Investment firm Demetra Holdings Plc announced on Thursday that it recently purchased 3,890 of its own shares as part of an ongoing share buyback programme.
The transaction was carried out on October 27, 2026, through the Cyprus Investment & Securities Corporation Ltd (CISCO).
Demetra Holdings acquired the shares at a price of €1.335 per share.
The share buyback was executed pursuant to the relevant regulations of the Cyprus Stock Exchange and the circulars of the Cyprus Securities and Exchange Commission.
The acquisition followed authorisation granted by shareholders during the company’s annual general meeting on June 30, 2026.
Solidus Securities will distribute a gross interim dividend of €1.32 million to shareholders in November 2026, following a unanimous decision by the company’s board on Thursday.
The dividend amounts to €0.25984252 per share, before tax withholding, according to the investment services company’s announcement.
Shareholders registered in the Cyprus Stock Exchange (CSE) register on November 20, 2026, will be entitled to receive the interim dividend.
The company’s shares will trade without the right to the dividend from November 19, meaning investors buying shares from that date will not qualify for the payment.
Investors who purchase shares by the close of trading on November 18, the final date on which shares will trade with the dividend entitlement, will qualify for the distribution.
Entitlement will also extend to investors who receive securities through an over-the-counter transfer completed by the November 20 record date.
The dividend will be paid to eligible shareholders on November 25, 2026.
The Cyprus Trading Corporation (CTC) on Thursday announced a series of management changes across its businesses, including a new board chairman from January 2027 and appointments to senior financial and operational roles taking effect from November 1, 2026.
The changes are intended to strengthen the group’s management structure and support its next phase of development and growth across its main areas of activity.
Christakis Charalambous will become non-executive chairman of the board on January 1, 2027, succeeding Demetris Demetriou, who will remain a member of the board.
Charalambous is already a board member and chairman of the board executive committee. He also serves on the board of Hermes Airports, the Nicosia Chamber of Commerce and Industry (Evel) and the Cyprus Employers and Industrialists Federation (Oev).
The board expressed its appreciation to Demetriou for his contribution during his tenure as chairman.
The board executive committee currently comprises Charalambous, Eleni Shacola, Chrysoula Shacola and George Louca.
A further change will see Maria Kaimi, the group’s internal legal adviser, become company secretary on January 1, 2027, succeeding George Mitsides.
The board also thanked Mitsides for his many years of service to the group.
From November 1, 2026, Louca, currently group finance and IT director, will take on the newly combined role of chief financial and operating officer (CFOO).
The position brings together the traditionally separate responsibilities of chief financial officer and chief operating officer, with the aim of integrating financial planning, resource allocation and operational efficiency across the group.
Louca will report to the board executive committee while retaining his positions as a board member of CTC, Woolworth and Ermes, as well as his membership of the board executive committee.
Argyro Efstathiou, currently chief financial officer and chief operating officer of the group’s fast-moving consumer goods (FMCG) operations, will become CTC group finance director on November 1.
Her current responsibilities cover Argosy Trading Company, Cassandra Trading and Artview, and she will report to Louca in his new role.
Antonis Hadjilazarou, currently chief commercial officer of the group’s FMCG operations, will become chief executive officer of FMCG from November 1.
Ariadne Samuel will take up the position of FMCG chief financial officer on the same date, reporting to Hadjilazarou.
Samuel is a chartered accountant with professional experience at a leading audit firm and in the FMCG sector.
Together with George Kozakos, chief executive of CTC Automotive, the appointments are intended to reinforce management across the group’s principal businesses and support further expansion in Cyprus.
CTC said its companies had strong market positions, extensive expertise and significant opportunities for further growth in the domestic market.
Argosy Trading Company imports, distributes and manages fast-moving consumer goods, as well as products for the food service and hospitality sector, known as HORECA.
Through its nationwide distribution network, it serves almost the entire retail and HORECA market in Cyprus, supplying products from multinational companies including Mars, Kellogg’s, Mondelez, Reckitt, JDE, Danone, Melissa and Dodoni.
Cassandra Trading imports and distributes Philip Morris International tobacco products in Cyprus.
Its portfolio includes conventional tobacco products, such as cigarettes and rolling tobacco, as well as newer products including heated tobacco sticks, IQOS heated tobacco devices and vaping products.
Artview operates in the cosmetics and fragrances sector, managing the Christian Dior and Diptyque brands in the Cyprus market.
CTC Automotive markets and distributes vehicles and heavy machinery, including Volvo Cars, Hyundai, Iveco, Scania and Caterpillar.
Its portfolio also includes Michelin, Riken and BFGoodrich tyres, Total and Elf lubricants, Hilti tools and related products and services.
The company also operates CTC Autoleasing, which provides leasing for vehicles and light commercial vehicles.
CTC also maintains its investment in Hermes Airports, which develops and manages Larnaca and Paphos international airports.
The group said it remained committed to creating long-term value for all stakeholders through sustainable growth.
The TechIsland TechPro Community will hold its fourth meetup on November 3, 2026 in Limassol, bringing together professionals working at the core of Cyprus’ technology sector for an evening of discussion, knowledge exchange and networking.
The community was created by TechIsland, the largest technology association on the island, as a dedicated platform for CTOs, CIOs, CISOs, technology architects, software developers, DevOps and platform engineers, data and AI specialists, cybersecurity professionals, UX experts and digital transformation leaders.
Its purpose is to give these professionals a space to meet peers outside their own organisations, exchange practical experience, discuss the challenges they are facing and build stronger connections across Cyprus’ technology ecosystem.
Following three meetups earlier this year, the community will come together with a programme combining a focused panel discussion with informal networking over drinks and bites.
At the centre of the evening will be the panel ‘Inside the Vault: Building Secure Systems for Digital Assets & Data’.
The discussion will take a practical look at how organisations protect what matters most, from customer data and production databases to API credentials, encryption keys, sensitive information and digital assets, while still enabling teams to move fast and keeping systems manageable in practice.
Joining the panel will be Anastasiia Sanina, Head of B2B Partnerships at The Vault, Denis Rybin, Director of Information Security at inDrive, Ingrid Camilleri, Chief Digital Officer at Cablenet, and Igor Bulatenko, Head of Information Security at Exness.
The conversation will be led by Andreas Neocleous, Chief Consulting Officer at PwC Cyprus, who will bring the speakers’ different perspectives together and guide the discussion around the practical decisions technology and security teams face.
