Eurobank reported adjusted net profits of €1.21 billion in the first nine months of 2026, up 14.3 per cent year-on-year, with its operations outside Greece contributing almost half of the group’s earnings, despite a decline in profits from Cyprus.

The Greek banking group’s reported net profit rose by 12.4 per cent to €1.16bn, while earnings per share reached €0.31 and its return on tangible book value stood at 16.9 per cent.

Its non-Greek operations generated adjusted net profits of €555 million, accounting for 45.9 per cent of the group’s total, with Cyprus contributing €356 million and Bulgaria €182 million.

However, adjusted net profit in Cyprus fell by 3.9 per cent year-on-year, while the Bulgarian operation recorded an increase of 9.2 per cent.

Eurobank chief executive officer Fokion Karavias said the results had been achieved against an international backdrop of energy and inflationary pressures, alongside growing concerns over government deficits and debt.

“As Europe faces a severe energy and inflationary crisis with far-reaching political and social consequences, markets have brought concerns over fiscal deficits and rising public debt into focus,” he stated.

“Greece and Cyprus stand out in this environment, with strong primary balances of 3.3 per cent and 4.0 per cent of GDP, respectively, and rapidly declining debt levels,” Karavias added.

The bank’s loan portfolio expanded organically by €3.80bn, or 10.5 per cent, during the first nine months of the year, while customer deposits increased by €4.70bn, or 10.6 per cent, reaching €87.20bn at the end of September.

Managed funds also grew by 22.3 per cent year-on-year to €11.40bn, while private banking client assets and liabilities increased by 13.2 per cent to €15.90bn.

“Greece’s debt-to-GDP ratio is falling faster than any EU country, while Cyprus’s debt-to-GDP is down to 50 per cent. Bulgaria also benefits from a low public debt-to-GDP ratio of 33 per cent, while the euro adoption and the return of political stability further strengthen the country’s macroeconomic outlook,” Karavias said.

He said the group had continued to deliver organic growth, with its loan book expanding by 10.5 per cent annually and deposits increasing by 10.6 per cent year-on-year.

“As a result of the strong performance, the return on Tangible Book Value reached 17 per cent, with a pronounced contribution from our regional activities of nearly half of profit,” he added.

Karavias said the nine-month performance demonstrated the group’s ability to sustain organic growth and gave it confidence in meeting or exceeding its full-year targets.

“The 9M26 performance demonstrates our consistent ability to deliver organic growth and gives us confidence in meeting or exceeding our full-year targets,” he mentioned.

“The acquisition completion of Eurolife provides an additional growth engine, particularly in insurance and asset management,” he added.

The completion of the Eurolife FFH acquisition is expected to strengthen Eurobank’s insurance presence and diversification, while providing further opportunities in insurance and asset management.

The bank will distribute an interim dividend of €0.0599 per share on November 26, 2026, which Karavias said reflected its strong performance and prudent capital management.

Eurobank’s net interest income increased by 8.7 per cent to €2.07bn during the first nine months, while income from fees and commissions rose by 13 per cent to €630m.

The increase in fee income was mainly driven by higher revenues from lending, wealth management and insurance operations, and represented 76 basis points of total assets.

In the third quarter alone, net interest income rose by 5 per cent compared with the previous quarter, reaching €719m.

The bank attributed this to an increase in interest-earning assets and higher European Central Bank interest rates, with the average deposit facility rate standing at 2.29 per cent in the third quarter, compared with 2.04 per cent in the second quarter.

Core income grew by 9.7 per cent to €2.70bn, while total operating income increased by 10.8 per cent to €2.78bn.

Operating expenses rose by 6.9 per cent to €995m, but the cost-to-income ratio improved to 35.8 per cent from 37.1 per cent in the corresponding period of 2025.

Core pre-provision income increased by 11.4 per cent to €1.70bn, while overall pre-provision income rose by 13.1 per cent to €1.78bn.

Loan loss provisions declined by 5.5 per cent year-on-year to €224m, equivalent to 53 basis points of average net loans, while core operating profit before tax increased by 14.4 per cent to €1.48bn.

At the end of September, the group’s non-performing exposure ratio stood at 2.4 per cent, while provisions covered 81.9 per cent of non-performing exposures.

Total capital adequacy and Common Equity Tier 1 ratios stood at 20.4 per cent and 15.5 per cent, respectively, while tangible book value per share reached €2.65, representing an annual increase of 7.7 per cent.

The group’s total assets amounted to €114.20bn at the end of September, including €66.90bn in Greece, €29.40bn in Cyprus and €14.80bn in Bulgaria.

Gross loans totalled €59.10bn, comprising €38.60bn in Greece, €9.30bn in Cyprus and €10.10bn in Bulgaria.

Across the group, business loans amounted to €37.10bn, mortgages to €13.10bn and consumer loans to €5.30bn.

Deposits were distributed across Greece, Cyprus and Bulgaria at €48.50bn, €24.30bn and €11.70bn, respectively.

The loans-to-deposits ratio stood at 66.4 per cent, while the liquidity coverage ratio reached 174.4 per cent.

Despite the strong results, credit rating agency Morningstar DBRS has highlighted a potential deterioration in asset quality in the final quarter of the year.

The agency warned that loans affected by legislation concerning the conversion of Swiss franc-denominated loans could be reclassified as unlikely to pay during the fourth quarter.

Such a development could add around 40 basis points to Eurobank’s non-performing loan ratio and reduce its coverage ratio by 10 percentage points.

The Central Bank of Cyprus (CBC) set the reference interest rate at 11.60 per cent on Friday, under provisions of the Criminal Code aimed at preventing excessive charges on loans.

