Cyprus Business Now: air traffic, tourist businesses, unemployment, Oev, Cyta
The company said that April 2026 recorded a 16 per cent decrease compared with April 2025, corresponding to approximately 95,000 fewer arriving passengers.
At the same time, aircraft load factors averaged 76 per cent, down from 83 per cent in the same month last year, reflecting softer demand.
Looking at the summer season from April to October, airlines have already implemented adjustments to their flight schedules.
Overall, seat capacity has been reduced by no more than 5 per cent, equivalent to around 600,000 fewer available seats, despite plans for expanded programmes later in September.
As a result, passenger arrivals for the summer period are expected to decline by around 9 per cent, representing roughly 450,000 fewer travellers.
The organisation said that the request aims to secure updates on government actions and intentions regarding support measures for the tourism industry.
It added that the decision followed a meeting held last Monday in Ayia Napa, where multiple industry representatives gathered to assess the situation.
Participants included the Famagusta leisure centres association, the Ayia Napa shopkeepers association, the water sports and recreation association, and the vehicle rental association.
During the meeting, stakeholders discussed what they described as “the tragic situation businesses in purely tourist areas have fallen into due to the consequences of the conflict in the Middle East”, according to Povek.
The Brussels-based organisation represents national federations of property developers and homebuilders.
The event was organised on Wednesday ahead of the informal ministerial meeting on housing, taking place under the framework of the Cypriot Presidency of the Council of the European Union.
Misirlis highlighted that accelerating licensing procedures, ensuring stability and predictability in the regulatory framework, and adopting a realistic and applicable approach to the green transition should be placed at the forefront of policy action.
He explained that at a European level, the development of new housing units continues to lag behind rising demand, underlining the growing imbalance in the market.
This was accompanied by a separate statement on a meeting with Limassol mayor Yiannis Armeftis which aimed to strengthen local cooperation.
The federation confirmed that it took part in the ILO technical meeting held in Geneva between April 13 and April 17, 2026, focusing on the challenges and opportunities of artificial intelligence in the manufacturing sector.
The organisation was represented by business development department officer Markos Kallis, who joined a small delegation from the employers’ side in the tripartite discussions.
The committee examined how artificial intelligence affects productivity, employment, skills, working conditions and the transition of industry, placing emphasis on the evolving nature of work.
Supported by non-profit organisation Cyprus Seeds, the project is led by Dr Chrysovalantis Voutouri, founder, CEO and lead researcher, working alongside professor Triantafyllos Stylianopoulos, Head of the Cancer Biophysics Laboratory at the University of Cyprus, and AI specialist Kyprianos Dimou.
The team combines expertise in cancer biophysics, medical imaging, Shear Wave Elastography, artificial intelligence, machine learning and translational oncology, supported by experience in preclinical research, clinical research, software development and commercialisation.
Prognostic is described as an AI-based platform that analyses tumour stiffness from ultrasound imaging to predict how cancer patients will respond to treatment.
The system is designed to provide early, non-invasive insights that help clinicians select the most effective therapy earlier in the treatment pathway.
The bank stated that it “records, for yet another year, a strong growth trajectory, confirming the consistent implementation of its strategy and its active role in supporting the economy”.
According to the announcement, the rise in profits reflects “the consistent execution of strategy and the improvement of operational efficiency”.
The bank also reported that new lending reached €1.3 billion in 2025, describing it as “the main driver of the bank’s growth and strengthening its active role in financing businesses and investments, both locally and internationally”.
At the same time, total assets rose to €2.7 billion, marking a 128 per cent increase on an annual basis.
The initiative forms part of broader efforts to strengthen tourism activity during May and June, with a series of free excursions designed to showcase key sites across the area.
The programme introduces participants to five major points of interest, including the Sea and Culture Museum, the Reptile and Amphibian Park, the Marion-Arsinoe Archaeological Museum, the Akamas Rural Life and Tradition Museum in Droushia, and the Avifauna and Terrestrial Flora Information Centre in Kathikas.
These locations collectively create a multi-thematic narrative linking biodiversity, marine ecosystems, and historical evolution, offering visitors a comprehensive understanding of the region.
The first excursion was held on May 2, 2026, attracting 25 participants and receiving highly positive feedback regarding both organisation and overall experience.
According to a report from the Cyprus Statistical Service (Cystat), the number of people officially listed as unemployed at District Labour Offices reached 8,962 persons by the final day of April 2026.
When looking at seasonally adjusted data, which experts use to identify the underlying unemployment trend, the figure climbed to 10,585 persons.
This adjusted total represents a clear increase from the 10,316 individuals recorded during the previous month of March.
In a year-on-year comparison with April 2025, the total number of registered unemployed saw an expansion of 844 persons.
The company stated that “the new modern store in Larnaca has been designed to provide an upgraded service environment for both residents and visitors in the wider area”.
It further mentioned that the store is located on Archbishop Makarios Avenue 3–7, placing it at a central and accessible point in the city.
