Source: cyprus-mail.com
In an exclusive interview with the Cyprus Mail, the association stressed that Cyprus serves as a prime example of why European aviation policies must take into account the realities facing islands and remote regions.
ERA, which represents more than 50 airlines and over 200 companies across the aviation sector, including manufacturers, airports, suppliers and aviation service providers, said regional aviation plays a fundamental role in supporting social cohesion, territorial equality and economic growth across Europe.
The organisation explained that regional carriers operate in conditions that are vastly different from those faced by major network airlines.
Profit margins typically range between just 1 and 4 per cent, fleets usually comprise between three and 40 aircraft, and most operators fly aircraft with between 19 and 120 seats.
Speaking to the Cyprus Mail on the sidelines of the 2026 European Innovation Council Summit in Brussels, Kruczkowska said the continent has made significant progress in supporting entrepreneurship but still struggles to operate as a unified innovation space.
Kruczkowska, who has spent more than 15 years working across venture capital, public policy and startup ecosystem development in Poland and across Europe, said the summit provided an important opportunity to engage with stakeholders from across the continent.
“It’s always very useful to meet people from all over Europe,” she said. “Having this dialogue will help us think above our national interest, and I do enjoy this mixture of different opinions and different angles.”
The country’s rise was primarily driven by stronger economic performance, improvements in its business environment, as well as better infrastructure.
The latest findings from the IMD World Competitiveness Yearbook 2026, which evaluates 70 economies using 341 criteria, showed that Cyprus reversed part of the decline recorded in previous years by advancing two positions overall.
The report found that the country ranked 30th in economic performance, 30th in government efficiency, 46th in business efficiency, and 42nd in infrastructure.
Compared with 2025, the most significant progress was recorded in economic performance, where Cyprus climbed six places.
A similarly strong improvement was registered in the business environment, where the country also gained six positions.
According to an announcement by the finance ministry, the two officials exchanged views on Cyprus-Canada relations, as well as on matters of mutual interest concerning the economy and international developments.
The meeting also examined ways to further strengthen the economic and commercial relations between the two countries.
The two ministers referred to the already high level of relations between Cyprus and Canada and stressed the need for their continued enhancement for the mutual benefit of both sides.
The event brought together representatives from organisations, companies, provident and pension funds, as well as executives from Alpha Bank Cyprus and Alpha Asset Management.
Discussions focused on developments in financial markets, the current investment landscape and the bank’s enhanced proposition for institutional clients.
As part of the event, the bank presented its newly established Institutional Wealth & Private Agency, which has been created to provide more targeted and comprehensive services to institutional clients.
The initiative combines the bank’s knowledge of the Cypriot market with the expertise of the wider Alpha Bank Group and the capabilities of Alpha Asset Management.
According to the bank, the creation of the new unit represents a strategic initiative and another step in its development as a trusted partner for organisations managing capital with increased requirements, institutional responsibilities and long-term investment horizons.
The interview, titled ‘The Macro Shock Era: What’s Next For The Global Economy’, opened the second day in the Speaker Hall, setting the tone for a programme focused on markets, regulation, resilience and growth.
The discussion explored the impact of geopolitical tensions on growth, inflation, global trade and financial markets, at a time when businesses and policymakers continue to operate in a more uncertain economic environment.
Persianis and Anucauskas also examined central bank policy, economic resilience and the challenges facing smaller open economies, before turning to Cyprus and its ability to withstand external shocks.
Speaking to the Cyprus News Agency (CNA), Michaelides said hotel traffic in June was clearly better than in March, April and May, when the sector came under pressure from a weaker flow of visitors and a more uncertain booking environment.
However, he said the improvement had not yet brought the industry back to the usual levels for this time of year, adding that reservations were showing an upward trend but continued to move below normal seasonal levels.