The rate is determined under Article 314A of the Cyprus Criminal Code, Cap. 154, which makes it a criminal offence for lenders to demand or receive financial or other benefits exceeding the prescribed reference rate.

The provision applies when a loan is granted, its repayment period is extended, or an existing loan is renewed or discounted.

It covers benefits received, collected, charged, stipulated or obtained either for the lender’s own benefit or on behalf of a third party.

Anyone convicted of breaching the provision faces up to five years in prison, a fine of up to €30,000, or both penalties.

The CBC determines the reference rate in accordance with its powers under the legislation, with the latest announcement setting it at 11.60 per cent.

Patsalides says Cyprus must remain vigilant as inflation risks rise

Central Bank of Cyprus governor Christodoulos Patsalides has warned that a prolonged energy shock is intensifying inflationary pressures and increasing risks to the economic outlook, as the European Central Bank (ECB) keeps interest rates unchanged and Cyprus continues to experience elevated price growth.

In a statement following the ECB’s monetary policy decision on Thursday, October 29, Patsalides said the euro area faced a more prolonged period of elevated inflation, while Cyprus’ economic resilience, sound public finances and strong banking sector were helping the country withstand the effects of rising prices.

“The prolongation of the energy shock, the deterioration in the inflation outlook and the ECB’s commitment” were the defining features of the current situation, he said.

The ECB’s Governing Council decided to leave its three key interest rates unchanged, with the deposit facility rate at 2.50 per cent, the main refinancing rate at 2.65 per cent and the marginal lending facility rate at 2.90 per cent.

The decision followed September’s 0.25 percentage point increase, as the conflict in the Middle East continued to push energy prices higher and threaten both inflation and economic growth.

Patsalides said geopolitical tensions and the associated energy shock were continuing to intensify price pressures, with euro area inflation rising to 3.8 per cent in September from 3.2 per cent in August, largely because of higher energy prices, particularly petroleum products.

According to the ECB, energy inflation in the euro area climbed to 18.9 per cent in September from 14.3 per cent in August, while inflation excluding energy increased to 2.3 per cent from 2.1 per cent.

Services inflation also edged higher, reaching 3.2 per cent, compared with 3 per cent in August, while food inflation rose to 1.3 per cent from 1.1 per cent.

Diesel and petrol prices reached new peaks during September, partly reflecting higher refining margins, adding to the pressure on households and businesses.

Despite the deterioration in the inflation outlook, Patsalides said the tightening of financial conditions was helping to contain the extent to which energy-related price increases were spreading throughout the wider economy.

This tightening reflected both the transmission of previous monetary policy rate increases and a significant rise in long-term government bond yields, amid growing concerns about the sustainability of global public debt.

“So far, the indirect effects of the energy shock have remained relatively limited, while meaningful second-round effects have yet to emerge, as reflected in the latest developments in wage indicators,” he said.

Inflation expectations in international financial markets and relevant surveys also remained broadly contained, particularly over the medium and longer term, he added.

The ECB similarly said underlying inflation had remained broadly stable and wages had not yet shown a material response to the energy shock.

However, it warned that the increasing magnitude and duration of the energy shock could eventually drive inflation higher and weigh on economic growth through indirect effects and further price and wage increases.

Economic activity across the euro area had continued to demonstrate resilience, Patsalides said, although elevated uncertainty and more restrictive financing conditions were expected to weigh on growth in the period ahead.

The ECB has reiterated its commitment to bringing inflation back to its medium-term target of 2 per cent, while emphasising that future interest rate decisions would depend on incoming economic and financial data rather than a predetermined path.

“In light of the new data and our overall assessment, we judged that maintaining the key interest rates at their current levels allows the ECB to manage the prevailing uncertainty effectively, while remaining firmly committed to returning inflation to, and maintaining it at, the medium-term target of 2 per cent,” Patsalides said.

Cyprus faces elevated inflation

Turning to the domestic economy, Patsalides said Cyprus continued to demonstrate remarkable resilience despite heightened geopolitical uncertainty, supported primarily by robust domestic demand, favourable labour market conditions and sound public finances.

Nevertheless, inflation remained elevated at 5.2 per cent in September, driven largely by significant increases in energy prices and services costs.

Energy prices rose by 21 per cent, while services inflation reached 7.1 per cent, reflecting persistent pressure in these components of the domestic price basket.

There were also signs that underlying price pressures were beginning to ease, with core inflation, which excludes energy and food, declining to 3.9 per cent in September from 4.5 per cent in August.

Despite this moderation, Patsalides warned that risks to the inflation outlook remained tilted to the upside, underlining the need for continued vigilance and close monitoring of developments.

“In an environment of persistent inflationary pressures, economic resilience becomes a factor of critical importance, acting as an essential buffer against the cumulative effects of rising prices and helping preserve the economy’s growth momentum,” he said.

He identified several ways in which economic resilience could help Cyprus withstand the effects of inflation, beginning with the strength of the labour market and the high level of employment.

These conditions support household disposable incomes, allowing private consumption to remain an important driver of economic activity even as rising prices put pressure on purchasing power.

Sound public finances also provide an important safeguard, Patsalides said, because a resilient economy helps maintain a stable flow of tax revenues.

This gives the government the flexibility to introduce targeted support measures for vulnerable groups without placing excessive pressure on public finances.

He also highlighted the importance of the banking sector’s strong capital and liquidity positions, which reinforce financial stability and support banks’ capacity to finance economic activity effectively.

The resilience of the financial system is particularly important when tighter financing conditions threaten to constrain borrowing and investment, both of which are essential for sustaining economic growth.

Another source of strength is the broadening of Cyprus’ productive base, particularly through the development of dynamic sectors such as information and communication technologies.

A more diversified economy is better equipped to absorb external shocks and offset pressures affecting industries that are more exposed to elevated inflation, Patsalides said.