The 4th TechIsland TechPro Community Meetup, powered by The Vault, will take place from 19.00 to 21.00.
Attendance is free of charge, including drinks and bites, but registration is required.
WISTA International has grown beyond 6,500 members, extending its influence across global shipping as it looks to bring more women into an industry where senior positions and careers at sea remain overwhelmingly male-dominated.
President Elpi Petraki outlined the association’s achievements over the past year at its Annual General Meeting in Kuala Lumpur this week, emphasising growing membership, closer ties with international maritime organisations and new opportunities for companies to become involved.
The meeting formed part of the WISTA International AGM and Conference 2026, taking place from October 28 to 30 under the theme ‘Bridging Borders, Driving Change: Asia Shaping the Future of Maritime and Trade’.
Co-hosted by WISTA Malaysia, WISTA Singapore and WISTA Hong Kong SAR China, the gathering brings together shipping executives, policymakers and industry professionals to examine the future of maritime trade, technology, sustainability and leadership.
For Petraki, the past 12 months have been particularly busy, with WISTA strengthening its relationships with the International Maritime Organisation (IMO), International Chamber of Shipping (ICS) and the United Nations, while taking a more active role in initiatives affecting the industry’s workforce.
Among those emphasised in her annual report were the Women in Transport EU Platform for Change, the UN Maritime Just Transition Task Force and UN Trade and Development’s TrainForTrade Port Management Programme.
WISTA has also continued working alongside the IMO on projects designed to improve opportunities for women across the maritime sector, from education and professional development to participation in industry decision-making.
Training has remained a particularly important part of that work. Through its partnership with the Institute of Chartered Shipbrokers, WISTA continues to offer scholarships that help members develop specialist shipping knowledge and commercial skills.
The arrangement, established in 2017, provides for five scholarships annually towards the Institute’s Foundation Diploma, covering subjects ranging from chartering and ship operations to maritime finance and port management.
Another programme has already delivered results this year. The IMO-WISTA-World Maritime University Gender-inclusive Leadership in Maritime Programme brought together 23 maritime professionals from 18 countries in 2026, combining online training with a residential course in Malmo, Sweden.
WISTA sponsored four participants, with the programme concentrating on leadership, project management, communication and the practical challenges of improving gender equality in maritime workplaces.
Meanwhile, the association has taken another step towards widening its membership by introducing a new category for businesses and institutions.
The associate membership scheme, formally launched in September, allows organisations involved in shipping, ports, logistics, transport, trading and energy to join WISTA’s international network even where they cannot become members through a national association.
Eligible organisations must operate in at least two countries and can nominate up to three representatives to participate in national WISTA activities.
To encourage participation, WISTA is offering complimentary membership until the end of 2026 to eligible organisations applying before December 31.
Petraki also reported the approval of two new members during the AGM.
Speaking when the new membership scheme was launched in September, she explained that interest from companies wishing to support WISTA had been increasing, although the existing structure had not always provided a suitable route.
“Broader collaboration with those sharing our vision is critical when tackling diversity and inclusion, as there is no one size fits all approach,” Petraki said.
The expansion comes as the maritime industry continues to face uncomfortable questions about how effectively it is attracting and retaining women.
According to the latest IMO-WISTA survey, published in May 2025, women accounted for just under 19 per cent of the maritime workforce surveyed, falling to 16 per cent in the private sector, excluding seafarers.
The situation at sea was considerably worse, with women representing just 1 per cent of seafarers employed by the organisations surveyed.
Those figures help explain why WISTA is putting so much effort into education, recruitment and leadership development, rather than relying on greater visibility alone.
Petraki herself addressed the wider challenge in an article published earlier this month, arguing that “inclusion is not about replacing men with women”, but about recognising the skills and experience available throughout the workforce.
The Kuala Lumpur conference is also examining these questions from a commercial perspective, with ICS Secretary General Thomas Kazakos among the leading speakers.
The programme includes discussions on building a future-ready maritime workforce, linking ships and ports with international trade and strengthening cooperation across the industry.
IMO programme officer Mariana Noceti and ICS director of employment affairs Helio Vicente are among those contributing to the workforce discussions, while a dedicated Women at Sea session gives female seafarers an opportunity to share their experiences and examine the obstacles that remain.
Cyprus has its own strong connection to WISTA’s international development. The island hosted the association’s 50th anniversary AGM and Conference in Limassol in October 2024, welcoming more than 350 delegates from the shipping, trading and logistics industries.
Petraki was re-elected president during that gathering, continuing a leadership history that includes former international president Despina Panayiotou Theodosiou of WISTA Cyprus.
The Cypriot association, currently led by Anna Pittalis, has remained active in promoting professional development, mentoring and greater female participation across the island’s maritime businesses.
Vassiliko Cement Works Public Company Ltd shareholders on Thursday unanimously approved a special resolution authorising the company’s board to buy back its own shares over the next 12 months, subject to limits on the number of shares acquired and the prices paid.
Under the decision, approved during an extraordinary general meeting, the board is now authorised to acquire shares in the company during the 12-month period following the meeting.
The number of shares acquired must not exceed 10 per cent of the company’s issued share capital or 25 per cent of the average value of transactions traded on the Cyprus Stock Exchange (CSE) during the 30 days preceding each purchase, whichever limit is lower.
The resolution also stipulates that the company may hold any shares it buys back for a maximum period of two years.
The maximum purchase price for the shares must not exceed the average market price of the company’s shares over the five trading sessions preceding the relevant purchase by more than 5 per cent.
No minimum purchase price has been set. Any payments for the shares must be made from realised and undistributed profits.
Finally, the resolution also authorises the company secretary to take all necessary steps to implement the decisions approved by shareholders.
Cyprus-listed holding company iDNA Genomics Public Ltd announced on Thursday through the Cyprus Stock Exchange (CSE) that the trustee of its corporate bonds has resigned from the position.
The resignation concerns the bonds with international securities identification number CY0240422119 and trading code iDNAB28.
The trustee stepped down from the post in accordance with the provisions outlined in the Trust Deed dated January 18, 2023.
The departure became effective upon the expiry of the prescribed notice period set out in the governing agreement.
Under the terms of the Trust Deed, the power to appoint a replacement rests solely with the company, the announcement mentioned.
