Cyprus Business Now: Oev, inflation, tax department, gaming, tourism, investment
According to an announcement released on Thursday, the agreement was signed by Oev president George Pantelides and Sev executive committee president Rania Aikaterinari, marking a significant step in enhancing bilateral business relations.
Through the memorandum, the two organisations establish a framework for deeper collaboration in areas including innovation, digital and green transformation, energy, skills development, trade and investment promotion.
The agreement also creates a structured platform for dialogue and coordination, aimed at exchanging know-how, developing joint initiatives and identifying new business opportunities.
In a statement released on Thursday, the union warned that uncertainty across the region is directly affecting tourism activity, with consequences already visible in hotel occupancy rates.
The organisation, formally representing employees in hotels, catering and leisure centres, stressed that the situation is “beginning to weigh heavily on the sector at a critical point in the season“.
It explained that “continued geopolitical tension is discouraging travel demand and creating volatility in bookings“, echoing recent reports that Cyprus’ tourism sector remains vulnerable following regional security developments, including drone-related incidents that have unsettled travellers.
This represents an improvement compared with March 2025, when unemployment in Cyprus stood at 4.6 per cent.
In absolute terms, the number of unemployed people in Cyprus was estimated at approximately 23,000 down from 24,000 a year earlier.
Across the euro area, the seasonally adjusted unemployment rate stood at 6.2 per cent in March 2026, down from 6.3 per cent in February 2026 and also lower than the 6.3 per cent recorded in March 2025.
This marks a notable rise from 1.5 per cent in March 2026 and 0.9 per cent in February 2026, indicating a clear upward trend in price pressures.
When compared with April 2025, when inflation stood at 1.4 per cent, the latest estimate reflects a substantial year-on-year acceleration.
On a monthly basis, inflation in Cyprus is estimated at 2.2 per cent for April 2026, pointing to a sharp increase in prices within a single month.
The authority explained that such activities are not subject to its supervision, as they take place beyond the jurisdiction of the Republic of Cyprus.
“Casinos operating on cruise ships and passenger vessels do not fall under the regulatory and supervisory framework of the authority, regardless of the ship’s flag,” the authority said.
It further pointed out that, in line with international practice, these casinos are permitted to operate only under specific conditions.
“Casinos on these vessels operate exclusively when they are in international waters and not while they are in ports or within the territorial waters of the Republic of Cyprus,” the authority stated.
According to the announcement, the event aimed to showcase new perspectives on how artificial intelligence is reshaping business strategy, while creating space for meaningful dialogue with the wider business community.
The keynote speaker was professor of technology and business administration at INSEAD, Theodoros Evgeniou, an internationally recognised academic with nearly three decades of experience in machine learning and artificial intelligence for business.
During his presentation, he highlighted how artificial intelligence is influencing strategic thinking, decision-making, governance, risk management and the responsible use of technology by organisations.
The initiative forms part of Alpha Bank Cyprus’ broader strategy to support the business community as a trusted partner, contributing to discussions around major technological and economic shifts shaping the market.
According to a report from the state statistical service (Cystat), this figure represents a 1 per cent decrease when compared to February 2026.
The index remained unchanged for the overall period of January to March 2026 in comparison with the corresponding period in 2025.
The agreement marks a key moment in Cyprus’ digital transformation, with the government adopting technology designed to enhance market transparency and efficiency.
“It is a milestone when the government chooses your tech to anchor its digital transformation,” Loizou said.
He added that for partners in the banking, insurance and investment sectors across Cyprus and Greece, the development reinforces the data standard being set across the region.
According to Loizou, the platform will provide “institutional-grade precision”, enabling the Tax Department to utilise the same advanced analytical tools used by leading banks and funds to monitor the market consistently.
“The Cyprus Securities and Exchange Commission constitutes a cornerstone of our financial architecture,” the president said.
He emphasised that European capital markets are at a critical juncture, pointing to initiatives such as the Savings and Investments Union and the green and digital transition as forces set to reshape market dynamics.
“In this changing landscape, our challenge is to strike the right balance,” he said.
“We must enhance market efficiency and competitiveness, but never at the expense of integrity, investor protection or financial stability,” he added.
The company, which operates under Utmost Games, also unveiled Divisions, a major new in-game feature designed to enhance competitive play.
The milestone comes amid strong business performance, with LUDUS recording a 74.6 per cent year-on-year increase in revenue.
The game has also expanded into new markets, including Southeast Asia, with its recent launch in Vietnam.
The pair exchanged views on priorities regarding the promotion of policies aimed at strengthening financial stability within the European Union, according to an announcement from the Finance Ministry.
Their dialogue also covered the ongoing efforts toward the integration of financial markets and the oversight of those markets.
Moreover, Keravnos lauded Ross’ efforts and leadership in a rapidly evolving economic environment.
He said that the work she has carried out “strengthens the stability, integrity, and reliability shown by European markets during an era defined by complexity, digitisation, and geopolitical challenges”.
Despite the increase in profitability compared to the previous year’s figure of €7,684,727, the board of directors does not propose the payment of a dividend, electing instead to transfer the net profit to the company’s reserves.
The hotelier saw its total revenue grow by 12 per cent to reach €30,062,789 during the reporting period, compared to €26,793,774 in 2024.
Operating performance at the 525-room property remained strong throughout the year, with an average occupancy rate of 79 per cent, up from the 75 per cent recorded during 2024.
Total assets for the company stood at €162,744,621 as of December 31, 2025, while net assets were reported at €107,609,582.
The board of directors has proposed a final dividend of 2.0 cents per share, representing a percentage of 5.88 per cent, which follows two interim dividends of 1.0 cent and 1.2 cents paid earlier in November and December 2025 respectively.
This robust financial performance was confirmed in the consolidated management report, which showed that profit before tax reached €8,726,827, compared to €3,070,903 in 2024.
The group, which operates 95 stations in Cyprus and 223 in Greece through its subsidiary Silk Oil, has navigated a landscape of “successive adverse geopolitical developments” that have disrupted global energy flows.
The assembly, which took place in Nicosia on April 27, represents a landmark association for the Cypriot market, dedicated to implementing best practices across the retail service chain to benefit local consumers.
According to an announcement released on Thursday, the president of the board of directors presented a comprehensive report on the actions of the outgoing executive during the proceedings.
He also expressed his gratitude to all members for their significant contribution and cooperation throughout the previous term.
The meeting, which took place on April 28, brought together key representatives from Selek, including president Constantinos Daltas, vice president Konstantinos Kosmas, treasurer Filippos Markou, and board members Dimitris Kakounis and Gregoris Kamberis.
Representing the Cyprus Chamber of Commerce and Industry (Keve) were secretary general Philokypros Roussounides and Stalo Demosthenous, director of the services, trade and digitalisation department and executive secretary of the association.
According to the announcement, the transaction was carried out through the Cyprus Investment and Securities Corporation Ltd (CISCO), at a uniform price of €1.42 per share.
The total acquisition was divided into five distinct transactions on the same day to reach the final aggregate of 6,565 shares.
According to the CSE, the decision ratifies an earlier announcement issued on April 16, 2026, maintaining the suspension for a further period.
The affected companies include Rianeson Investments Plc, G.A.P. Vassilopoulos Public Ltd, K. Kouimtzis S.A. and A.J. Green Shell Plc.
The exchange reiterated that the measure remains in place due to outstanding obligations that have not yet been fulfilled by the companies.