He added that this resilience, together with recent sovereign credit-rating upgrades, was strengthening Cyprus’ attractiveness as a reliable investment destination, supporting continued foreign capital inflows and improving the economy’s growth prospects.

Prudent policies remain essential

Patsalides stressed that economic resilience alone would not eliminate inflationary pressures, making the consistent implementation of prudent economic policies essential.

“In an environment characterised by global challenges, the consistent implementation of prudent economic policies remains the most effective way to shield the economy from the erosion caused by inflation,” he said.

The governor warned that the combination of upside risks to inflation and intensifying threats to the global economy made a comprehensive and disciplined policy approach increasingly important.

For the ECB, the challenge is to prevent the energy shock from becoming embedded in broader price and wage developments without unnecessarily undermining economic activity.

For Cyprus, the priority is to preserve the domestic conditions that have supported growth while limiting the effects of persistent price increases on households, businesses and public finances.

Patsalides’ assessment underlined the importance of maintaining economic stability, protecting purchasing power and strengthening the economy’s capacity to absorb external shocks as uncertainty over energy prices and the wider geopolitical outlook continues.

Addio caro vecchio San Siro (o Giuseppe Meazza), benvenuto Generali Stadium: il nuovo stadio di Inter e Milan è stato presentato al Castello Sforzesco di Milano.

Avrà due anelli, una struttura esterna illuminata con i colori delle squadre e una capienza di 71.500 spettatori. L’inaugurazione è prevista per la stagione 2031-2032, in tempo per gli Europei.

Il nuovo San Siro, il Generali Stadium

Il nuovo San Siro sarà una struttura iper-moderna, progettata da due architetti di fama internazionale: Lord Norman Foster e David Manica, reduci dall’esperienza condivisa per la riedificazione di Wembley a Londra.

L’accordo commerciale per il diritto di denominazione durerà vent’anni, grazie a un’operazione finanziaria che, pur in assenza di conferme ufficiali, si stima attorno ai 600 milioni complessivi.

La struttura sorgerà nell’area adiacente all’attuale Meazza, dove oggi si trovano il parcheggio di San Siro e il Parco dei Capitani. Il progetto di rigenerazione urbana interesserà complessivamente 281mila metri quadrati.

Le curve saranno l’anima dello stadio.
[Lord Norman Foster]

Come sarà il nuovo stadio di Inter e Milan

Della capienza e della struttura ad anelli si è già detto. Per il resto, il Generali Stadium sarà lungo 270 metri, mentre l’altezza raggiungerà i 60 metri nel punto più alto, che diventano 70 metri considerando il piano del campo.

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Uno degli elementi più riconoscibili sarà la facciata esterna, composta da grandi elementi diagonali incrociati, realizzati in cemento armato prefabbricato. La struttura richiama alcune caratteristiche dell’architettura milanese, dal Duomo alla Galleria Vittorio Emanuele II, fino ad alcune opere di Gio Ponti. Gli elementi della facciata potranno illuminarsi con i colori della squadra che giocherà in casa: rossonero per il Milan e nerazzurro per l’Inter. Sarà inoltre possibile proiettare immagini dei calciatori e scritte, trasformando l’esterno dello stadio in una superficie luminosa personalizzabile.

Le curve

Le curve sono state progettate per ricreare un’atmosfera molto intensa durante le partite: avranno un’inclinazione di 37 gradi e saranno organizzate per creare un vero e proprio muro di tifosi, con una capienza indicata da Norman Foster in circa 11mila persone. Il riferimento è il celebre muro giallo del Westfalenstadion di Dortmund, lo stadio del Borussia Dortmund, diventato uno dei simboli del tifo calcistico europeo. L’obiettivo è avvicinare il pubblico al terreno di gioco e amplificare il rumore prodotto dagli spettatori, trattenendolo all’interno dell’impianto per limitare i disagi acustici per i residenti della zona.

Volevamo mantenere la stessa anima creando una struttura nuova. San Siro è un feeling, è un sentimento più che un edificio. Abbiamo cercato di inserirlo. [David Manica]

Come spiegato da David Manica, è stata prestata particolare attenzione alla visibilità da ogni settore e alla vicinanza delle poltroncine al campo. Anche il comfort dovrebbe migliorare rispetto allo stadio attuale: sono previsti sedili più comodi, maggiore spazio per le gambe e i gomiti e postazioni accessibili alle persone con disabilità in tutti i settori. Saranno inoltre presenti ascensori e scale mobili, numerosi servizi igienici e punti ristoro distribuiti nelle diverse aree.

Il tetto

Il tetto non sarà retrattile e integrerà soluzioni per la raccolta dell’acqua piovana, garantendo il funzionamento di un impianto ad alimentazione elettrica. Presso la copertura verranno posizionati quattro maxischermi dedicati agli spettatori.

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Sarà anche uno stadio green: prevista una copertura con 27mila metri quadrati di pannelli fotovoltaici.

Il titolo mondiale è tutt’altro che distante per Kimi Antonelli. Se alla fine dovesse davvero arrivare quel giorno, varrebbe 73 milioni di euro in più da qui al 2030. Una stima inserita nello studio di StageUp, società di ricerca e consulenza specializzata in sport marketing e sponsorizzazioni.

Numeri molto importanti e attuali, considerando come il Gran Premio del Messico, in programma domenica 1° novembre 2026, potrebbe già assegnare il titolo al pilota italiano della Mercedes. Una carriera che sta facendo sognare gli appassionati e, guardando al futuro, le cifre per lui sono destinate soltanto ad aumentare. Immaginiamo un secondo titolo entro il 2028. In quel caso, infatti, il valore aggiuntivo per lui supererebbe i 105 milioni di euro.