Despite efforts made by the firm to date, the procedure to appoint a new trustee has not yet been completed, it added.
The company said that it is continuing its efforts to select a suitable entity to assume the trust responsibilities.
Bondholders are being kept informed as the organisation works to finalise the appointment of a successor.
The company stated that it will make a further announcement as soon as there is a significant development regarding the matter.
Cyprus may have won over Lonely Planet with its winter sunshine, but the cost of enjoying it tells a rather less flattering story, with Paphos proving considerably more expensive than several rival Mediterranean destinations.
The island has been named one of Europe’s ten best winter-sun escapes by the international travel publication, just as separate research by Britain’s Post Office Travel Money puts Paphos 14th among 24 destinations worldwide for value.
And while Cyprus may not be winning the battle on price, it has been collecting some impressive international endorsements of its own, from American travel writers to European tourism rankings.
In its latest guide, released earlier this week, Lonely Planet describes Cyprus as ‘Best for the warmest Mediterranean winter’, placing it fifth among ten recommended European destinations.
Travel writer Emma Sparks draws attention to the island’s mild weather, archaeological treasures and contrasting landscapes, from the flamingos at Larnaca Salt Lake to the snow-covered Troodos mountains.
It is welcome international exposure, particularly for a country looking to attract visitors beyond the traditional summer holiday season.
The financial comparison, though, is less encouraging.
According to the Post Office’s winter-sun research, a standard basket of eight holiday purchases costs £98.02 in Paphos, against £87.46 in Tenerife and £82.35 in Portugal’s Algarve.
That makes Paphos around 12 per cent more expensive than Tenerife and 19 per cent dearer than the Algarve, while Spain’s Costa del Sol comes in at £83.58 and Lanzarote at £93.82.
Malta’s Sliema and Rhodes also offer slightly lower prices, at £96.36 and £97.75 respectively. Of the eight European resorts surveyed, only Funchal in Madeira is more expensive, at £129.63.
The research, released in September and subsequently reported by international publications including Time Out, examines everyday holiday purchases, including drinks, suncream, insect repellent and a three-course evening meal for two with wine.
Flights, accommodation and transport are excluded, so the findings do not represent the total cost of a holiday. They do, however, offer a useful comparison of what visitors can expect to spend once they arrive.
A separate 2026 Family Holiday Report, produced by the Post Office with TUI, paints a similar picture, putting a basket of family holiday purchases at £177.18 in Paphos, compared with £158.31 in Tenerife and £139.65 in the Algarve.
Although the two surveys cover different periods and shopping baskets, both show Cyprus facing stiff competition from established European holiday destinations.
But price is not the only measure of a destination’s appeal, and Cyprus has some impressive figures in its favour.
According to the European Environment Agency’s latest bathing water assessment, published in June, Cyprus came first among European countries for the proportion of bathing sites rated excellent, with all 123 monitored locations meeting the highest classification for the 2025 season.
That compares with an EU average of 84.8 per cent, while Greece recorded 97.1 per cent, Spain 86.6 per cent and Portugal 82 per cent.
The results are based on European standards for microbiological bathing water quality, rather than a broader assessment of environmental conditions. Nevertheless, they give Cyprus a measurable advantage in an area that matters to holidaymakers.
And the island’s appeal is attracting attention well beyond Europe.
In June, American magazine Travel + Leisure, which had already included Cyprus among its 50 best places to visit in 2026, published a feature by travel writer Joe Baur exploring a side of the country that many international visitors rarely see.
Rather than concentrating on its beaches, Baur took readers along the island’s 347-mile E4 hiking trail, through the Akamas peninsula and into communities where traditional crafts, food production and local history are becoming part of the visitor experience.
The feature described Cyprus as something of an undiscovered destination for American travellers, drawing attention to opportunities for outdoor tourism and experiences beyond the established resorts.
For local businesses, this kind of international coverage has particular value. Walking holidays, cultural excursions and visits to rural communities create potential customers for guides, restaurants, producers and other smaller enterprises that may otherwise see little of the spending generated by mass tourism.
The interest has not stopped there. Earlier this month, National Geographic Traveller published an extensive feature by Orla Thomas on the Troodos mountains, examining the region’s wineries, walking routes, traditional villages and local crafts.
The article presented the mountains as a destination in their own right, offering an alternative to the island’s better-known coastal attractions.
It is another example of international travel coverage giving attention to parts of the Cypriot economy that have traditionally received far less exposure than the main holiday resorts.
Meanwhile, Nicosia has also earned a place in the international travel conversation.
The capital was named Europe’s top cultural destination for 2026 by the European Best Destinations platform, finishing ahead of Florence and Vienna in an assessment combining expert evaluations with traveller ratings.
The recognition was reported by Euronews, which also highlighted Nicosia’s position as an emerging city-break destination.
In a separate European Best Destinations ranking released in February, Nicosia took second place overall, behind Madrid.
These are tourism-platform rankings rather than official European Union awards, but they offer further evidence that international interest in Cyprus extends well beyond the familiar promise of a summer holiday.
For the country’s tourism businesses, the distinction matters.
Higher prices do not necessarily mean poor value. Travellers may be prepared to spend more for better service, distinctive experiences or a destination offering something they cannot easily find elsewhere. And although international recognition does not guarantee additional bookings, it gives Cyprus another selling point in a crowded market.
There is also a wider economic opportunity in attracting visitors whose spending reaches beyond accommodation and beachside businesses, supporting local food producers, cultural attractions, specialist guides and enterprises in the island’s towns and villages.
The challenge is turning that international interest into genuine commercial returns, rather than simply adding another award or favourable review to the destination’s promotional material. With competition for holiday spending remaining intense, Cyprus needs to make a convincing case for what visitors get in return for their money.
Eurobank has completed its €813 million acquisition of the remaining 80 per cent of Greek life insurer Eurolife Life Insurance, bringing its ownership to 100 per cent, while the sale of a 45 per cent stake in its Cypriot non-life insurance subsidiary to Fairfax Financial Holdings is expected to be completed by the end of 2026.
The bank announced the completion on Thursday, following the receipt of the necessary regulatory approvals and the fulfilment of the relevant closing conditions.
The transaction involved the acquisition of 80 per cent of Eurolife FFH Life Insurance Single Member Société Anonyme Company, which operates under the name Eurolife FFH Life Insurance SA, from entities controlled by Fairfax Financial Holdings Limited.