“Visitors to the new location will be able to explore the full range of Cyta products and services, while also receiving personalised guidance tailored to their needs,” the company said.
“With our presence once again in the city centre, we strengthen direct contact with residents of Larnaca,” it added.
A primary focus for the shareholders will be the examination of the management report and the consolidated management report of the board of directors for the 2025 financial year.
The session will also involve the receipt, study, and formal approval of the annual financial statements and the auditors’ report for the same period.
According to the announcement, investors will be asked to approve a dividend payment totalling €0.23 per share.
This distribution is structured to include €0.22 from the profits generated during 2025 and €0.01 from the 2024 profits held within the revenue reserve.
According to an announcement released on Wednesday, the newly established body also confirmed its official integration into Keve, a move aimed at strengthening its institutional role and enhancing its ability to represent the industry more effectively.
The creation of the association was described as a major milestone for the livestock and meat trading sector, as it establishes an organised framework for business representation in the field of animal fattening and trade in Cyprus.
The association stated that its purpose is to improve coordination among animal traders, while also promoting closer cooperation with state and local authorities, as well as with other relevant organisations and associations.
The board of directors explained that these results were primarily driven by €4.67 million in fair value gains from a private equity investment strategy and an €880,000 realised gain following a successful exit from a previous investment.
“The results are in line with management expectations,” the board of directors stated in the annual report, highlighting that the group is now focused on executing its new direction to drive value for shareholders.
Throughout 2025, the group implemented a dual-track economic model consisting of capital recycling to realise high-velocity value and strategic integration to retain high-performing assets for recurring yields, according to the report.
The assembly is scheduled to take place at the registered head offices of the firm, located at 15 Esperidon Street, 2001 Strovolos, within the Zenios Pyrishis Training Centre hall.
The company stated that the official invitation will not be physically posted to shareholders in accordance with the provisions of Section 128 of the Companies Law Cap. 113.
Instead, the formal notice and the proxy form have been made accessible to the public via the corporate website and the official portal of the Cyprus Stock Exchange (CSE).
The announcement provided a detailed breakdown of the brokerage landscape, offering data that both includes and excludes the impact of pre-agreed transactions, commonly referred to as packages.
Cisco Ltd emerged as the dominant force in the market for the month of April, capturing a 28.34 per cent share when accounting for all transaction types.
The firm recorded a cumulative value of share transactions reaching €3,582,918 during the April period, which translated into an average daily value of €123,549.
The company clarified that these actions are being taken in accordance with the terms of issuance for its bonds, which carry the trading code ELFB29 and the international security identification number CY0241031315.
These bonds are currently listed for trading on the CSE Emerging Companies Bond Market, also known as the EME.
The next record date for the distribution of the annual interest to those holding these specific bonds has been set for May 28, 2026.
The initiative is led by Constantinos Kourouyiannis, president of CFA Society Cyprus, and aims to strengthen financial education quality, industry relevance and professional readiness across the island.
The alliance seeks to bridge the gap between theoretical academic learning and practical financial application, while preparing students for an increasingly competitive global environment.
Through activities such as career events, guest lectures, mentorship programmes and participation in CFA Institute global initiatives, the alliance aims to equip students with technical skills, ethical grounding and industry awareness.
A central feature of the initiative is the CFA Society Cyprus Online Career Event, scheduled for May 14, 2026 at 17:00, which will connect students, CFA candidates and young professionals with leading employers in Cyprus.
According to a report by Politis, the situation has already begun to affect the region, although cancellations so far remain limited and have not yet caused major disruption.
Industry figures warn that if tensions between Iran, the United States, and Israel persist, airlines may be forced to introduce significant reductions in flight schedules, with potentially severe consequences for the island’s tourism sector.
A representative from the Famagusta hospitality venues association, Petros Assias, told the Cypriot daily that business turnover in Ayia Napa and Protaras is already down compared to the same periods in the previous two years.
He explained that uncertainty is being compounded by the lack of any clear prospect for a permanent ceasefire in the Middle East, which continues to weigh heavily on travel sentiment.
The event reached what organisers described as its most heartwarming and inspiring moment through presentations delivered by primary school students, who shared their experiences and insights gained from the initiative.
“It was a privilege to hear the children share their experiences in their own words, demonstrating the profound impact the programme has had on their understanding of the maritime world,” the Cyprus Shipping Chamber said.
“Their enthusiasm serves as a testament to the programme’s success in bringing the seafaring industry into the classroom in a way that truly resonates with the younger generation,” it added.
According to an announcement from the Cyprus Chamber of Commerce and Industry (Keve), the session will commence at 09:00 a.m. to address vital safety standards.
Specifically, the
seminar
will cover topics related to the legislative framework, obligations, and best practices for the safe use and management of LPG.
We wish to inform you that the department is facilitating this educational gathering to enhance workplace safety, Keve noted in their announcement.
The event is primarily addressed to LPG installation operators, as well as safety and health officers who manage these systems.