Cyprus Business Now: energy, builders, tourism, banks, shipping, foreclosure laws
He said the measures cited by the auditor-general as potential routes to lower-cost electricity would depend on extensive state spending, the burden of which would ultimately fall on consumers and taxpayers.
Constanti repeated Etek’s call for regulation in the competitive electricity market, so that part of the financial benefit arising from commercial photovoltaic parks and private commercial storage is passed on to consumers through a lower kilowatt-hour price.
He said this was necessary because such projects operate at lower costs than conventional generation, while the public will still be expected to shoulder the cost of wider infrastructure investment.
The meeting, held on Saturday, on the initiative of the association of building contractors (Oseok), brought together Transport Minister Alexis Vafeades, scientific and technical chamber (Etek) president Constantinos Constanti and the heads of key professional bodies across the sector.
According to Oseok, the discussion pointed to the need for stronger cooperation and more regular dialogue, with the aim of shaping common positions and coordinated proposals as part of a broader push to modernise and upgrade the construction industry.
Among the issues raised were the impact of the geopolitical crisis in the Middle East, faster licensing procedures, labour attraction, the review of public contracts and the promotion of the Cyprus Joint Construction Contracts Tribunal.
According to Politis, hotel operators in the Famagusta district said cancellations are now affecting mainly April and May, while the flow of new reservations has weakened just as most tourist accommodation is preparing to reopen by the end of March or early April.
Speaking to the Cypriot daily, Famagusta Hoteliers Association (Pasyxe) president Panayiotis Constantinou said that the concern is not limited to cancellations, but is centred increasingly on the lack of new bookings from European markets.
He said most summer reservations had so far remained largely intact, with only isolated cancellations reported for the months ahead.
The bank said it is “standing by those affected, responding to the emergency needs of its customers while remaining committed to its role as a pillar of stability in the Cypriot economy“.
The measures are designed to facilitate customers and provide necessary liquidity, helping them address immediate financial pressures.
A key component of the package is the suspension of loan instalments, covering both capital and interest payments.
Eligible customers will be able to benefit from a payment moratorium of up to 12 months, offering temporary financial relief.
The proposal focuses on incentive schemes implemented by Cypriot companies prior to the tax reform, during a period when the conditions for inclusion in the special taxation regime had not yet been defined.
Under the proposed framework, the Tax Commissioner would be granted discretionary authority to approve such schemes even if they do not fully meet current legislative requirements.
This provision would apply on the condition that the schemes include a minimum vesting period of three years, which must expire by the second half of 2026.
Held at the Romanian Parliament beginning of March, the conference was organised by I-ENERGYLINK and the CYBERFORT consortium, with the support of the Romanian National Cyber Security Directorate (DNSC).
It brought together more than 150 policymakers, regulators, supervisory authorities, industry leaders, cybersecurity experts, technology providers and academics to look at how the Cyber Resilience Act can move from legal text to practical implementation.
And that was, in many ways, the central issue running through the event.
Those attending included Deputy Shipping Minister Marina Hadjinamolis, navy representatives and senior figures from Cyprus’ maritime sector.
Opening the event, club president Polys Hajioannou said Toufani’s presence marked another important moment for Cyprus, with the island hosting a second consecutive keynote by a prominent US thinker after last year’s appearance by Robert Kaplan.
He said Kaplan’s analysis reflected “the complex geopolitical dynamics and current geoeconomic realities unfolding across the globe”, setting the tone for a series of annual events aimed at bringing internationally recognised voices to Cyprus.
The event, held in Limassol on March 20, brought together key stakeholders from the maritime industry, highlighting the importance of Cyprus as a global shipping hub and its growing international relevance.
The keynote speaker was Amin Toufani, an internationally recognised expert on organisational adaptability, known for his work on artificial intelligence, exponential technologies and innovation strategy.
His presence in Cyprus was described as a rare opportunity for the local market to engage directly with a globally recognised thought leader.
The chamber also stated that it does not object to the transfer of ownership of the port and marina to the Cyprus Ports Authority, while emphasising the importance of effective management.