The deal follows earlier announcements made in October of 2025, and May of 2026, and represents a significant step in Eurobank’s strategy to expand its insurance business and diversify its sources of revenue.
With full ownership of Eurolife Life, one of Greece’s leading life insurance companies, the bank aims to strengthen its position in the insurance market and further develop its bancassurance activities, which combine banking and insurance services.
Eurobank said the acquisition would allow it to build on Eurolife Life’s established market position and distribution network.
The bank had announced in May that the consideration for the acquisition amounted to approximately €813m, with the transaction expected to be completed during the third quarter of 2026.
The completion announcement did not provide an update on the previously disclosed estimated impact of the acquisition on the group’s profit and loss account or its common equity tier 1 (CET1) capital ratio, which measures a bank’s financial strength.
The sale of part of Eurobank’s Cypriot insurance business remains pending, with the bank expecting to complete the disposal of a 45 per cent stake in ERB Asfalistiki Limited to Fairfax affiliates by the end of 2026.
The transaction remains subject to the outstanding regulatory approvals and other closing conditions.
Eurobank announced the planned sale in May, when it said the deal was expected to generate cash consideration of approximately €55m.
The disposal concerns ERB Asfalistiki, the group’s non-life insurance subsidiary in Cyprus, and forms part of the wider arrangements involving Fairfax.
The May announcement had indicated that the agreement relating to the Cypriot business was expected to be signed in the following weeks, subject to the necessary corporate approvals.
The completion of the Greek life insurance acquisition now gives Eurobank full ownership of Eurolife Life, while the separate transaction involving its Cypriot non-life insurance business remains outstanding.
CySEC warns investors about AI-generated scams and false advice
The Cyprus Securities and Exchange Commission (CySEC) has stepped up efforts to protect investors from online scams and artificial intelligence-generated investment fraud, as part of its participation in World Investor Week 2026, while continuing financial education programmes in schools across Cyprus until December.
The regulator on Thursday announced that it took part in the international initiative for the eighth consecutive year, focusing on emerging digital investment risks, strengthening financial resilience and helping the public make informed investment decisions.
World Investor Week is an initiative of the International Organisation of Securities Commissions (IOSCO), which seeks to raise awareness of investment risks and promote responsible investing.
CySEC’s campaign placed particular emphasis on fraudulent practices involving misleading online advertisements, false investment recommendations and deceptive content generated using artificial intelligence (AI).
The regulator stressed the importance of staying informed, carefully assessing investment opportunities and checking the credibility of investment service providers before committing money.
Public awareness activities included daily targeted posts on CySEC’s social media accounts, as well as appearances on television news and current affairs programmes.
The commission also encouraged the investment firms and other entities it supervises to help spread the campaign’s messages.
As part of the initiative, CySEC produced a Smart Investor Booklet outlining the main messages of World Investor Week 2026, alongside an investor guide titled ‘Knowledge, Protection and Safer Investment Decisions’.
Both publications form part of the regulator’s wider financial education programme.
School lectures to continue until December
Financial education for younger people remains a central element of CySEC’s work, with the sixth cycle of its school lectures already under way and scheduled to continue until December 2026.
The commission is also planning lectures at universities, extending its educational activities beyond the annual World Investor Week campaign.
The presentations cater for primary school pupils, lower and upper secondary school students, and those attending technical schools.
To support the programme, CySEC has developed new educational material tailored to different age groups and educational levels, together with a presenter’s guide intended to ensure that key financial education messages are delivered consistently and effectively.
The aim is to equip school and university students with essential financial knowledge and use practical examples to help them identify investment risks and protect themselves against potential fraud.
The initiative also seeks to strengthen students’ critical thinking skills when evaluating information and investment proposals encountered online, where misleading claims and fraudulent offers can be difficult to distinguish from legitimate opportunities.
CySEC said the educational programme had become an established part of its activities, with officials having visited 88 schools across Cyprus and provided financial education to more than 3,400 students during the previous five cycles of lectures.
Education seen as essential to investor protection
“Investment fraud is becoming increasingly sophisticated and difficult to detect,” said CySEC chairman George Karatzias, stressing that protecting investors required more than regulatory supervision.
“This is why investor protection requires not only effective supervision but also continuous public awareness and education,” he added.
“Through our initiatives, we aim to strengthen people’s ability to recognise risks and make informed decisions, while systematically investing in the financial education of the younger generation,” Karatzias continued.
CySEC also actively contributes to the work of the Cyprus Financial Literacy and Education Committee (CyFLEC), which supports efforts to improve financial knowledge and understanding across the population.
Information and educational resources, including the material developed for World Investor Week 2026, are available through CySEC’s Financial Education Portal.
More sales do not necessarily mean higher profits for businesses embracing e-commerce, according to Matina Zisiadou, director of Cyprus Information Technology Enterprises Association (CITEA), who stressed that the success of online trading should not be measured solely by sales, but by the value created for consumers.
Zisiadou explained that e-commerce has fundamentally changed the way consumers search for, compare and purchase products and services. Consumers now have more choice and easier access to products across different markets, while businesses can reach customers beyond the geographical boundaries of their operations.
The scale of this growth is reflected in the figures. According to the United Nations Conference on Trade and Development (UNCTAD), business e-commerce sales across 43 developed and developing economies were estimated at nearly $27 trillion in 2022.
In the European Union, meanwhile, almost eight in ten people aged 16–74 made online purchases in 2025, compared with around six in ten in 2015, according to Eurostat.
However, Zisiadou pointed out that this development is about more than changing the way people shop. It also influences consumer expectations, shapes new competitive dynamics and transforms the way businesses organise and operate.
The question she raised was “But who truly benefits from this growth?”
An online presence, she explained, can open new doors for a business, giving it access to markets and customers who might otherwise be difficult to reach.
Nevertheless, while e-commerce offers opportunities for growth and customer-base expansion, establishing and maintaining an online store, digital advertising, platform commissions, order and returns management, and after-sales service all involve costs that affect the final financial outcome.
Eurostat figures confirm the importance of e-commerce for businesses across the European Union. In 2025, online sales accounted for almost one-fifth of their total turnover.
For large enterprises, the share approached one-quarter, while for small and medium-sized enterprises (SMEs), it was approximately one-eighth.