Antonelli a un passo dal titolo: la classifica

Dopo la vittoria nel Gran Premio di Austin, Antonelli guida la classifica del Mondiale con 365 punti, 123 in più del compagno di squadra George Russell e 124 in più di Lewis Hamilton. Il tutto quando mancano ancora 125 punti da assegnare. Il campionato potrebbe quindi chiudersi già nel weekend di Città del Messico.

In caso di successo, a 20 anni Antonelli diventerebbe il più giovane campione del mondo nella storia della Formula 1. Riuscirebbe inoltre a riportare il titolo piloti in Italia per la prima volta dal 1953. Un’attesa lunga oltre 70 anni, che rappresenta anche una chance commerciale unica.

Stipendio e rinnovo con Mercedes

In Formula 1 la parte più ricca dei guadagni di un pilota arriva dalla squadra. Per i piloti di vertice lo stipendio rappresenta circa il 90% delle entrate, mentre gli sponsor personali hanno un peso secondario. Oggi Antonelli percepisce uno stipendio base stimato in circa 3,4 milioni di dollari l’anno, con un contratto con Mercedes esteso fino al 2027 e un’opzione. Secondo lo studio, però, il vero salto arriverebbe con la rinegoziazione attesa nel 2028.

Il titolo gli porterebbe nelle casse anche premi consistenti, stimati fino a circa 10 milioni di dollari (quasi 9 milioni di euro). Presentandosi all’appuntamento con il rinnovo da campione in carica, lo stipendio Mercedes potrebbe salire a 35-40 milioni di dollari l’anno. Il Mondiale varrebbe quindi tra 10 e 15 milioni di dollari in più all’anno di solo stipendio, pari a circa 8,5-12,75 milioni di euro, rispetto a uno scenario sorprendente in cui il titolo dovesse sfuggirgli di mano.

Sponsor e diritti d’immagine: quanto può valere il marchio Antonelli

Oggi gli sponsor personali di Antonelli valgono circa 1,5 milioni di dollari l’anno. Con il titolo, stando alle stime, il valore di sponsorizzazioni e diritti d’immagine potrebbe salire a 9-18 milioni di dollari l’anno nel giro di due anni (circa 8-15 milioni di euro).

Di fatto sarebbe uno dei piloti più appetibili del circuito per i brand. Lo studio ha usato Hamilton come termine di paragone, indicando i suoi circa 20 milioni di dollari all’anno, così come i 6-8 milioni di Max Verstappen. Il giovane pilota si è già mosso per tutelare la propria immagine, oggi più preziosa che mai. Ad aprile 2026 è stato infatti registrato il marchio “Kimi Antonelli”, che copre categorie come abbigliamento, cosmetici, prodotti per il settore automotive e software.

Investment platform Wealthyhood has recorded a five-fold increase in investors and an eight-fold rise in client assets in Cyprus between June and September 2026, with data from its partnership with the Bank of Cyprus pointing to growing interest in local shares, exchange-traded funds and accessible long-term investing.

The figures, published in ‘Wealthyhood’s Cyprus Investor Pulse 2026‘ report, cover anonymised and aggregated data from clients resident in Cyprus between June 1 and September 30, with the findings highlighting how lower entry costs and simpler account funding can encourage participation in financial markets.

Alexandros Christodoulakis, co-founder and chief executive of Wealthyhood, told the Cyprus Mail that the response from Cypriot investors had exceeded expectations in terms of the quality of their engagement.

“People in Cyprus didn’t need to be convinced that investing matters. What they were missing was a simple, trusted way to start, and once that existed, they moved quickly,” he said.

The report found that 88.6 per cent of clients who deposited money went on to buy a stock or exchange-traded fund (ETF), compared with 80.4 per cent among clients who signed up in Greece during the same period.

Christodoulakis said the company was encouraged by the extent to which customers were continuing to invest after opening their accounts, rather than simply registering and leaving the platform.

“Of those who joined in June or July and invested, 88.9 per cent were still invested on September 30,” he said.

“Seven in ten (70.3 per cent) have never sold an investment, and six in ten (59.1 per cent) made a second deposit within 30 days of their first,” Christodoulakis continued. “People are not trying the app once and walking away; they are building a habit.”

He added that four months of activity remained an early snapshot, but that the quality of engagement had been particularly encouraging.

Low entry barriers foster early activity and habit-building

The report also found that 58.4 per cent of new investors made their first investment within 7 days of signing up, while 14.4 per cent invested on the same day.

The typical first deposit was €100, while the typical first investment amounted to €55. Almost two-thirds of investors, or 64 per cent, started with €100 or less, suggesting that many were entering the market with relatively modest sums.

More than half, or 56.8 per cent, made their first investment in an ETF, which allows investors to buy into a collection of companies through a single product.

The most popular first investment was the Vanguard S&P 500 ETF, accounting for 16.6 per cent of first investments, followed by Bank of Cyprus shares at 10.2 per cent.

Christodoulakis said traditional barriers to investing included high minimum investment requirements, fees that eroded smaller amounts, paperwork and complicated terminology.

“Faced with that, many people who could invest simply never start. Not because they don’t care about their future, but because the first step looks expensive, complicated and opaque,” he stated.

Wealthyhood aims to address these obstacles by allowing customers to invest in international and local markets from €1, with zero commission and fractional shares, alongside an education hub containing more than 50 guides.

The platform also offers Autopilot, an automated investing service through which users can make regular investments without having to manage each transaction manually. The typical Autopilot user invests €150 a month, according to the report.

Christodoulakis said access to financial markets needed to be accompanied by a better understanding of investment products and their risks.

“Access alone isn’t enough, though. People also need to understand what they’re buying and why, which is why education sits at the core of the app, not in a corner of it,” he said.

