Here are the top business stories in Cyprus from the week starting October 19:
The latest round of contacts took place in Shanghai, where Hadjimanolis met Wang Qian, vice-director of the Shanghai Pudong New Area Commission of Commerce and Shipping Service Office, ahead of this week’s major international maritime gatherings.
Their discussions focused on the upcoming North Bund International Shipping Forum and its contribution to strengthening cooperation between governments and the global shipping industry.
Hadjimanolis also met representatives of Dalian Trawind Shipping and Fortuna Shipbrokers Inc., presenting the competitive advantages of the Cyprus flag and discussing opportunities for shipowners seeking to register vessels under the Cypriot register.
The International Maritime Organisation (IMO) has recorded 113 confirmed maritime incidents in the wider Hormuz region since the Middle East conflict began on February 28, with 24 seafarers killed, according to its latest figures, updated on October 14.
The deteriorating security situation comes as drone attacks in the Black Sea move closer to the coasts of Bulgaria and Romania, both NATO members, threatening commercial routes used to transport grain, oil and other commodities.
For Cyprus, which operates one of the world’s major ship registries and hosts an extensive network of ship management companies, the simultaneous crises are adding to concerns over vessel operations, crew safety and the cost of international trade.
Indeed, the club’s aspirations extend beyond the pitch. An ambitious five-year plan links player development and transfers to investment in infrastructure, a growing youth academy and the club’s long-term financial sustainability.
Founded in Russia in 2021 before relocating to Cyprus a year later, the club is now building its sporting and commercial operations in Ypsonas, with Savin aiming to attract international investors while developing stronger ties with the local community.
“We have a five-year plan, a very clear plan of investment rounds, and right now we are raising €1.5 million,” Savin said in an exclusive interview with the Cyprus Mail.
A total of 580,889 tourists visited the island during the month, compared with 570,635 in September 2025, according to figures released on Monday by the Cyprus Statistical Service (Cystat).
The increase marked a return to growth after arrivals fell by 3.3 per cent in August, while Deputy Tourism Minister Kostas Koumis described the September performance as evidence of the sector’s recovery following the disruption caused by geopolitical tensions in the Middle East.
The latest figures also showed that arrivals were 14 per cent higher than in September 2024, when Cyprus welcomed 509,463 tourists, highlighting the longer-term expansion of the sector despite a difficult start to 2026.
HELLENiQ ENERGY CEO Andreas Shiamishis described Greece’s position in the regional energy market, saying that “Greece is a natural energy gateway to European markets”.
He went on to explain that “both companies and the State have taken significant steps towards fulfilling this role”, with these efforts “enabling energy products to reach European consumers either through the development of infrastructure such as pipelines and cables, or through transport networks by land and sea.”
The Forum brought together senior officials from across the region, including Greece’s Minister of Environment and Energy, Stavros Papastavrou, Cyprus Energy Minister Michael Damianos, Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, and Joshua Volz, Special Envoy for Global Energy Integration at the US Department of Energy.
The median earnings increased from €1,881 in 2024, while average gross monthly earnings rose by 4.3 per cent, from €2,483.
The median is generally a more representative measure of what employees earn because it identifies the midpoint of the earnings distribution, meaning half of employees earn less and half earn more.
The average salary, by contrast, is calculated by adding all employees’ earnings and dividing the total by the number of employees. It can be pulled upwards by a relatively small number of people receiving very high salaries, making it less representative of the typical worker’s salary.
The €638 gap between the average and median monthly earnings in 2025 illustrates this difference, with the average salary standing around 33 per cent above the median salary.
The scholarships, offering a combined €30,000, are available for the 2026-2027 academic year and have been established in memory of Dr Christiana Kouta.
According to the official announcement, the funding covers postgraduate programmes involving full-time or part-time in-person attendance, whether at universities in Cyprus or abroad.
To qualify, applicants must hold Cypriot citizenship and a university degree with a minimum grade of 6.5 out of 10, equivalent to an Upper Second-Class Honours degree of 60 per cent, a GPA of 3.0 out of 4.0, or 13 out of 20 for graduates of French universities.