This difference, according to Zisiadou, emphasises that businesses do not all make use of digital opportunities to the same extent.
For an SME, therefore, the objective should not simply be to launch an online store, but to choose the right business model, understand its costs, serve customers effectively and remain competitive over the long term.
Turning to the relationship between e-commerce and physical stores, Zisiadou explained that they are often presented as competing alternatives.
“In practice, however, they can complement each other, offering consumers more ways to discover products, make purchases and access customer service,” she said.
Physical stores can use the internet to attract new customers, display available stock and maintain relationships with consumers. Similarly, businesses operating primarily online can invest in services that build trust and improve the overall shopping experience.
At the same time, international platforms and digital marketplaces expand consumer choice, making it easier to access products and services across different markets.
Consumers benefit from a wider selection, while businesses gain new opportunities to showcase and sell products and reach customers.
In this environment, Zisiadou emphasised the importance of quality, reliability, customer service and the effective use of digital channels.
As for who the real beneficiaries are, she explained that “Ultimately, everyone can benefit.”
Consumers gain more choice and easier access to products and services, while businesses can expand their reach and grow their sales.
Digital platforms facilitate connections between buyers and sellers, while technology companies develop and support the solutions that make these transactions possible.
The wider economy can also benefit from innovation, productivity gains and the creation of new business opportunities.
“These benefits, however, do not arise automatically,” Zisiadou stressed, explaining that they depend on how effectively and sustainably each participant makes use of the opportunities e-commerce offers.
Beyond sales and retail activity, she also drew attention to the technology behind every transaction.
Behind every online purchase lies an entire chain of technologies and services that often remains invisible to the consumer.
From e-commerce platforms, retail systems and electronic payments to inventory management, hosting infrastructure, data analytics and cybersecurity, multiple technological solutions work together to ensure that transactions are completed smoothly and securely.
Businesses use these solutions to organise their operations more effectively and serve their customers, while technology companies develop, implement and support the systems that make this process possible.
As a result, the growth of e-commerce creates opportunities not only for businesses selling products and services, but also for the wider Information and Communication Technology (ICT) ecosystem.
For Cyprus, Zisiadou explained, this means that e-commerce growth can increase demand for technological expertise, digital services and innovative solutions.
“Technology alone, however, does not guarantee success,” she stressed, adding that what matters is selecting the right solutions and using them in ways that improve business operations, productivity and competitiveness.
Looking specifically at Cyprus, Zisiadou pointed out that the Cypriot market has already taken steps towards digital transformation, but there is still room to make more effective use of available technologies.
According to the statistical service (Cystat), in 2024, almost one in four enterprises in Cyprus received orders for goods or services over computer networks, representing 23.9 per cent.
Around one in six enterprises received orders through its own website or app (17.1 per cent), while approximately one in seven received orders through websites or apps serving multiple businesses, such as online marketplaces (14.1 per cent).
These figures, she explained, show that e-commerce is already part of business activity in Cyprus. At the same time, they indicate that there is room for wider adoption of digital tools, particularly among SMEs.
“The challenge goes beyond creating a website or joining a digital platform,” Zisiadou pointed out.
It involves integrating sales systems with inventory and order management, providing effective customer service, protecting data and making use of the information generated by transactions.
In this context, she highlighted CITEA’s role in connecting market needs with the expertise and capabilities of Cyprus’s ICT ecosystem.
Through cooperation between businesses and the technology sector, practical solutions can be developed to address real market needs and strengthen productivity, innovation and competitiveness.
Consumer trust, meanwhile, remains another important consideration.
Zisiadou stressed that the growth of e-commerce should not be assessed solely by the number of transactions, sales volumes or the variety of products available.
“The experience it delivers to consumers is equally important,” she said.
Indeed, Eurostat figures for 2025 show that more than one in three online shoppers in the EU (35.4 per cent) reported experiencing a problem when shopping online.
The most frequently reported issue was delivery taking longer than initially indicated.
According to Zisiadou, these figures demonstrate that reliability, payment security, personal data protection, clear information about purchasing terms, and the effective handling of returns and complaints are essential prerequisites for building and maintaining consumer trust.
Finally, she explained that e-commerce can create benefits for everyone, from consumers and retailers to digital platforms and the technology companies that support transactions.
“The question is not who gains at someone else’s expense, but how the growth of e-commerce can create lasting value for businesses, consumers and the economy as a whole,” she said.
“Ultimately, the success of e-commerce should not be measured solely by sales, but by the value we create for consumers,” Zisiadou concluded.
The Cyprus Chamber of Commerce and Industry (Keve) on Thursday released a statement reviewing the outcomes of a major business forum held in Nicosia earlier this week, where Cyprus and China explored opportunities to expand bilateral trade, attract investment and develop business partnerships.
The China-Cyprus Subnational Exchange and Cooperation Forum and Business Forum, organised by Keve in cooperation with the Chinese embassy and the Cyprus-China Business Association on Tuesday, brought together business representatives, local authority officials and institutional representatives from both countries to discuss closer economic cooperation and opportunities for commercial partnerships.
In his opening address, Keve secretary general Philokypros Roussounides said the countries’ longstanding friendship, founded on mutual respect and trust, provided a strong basis for expanding economic ties.
He stressed that the existing strategic partnership needed to translate into practical initiatives delivering tangible benefits for businesses and both economies.
“China, as one of the world’s leading economic powers and a major force in technology, innovation and manufacturing, offers significant growth opportunities for Cypriot businesses,” Roussounides said.
He also highlighted Cyprus’ position as a gateway to the European Union, pointing to its geographical location, business environment, skilled workforce and established professional services sector as advantages that could attract Chinese investment.
Roussounides emphasised the importance of cooperation between local and regional authorities, institutions and business organisations, arguing that dialogue should lead to meaningful and sustainable partnerships.
He cited an agreement between Cypriot company Top Kinisis and Zhejiang Overseas (Ningbo) International Travel Service Co., Ltd. as a practical example of the opportunities available, particularly in tourism cooperation.
Reaffirming Keve’s commitment to supporting Cypriot businesses abroad, he said the chamber would continue to promote bilateral trade and investment and facilitate direct engagement between the two countries’ business communities.
The forum also featured addresses by Chinese ambassador to Cyprus Yang Yundong and Cyprus–China Business Association president Theo Parperis.