Investor demographics reveal mature and higher-earning profile

The report’s demographic findings challenge the assumption that investment applications primarily attract younger users.

The typical investor in Cyprus is 40 years old, works full-time and declares an annual income of between €30,001 and €50,000. The largest age group is 35 to 44, accounting for 31.7 per cent of investors, followed by those aged 45 to 54 at 25.9 per cent and those aged 25 to 34 at 25.3 per cent.

People under 30 account for 19.3 per cent of investors.

Income levels were also higher than those recorded among investors in Greece. Some 31 per cent of Cypriot investors declared annual incomes above €50,000, while 24 per cent reported incomes below €20,000, compared with 58 per cent of investors in Greece in the latter category.

Full-time employees account for 86.5 per cent of investors, while 4.7 per cent are self-employed.

Finance and insurance is the most common industry, employing 31.5 per cent of investors, followed by information technology at 10.5 per cent and the public sector at 8.1 per cent.

Nicosia district accounts for 50.5 per cent of investors, followed by Limassol at 25.6 per cent, Larnaca at 14.9 per cent, Paphos at 5.1 per cent and Famagusta at 3.9 per cent.

Christodoulakis said the available data was not yet sufficient to establish how the investor profile had changed over time or to draw reliable conclusions about customers’ previous investing experience.

However, he said the behaviour observed so far pointed towards a cautious, long-term approach, characterised by small initial investments, ETFs and limited selling.

“One number I’d like to see change: about one in six new investors is a woman. Closing that gap is one of the biggest challenges for retail investing, in Cyprus and beyond,” he said.

He added that the market was increasingly being shaped by working people seeking greater control over their long-term finances, rather than traders attempting to profit from short-term market movements.

“As cost and complexity keep falling, I expect that profile to broaden, especially to younger people and to women,” he said.

Domestic shares drive engagement alongside global ETFs

The availability of domestic shares has also helped attract investors to the platform, with the Bank of Cyprus emerging as its most-bought individual stock.

Cypriot and Greek shares became available through Wealthyhood on July 17, allowing customers to hold domestic investments alongside international stocks and ETFs.

Customers can access Bank of Cyprus shares and 8 other companies listed on the Cyprus Stock Exchange, namely Vassiliko Cement, Demetra Holdings, Logicom, Cyprus Cement, Petrolina, Atlantic Insurance, Pandora Investments and GlobalWealth Group.

Within less than 3 months of the launch, 29.2 per cent of buyers had purchased at least 1 Cypriot share.

The Bank of Cyprus was bought by 35.8 per cent of stock investors, ahead of US technology company NVIDIA at 21.3 per cent and SpaceX at 12.6 per cent.

Among investors who purchased Cypriot shares, 82.6 per cent chose the Bank of Cyprus, followed by Vassiliko Cement at 16 per cent, Petrolina at 12.3 per cent and Logicom at 8.2 per cent.

The report found that domestic shares were bringing new participants into the market. For 52.8 per cent of investors holding Cypriot shares, a local company had been their first investment on Wealthyhood, compared with just 1.8 per cent among other investors.

Those holding Cypriot shares also had larger portfolios, with a typical portfolio 1.8 times the size of those held by other investors and containing 3 investments rather than 1.

Christodoulakis said familiar domestic companies could provide an accessible entry point for people who were less comfortable with international markets.

“People invest more readily in companies they know, and familiar local names are often the bridge into the market,” he said.

However, he stressed that local shares were complementing rather than replacing international investments.

The report found that 8.6 per cent of money invested since July 17 had gone into Cypriot shares, while Greek shares accounted for 12.3 per cent. Some 18.9 per cent of buyers had purchased at least 1 Greek share.

Across portfolios, 37.6 per cent of invested money was allocated to the United States, 21.1 per cent to global ETFs, 16.5 per cent to the rest of Europe, 11.3 per cent to Greece and 8.9 per cent to Cyprus.

The figures also showed the importance of ETFs in investors’ portfolios. The Vanguard S&P 500 ETF, which tracks the 500 largest US companies, had been purchased by 42.7 per cent of ETF investors and was held by 24.4 per cent of all investors on September 30.

Other popular ETFs included the Vanguard LifeStrategy 80 per cent Equity fund, purchased by 13.6 per cent of ETF investors, the SPDR MSCI World at 13.1 per cent and the iShares Nasdaq 100 at 11.9 per cent.

Among investors who still held investments on September 30, 42.5 per cent held only ETFs.

Dual exchange listings and long-term literacy goals

The report also examined access to shares listed in Athens. On September 30, 25.6 per cent of investors held at least 1 stock listed on Euronext Athens, including the Bank of Cyprus, while 7.6 per cent held a stock listed on the Cyprus Stock Exchange and 4.2 per cent held shares listed on both exchanges.

Athens-listed stocks accounted for 17.1 per cent of invested money, while Cyprus Stock Exchange-listed shares represented 2.1 per cent.

After the Bank of Cyprus, the most widely held Athens-listed stocks were Eurobank, at 5.1 per cent, followed by Allwyn and Alpha Bank, each at 2.8 per cent. Half of the 10 most widely held names were banks.

Christodoulakis said the company’s priorities in Cyprus were to improve financial education, encourage customers to turn initial investments into regular habits and expand the role of automated investing.

He said Wealthyhood and the Bank of Cyprus shared a responsibility to help close the financial literacy gap, particularly among younger people and women, by improving understanding of risk, diversification and the importance of time in investing.

“Giving people access to markets is only half of the job; helping them understand risk, diversification and time is the other half,” he said.

The company also wants to build on existing customer behaviour through services such as Autopilot, which can make regular investment contributions easier to maintain.