The analysis covered 1,956 recorded sale agreements worth €606.4 million between July and September, with Paphos increasing its share of transactions from 12.8 per cent in the second quarter to 17 per cent, while Limassol’s share of total transaction value climbed to 40.5 per cent.
“The more revealing story lies in how that activity was redistributed,” said Andreas Christophorides, founder and chief executive of Landbank Group.
Despite the 8.4 per cent decline from the €360.1m recorded during the first three months of the year, total betting activity was still 11 per cent higher than the €298.1m reported in the corresponding quarter of 2025.
More importantly for operators, gross gaming revenue, which represents the amount retained after paying out player winnings, increased by 24 per cent year-on-year to €46.9m, compared with €37.9m a year earlier.
The figure was also higher than the €45.9m recorded in the previous quarter, meaning that bookmakers earned more from a smaller volume of bets.
As a result, the proportion of wagers retained by operators rose to approximately 14.2 per cent, compared with 12.7 per cent in the preceding quarter. These earnings do not represent net profits, as operating costs and other expenses have not been deducted.
The meeting focused on the island’s growing role in European chess and plans to build on the progress made since Freedom became the general partner of the Cyprus Chess Federation in 2023.
“In three years, Cyprus has become one of Europe’s chess hubs, and we want to keep building on that,” Turlov said.
“It was important for us to present our plans for chess on the island to the President, and we are grateful for his time and attention to the game,” he added.
Turlov, who is also the founder and chief executive of Freedom Holding Corp, was elected FIDE president on September 26 at the federation’s congress in Samarkand.
Paphos hoteliers association president Evripides Loizides warned on Tuesday that immediate action was needed to strengthen the island’s promotion abroad, particularly as competition intensifies and uncertainty continues to weigh on holiday decisions.
Speaking to the Cyprus News Agency (CNA), Loizides said “the 2026 summer season had started strongly, only for the war and its wider consequences to disrupt demand and leave hotels facing considerable losses.”
As a result, hotel occupancy during the three summer months and through September was approximately 7 per cent lower than in the corresponding period of 2025.
The 8th Cyprus-Israel Business & Investment Summit brought together representatives of the two countries to explore ways of strengthening commercial ties, attracting investment and helping companies establish a presence in European markets.
Among the speakers, Invest Cyprus CEO Marios Tannousis presented the island as a strategic gateway to the European Union, particularly for Israeli companies considering relocating operations, establishing regional headquarters or expanding their activities abroad.
He linked these opportunities to the government’s Vision 2035 strategy, which seeks to strengthen Cyprus’ competitiveness through research, technology, innovation and entrepreneurship, while attracting more international businesses and skilled professionals.
Speaking at the 10th Annual Capital Link International Shipping Forum in Pudong on Tuesday, October 20, Hadjimanolis joined Greek Maritime Affairs Minister Vassilis Kikilias for a ministerial discussion on the challenges facing global shipping, from investment and regulation to decarbonisation.
With shipowners facing growing pressure to modernise their fleets, she stressed that governments must provide the certainty businesses need to make long-term investment decisions.
“In today’s changing maritime landscape, competitiveness depends on stability, predictability and the ability to adapt,” Hadjimanolis said, adding that “Cyprus is committed to providing a reliable business environment that supports investment and long-term growth.”
A delegation of the Cyprus Information Technology Enterprises Association (CITEA) held a meeting with Electronic Communications Commissioner Marios Pieris, in the presence of Assistant Commissioner Georgios Georgiou, with the aim of strengthening cooperation and promoting joint initiatives in both fields.
Representing CITEA were the association’s president George Malekkos, vice-president Antonia Michael, board member Nikos Kaisis and director Matina Zisiadou.
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.
The increase in the prices of fuels and lubricants for personal transport in Cyprus was below the European Union average of 31.4 per cent, but still reflected the continuing pressure on motorists as energy costs climbed across the bloc.
On a monthly basis, petrol prices in Cyprus rose by 3.8 per cent between August and September, the smallest increase recorded among EU member states.
