role in supporting social cohesion, territorial equality and economic growth across Europe. The organisation explained that regional carriers operate in conditions that are vastly different from those faced by major network airlines. International shipping continues to operate under heightened risk across some of the world’s most important sea lanes, as renewed Houthi threats in the Red Sea, continued uncertainty in the Strait of Hormuz and the return of Somali piracy place crews and global supply chains under growing pressure. According to the latest EOS Intelligence assessment, cited by newmoney, the situation remains particularly fragile in both the Red Sea and the Strait of Hormuz, despite diplomatic efforts between the United States and Iran aimed at easing tensions. EOS Intelligence warned that challenges to merchant shipping are expected to continue, with the safety of seafarers and the smooth operation of global supply chains still dependent on stability in two of the world’s most sensitive maritime corridors. The Red Sea remains one of the main areas of concern, after the Houthis expanded the range of vessels they consider legitimate targets. Ships with links to Israel, whether through flag, ownership, shareholding or business activity, are considered exposed to potential attack when transiting the area, while vessels connected to American interests are also seen as facing increased risk. Cyprus hotels saw an improvement in June compared with the difficult months that preceded it, although the market remains below the levels normally expected for the season, according to chairman of the Cyprus Hoteliers Association (Pasyxe) Thanos Michaelides. Speaking to the Cyprus News Agency (CNA), Michaelides said hotel traffic in June was clearly better than in March, April and May, when the sector came under pressure from a weaker flow of visitors and a more uncertain booking environment. However, he said the improvement had not yet brought the industry back to the usual levels for this time of year, adding that reservations were showing an upward trend but continued to move below normal seasonal levels. The picture also differs considerably from district to district and from hotel to hotel. In Famagusta district, average hotel occupancy in June stands at around 60 per cent, while in Paphos it reaches about 70 per cent, with the decline there being comparatively smaller than in other areas. Outgoing Fiscal Council president Michalis Persianis joined Darius Anucauskas, Chief Market Analyst at Markets.com, on Thursday for a timely discussion on the forces shaping the global economy, as the iFX EXPO entered its final day in Limassol. The interview, titled ‘The Macro Shock Era: What’s Next For The Global Economy’, opened the second day in the Speaker Hall, setting the tone for a programme focused on markets, regulation, resilience and growth. The discussion explored the impact of geopolitical tensions on growth, inflation, global trade and financial markets, at a time when businesses and policymakers continue to operate in a more uncertain economic environment. Persianis and Anucauskas also examined central bank policy, economic resilience and the challenges facing smaller open economies, before turning to Cyprus and its ability to withstand external shocks. The conversation placed particular focus on the pressures facing economies exposed to international trade, capital flows and shifts in investor sentiment, while also assessing Cyprus’ structural strengths and remaining vulnerabilities in the current global landscape. Europe’s innovation ecosystem must address persistent fragmentation and strengthen cross-border coordination if startups are to grow into global scale-ups, according to director of innovation development at the Polish Development Fund Eliza Kruczkowska. Speaking to the Cyprus Mail on the sidelines of the 2026 European Innovation Council Summit in Brussels, Kruczkowska said the continent has made significant progress in supporting entrepreneurship but still struggles to operate as a unified innovation space. Kruczkowska, who has spent more than 15 years working across venture capital, public policy and startup ecosystem development in Poland and across Europe, said the summit provided an important opportunity to engage with stakeholders from across the continent. “It’s always very useful to meet people from all over Europe,” she said. “Having this dialogue will help us think above our national interest, and I do enjoy this mixture of different opinions and different angles.” The race to shape the next phase of financial markets came into focus on the closing day in Limassol, as industry executives turned their attention to tokenised assets, crypto platforms, traditional brokers and the infrastructure needed to support a more digital trading environment. The discussion began with the session ‘The Tokenisation Revolution: Who Will Own the Markets of Tomorrow?’, which brought together Jonathan Fine of Ultimate Group, Louis Hawila, VP Capital Markets – Europe at