Cyprus Business Now: Cyta, CBC chief, ERB, ports, fuel sales, deposits, RIF, CSE
The decision enables Cyta to expand its activities into a new and competitive market, marking a strategic shift in its operations as it adapts to changing economic conditions.
In its announcement, the organisation expressed its “appreciation to MPs from all parties who participated in the process“, highlighting the importance of the parliamentary vote.
“Now all of us here at Cyta can turn the vote of confidence of the House into a tangible benefit for society, with responsibility and hard work,” said Maria Tsiakka, chair of the Cyta board of directors.
The calls fall under the Proof of Concept and Research in Enterprises programmes, designed to support the development and commercialisation of research outcomes.
The Proof of Concept programme focuses on the preliminary exploration of industrial applications for technologies or know-how emerging from research activities.
At the same time, the Research in Enterprises programme targets the creation or substantial improvement of products, services and production methods by Cypriot businesses.
However, the figures reflect market conditions before the escalation of the conflict involving Iran, which has since driven significant increases in fuel prices.
Cystat recorded strong growth in the provisions of marine gasoil, which surged by 133.7 per cent, as well as aviation kerosene, which rose by 24.9 per cent.
In addition, increases were observed in the sales of asphalt by 69.5 per cent, motor gasoline by 5.0 per cent, and road diesel by 0.7 per cent.
At the same time, significant declines were recorded in light fuel oil, which dropped by 54.0 per cent, and heavy fuel oil, which fell by 28.0 per cent.
Notably, the 2026 budget is in deficit, with projected expenditure of €83,950,909 and expected revenue of €65,190,938.
The revenues are expected to come primarily from port operations, generating €37,326,560, alongside income from investments, bank interest and various financial revenues amounting to €4,000,000.
Additional income includes €965,000 from other sources, €9,016,870 from European funds, and €13,700,000 from the leasing of Limassol and Larnaca ports.
The projected expenditure includes regular expenses of €36,111,849 and capital expenditure of €45,839,060.
Speaking on behalf of the Cyprus Presidency, Keravnos said the deal would help the EU respond to new geopolitical realities while safeguarding economic security.
He added that the new EU customs code would provide a modern set of tools to facilitate trade, ensure the proper collection of customs duties and offer the legal certainty required by businesses and authorities alike.
The reform marks a major shake-up of one of the EU’s oldest and most important integration projects.
In absolute terms, total deposits registered a net increase of €202.2 million in February 2026, compared with a net decrease of €851.2 million in January 2026.
The annual growth rate of deposits slowed slightly to 4.7 per cent from 5.3 per cent in January 2026, according to the central bank’s data.
The total stock of deposits reached €57.2 billion in February 2026, reflecting continued inflows into the banking system.
In his announcement, he stated that he had already informed the Finance Minister and the executive branch of his decision, which followed discussions with the council’s board members and staff.
Persianis explained that the decision was based on personal and practical reasons ahead of the end of his term, stressing that “there are no political or other dimensions” behind his departure.
Moreover, he said the practical reasons relate to the planning of activities and the completion of important projects within the year, as well as the need for a smooth succession in the presidency of the council.
Persianis added that he will remain available to the organisation to ensure a proper transition, expressing the hope that the council will continue its path towards “institutional maturity” and serve its mission with the same sense of responsibility.
With energy prices surging on the US-Israeli war with Iran, euro zone inflation is set to breach the ECB’s 2 per cent target as early as this month, prompting policymakers to debate whether to raise interest rates to head off second-round effects.
Patsalides, who sits on the ECB’s rate-setting Governing Council, said he would not hesitate to raise rates if he saw evidence that inflation was getting entrenched in the 21-nation bloc, but added there was no such evidence yet.
“We don’t have sufficient information to make a decision as to whether this should be looked through or whether we should be making a decision on interest rates,” Patsalides said in an interview. “I would not rush into any decision.”
According to the finance ministry, the establishment of a framework for the control of FDI law of 2025, published as Law 194(I)/2025, will come into force on that date, introducing for the first time in Cyprus a comprehensive mechanism for the review of foreign direct investment.
The ministry said the framework is intended not only to protect national security and public order, but also to help create a more stable institutional environment that supports investment activity, in line with Regulation (EU) 2019/452.
Under the law, notification will be required for proposed foreign direct investments based on the level of participation of a third-country investor in an enterprise of strategic importance, in relation to a set investment threshold. It will also apply where an existing holding rises beyond a predetermined percentage.