Representatives of the Chinese delegation included Wang Rong, director-general of the Standing Committee of the Yancheng Municipal People’s Congress, Yan Xiaoping, a member of the Standing Committee of the Communist Party of China Dazhou Municipal Committee, and Jiao Shuanglin, deputy director-general of the Ningbo Foreign Affairs Office.
Speaking on behalf of the Ministry of Energy, Commerce and Industry, permanent secretary Kyriakos Iordanou highlighted the importance of bilateral trade, Cyprus’ strategic position as a gateway to the EU and the potential for attracting new investment.
Ambassador Yang stressed the need to strengthen practical cooperation, particularly through sister-city partnerships, tourism, innovation and emerging technologies.
He also highlighted Cyprus’ potential to act as a bridge between China and the European Union, helping businesses explore opportunities across both markets.
Parperis referred to the growing importance of bilateral trade and the scope for expanding commercial partnerships by capitalising on Cyprus’ geographical position.
Representatives of the Chinese cities outlined their development priorities and identified potential areas for cooperation, including renewable energy, electric mobility, digital innovation, manufacturing, agriculture, transport and logistics.
They also stressed the importance of strengthening ties between local and regional authorities to support economic cooperation.
Cypriot representatives highlighted further opportunities for collaboration in shipping, tourism, education, financial services, renewable energy and smart-city development.
Contributions came from Andreas Vyras, president of the Union of Cyprus Municipalities and mayor of Larnaca, Charalambos Prountzos, mayor of Nicosia, Marios Tannousis, chief executive of Invest Cyprus, and Marinos Kyriacou, deputy mayor of Amathounta.
The discussions also covered knowledge exchange between local authorities, modern urban planning, innovation, Centres of Excellence and cultural heritage preservation.
Speakers highlighted Cyprus’ advantages as an investment destination and the importance of establishing substantive partnerships between businesses, institutions and educational organisations in both countries.
An important element of the programme was the scheduled signing of a cooperation agreement between Top Kinisis and Zhejiang Overseas (Ningbo) International Travel Service Co., Ltd., focusing on the tourism sector.
The forum concluded with targeted business-to-business matchmaking meetings, giving Cypriot and Chinese companies an opportunity to establish direct contacts and explore potential trade and investment agreements.
Keve said initiatives of this kind formed part of its efforts to expand the international reach of Cypriot businesses and strengthen economic relations between Cyprus and China.
Cypriot businesses need to organise their data, establish clear rules and train employees before adopting artificial intelligence (AI), according to Kyriaki Parmakki, co-founder and chief executive of Limassol-based solutions studio essere.ai, who hosted the first ClickUp event in Cyprus earlier this month.
The event, held on October 8, brought together business owners, directors and technology specialists to explore how companies can integrate AI into their operations, with demonstrations of practical applications and discussions on the foundations needed to make the technology effective.
ClickUp, an American software company valued at $4 billion and known for its project management, task management and AI capabilities, held its first event on the island in partnership with essere.ai, which is ClickUp’s official and certified partner in Cyprus and the only partner it works with directly on the island.
In an interview with the Cyprus Mail, Parmakki said that the event highlighted a growing gap between individuals’ willingness to use AI and the extent to which businesses have integrated it into their operations.
“In 2025, 44 per cent of people in Cyprus used generative AI, against an EU average of 33 per cent, while only 9 per cent of Cypriot companies used AI, less than half the EU rate of 20 per cent,” she said.
“People in Cyprus are ahead of their companies.”
She added that the event’s attendance and the questions raised by participants suggested that businesses were increasingly interested in practical implementation rather than simply debating whether to adopt the technology.
“Appetite is not the problem. The room was full on a Thursday evening, with owners and directors, and the questions were about how, not whether,” Parmakki said.
“ClickUp choosing Cyprus for its first event here means international platforms now see this market too.”
The event featured a presentation by ClickUp guest speaker Mary Bornaghi, who outlined the platform’s approach to bringing work management and AI together, while Parmakki presented the fundamentals businesses need before introducing AI.
Neophytos Polydorou, senior AI engineer at essere.ai, demonstrated 5 live use cases using real systems and demonstration data, while representatives of 2 companies discussed how moving their work into ClickUp had changed their operations.
The evening concluded with an AI-readiness assessment that participants could complete on their phones, followed by networking.
A central theme was that businesses should focus on their operational foundations before investing in AI tools, with Parmakki arguing that the technology’s effectiveness depends on the quality and accessibility of the information it can use.
“Everything a company does is data. A call, an invoice, a message, an approval. AI can only work with what it can read, so the first question is never which tool, it is where the data lives,” she said.
She described 4 stages of business development according to how information is managed, ranging from data held in employees’ heads to information stored in separate files, then organised in systems, and finally supported by AI intelligence.
“Moving up one step always means the same thing, organising the data, and only then does AI have something reliable to work with,” Parmakki said.
Skipping this groundwork can result in AI producing generic responses or confidently delivering incorrect information, while employees may turn to personal AI accounts to handle company information because their employers have not provided suitable systems.
Businesses may also struggle to translate individual productivity gains into measurable commercial results.
Parmakki cited McKinsey research involving 1,700 executives, saying 80 per cent reported that AI made them personally more productive, while only 37 per cent of companies saw the benefits reflected in their results.
“The gap between those two numbers is the foundations,” she said.
The event also examined the growing use of AI by employees, including the security implications when individuals adopt tools without company oversight.
According to figures presented during the event, the proportion of employees regularly using AI on their work computers had increased from 15 per cent to 45 per cent in 1 year, while 2 thirds of those users signed in through personal rather than company accounts.
“The question is not whether your people use AI. It is whether the company knows,” the event’s presentation stated.
Parmakki said the most immediate returns tended to come from processes involving large volumes of unstructured information, including telephone calls, emails, invoices and documents.
Examples included answering calls in the caller’s language, recording the details and making bookings while other employees continued their work, as well as reading, checking and filing supplier invoices without requiring someone to open each email.
Other applications could prepare short morning briefings identifying tasks at risk of missing deadlines and suggesting how work could be reassigned.
“These are not pilots. Each one removes a chore that repeats every week, and a person can check the result in seconds,” she said.
However, she stressed that businesses must establish clear boundaries for AI agents before allowing them to operate.
“Before an agent goes live we write three things down, what it may read, what it may do on its own, and where a person decides,” Parmakki continued.