Christodoulakis said the first months of activity had demonstrated a clear appetite for accessible investing in Cyprus, but that the next challenge was to turn the initial momentum into sustained participation.

“Four months in, Cyprus has shown us the appetite is real. Now the work is to turn that early momentum into a generation of long-term investors,” he said.

• John Santora took the helm of WeWork in 2024, shortly after it emerged from bankruptcy.
• Two years later, the company is making money.
• At Business Insider's Long Play Event, Santora told Executive Editor Cadie Thompson how he did it.

For WeWork's CEO, Fridays are for sneakers. Sometimes.

At Business Insider's The Long Play event on Thursday, John Santora told Deputy News Chief Cadie Thompson that he rebuilt WeWork in part by establishing a sense of trust and decorum among employees.

In pursuit of that goal, Santora instituted a dress code for employees, but also gave them one day a week to work from home.

"I didn't have the ability to go watch my son play a 3 o'clock baseball game," Santora said, adding, "We have to give our employees that flexibility to do all that."

Santora, formerly the chief operating officer at Cushman & Wakefield, a real estate firm, became WeWork's CEO in 2024 as the once-buzzy office startup emerged from a disastrous Chapter 11 bankruptcy filing.

Santora had a short time to decide whether to join the faltering company, he recalled. And it wasn't exactly an easy choice.

"I was kind of at that point of, 'Should I retire?'" he said. "My daughter Nancy said, 'Dad, you know we love you, but when you have too much time on your hands, you're a pain in the ass.'"

Since those deeply red days in 2019 when WeWork's valuation plummeted from $47 billion to roughly $8 billion before it was bailed out, the company has stabilized. It posted eight quarters of EBITDA profitability and expects a fourth straight quarter of cash-flow profitability.

In 2025, it reported about $2.3 billion in revenue.

Though it hasn't hit the valuation it once had, the fact that the company could be revived at all is remarkable. WeWork, founded in 2010, rents out office space, spruces it up, and parcels it out to freelancers, startups, and other businesses.

Its first CEO and founder, Adam Neumann, made bold pronouncements that WeWork would "change the world" and "elevate the world's consciousness" by renting out office space to startups.

But after a bungled IPO, it became clear to the new stakeholders that a different type of leader was sorely needed.

As it turned out, Santora was that leader.

Having worked for 47 years at Cushman & Wakefield, Santora had the real estate experience that Neumann lacked, albeit without the magnetism of a Silicon Valley whiz kid.

"From a leadership standpoint, I'm a very structured, disciplined person," he said. "I'm a suit and tie, buttoned-up real estate person."

Santora recalled an early trip to one of the offices, where he discovered employees wearing jeans, pajamas, slippers, and shorts.

"I grabbed my head of HR," he said. "See that? I don't want to see it anymore."

Santora, who at one point described himself as an "old chubby guy from Staten Island," didn't just force employees to wear sports coats to important meetings. In his words, there was some "give and take."

"I don't look at what time they leave, what time they come in," he said of his employees. "As long as they're getting their work done and they're keeping their clients happy."

And Santora allows himself one exception to his suit-and-tie persona.

"Fridays, I'll actually sometimes wear sneakers, depending on what my schedule is," he said.

Cristina Junqueira helped build Brazilian fintech player Nubank into one of the world's largest digital financial services platforms.

Now, as she leads Nu's emerging US business, she is taking on its biggest challenge yet: breaking into America's crowded banking market.

As part of Business Insider's The Long Play, Junqueira sat down with Dan DeFrancesco, executive editor and anchor of Business Insider Today, to share her insights on how to build trust and scale in banking, like leaning into convenience through digital banking products.

During the discussion, called "Building a Global Challenger," Junqueira also talked about her plan to take on incumbents in retail banking.

• Nubank's US CEO joined Business Insider's The Long Play to discuss the bank's expansion into the US.
• The company looks to simplify banking with a digital-first fintech approach.
• US CEO Cristina Junqueira focuses on building trust through credit options and brand building.

Nubank is the largest digital bank in Latin America — now it's turning its eyes towards the US.

Cristina Junqueira, the co-founder and US CEO of Nubank, sat down with Dan DeFrancesco, executive editor and anchor of Business Insider Today, at Business Insider's The Long Play, to talk about the digital bank's expansion on Thursday.

How it began

Since its founding in 2013, the fintech bank has pushed for financial inclusivity in Latin America by providing access to banking and financial services through its mobile app. Headquartered in Junqueira's home country of Brazil, the simple, low-cost, and digital-first approach discarded the need for physical banks, which are at times harder to reach in parts of Latin America — a key part of its success in the region.

It all started with a purple credit card with no fees.

"We had this vision that data, design, technology, completely transforms people's relationship with money," she said.

Junqueira previously worked as an executive at Itaú Unibanco, the largest private-sector financial giant in the region, also headquartered in Brazil and now a direct competitor of Nubank. Today, it is the largest company in Brazil based on primary banking relationships, and two-thirds of the country's adult population are customers, she said.

Entering the US market

The digital bank is set to expand into the US after opening a branch in September, operating under the name Nu. This comes after expansion into Mexico and Colombia in 2021.

"We always saw the thesis as a global one," she said. "Everywhere in the world, people want more convenience. People want more transparency. People want simpler experiences managing their finances. People still get like paralyzed by complexity through their financial lives."

Entering America's crowded banking sector is a risk — but for Junqueira, entering no country goes without risk.

"The US is a very hard market, but I haven't found easy ones either," she said. "Building a bank is hard everywhere, so you might as well go for the biggest payout."