The sweep, carried out with consumer protection authorities from EU countries as well as Iceland and Norway, examined 314 online traders to assess whether discount and pricing practices during major sales events complied with EU consumer law.
Under the EU’s Price Indications Directive, when a business advertises a discount, the reference price must be the lowest price applied during the previous 30 days.
However, authorities found that nearly one in three traders failed to follow that rule.
Beyond misleading discount claims, the screening also identified a series of other problematic sales tactics that may affect consumers’ purchasing decisions.
The board also unanimously approved the management report, the annual corporate governance report, and the audited financial statements as part of its decisions.
The company announced that the annual general meeting (AGM) will be held on May 14, 2026, at 15.30 at the events hall on the fourth floor of its head offices on Griva Digeni Avenue 46 in Nicosia.
Taking into account the company’s financial results for 2025, its liquidity position, capital requirements, solvency ratio, and the provisions of its dividend policy, the board decided to propose a dividend to shareholders.
The proposed dividend amounts to €0.0177 per share, with a total distribution of €1,000,000, subject to approval at the annual general meeting.
The Savings and Investment Union initiative aims to mobilise Europe’s significant savings and channel them into productive investment opportunities for businesses and households.
In an article published in Eurofi magazine, Karamanou explained that while the Financial Literacy Strategy seeks to improve citizens’ knowledge and resilience, previous efforts across EU member states have had limited impact on retail investment participation.
She argued that this indicates the challenge facing the SIU is not purely educational but also behavioural in nature, requiring deeper structural changes.
Survey data supports this conclusion, with Eurobarometer 2023 findings showing a weak link between financial knowledge and actual investment activity.
The exchange stated that on April 3, 2026 and April 6, 2026, which mark the celebration of Catholic Easter, no trading sessions or clearing and settlement of transactions will take place.
The exchange further announced that on April 10, 2026, April 13, 2026 and April 14, 2026, which are public and bank holidays for Orthodox Easter, it will remain fully closed.
The event, originally scheduled earlier, was rescheduled and will now take place between 10.00 and 14.30 at the Theocharakis Foundation Amphitheatre in central Athens, located opposite the Greek Parliament.
The initiative aims to provide detailed information to Greek businesses on recent changes to Cyprus’ tax system, amid a steady increase in investment flows from Greece to Cyprus.
The main presentation will be delivered by Tax Commissioner Soteris A. Markides, who will outline the structure and key elements of the new tax framework.
The company said that net profit rose from $54.2 million in 2024, reflecting continued growth in both revenues and operational performance.
Revenue reached $3.9 billion in 2025, marking a 28 per cent increase year-on-year, supported by expanding demand for IT products and infrastructure.
The group also reported that profit from operations reached $111 million, up 18 per cent compared to the previous year, while the gross profit margin stood at 7.22 per cent.
“Asbis experienced dynamic growth marked by an explosive revenue increase and historic monthly sales driven mainly by the boom in AI server components, data centre building blocks and smartphones,” said chairman and chief executive officer Siarhei Kostevitch.
According to the announcement, the shares were issued following the conversion of 100 convertible bonds into shares, in accordance with Article 58 of the CSE Law.
The newly admitted shares will be incorporated into the company’s existing listed share capital, increasing the total number of shares to 2,764,500 shares.
The exchange also stated that, as a result of the conversion, the number of convertible bonds traded on the CSE under the code IDNAB28 will decrease to 700 bonds.
According to the announcement, the initiative forms part of a 25-year collaboration between the two organisations, reflecting their continued commitment to promoting fire prevention and safety across Cyprus.
Moreover, this cooperation has now expanded into the field of firefighter training, while also targeting awareness and preparedness among the wider public.
The delivery included an Intelligent System Training (I.T.S) simulator, described as an advanced system that provides realistic and safe practical training in firefighting.
In a letter to the president, Osika chairman Neophytos Thrasyvoulou expressed strong concern and disappointment over the latest package, saying the measures should support tourism in a more holistic way if the sector is to withstand mounting pressure.
He said the package made no provision for leisure centres, even though they are “an essential part of the island’s tourism offering”.
Thrasyvoulou added that “leisure centres do not operate separately from hotels and other tourist accommodation, but are part of the wider hospitality experience Cyprus offers visitors.”