Crypto.com, Stavros Vassiliades, COO and Executive Director at Kraken Cyprus, and Oren Danziger, Managing Director at Finvasia Wealth. At the centre of the debate was the evolving landscape of tokenised assets and the question of which market participants are best positioned to shape future financial infrastructure. Panellists looked at whether traditional financial institutions, with their scale, client relationships and regulatory experience, are more likely to lead the transition towards tokenised markets, or whether blockchain-native platforms, which have moved faster in developing digital asset products and infrastructure, will take the lead. Finance Minister Makis Keravnos has held talks with Ontario Minister of Economic Development Victor Anthony Fedeli on strengthening economic cooperation between Cyprus and Canada, with discussions focusing on bilateral relations, trade and investment ties. According to an announcement by the finance ministry, the two officials exchanged views on Cyprus-Canada relations, as well as on matters of mutual interest concerning the economy and international developments. The meeting also examined ways to further strengthen the economic and commercial relations between the two countries. The two ministers referred to the already high level of relations between Cyprus and Canada and stressed the need for their continued enhancement for the mutual benefit of both sides. Cyprus has emerged as a leader in protecting young people from severe material and social deprivation, according to newly released figures from Eurostat for 2025. The island recorded a rate of just two per cent for this demographic, placing it among the top ten best-performing nations within the European Union. This performance stands in contrast to the broader continental picture, where the rate for young people aged 15 to 29 years stood at 5.8 per cent, maintaining the same share recorded in 2024. Across the union, this figure for the youth remains slightly lower than the rate observed for the total population, which sat at 6.3 per cent. Poor transport links and difficult access to Troodos are the biggest barriers to the region’s further tourism development, according to Troodos regional tourism board (Etap Troodos) president Nikos Matthaiou. In an interview with Entrepreneurial Limassol, a periodical published by the Limassol Chamber of Commerce and Industry (Evel), Matthaiou said that despite substantial investment in hotel units and the expansion of alternative forms of tourism in recent years, reaching Troodos remains difficult and costly for foreign visitors. “The trip from the airports to Troodos can be more expensive than the airfare itself,” he said. He explained that there are currently no direct bus connections linking the airports of Larnaca and Paphos with the Troodos region. Matthaiou revealed that discussions had already taken place with the transport ministry and the deputy tourism ministry. Digital Cooperation Organisation (DCO) Secretary-General Deemah AlYahya used her visit to Cyprus to strengthen a series of international and local partnerships, underlining the island’s growing role as an emerging digital hub and highlighting the benefits of its membership in the organisation. Cyprus is a member of the DCO, an international multilateral organisation focused on promoting inclusive growth in the digital economy and advancing what it describes as digital prosperity for all. On the sidelines of Cyprus’ “Shaping the Next Digital Frontier” conference, AlYahya held a number of meetings aimed at deepening cooperation in areas ranging from digital investment and artificial intelligence to connectivity and digital infrastructure. A key part of the visit involved discussions with Invest Cyprus chairman Evgenios Evgeniou, with whom AlYahya reviewed the progress achieved through the DFDI Cyprus initiative. She described Invest Cyprus as a valued partner of the DCO. Central Bank of Cyprus (CBC) governor Christodoulos Patsalides has called for the introduction of a standalone and compulsory financial literacy course in schools, arguing that stronger financial education is essential to prepare young people for the challenges of an increasingly complex economic environment. In an article entitled “Investing in the financial literacy of the new generation”, the governor said that the issue of financial education and its role in shaping responsible attitudes and behaviours has become increasingly prominent in public debate in recent years. He said this attention is fully justified. Patsalides pointed out that Cyprus consistently ranks among the countries with the lowest levels of financial literacy in the European Union. He added that young people record the weakest performances among all age groups. Safe Bulkers reported a sharp rise in first-quarter profit, supported by stronger dry bulk market conditions, higher charter revenues and lower vessel operating costs, while the company also raised its dividend to shareholders. The company, controlled by the family of Poly V. Hajioannou