In the US, she said getting a bank account is still "surprisingly hard" and normally requires you to go to a physical branch, while Nu offers an easier alternative to that, she said. Foreign digital-first banks have tried to bring their platforms to the US before and failed. German fintech N26 and UK fintech Monzo both tried to expand their businesses to the US, and ultimately withdrew from the market.

The American consumer is unique, which is why Junqueira aims to take a different approach than her competitors to earn trust and scale the platform. She said most other companies started with debit cards, while Nubank is the first to start with credit cards.

Starting people out with a debit card "requires you to build a lot of trust with those customers because you're asking them to deposit their money with you," she said. "In our case, all the countries that we started, we started with credit. This is a very different relationship because you're the one trusting the consumers," she said.

Some Latin American immigrants who already live in the US are responding positively to Nu as it enters the market.

"I've been positively surprised not only by the amount of people, sure, but Brazilians, Mexicans, and others are here and have been waiting for this," she said.

Junqueira also pointed to emerging AI technology and how it could impact the company and the banking sector. She said the company is "heavily leveraging AI," integrating it in credit underwriting, customer support, and product development.

Brazil's presidential election on Sunday made headlines as President Luiz Inácio Lula da Silva unexpectedly won a runoff against Flávio Bolsonaro, who fled the country to the US after he was under investigation for alleged corruption and money laundering. When asked about how she reacted to the big market sell-off in response, Junqueira said volatility is part of operating in a country like Brazil, but having 13 years of experience in the country has helped them learn they are going to run the company for the long run.

"We got to focus on the fundamentals, and the reality is, last quarter we turned over a billion dollars in net income," she said. "Markets don't like surprises, right? But we manage our business regardless of what happens."

Building a brand

The founder said one of the hardest things Nu will have to do in the US is build a brand that connects with users on an "emotional" level. Junqueira's dream scenario, five years from now, is to find evidence of that connection in the US.

One of the ways Nubank is attempting to spread its brand is through a recently signed deal with the Mercedes F1 team. Junqueira pointed to fans' passion for specific teams, as they follow the championship around the world, which was part of why they wanted to take part.

"We got a lot of visibility out of that, and we're working with them on brand activations," she said. "We're producing very interesting activations for consumers that help us amplify the branding fast, and that really help us bring this partnership to life."

Another huge part of the digital bank's brand is gender equality. In 2021, Nubank set a goal for 50% of Nubank's leadership to be women by 2025. Junqueira said today that the company's workforce is over 45% women, with many in leadership positions. In the four countries where they operate, all top leaders are women. Junqueira said the biggest challenge of being an executive while raising a family is not having the flexibility to juggle the demands of both roles.

"The reality is, as hard as we have to work, I think the hardest part is not having enough flexibility," she said. "It has been wonderful for us to have that type of opportunity, for us to really be able to tap into this part of the workforce that often struggles to have this type of career opportunity."

Correction — October 29, 2026: An earlier version of this article misstated Junqueira's title; she is the co-founder and CEO of US Nubank. The article also has been updated to note that the top leaders in the four countries where Nubank operates are women.

The European Central Bank (ECB) kept its three key interest rates unchanged on Thursday, as rising energy prices threaten to push inflation higher and weaken economic growth, hours after President Christine Lagarde announced she would step down before the end of her term.

The decision leaves the ECB’s deposit facility rate at 2.50 per cent, its main refinancing rate at 2.65 per cent and its marginal lending facility rate at 2.90 per cent, following September’s rate increase.

The Governing Council said the energy shock, driven by the conflict in the Middle East, was creating risks in both directions for the euro area economy, with higher prices threatening to fuel inflation while tighter financing conditions could weigh on economic activity.

“Energy prices have continued to rise, posing upside risks to the inflation outlook and downside risks to the growth outlook,” the ECB said.

The bank added that the full effects of the energy shock were still unfolding, although underlying inflation had remained broadly stable and wages had not yet shown a significant response.

However, it warned that the shock’s growing magnitude and duration, together with possible indirect effects and a second round of price and wage increases, were likely to push inflation higher and reduce growth.

Financing conditions have also tightened since the Governing Council’s previous meeting, a development the ECB expects to weigh on both inflation and economic activity.

The central bank reiterated its commitment to bringing inflation to its 2 per cent medium-term target, while stressing that its decisions would depend on incoming economic and financial data.

“The Governing Council remains well positioned to navigate the current elevated uncertainty,” it said, adding that monetary policy would be assessed on a meeting-by-meeting basis.

The ECB said it would consider the inflation outlook and the risks surrounding it, developments in underlying inflation and the strength of monetary policy transmission when deciding on interest rates.

It also stressed that it was not committing to a predetermined path for interest rates, leaving open the possibility of further changes as economic conditions develop.

The bank said its asset purchase programme and pandemic emergency purchase programme portfolios were continuing to decline at a measured and predictable pace because the Eurosystem was no longer reinvesting principal payments from maturing securities.

The Governing Council also reiterated that it was prepared to adjust all instruments within its mandate to ensure inflation stabilised at its target and to preserve the smooth transmission of monetary policy.

It added that its Transmission Protection Instrument remained available to counter unwarranted and disorderly market movements that posed a serious threat to the transmission of monetary policy across euro area countries.

Lagarde to leave in February

The rate decision followed the announcement that Lagarde would leave the ECB presidency on February 7, 2027, around nine months before her term was due to expire in October of that year.

The 70-year-old former French finance minister and International Monetary Fund managing director announced her departure after months of speculation about her future, with the decision coming as Europe faces economic uncertainty and politically sensitive elections.

“I leave this institution with a sense of good work done and an ECB that is fit for the future,” Lagarde said in a short video shared on social media.

Her departure is expected to allow European Union leaders to select a successor before France’s presidential election, in which far-right candidate Marine Le Pen has been favoured by opinion polls.