In its announcement, the chamber highlighted that Larnaca’s geographical position, combined with proximity to the airport and urban centre, creates particularly favourable conditions for the development of an integrated coastal complex.
“The geographical position of the city, combined with its proximity to the airport and the urban centre, creates particularly favourable conditions for the development of an integrated coastal complex,” the chamber said.
The issues raised focused primarily on procedural deadlines before properties are auctioned, prompting lawmakers to request revisions to the proposed framework.
The bills form part of a broader effort by the government to strengthen the foreclosure framework without imposing a blanket freeze, in line with its stated policy direction.
The proposed legislation introduces an upgraded debt verification mechanism through the Financial Commissioner, including the addition of a restructuring option.
The event is being spearheaded by the Career Office of the Service for Academic Affairs and Student Welfare as part of a wider strategic goal to link students directly with the labour market.
During the gathering, a wide range of companies and organisations will welcome students and graduates to their stands to provide information on available vacancies and various internship programmes.
This initiative represents a significant opportunity for professional networking and the exploration of future career prospects within the local and international market.
Speaking during a high-level fireside chat at the Council of the European Union on March 17, Skourides said closing the gender gap requires “both structural policy and cultural transformation”, adding that progress depends on “collaboration between genders, as well as a shared commitment to reshaping mindsets and enabling inclusive growth”.
The summit, organised by European Female Founders and hosted by member of the European Parliament Tsvetelina Penkova, was moderated by EU Female Founders president Monika Stanisheva and brought together women founders, innovators and entrepreneurs from across Europe.
The campaign is organised by the Doctors Information and Education Group, under the presidency of Professor Loizos G. Loizou, with the objective of enhancing awareness and promoting a responsible attitude among citizens towards medicine use.
The initiative was officially presented during a press conference at the Cyprus Chamber of Commerce and Industry, where the importance of proper medicine use for health protection, patient safety and prevention was highlighted.
During the conference, an integrated programme of actions was presented, including the production of short informational videos conveying key messages, as well as lectures, awareness events and public interventions in cooperation with scientific and social bodies.
The decision was taken at a board meeting held on March 20, 2026, with the resignation of the previous independent non-executive member having been effective since June 27, 2025.
The new appointment will run for the remaining term of office, which is set to expire on July 23, 2027, and will be extended until the conclusion of the period during which the annual general meeting for 2027 is convened.
Alexandra Reich currently serves as a non-executive board member of ING Group and is also a board member of Cellnex Telecom and Delta Fiber.
The bank had originally set the deadline for participation at March 23, 2026, before deciding to grant additional time to employees.
The voluntary exit scheme is described as one of the most attractive ever offered, featuring an additional compensation of 10 per cent on top of the total amount employees are entitled to receive.
The total compensation package exceeds €200,000, while also including a range of additional benefits for participants.
According to the chamber, the initiative included events held in Heraklion in Crete, Rhodes and Athens, attracting interest from students and parents.
The primary objective of the mission was the promotion of undergraduate, postgraduate and doctoral programmes offered by universities in Cyprus.
The effort aimed to provide comprehensive information to prospective students and families about the range of academic opportunities available in Cyprus.
The fiscal report for 2025 serves as a comprehensive review of the state budget for the previous financial year, outlining both projected and actual revenues and expenditures.
The report compares the budgeted revenues and spending with the amounts actually collected and spent during the year, taking into account supplementary budgets and any transfers of appropriations.
The Treasury explained that the preparation and submission of the report within three months of the end of the financial year is a constitutional obligation of the Accountant General of the Republic.
The findings were published in the authority’s risk dashboard for the fourth quarter of 2025, which for the first time was presented alongside the new CRR3 and CRD6 regulatory dashboard, replacing the previous Basel III monitoring report.
The EBA confirmed that European banks are entering this period of uncertainty from a position of strong capitalisation, ample liquidity and solid asset quality.
At the same time, the authority highlighted that direct exposures to the Middle East totalled €132 billion at the end of 2025.