Central Bank of Cyprus (CBC) governor Christodoulos Patsalides on Thursday urged Cypriot banks to remain “vigilant and adaptive” in the face of mounting global uncertainty, stressing their role as “pillars of trust and economic stability”.

Speaking at the annual general meeting of the Association of Cyprus Banks (ACB), held at the Hilton Nicosia, Patsalides outlined key priorities for monetary policy, financial supervision, and the broader strategic direction of the eurozone and Cyprus.

The event is considered a cornerstone for the domestic banking sector and was also attended by Finance Minister Makis Keravnos and European Banking Federation CEO Wim Mijs, who is currently in Cyprus for consultations with stakeholders from the financial and business community.

Opening his address, Patsalides expressed his appreciation for the ACB’s contribution in helping to shape “a resilient, transparent and future-oriented banking system”.

“We are meeting at a time marked by geopolitical tensions, rising protectionism, rapid technological shifts and climate challenges,” the CBC chief said.

“In such a context, banks are called to play an enhanced role, not only as financial intermediaries, but also as key institutional anchors,” he added.

The Cyprus Stock Exchange (CSE) announced on Thursday that it is now accepting applications for registration as direct and general clearing members for the competitive electricity market (CEM).

The CSE will serve as the clearing house for the CEM under a contract concluded with the Cyprus Transmission System Operator (TSO).

Within this framework, the CSE will be responsible for verifying the organisational and professional adequacy of clearing members.

According to the announcement, the exchange will also oversee their integration with the CSE system to be used for clearing house operations, known as the ECMS, and monitor the payment of required collateral for risk management of transactions.

Top Kinisis Travel Public Ltd has approved a dividend of €0.01 per ordinary share, totalling €122,120.11, as part of the decisions made during its annual general meeting (AGM) held at the company’s head offices in Strovolos.

During the AGM, which took place on June 11, shareholders unanimously approved a series of key decisions.

“The consolidated balance sheet and the profit and loss account for the year ended December 31, 2024, were examined and approved,” the company announced, following the presentation of the independent auditors’ report on the consolidated and standalone financial statements.

The dividend will be paid to shareholders registered in the records of the Cyprus Stock Exchange on June 27, 2025.

This record will include all transactions completed by the end of the trading session on June 25, 2025.

Finance Minister Makis Keravnos on Thursday called on the Cypriot banking sector to step up lending, support innovation and startups, and embrace cultural change through digital transformation.

“The challenges facing the banking sector are significant and require continuous adaptation, innovation and investment,” he said during the annual general meeting of the Association of Cyprus Banks.

“Banks are called upon to invest further in modern technologies, from developing mobile banking applications to harnessing artificial intelligence, while also ensuring cybersecurity and full compliance with new regulatory frameworks,” he stated.

Moreover, the minister emphasised that digital transformation is not merely technological but also demands cultural change and continuous training of human capital.

“An equally critical challenge, but also an opportunity, is the promotion of financing for startups and innovative projects,” he stressed.

Merger initiatives have accelerated in Cyprus, according to Aristidis Vourakis, president of the Association of Cyprus Banks and CEO of AstroBank, who also revealed that Deutsche Bank is considering a return to the island.

Speaking during his address at the annual general assembly of the Association of Cyprus Banks, Vourakis stated that two major mergers among the five largest banks in Cyprus are nearing completion.

He said these mergers will create powerful banking groups with European access, offering new avenues for Cypriot businesses and individuals.

Vourakis described 2024 as a second consecutive record year for European banks in terms of profitability and shareholder returns.

Moreover, he explained that by September 2024, restrictive monetary policy had largely continued, with interest rates remaining at their highest levels in recent years.

DP World Limassol on Thursday released a statement highlighting the expected arrival of around 140 cruise ships in 2025, underscoring the island’s resurgence as a major Eastern Mediterranean cruise destination.

