Cyprus Business Now: Cyta, CSE bill, Finance Minister, air connectivity, WTO
Cyprus business & economy wrap-up from the day before
“With True Value we sought to see this overall picture clearly and to capture with data how our activity translates into real value for Cyprus, into figures that clearly show the benefit for the country,” he said.
He explained that economic value typically includes what is reflected in annual financial statements, such as revenue, operating costs and profitability.
He described True Value or Real Value as a methodology aligned with international standards that captures the broader impact created by Cyta on society.
Stylianou said that this is achieved by measuring the organisation’s economic, social and environmental contributions and converting them into an equivalent financial value.
He added that the approach records positive effects such as investments in technological infrastructure, tax payments, job creation, training and social responsibility initiatives, while also taking into account impacts such as environmental effects arising from operations.
In a statement welcoming the decision of the plenary, the Finance Ministry said that the passage of the bill constitutes “ significant institutional and reform milestone“, forming part of the broader modernisation of the capital market and the strengthening of the competitiveness and credibility of the Republic’s financial system.
The ministry stated that the new law establishes the necessary framework for the privatisation of the Cyprus Stock Exchange (CSE), as well as for the smooth transfer of the responsibilities of the Central Depository and the Central Registry of Securities to a strategic investor.
It added that it also ensures “the uninterrupted continuation of their operations and the protection of the public interest”.
It further stated that the legislation “safeguards the labour rights of CSE staff, providing for their smooth transfer to the Finance Ministry or, alternatively, the payment of compensation under an early voluntary retirement scheme“.
One day earlier, on February 25, Keravnos will address European Parliament committees to present the priorities of the Cyprus EU Presidency.
According to a press release issued by the Finance Ministry, ministers responsible for Cohesion Policy are expected to approve the Council conclusions on the European Commission communication “An Agenda for Cities” during the meeting.
The conclusions underline the importance of cities for economic development, innovation, social cohesion and employment, while highlighting pressing challenges such as housing, social inequalities and the impacts of climate change.
Opening the Informal Meeting of Trade Ministers in the capital, Damianos outlined a programme focused on competitiveness, resilience and strategic autonomy amid what he described as “truly demanding geopolitical circumstances.”
“It is a great pleasure to be chairing this meeting of Trade Ministers of the European Union here in Nicosia today,” he said, noting that this was the first gathering of EU trade ministers under the Cyprus Presidency.
“Our aim as a Cyprus Presidency is to promote a forward looking agenda aimed at strengthening the Union’s competitiveness,” he added.
According to the announcement, the Hermes Airports Air Service Development team “attended one of Europe’s leading and most strategically important route development forums”, held from February 17 to 19, 2026.
During the event, the team conducted 20 targeted meetings with airline partners, focusing on further enhancing connectivity at Larnaca and Paphos airports, securing new routes and expanding existing airline operations.
Discussions at the forum delivered particularly encouraging signals ahead of the upcoming summer season.
“Early booking trends from key markets including the United Kingdom, Poland, Scandinavia and Switzerland are performing strongly, while newer markets such as Spain and Italy are also showing promising momentum,” the company said.
“Notably, these emerging markets are beginning to generate a sustainable base of inbound demand,” it added.
According to the data, the greenhouse gas footprint of goods and services consumed in the EU amounted to 9.0 tonnes of carbon dioxide equivalents per capita in 2023, down approximately 1 tonne compared with 2022, when it stood at 10.0 tonnes.
The indicator measures emissions generated throughout the production chains of products consumed within the EU, regardless of where those emissions occur, and therefore includes emissions embedded in imported goods and services.
In Cyprus, the per capita footprint reached 14.8 tonnes of CO2 equivalents, significantly above the EU average of 9.0 tonnes.
This placed Cyprus ahead of Ireland, which recorded 14.0 tonnes per capita, and Luxembourg, which stood at 12.7 tonnes.
The event was organised under the auspices of the Deputy Shipping Ministry of Cyprus and brought together leading executives from shipping, the banking community and capital markets.
Discussions focused on developments in international shipping finance, regulatory and geopolitical changes, as well as challenges arising from the energy transition and increased compliance requirements.
At the panel entitled “Capital at Sea The State of Ship Finance”, Alpha Bank Cyprus was represented by Nikolaos Kagarakis, Shipping Finance Senior Relationship Manager of the Alpha Bank Group.
During his intervention, Kagarakis analysed the current state of the shipping finance market, stressing that the environment is becoming more demanding, with a higher cost of capital and stricter assessment criteria.
The observatory presents weighted average prices for 250 basic consumer products sold daily in 400 retail outlets nationwide throughout January, offering consumers a comparative snapshot of purchase prices across supermarkets, bakeries and kiosks.
According to the service, the January assessment mirrors data published by the statistical service (Cystat), which showed inflation rising to 0.5 per cent, compared with a negative 0.5 per cent in both November and December 2025.
At category level, the strongest annual increase was recorded in agricultural products, which rose by 8.2 per cent, while electricity and water prices fell by 6.5 per cent and petroleum products declined by 6.1 per cent compared with January 2025.
On a monthly basis, agricultural products increased by 7.9 per cent compared with December 2025, pushing food inflation to 3.5 per cent, up from 1 per cent the previous month.
Speaking at the 9th Capital Link Cyprus Shipping Forum, the Contships executive and former president of the Hellenic Chamber of Shipping said the industry has already reduced emissions significantly over the past two decades, even before the International Maritime Organisation (IMO) drive towards “Net Zero” by 2050.
As mentioned in Newmoney, shipping, he noted, is facing one of its biggest challenges in recent decades. However, he suggested that the debate has become distorted.
“Shipping has already significantly reduced emissions over the last 20 years without ‘Net Zero’,” he said, adding that “Net Zero does not mean zero emissions, but a benchmark for taxation of those who exceed the limits.”
The SUSTAINET project, co-funded by the European Union under the Erasmus+ programme, provides tools to improve environmental performance while promoting knowledge sharing through a European network.
The initiative fosters green business innovation and education both locally and internationally to support sustainable economic growth.
Project partners spent two productive working days assessing implementation progress and coordinating next steps for key work packages.
Speaking at the Cyprus Entrepreneurship Competition of the University of Cyprus (CyEC), held during the 10th Annual Innovation and Entrepreneurship Forum at the Anastasios Leventis Council, the minister said the funding aims to strengthen entrepreneurship and support sustainable growth.
He said projects currently under way amount to €363 million, of which €226 million comes from the THALEIA programme for the 2021–2027 programming period.
The remaining €137 million is financed through the EU’s Recovery and Resilience Facility and the REPowerEU plan.
The schemes are designed to encourage businesses to invest in sustainability, digital transformation and technology adoption.
Two of the proposals were tabled by MP Stavros Papadouris and seek amendments to the Immovable Property (Transfer and Mortgage) (Amending) Law.
The first provides that, where attempts to sell a mortgaged property continue beyond six months from the completion of the first auction, the obligation to apply a reserved sale price must remain in force.
That price, the bill stipulates, cannot fall below 50 per cent of the property’s market value.
The second would grant the Financial Commissioner the power to examine complaints relating to debt confirmation after the borrower receives a Form “I” notice from the mortgage lender, effectively expanding oversight at a critical stage of the foreclosure process.