The rise compared with an EU-wide increase of 6.7 per cent over the same period, while diesel prices across the bloc increased by 5.9 per cent.
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.
The discussion comes as succession remains one of the most pressing challenges facing family enterprises, with a 2025 analysis by KPMG Cyprus finding that only 30 per cent of family businesses successfully pass to the second generation, while just 10 to 12 per cent survive to the third.
Beyond the question of who takes over, however, the challenge also involves preparing future leaders, introducing professional management practices and maintaining the relationships and values on which these businesses were built.
These issues will be explored during The Development of Family Businesses, a conference bringing together academics, company founders, next-generation executives and professionals working within family-owned enterprises.
Writing after the EU summit held on October 15-16, the former Cyprus Energy Regulatory Authority (CERA) chairman and vice-rector of Frederick University argued that Europe needed structural investment in electricity networks, interconnections and energy storage rather than continued reliance on temporary support measures.
“The diagnosis is correct, but the treatment remains largely inadequate,” Poullikkas said, assessing the summit’s conclusions.
The changes are intended to tackle a familiar problem in jointly owned buildings: one neighbour does not pay, the lift still needs servicing, and everyone else is left wondering who will cover the shortfall. However, the legislation has not been passed, and the new fee is not currently payable.
Following discussions in parliament on October 15, the Interior Ministry and the five district local government organisations (EOAs) moved closer to an agreement on the proposed system. The district bodies would eventually supervise jointly owned buildings and their management committees, with January 1, 2029 the target for transferring responsibilities, provided the necessary preparations are completed.
That is still some way off. Lawmakers have allowed a further three weeks for final submissions, while the legal service is examining constitutional issues raised by parts of the proposed framework. The aim is to complete the legislative discussion before the end of 2026, although parliamentary approval is not assured.
The latest figures from the Customs Department point to a change in purchasing habits rather than a corresponding decline in demand, with consumers increasingly combining several products into a single shipment.
Customs Department spokesman Giorgos Constantinou has told Politis that parcels arriving from third countries have fallen by 30 to 35 per cent since the EU introduced a temporary €3 customs duty on July 1.
However, while shipments previously contained an average of one or two declared product categories, that number has now risen to four or five, leaving the overall volume of goods declared at roughly the same level.
The figures offer a clearer picture of how Cypriots are responding to the charges. Rather than abandoning cheaper international platforms, many appear to be changing how they place their orders.
Indeed, when the duty was first introduced, the July figures showed that more than 100,000 parcels, containing approximately 400,000 declared product categories, had entered Cyprus during the first 15 days of the month.
Built by Japan’s Tsuneishi Shipbuilding at its Zhoushan yard, the 81,200-deadweight-tonne Kamsarmax is also the first ship of its kind to enter Safe Bulkers’ fleet. Although designed to carry everyday dry bulk cargoes such as grain, iron ore and coal, it can operate on either methanol or conventional marine fuel.
Its delivery gives Cyprus a first foothold in this emerging part of the dry bulk market, where alternative-fuel vessels remain far less common than in container shipping. For Safe Bulkers, meanwhile, it puts a sizeable investment in cleaner ship technology to work.
According to figures from the statistical service (Cystat), Toyota recorded 8,232 registrations between January and September, more than double the 3,881 recorded by second-placed Mazda.
Nissan followed with 2,535, ahead of BMW with 2,090 and Mercedes with 1,744, completing the five most-registered brands on the island.
Honda recorded 1,335 registrations, followed by Kia with 1,160, Volkswagen with 858, Audi with 710 and Chinese manufacturer BYD with 686.
The Cypriot team collected 3,277.21 points in Bochum, according to the official results, moving up from 28th place in 2025, when the competition was held in Warsaw, Poland.
This year’s event, which took place from October 12 to 16, brought together more than 400 young competitors, aged between 14 and 25, from 35 European countries and seven invited guest nations.
Sweden claimed first place, followed by Finland and Austria, while the US was named the highest-ranking guest country.
The new briefing, issued by the European Parliamentary Research Service (EPRS), found that enforcement remains fragmented across the bloc, despite growing pressure to tackle illegal broadcasts and protect copyright holders.