“Draft yes, send no. Suggest yes, pay no. No decisions about people or payments without a person.”
She added that every action should be logged and the records reviewed weekly, allowing companies to monitor whether AI systems are operating within their permitted limits.
The live demonstrations illustrated how these principles could work in practice, including a support call recognised and handled by an AI agent called Ciao, which helped the caller and made a booking.
Another demonstration showed an 8am briefing identifying a task at risk and proposing that it be reassigned, while an AI agent prepared month-end billing for approval by a person.
Other examples included filing a supplier invoice without anyone having to read the inbox and conducting a weekly security review in which an agent checked every action against established rules, including access it had been denied.
The event also addressed the distinction between developing bespoke software and configuring existing platforms, with the presentation arguing that although building software has become more accessible, maintaining it still involves logins, permissions, mobile applications, backups, security, updates and support.
The departure of the person who originally built a system can also create difficulties for the business.
The recommendation was to build technology where it creates a genuine competitive advantage and configure existing tools for other requirements.
Regulatory compliance was another key theme, particularly the European Union’s AI Act and the responsibilities it places on businesses.
“The EU AI Act already asks two things of every company, train your people on AI, and tell customers when they are talking to a machine,” Parmakki said.
The event presentation stressed that businesses should provide AI training and retain evidence of that training, while making clear to people when they are interacting with AI.
It also highlighted the heavier requirements for AI systems making decisions about people and money, which Parmakki said were due to arrive in December 2027.
Beyond regulation, she argued that a lack of expertise and uncertainty about legal requirements and data protection were more significant obstacles to adoption than the price of the technology.
“The gap is not technology, and it is not money. It is knowledge, and fear,” she said.
“Most companies do not know where to start and do not know where this is going, so they wait.”
She referred to Eurostat findings on businesses that had considered AI but decided against adopting it, saying the most frequently cited reason in Cyprus and across the EU was a lack of relevant expertise, followed by legal uncertainty and data protection concerns, while cost ranked considerably lower.
Parmakki said essere.ai aimed to bridge that gap through education before technology, helping business owners understand what AI could do within their own operations, where it was appropriate and what needed to be in place first.
For companies seeking to move beyond experimentation, she identified 3 priorities, beginning with establishing a reliable operational system that the business owns.
This should provide a single source of information for clients, tasks, documents and figures, rather than relying on employees’ memories, inboxes and spreadsheets.
The second priority is to establish written rules governing what AI can access, which actions it can perform independently and when human approval is required, with every action logged and a designated employee responsible for oversight.
The third is to train employees, move them away from personal accounts towards company accounts and select a single recurring process in which AI can be introduced and tested.
“Pick one process that repeats every week, put AI inside it, run it for four weeks with a clear yes or no at the end, and only then take the next one,” she said.
“That is the difference between experimenting and integrating.”
Parmakki argued that businesses did not need to begin with an extensive strategy document or bespoke software, but rather with sound preparation and a disciplined approach to implementation.
“None of it needs a strategy document or custom software. It needs the groundwork done properly, and the discipline to start small,” she said.
The event also presented Gartner’s expectation that 60 per cent of AI projects lacking AI-ready data would be abandoned, reinforcing the importance of preparing business information before introducing additional tools.
The broader message was that AI adoption should be treated as an operational change rather than simply a technology purchase, with the potential benefits depending on how well companies organise their work, protect their information and equip employees to use the technology effectively.
Household real income per capita rose by 0.1 per cent in the euro area and the European Union in the second quarter of 2026, while household consumption increased in both, according to Eurostat, as figures also show that Cyprus’ gross disposable income for households and non-profit institutions reached €22.97 billion in 2025.
The latest seasonally adjusted quarterly data from the EU’s statistical office show that household real income per capita in the euro area continued to grow at the same modest pace as in the first quarter, when it also increased by 0.1 per cent.
Household real consumption per capita, meanwhile, rose by 0.3 per cent in the euro area, following a stable reading in the previous quarter.
Across the EU as a whole, household real income per capita increased by 0.1 per cent in the second quarter, slowing from growth of 0.3 per cent in the first 3 months of the year.
Real household consumption per capita in the EU rose by 0.4 per cent, recovering from a 0.1 per cent decline in the first quarter.
The figures provide an indication of how household purchasing power and spending are evolving after accounting for inflation, offering a broader picture of household economic conditions across the bloc.
Eurostat said the increase in real household income in the euro area was mainly supported by net property income and other net current transfers.
In the EU, the main positive contributions came from compensation of employees and social benefits other than social transfers in kind.
However, some components weighed on income growth, with gross operating surplus and gross mixed income making the largest negative contribution in the euro area.
Across the EU, current taxes and net social contributions were the largest negative contributors.
Household saving rates declined in both the euro area and the EU during the second quarter, suggesting that households were saving a slightly smaller share of their income than in the previous 3 months.
The saving rate fell by 0.2 percentage points in the euro area and by 0.3 percentage points across the EU.
Among the member states for which data were available, household saving rates increased in 4 countries and declined in 11.
Poland and Czechia recorded the largest increases, with both rising by 0.6 percentage points.
The steepest falls were recorded in Finland, where the saving rate dropped by 1.6 percentage points, followed by Hungary with a decline of 1.4 percentage points and Italy with a decrease of 1.2 percentage points.
Household investment rates showed a more stable picture, remaining unchanged in the euro area while falling by 0.1 percentage points across the EU compared with the first quarter.
Among the member states covered by the data, household investment rates increased in 4 countries, remained stable in 6 and decreased in 5.
Hungary recorded the largest increase, at 0.7 percentage points, followed by Czechia at 0.3 percentage points.
Ireland saw the largest decline, with its household investment rate falling by 0.7 percentage points, while Italy recorded a decrease of 0.3 percentage points.
The quarterly figures come alongside longer-term data showing a continued increase in gross disposable income for households and non-profit institutions across the EU, the euro area and Cyprus.
In Cyprus, gross disposable income rose from €16.04bn in 2020 to €22.97bn in 2025, according to the figures provided.
The total increased to €16.80bn in 2021 and €18.08bn in 2022, before reaching €19.62bn in 2023.
It then climbed to €21.54bn in 2024, exceeding the €21bn mark for the first time in the period covered, before rising further in 2025.
Across the EU’s 27 member states, gross disposable income for households and non-profit institutions rose from €8.55 trillion in 2020 to €9.00 trillion in 2021 and €9.74 trillion in 2022.
