Cyprus Business Now: shipping, tourism, unemployment, banks, Cyta
“The range of these recognitions reflects strong results across key performance areas, including speed, video and gaming experience,” the company said.
“Maintaining the fastest mobile network position for five consecutive years further reflects sustained excellence in mobile speed performance, based on independent measurements from real users through the Speedtest platform,” it added.
Among the distinctions, Cyta was named Fastest Mobile Network for five years in a row, in recognition of the highest overall mobile speeds in Cyprus.
The Association of Cyprus Tourism Enterprises (Stek) said that “several cancellations of reservations” have already been recorded for April and May, while new reservations for the rest of the period have dropped sharply, raising concerns across the sector.
Stek president Akis Vavlitis said the Cypriot government is expected to make representations to the US Embassy in Cyprus and the US Department of State in order “to lift the unfair travel advisory” issued for Cyprus.
At the same time, he warned that the decline in new bookings from June onwards is particularly worrying, noting that March and April are traditionally the strongest months for reservations for the rest of the tourist season.
Speaking to the Cyprus News Agency (CNA) on Wednesday, Yiasemides said it is possible that energy prices for households and businesses will rise, as electricity generation in Cyprus relies heavily on fossil fuels and imported supplies.
“The key issue is for the whole matter to be temporary,” said Yiasemides.
He pointed out that during the previous 12-day war, fuel price increases were temporary and could be managed in a similar way.
In a statement shared on his personal social media platform, O’Neil said that “the safety of our crews remains our absolute priority.”
“Our vessels operate under enhanced procedures, including live monitoring through our control room, enabling real-time assessment of navigation plans and risk exposure,” he added,.
He further stated that “no operational decisions are taken without thorough evaluation and confirmation of crew safety.”
At the same time, he explained that the company has robust contingency plans in place both at sea and ashore, including for its offices in Dubai and Saudi Arabia.
The announcement was made pursuant to article 14 of L. 3556/2007, as in force, following a relevant notification received from the US-based investment group.
According to the notification, the percentage of Eurobank’s voting rights held indirectly by The Capital Group Companies, Inc., hereafter referred to as CGC, fell below 5 per cent of the total number of voting rights in the bank.
As a result, CGC’s participation amounted to 4.96 per cent of Eurobank’s share capital, corresponding to 180,069,024 voting rights attached to ordinary shares.
Specifically, the statistical office of the European Union on Wednesday reported that the euro area unemployment rate declined to 6.1 per cent in January 2026 from 6.2 per cent in December 2025 and 6.3 per cent in January 2025.
Across the EU, the unemployment rate eased to 5.8 per cent in January 2026, down from 5.9 per cent in December 2025 and 6.0 per cent in January 2025.
Eurostat estimated that approximately 12.93 million people in the EU were unemployed in January 2026, of whom 10.77 million were in the euro area.
According to Eurostat, the total number of nights spent across the EU rose by 2.2 per cent compared with 2024, representing an increase of 66.4 million nights.
Nights spent by international guests increased by 3.4 per cent, equivalent to 49.7 million additional nights, while domestic guest nights rose by 1.1 per cent, or 16.7 million more nights year-on-year.
The bulk of overnight stays, amounting to 61.7 per cent of the EU total, were concentrated in four countries, namely Spain with 513.6 million nights, Italy with 476.9 million, France with 471.7 million and Germany with 442.1 million.
According to a statement issued by the Nicosia Regional Tourism Board (Etap), the distinction emerged through a global online vote involving more than 1.3 million participants, who were asked to choose the European destination they most want to visit in 2026.
At the same time, Nicosia was also awarded the title of European Best Cultural Capital 2026 by the Brussels-based organisation, outperforming major cultural cities such as Florence and Krakow through the same international vote.
According to the announcement, the recognition confirms Nicosia’s potential as a modern cultural capital while further strengthening its presence on the European cultural and tourism map.
The most affected trade flows are oil tankers, after major oil companies and tanker operators halted shipments through the Strait of Hormuz following Iran’s blockade of the passage.
The disruption has already begun to ripple through tanker markets. Nearly 200 tankers on international voyages are currently at a standstill in the Persian Gulf, after the effective freeze in vessel movements through the Strait of Hormuz, according to data from Lloyd’s List Intelligence.
The vessels, which are not subject to sanctions, are reported to be either anchored, tied up at loading terminals or moving at reduced speed, as shipowners and charterers await clearer signals on security conditions in the region.
More specifically, the agreement, signed in Dubai, establishes a structured commercial framework under which GenPro would support Noatum CSM through its supplier network, framework contracts and governance processes.
In this way, the collaboration is intended not only to streamline purchasing structures, but also to strengthen supplier oversight and ensure closer alignment with regulatory, compliance and sustainability requirements across fleet operations.
At the same time, and as part of this structured approach, Noatum CSM will gain access to GenPro’s contractually compliant supplier ecosystem.
The project, promoted by P.G. Economides Properties Ltd, concerns the development and operation of an approximately 87-metre-high building on plots totalling 3,123 square metres along 28 October coastal avenue.
According to the Environmental Assessment study, the development will comprise a ground floor, mezzanine, 18 above-ground floors, a roof garden and two underground levels.
The department of environment said the site lies within an established mixed-use zone.
To the east and west, it borders residential and office developments, while further along the coastal front are predominantly tourist and catering units.
The Turnover Value Index during the fourth quarter of 2025 recorded an increase of 9.5 per cent in the sectors of accommodation and food service activities compared to the corresponding quarter of 2024.
Real estate activities also saw an upward trajectory with a recorded growth of 5.7 per cent during the same three-month period.
The sector for administrative and support service activities followed this trend by registering an increase of 4.1 per cent relative to the fourth quarter of the prior year.
The discussion, titled ‘Limassol Real Estate – The Next 10 Years’, will examine the forces reshaping the coastal city’s property market, including rising demand for high-quality residential and office space, shifting investment patterns and growing interest in affordable housing and sustainable development.
The panel will explore how international demand, investment flows and local planning strategy are influencing the market and what integrated, long-term approaches may be required to support Limassol’s next phase of growth.
The session will also look at emerging trends in both the residential and commercial segments, as well as the dynamics of the luxury and high-end property sector, which has played a central role in the city’s transformation in recent years.
Firstly, Woolworth (Cyprus) Properties Plc said that its meeting will take place at 10.30 a.m. at Shacolas House, 200 Limassol Avenue, 2025 Strovolos, Nicosia.
Meanwhile, Ermes Department Stores Plc stated that its meeting will follow at 11.00 a.m. at the same location.
At the meetings, shareholders of both companies will consider and, if deemed fit, pass appropriate resolutions on a shared agenda covering four main items.
According to an official announcement, the first item concerns the presentation of the directors’ report for the year 2024.
This official disclosure incorporates several detailed data sets including the value of pre-agreed transactions for the month of February 2026.
The council further provided information regarding market shares that exclude these pre-agreed transactions for the same monthly duration.
Extended data covering the cumulative market share for the two-month period of January and February 2026 was also released to provide a broader view of member performance.