Cyprus Business Now: fuel, airports, banks, youth employment, vehicles
As air links with key markets are restored, demand for accommodation in Cyprus is estimated to follow a similar path to recovery, Papacharalambous told the Cyprus News Agency (CNA).
This assessment follows an announcement from Hermes Airports earlier today, confirming that connectivity with Europe has been restored after the resumption of several flights that had been temporarily suspended in recent weeks.
The airport operator stated that a number of routes interrupted by the situation in the Middle East have resumed operations in recent days, strengthening connections from the country’s two international airports.
There is currently no security problem in Cyprus that should prevent a traveller from continuing with their travel planning, the association president said.
“There is no increased security risk in Cyprus compared to any other European country,” Papacharalambous told the news agency.
Speaking to the Cyprus News Agency (CNA), Prokopiou said crude prices had climbed sharply in recent days.
His comments came as oil prices surged on international markets, with Brent crude at one point touching $119.50 a barrel on Monday, as supply cuts and fears of prolonged disruption to shipping routes linked to the expanding US-Israeli war with Iran rattled international markets.
That increase, he said, is already beginning to feed through to the local market. A first rise of around two cents per litre was recorded last week, while further increases are expected to follow.
He highlighted Cyprus’s sound economic fundamentals, solid fiscal base, and resilient banking sector as key pillars of stability.
Governor Patsalides emphasised that the banking system remains well-capitalised and highly liquid, which he believes strengthens its capacity to absorb potential external shocks.
Regarding the wider eurozone, he indicated that the sharp rise in energy prices is being closely monitored and assessed.
The airport operator said that a number of routes that had been interrupted due to the situation in the Middle East have resumed operations in recent days, “strengthening connections from the country’s two international airports”.
According to the announcement, airlines belonging to the Lufthansa Group, including Lufthansa, Austrian Airlines, Edelweiss Air and Eurowings, have resumed flights to and from the airports of Larnaca International Airport and Paphos International Airport.
Flights have also restarted by British Airways, easyJet and Transavia, further boosting connectivity between Cyprus and European destinations.
The purchases form part of the Eurobank share buyback programme launched following an announcement on December 12, 2025 and approved by the Extraordinary General Meeting of shareholders held on October 22, 2025.
The programme was authorised under Article 49 of Law 4548/2018 and continues a previously approved buyback plan initially implemented by Eurobank Ergasias Services and Holdings S.A..
The current initiative follows a resolution of the Eurobank board of directors dated October 22, 2025.
During the period from March 2, 2026 to March 6, 2026, the bank repurchased a total of 4,530,874 shares traded on the Athens Stock Exchange.
The shares were bought at an average purchase price of €3.5404 per share, bringing the total transaction value to €16,041,252.50.
This was facilitated by Invest Cyprus, which successfully organised an international investment conference in London on February 26 in the English capital.
The conference was held in collaboration with FT Locations, the global investment arm of the Financial Times, bringing together global investors and business leaders to discuss the island’s economic outlook.
The event, titled “Investing in Cyprus Risk, returns and FDI flows in the innovation corridor”, took place at Bracken House, the headquarters of the Financial Times.
In a statement, the association said such periods usually bring short-term turbulence, largely driven by intense international news coverage and the initial reaction of markets. Over time, however, the picture becomes clearer and balance is restored.
According to an announcement from Eurobank, the event was organised by the bank’s private banking division in cooperation with the asset management arm of BNP Paribas, bringing together clients for a discussion on current market developments and investment strategies.
The gathering formed part of Eurobank’s broader collaboration with international financial organisations, aimed at giving clients access to global investment analysis and capital management strategies.
In a reply to questions from Green party MP Charalambos Theopemptou, Mousiouttas said measures aimed at helping young people into work are already covered by the National Strategy for Active Employment Measures for 2023 – 2025, as well as by a new strategy for 2026 – 2028, a draft of which was submitted to the European Commission in December 2025.
He said the labour department’s approach includes counselling, personalised support, individual action plans and participation in subsidised employment schemes.
The minister’s response comes as recent data point to continued pressure in the youth labour market.
Specifically, motor vehicle registrations reached 9,020 during January and February, according to the Cyprus Statistical Service’s (Cystat) latest report.
This marks a 15.1 per cent increase compared with the 7,834 registrations recorded during the corresponding period of 2025.
In February 2026 alone, total motor vehicle registrations rose to 4,670, representing a 24.3 per cent increase from 3,757 recorded in February 2025.
The new cooperation between the two organisations activates an understanding that had previously been agreed following a series of high-level meetings involving senior management and board members from both institutions.
According to the announcement, the partnership is the result of extensive dialogue and exchange of views on issues affecting businesses, particularly regarding their interaction with banking institutions and the provision of banking services.
According to Eurostat’s latest demographic data, 3.55 million babies were born in the EU in 2024, representing a decline from the 3.67 million births recorded in 2023.
This represents a 3.3 per cent decrease in births across the European Union, continuing a downward trend in fertility across the bloc.
The total fertility rate in the European Union stood at 1.34 live births per woman in 2024, down from 1.38 in 2023.
The association submitted a written note to the House finance committee, which is examining proposals to amend the country’s foreclosure legislation.
“Possible approval of the proposed laws will have negative consequences for credit institutions, the stability of the financial system and possibly the credit rating of the Cypriot economy because they will suspend the timetable and procedures for property foreclosures,” the association said in its note to parliament.
The organisation said its members have expressed strong concern over the proposed amendments to the foreclosure framework, which are currently under discussion in the legislature.