“The global cruise industry has emerged as a significant catalyst for tourism development, contributing substantially to local and national economies,” the Limassol cruise terminal operator said.

“Cruise tourism stimulates economic activity in various ways, including spending on port infrastructure, shipbuilding, job growth, as well as passenger spending at the destinations,” it added.

The company also cited data from the Cruise Lines International Association (CLIA) to underline value of the sector as a whole.

According to the CLIA, the cruise sector generated a record-breaking $1.7 billion in total economic impact worldwide during 2023, a 9 per cent rise on 2019, which was a benchmark year for cruise industry performance.

Women entrepreneurs in Cyprus are being encouraged to take advantage of three open calls offering financial support, mentorship and international networking opportunities.

The Cyprus Chamber of Commerce and Industry, acting as coordinator of the Enterprise Europe Network (EEN) Cyprus, announced this week that the three initiatives aim to strengthen women-led startups and businesses by providing non-dilutive funding, coaching and access to global innovation ecosystems.

“These opportunities provide significant funding, support, and networking possibilities for women-led startups and businesses,” the chamber said.

The latest ICS Maritime Barometer highlights continued pressure on the global shipping industry, as maritime leaders face a combination of geopolitical instability, rising regulatory demands and growing cyber-security risks.

Based on responses from 133 senior executives, the third annual edition of the report points to a decline in confidence across key operational areas, emphasising the need for clearer regulation, greater investment and improved coordination at both national and international levels.

Almost 43 per cent of respondents were shipowners, while nearly 30 per cent were ship managers, offering a representative snapshot of operational decision-makers across all major shipping sectors.

Political instability remained the most pressing concern for the second consecutive year, reflecting growing unease over the wider geopolitical environment.

Copper Island, the international film company with roots in the US, UK, Europe and Australia, has officially launched its new post-production facility in Limassol’s old town, marking a strategic investment in Cyprus’ growing role as a hub for global filmmaking. 

The event drew a crowd of cultural and diplomatic figures, including Deputy Culture Minister Vasiliki Kassianidou, who delivered the address on behalf of President Nikos Christodoulides.  

Also in attendance were Limassol Mayor Yiannis Armeftis, representatives of the US and Greek embassies, and key members of the country’s creative, academic, business and media communities. 

In his message, the President said Copper Island’s presence would “actively contribute to the establishment of Cyprus as a point of reference in international creative production,” adding that the company arrives at a time when the island is becoming “a new, dynamic audiovisual hub in the Eastern Mediterranean.” 

Passenger traffic at the airports of Larnaca and Paphos exceeded 4 million for the first time in history during the period from January to May 2025.

According to an announcement by the Transport Ministry on Thursday, this marks an increase of 12.02 per cent compared to the same period in 2024.

In May 2025 alone, the two airports welcomed 1,282,882 passengers. This figure represents a 12.47 per cent increase compared to May 2024.

At Larnaca airport, passenger volume rose by 19 per cent. At Paphos airport, however, there was a slight decline of 1.36 per cent compared to 2024.

President of the Paphos hotel association (Pasyxe) Evripides Loizides on Thursday expressed satisfaction with hotel occupancy rates in Paphos during the long weekend of Kataklysmos, saying that they exceeded 90 per cent.

In a statement to the Cyprus News Agency (CNA), Loizides described the month of June as “problematic” because, as he put it, the high cost of living has “killed” extended holiday stays in Cyprus. He added that hotel occupancy in Paphos for June so far stands at approximately 75 per cent.

Asked for further comment, he explained that Paphos has a tradition as a family destination. However, he explained that there are also hotels catering exclusively to couples, and that the district of Paphos offers the full range of hotel accommodation types.

Moreover, the Pasyxe president pointed out that statistics show an increase of around 14.5 per cent in tourist arrivals to Cyprus up to the end of April, clarifying that this pertains to the winter months. He estimated that this percentage will decline during May and June, predicting that tourist activity will remain at last year’s levels.