and listed on the New York Stock Exchange, said net income rose to $22.2 million in the first quarter of 2026, compared with $7.2 million in the same period last year, according to its official earnings announcement. Net revenue increased by 16 per cent to $74.4m, from $64.3m a year earlier, mainly due to higher charter revenues and the contribution of vessels fitted with exhaust gas cleaning systems, known as scrubbers. Earnings per share rose to $0.20, from $0.05 in the first quarter of 2025, while EBITDA increased to $42.2m, compared with $28.8m a year earlier. On an adjusted basis, net income stood at $20.7m, while adjusted EBITDA reached $40.7m. The Cyprus Shipping Chamber (CSC)’s ‘Adopt a Ship’ programme marked its 20th anniversary this year, with teachers, schools and shipping companies recognised for their role in one of Cyprus’ longest-running maritime education initiatives. The closing ceremony for the 2025–2026 programme was hosted by Columbia Shipmanagement, bringing together teachers, industry representatives and organisers to celebrate another year of cooperation between classrooms and the shipping sector. Teachers who took part in the programme were awarded certificates in appreciation of their participation, as the initiative continues to introduce pupils to the maritime world and the role of shipping in Cyprus and internationally. The event was attended by Despina Pirikki on behalf of Shipping Deputy Minister Marina Hadjimanolis, whose continued support for the programme was acknowledged by the organisers. Institute of Certified Public Accountants of Cyprus (Selk) president Odysseas Christodoulou will continue to lead the organisation following the completion of the statutory proceedings of the association’s 65th Annual General Meeting, which resulted in the formation of a new board of directors. During the first meeting of the newly formed board, president Odysseas Christodoulou retained his position, while vice-president Andreas Andreou also continued in his role. The association announced that the new board was established after the conclusion of the statutory part of the annual assembly. In the context of the Annual General Meeting, Konstantinos Kallis and Marios Demetriades were re-elected to the board for a new term. The new board of directors comprises president Odysseas Christodoulou, vice-president Andreas Andreou and secretary Eleni Pyrgou. Logicom Public Ltd reported a sharp drop in profit attributable to shareholders for the first quarter of 2026, falling by 55.2 per cent to €10.7m, compared with €23.9m in the same period last year, according to the company’s interim management report. The decline was mainly attributed to the lower write-off of negative goodwill from the acquisition of investments, as well as reduced turnover, gross profit and other income. This was partly offset by lower administrative expenses, reduced expected credit losses and lower taxation when compared with the first quarter of 2025. Gross sales decreased by 2 per cent to €286.6m, from €292.4m a year earlier. The group said the distribution sector recorded a marginal decline of 0.9 per cent, mainly due to lower sales in Saudi Arabia, the United Arab Emirates, Kuwait and Romania. The Cyprus Securities and Exchange Commission (CySEC) has warned investors about a number of websites that are not operated by entities authorised to provide investment services or carry out investment activities under Cyprus law. In a statement, CySEC said that the websites in question do not belong to entities holding a licence to provide investment services or engage in investment activities, as provided for under Article 5 of Law 87(I)/2017. The regulator identified the following platforms as failing to hold the necessary authorisation to provide investment services in the European Union: solartecna.com, lucrativeedges.com, optramarket.com, and harvestsphereonline.com. The list of flagged entities also includes pehjosf.com, irafloxi.com, evpmarketgroup.com, aintelligence24.com, and primeinvests.eu. Europe’s long-term competitiveness will depend less on the amount of money available to startups and more on the strength of the ecosystems supporting them, according to seasoned entrepreneur, policy advisor and angel investor Ana Barjasic. Speaking to the Cyprus Mail on the sidelines of the 2026 European Innovation Council (EIC) Summit in Brussels, Barjasic said that too many discussions about innovation focus on funding while overlooking the deeper foundations required to create sustainable companies and retain talent in Europe. The founder of Connectology and Global Advisor at the Global Entrepreneurship Network said one of the biggest mistakes made by early-stage founders is assuming that attracting investors should be their first objective. Instead, she believes entrepreneurs should begin by validating whether a genuine market exists for what they are building. “The most important thing is to validate whether there is a need for whatever solution or service they are building,” Barjasic said.