It exceeded €10tn in 2023, reaching €10.50tn, before increasing to €11.11tn in 2024 and €11.49tn in 2025.
In the 21-country euro area, the corresponding figure increased from €7.49tn in 2020 to €7.85tn in 2021 and €8.45tn in 2022.
It rose to €9.10tn in 2023, followed by €9.57tn in 2024 and €9.84tn in 2025.
The longer-term data indicate that gross disposable income has risen steadily across all 3 areas, although the latest quarterly figures show that real income growth remains modest and household saving rates have edged down.
The findings appear in the organisation’s September 2026 edition of DCO Policy Watch, titled ‘Resilience at Machine Speed: National Cyber Defense in the Age of AI‘, which examines how governments can strengthen their defences against increasingly automated attacks and prepare for the eventual transition to quantum-resistant cryptography.
The report places Cyprus among jurisdictions with a defined incident-reporting interval in force, noting that its Article 35B requirements establish a tighter initial reporting timeframe than the default under the European Union’s NIS2 Directive.
However, it cautions that having a deadline does not automatically mean a country can respond effectively, with the resources, staffing and operational capabilities behind the rules ultimately determining their value.
For Cyprus, the broader lesson is that existing reporting requirements should form part of a comprehensive national strategy that connects early warnings to effective incident response, investment in defensive artificial intelligence and preparation for future cryptographic risks.
In an exclusive interview with the Cyprus Mail, director at Plug and Play Cyprus, Filippos Kyprianou, discussed how the global innovation platform is connecting Cypriot founders with more than 600 corporations across over 60 locations, while helping them develop the commercial skills needed to scale internationally.
He also examined the role of local corporate partners, the challenges facing startups and what success should look like over the next five years.
In two circulars issued this week, the regulator highlighted European Securities and Markets Authority (ESMA) guidance on sustainability-related claims and a new European Union regulation setting common formats for reporting beneficial ownership information.
In the first circular, CySEC drew the attention of regulated entities to 2 new thematic notes published by ESMA on October 12, 2026, covering impact claims and transition claims linked to sustainability.
The guidance follows an earlier circular, C752, which informed regulated entities about ESMA’s second thematic note, focusing on environmental, social and governance (ESG) strategies.
The second circularconcerns a new EU regulation establishing common formats for submitting information about beneficial ownership, meaning the individuals who ultimately own or control companies and other legal entities.
The programme includes a completely redesigned irrigation system, extensive bunker renovations and a series of clubhouse enhancements, marking the next stage in the development of the award-winning golf and lifestyle destination.
The investment reflects Minthis’ commitment to upgrading its facilities and infrastructure while preserving the resort’s natural environment, character and heritage.
At the centre of the project is a redesigned irrigation system, designed by Irritech and installed by Pro Golf Group, which has been engineered to provide comprehensive coverage across the golf course.
The outstanding amount of total deposits reached €60.2 billion at the end of September, while total loans stood at €29.6 billion, according to the CBC’s latest monetary and financial statistics, released on Tuesday.
The net increase in deposits was substantially higher than the €171.50m recorded in August, although the annual growth rate remained unchanged at 6.5 per cent.
Deposits held by Cyprus residents rose by €639.9m during September, with households and non-financial corporations accounting for much of the increase.
Household deposits increased by €93.8m, while deposits held by non-financial corporations rose by €373m.
Speaking at the Cyprus Marine Club’s October Get-Together last week, Pilides examined the challenges facing Europe’s energy sector, arguing that greater flexibility and a more balanced approach are needed to strengthen competitiveness.
The event, held at Gazebo Mare in Limassol, brought together more than 100 members, guests and professionals from the maritime, energy and wider business communities.
Pilides, who made history as Cyprus’ first Shipping Deputy Minister before serving as Minister of Energy, Commerce and Industry, delivered a presentation entitled The Energy Trilemma: Trade-Offs Shaping the European Landscape.
Drawing on her experience in both government and business, she examined the difficult balance between energy security, affordability, sustainability and competitiveness, particularly as Europe continues its transition towards cleaner energy.
Not so long ago, buying a video game was a fairly straightforward affair. You paid for it, played until you finished it and, if you particularly enjoyed yourself, bought another.
These days, paying for the game can be just the beginning.
There are subscriptions, season passes, virtual currencies and downloadable extras, not to mention an impressive number of opportunities to spend another few euros.
For publishers, the attraction is obvious. A customer who buys a game once is valuable. One who keeps playing and spending for years is considerably more so.
That business model is now attracting the attention of European consumer authorities, particularly when children are involved.
“This amendment replaces the complicated current system with a simplified, clear and more effective framework,” Interior Minister Constantinos Ioannou said, speaking after the cabinet meeting.
Ioannou explained that the amendment abolishes the geographical division of Cyprus into three categories with different cost factors, simplifies the methodology for calculating fees depending on the category of development, gets rid of the graduated charge based on the area for buildings and the division of land into plots, as well as additional charges for external works, clarifies when fees would be paid and lays out specific provisions for refunds.
“Our main aim is to reduce complexity, enhance transparency and uniformity, and make procedures faster, to the benefit of citizens, researchers, construction sector professionals and authorities,” he said.
Alpha Bank has increased its share capital to €654.35 million following the exercise of employee stock options in September 2026, bringing its total number of shares with voting rights to more than 2.25 billion.
The lender confirmed the change this week, following a share capital increase approved by its board of directors on September 30 and registered with the General Commercial Register on October 13.
The increase resulted from the implementation of the bank’s stock options plan, under which eligible participants exercised options granted to them during the September 2026 exercise period.
Following the increase, Alpha Bank’s share capital stands at €654,351,248.35, divided into 2,256,383,615 ordinary shares, each carrying voting rights and having a nominal value of €0.29.
The shares are registered and held in dematerialised form, meaning they exist electronically rather than as physical share certificates.
The bank said the disclosure was intended to help shareholders and holders of voting rights calculate the thresholds at which acquisitions or disposals of significant shareholdings must be reported under Greece’s financial market transparency legislation, specifically Law 3556/2007.
The announcement was issued in accordance with Article 9, paragraph 5, of that law, which requires companies to disclose changes in their share capital and voting rights to enable investors to determine whether their holdings cross relevant reporting thresholds.
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