At the centre of the problem are dynamic blocking injunctions, which allow internet providers to block new websites or online addresses used to distribute material already found to be illegal, without requiring a fresh court order each time.
This matters particularly for live sports broadcasts, where pirate operators can move streams between websites within minutes, often faster than authorities can respond.
Speaking at a chief executives’ panel discussion at the Limassol Economic Forum 2026, senior executives from banking, consulting, law and property said businesses must prepare for risks that cannot always be predicted using historical data, while ensuring they do not sacrifice long-term competitiveness in pursuit of immediate results.
The discussion, titled “Leading Through Uncertainty: How CEOs Are Preparing for the World of 2027”, examined how geopolitical tensions, economic shifts, the energy transition and technological disruption are influencing corporate decision-making.
Running from October 15 to November 15, 2026, the campaign rewards customers for purchases made at participating merchants, with prizes available through a new Spin and Win feature on the BoC app.
Under the initiative, customers receive one spin and one entry into the grand prize draw for every €100 in cumulative purchases at participating antamivi merchants.
The company, Fanatics Pizza Deliveries and Food Services Limited, was incorporated in Cyprus in March 2004 and owns almost all of the Greek operating business. According to Cyprus documents dated this week, Pizza Fan founder Konstantinos Antaras holds 90 per cent of the holding company, while Dimitrios Iliopoulos owns the remaining 10 per cent.
The Cyprus company holds 15,760 of the Greek company’s 15,763 shares, equivalent to almost 99.98 per cent. While the structure establishes a direct corporate connection with Cyprus, the tax allegations under investigation concern activities in Greece, and there is no evidence in the available reporting of wrongdoing by the Cyprus-registered entity.
His concern, emphasised in a TradeWinds report published on Friday, follows this week’s Capital Link shipping forum in Shanghai, where he joined industry executives to discuss the outlook for dry bulk. The apparent contradiction is that busy shipyards and higher prices today may be storing up trouble for shipowners tomorrow.
For a market built around moving iron ore, coal and grain, the numbers matter. New shipyards can take on more orders, but every additional bulker eventually has to find cargo. If the fleet grows faster than seaborne trade, competition between vessels can push freight earnings lower, irrespective of what those ships cost to build.
The scale of China’s current orderbook helps explain the anxiety. According to the latest BIMCO figures, the global shipyard backlog stood at 203.2 million compensated gross tonnes on September 1, 13 per cent higher than a year earlier. Chinese yards secured 74 per cent of newly contracted shipbuilding work over the preceding 12 months and now hold 64 per cent of the global orderbook.
The award was presented by the Association of the Industrialists of Ayios Athanasios during a dinner marking its 40th anniversary this week, recognising Pittas’ longstanding contribution to healthcare, environmental protection, economic development and the wider community.
President Nikos Christodoulides and association president Vasos Demetriades presented the award in the presence of House President Annita Demetriou, Transport Minister Evi Tsolaki, Health Minister Neophytos Charalambides and representatives of Cyprus’ business and industrial community.
Addressing this year’s Limassol Economic Forum, Keravnos said wars, geopolitical tensions, disruptions to international trade, energy challenges, technological advances and climate change were creating an unprecedentedly complex international environment.
“The wars in the wider region of Europe, geopolitical tensions and shifts, the disruption of international trade, the global energy crisis and energy challenges, the technological revolution and climate change are shaping an unprecedented and exceptionally complex international economic and political environment,” he said.
He praised the forum’s organisers, saying the event had established itself as an important platform for examining geopolitical developments, economic trends and major global challenges.
Around 62 per cent of the proposed budget will fund destination promotion and the enrichment of the tourism product, including promotional activities, participation in tourism fairs and incentive schemes.
Presenting the budget before the House finance committee, Koumis said the sector had faced an extremely difficult time in 2026 because of external factors, with some describing the period as the most difficult for the industry in decades.
“2026 will undoubtedly remain in the history and memory of those working in the sector as a year during which our country’s tourism industry was called upon to face an unprecedented crisis as a result of external factors,” he said.