A source with direct knowledge of the matter said Lagarde had decided to leave so she could weigh in on political matters in France and internationally, something she was expected to avoid while leading the ECB to protect the institution’s independence.

European Council president António Costa said the process to appoint her successor would begin immediately and proceed without delay.

Euro area saving falls

Separate ECB figures published earlier this week showed that euro area net saving declined to €868 billion in the four quarters to the second quarter of 2026, down from €895 billion in the four quarters to the previous quarter.

Net saving represented 6.7 per cent of the euro area’s net disposable income.

Net non-financial investment also fell to €599 billion, equivalent to 4.6 per cent of net disposable income, mainly because non-financial corporations reduced their net investment.

Despite the decline in saving and investment, the euro area’s net lending to the rest of the world remained broadly unchanged at €312 billion, as the two measures fell by similar amounts.

Household net lending decreased to €703 billion from €715 billion, representing 5.4 per cent of net disposable income.

By contrast, net lending by non-financial corporations increased to €127 billion from €103 billion, equivalent to 1 per cent of net disposable income.

Financial corporations moved from net borrowing of €3 billion to net lending of €9 billion, or 0.1 per cent of net disposable income.

General government net borrowing increased, making a more negative contribution to the euro area’s overall net lending position, at €528 billion, equivalent to 4 per cent of net disposable income.

The figures also showed that household debt declined relative to income, with the debt-to-income ratio falling to 80.3 per cent in the second quarter of 2026 from 80.5 per cent a year earlier.

Non-financial corporations’ consolidated debt-to-GDP ratio also edged down, reaching 66.1 per cent in the second quarter, compared with 66.4 per cent a year earlier.

Thinktank says chancellor has given himself a mountain to climb after ducking big decisions in low-key speech

John Healey has paved the way for a “brutal” spending review next year after his budget failed to cover a £28bn shortfall in the public finances needed to avoid a return to austerity, according to Britain’s leading tax and spending experts.

A day after his address to the Commons, the Institute for Fiscal Studies (IFS) said the chancellor had left himself a mountain to climb by ducking several big decisions in his debut tax and spending statement.

The era of the standard $99 airline credit card may be fading as American Airlines becomes the latest major carrier to adjust its price tag.

Beginning Jan. 24, 2027, the annual fee for both the Citi/AAdvantage Platinum Select MasterCard and the Citi/AAdvantage Business MasterCard will jump from $99 to $150, according to a company press release.

The adjustment marks the first price hike for the popular Platinum Select consumer card since 2018, signaling a shift in the travel rewards landscape.

MAJOR AIRLINE DITCHES SNACKS DURING SHORT FLIGHTS AS ‘ZERO SERVICE’ SPARKS DEBATE

To soften the blow of a nearly 52% fee increase, American Airlines, Citi and MasterCard are adding several new travel and lifestyle perks.

Whether those additions make up for the $51 increase will depend largely on how travelers use the card, Nick Ewen, editor-in-chief of The Points Guy, told Fox News Digital. 

"You have to look at the real dollar value based on your own travel habits," said Ewen, who is based in Florida. 

Cardholders will gain additional ways to earn AAdvantage miles on everyday spending, along with up to $120 toward Global Entry or TSA PreCheck application fees every four years, American Airlines confirmed.

Additionally, a new $100 annual statement credit for in-flight purchases will replace the previous 25% food and beverage discount. 

This makes the card significantly more rewarding for travelers, as the credit can be applied toward broad in-flight expenses, including Wi-Fi, which was explicitly excluded under the old discount system.

For someone who regularly spends money aboard American flights or already pays for Global Entry or TSA PreCheck, Ewen said the new credits could help offset the higher annual fee.

"If the answer is yes, you're definitely going to come out ahead," he said of travelers who typically spend up to $100 on in-flight purchases each year.

PASSENGER JET BOUND FOR US PLUNGES 27,000 FEET BEFORE CIRCLING FOR HOURS

The changes may not be for everyone, however.

"If you're only flying American once a year, you may not be able to stomach that additional increased annual fee," he said.

The changes also include adjustments to how cardholders can rack up rewards on everyday purchases, according to the press release. 

The personal Platinum Select card will offer three miles per dollar on eligible AAdvantage Hotels and Cars bookings and two miles per dollar on gas and EV charging, select streaming services, and eligible Rides and Rails purchases.

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Existing perks — including preferred boarding, no foreign transaction fees and a free first checked bag on domestic American itineraries for the cardholder and up to four companions — will remain intact.

Ewen said the higher fee follows a broader shift among airline rewards cards. 

"American is far from the first airline that we've seen this increase in their annual fees," he said, pointing to similar changes from Delta, Southwest and United.

Entry-level airline cards that once hovered around $100 annually are increasingly moving closer to $150, Ewen said.

"This is definitely the norm, although it's not universal across the board," he added.

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The move by American Airlines aligns with a broader trend sweeping the credit card sector.

Over the past few years, the travel rewards market has seen steady fee inflation as issuers pack mid-tier and premium cards with statement credits and subscription services.

Financial institutions are betting consumers will accept higher upfront costs in exchange for tangible, use-it-or-lose-it perks, transforming traditional flight-focused credit cards into broader lifestyle products, according to reports. 

The changes drew mixed reactions from cardholders online.

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"Call me crazy, but none of this is an upgrade," one Reddit user commented.

Another questioned the value of the new in-flight credit. 

"These inflight credit[s] [are] annoying," the person wrote. "They don't even stock them except for longer flights."

Others were more receptive to the new benefits, with one commenter pointing to the Global Entry or TSA PreCheck credit as a reason the higher fee could be worthwhile.

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"This has become more of a respectable airline card in my opinion now with this refresh," one user wrote.