The picture also differs considerably from district to district and from hotel to hotel. In Famagusta district, average hotel occupancy in June stands at around 60 per cent, while in Paphos it reaches about 70 per cent, with the decline there being comparatively smaller than in other areas.
According to the latest EOS Intelligence assessment, cited by newmoney, the situation remains particularly fragile in both the Red Sea and the Strait of Hormuz, despite diplomatic efforts between the United States and Iran aimed at easing tensions.
EOS Intelligence warned that challenges to merchant shipping are expected to continue, with the safety of seafarers and the smooth operation of global supply chains still dependent on stability in two of the world’s most sensitive maritime corridors.
The Red Sea remains one of the main areas of concern, after the Houthis expanded the range of vessels they consider legitimate targets. Ships with links to Israel, whether through flag, ownership, shareholding or business activity, are considered exposed to potential attack when transiting the area, while vessels connected to American interests are also seen as facing increased risk.
The board of directors of ASBISc Enterprises Plc said the agreement between its Dubai-based subsidiary Asbis Middle East FZE and Apple Distribution International Ltd, based in Cork, has now entered into force.
Under the deal, Apple has appointed Asbis Middle East FZE as a non-exclusive independent value-added distributor of Apple products across a wide range of countries in Africa.
These include Algeria, Benin, Mali, Mauritania, Guinea, Burkina Faso, Niger, Guinea-Bissau, Ghana, Ivory Coast, Sierra Leone, Liberia, Cape Verde and Togo, significantly broadening Asbis’ regional presence.
The service’s price observatory, which tracks the weighted average price of 250 basic consumer products across 400 retail stores nationwide, showed the sharpest monthly increase in cold cuts, which rose by 6.4 per cent compared with April and by 9.2 per cent compared with May 2025.
Frozen breaded and pre-cooked fish also rose by 6.3 per cent on a monthly basis, although prices remained 15.3 per cent lower than a year earlier. Frozen molluscs and shellfish increased by 6.1 per cent compared with the previous month, while still recording an annual drop of 10.9 per cent.
Specifically, the board of directors of Constantinou Bros Hotels Public Company Ltd said it had examined the financial results for the first six months of 2026 in line with the rules and regulations of the Cyprus Stock Exchange (CSE) and the Cyprus Market Commission (CMC).
It added that, based on available economic data, results for the first half of 2026 are expected to be below those recorded in 2025, as part of its obligation to inform shareholders and the investing public as fully as possible.
In a circular sent to relevant stakeholders, CySEC drew attention to the increasing risks associated with so-called frontier AI models, which it said are capable of identifying and exploiting software vulnerabilities at unprecedented speed and scale.
The regulator addressed the warning to Cyprus Investment Firms (CIFs), central securities depositories, trading venues, crypto-asset service providers, alternative investment fund managers and UCITS management companies.
According to CySEC, recent developments in advanced AI systems have demonstrated both the benefits of these technologies for defensive cybersecurity purposes and the dangers arising from their potential malicious use.
Specifically, the Price Index of Construction Materials reached 122.07 units in May 2026, with 2021 acting as the base year set at 100 units, representing a month-on-month increase of 1.16 per cent.
Compared with May 2025, the index recorded an annual increase of 2.62 per cent, indicating that inflationary pressures remain present despite a broader easing in construction cost growth across Europe.
According to Cystat, the largest increase among the main categories was recorded in metallic products, which rose by 4.31 per cent on a year-on-year basis.
The discussion began with the session ‘The Tokenisation Revolution: Who Will Own the Markets of Tomorrow?’, which brought together Jonathan Fine of Ultimate Group, Louis Hawila, VP Capital Markets – Europe at Crypto.com, Stavros Vassiliades, COO and Executive Director at Kraken Cyprus, and Oren Danziger, Managing Director at Finvasia Wealth.
At the centre of the debate was the evolving landscape of tokenised assets and the question of which market participants are best positioned to shape future financial infrastructure.
Panellists looked at whether traditional financial institutions, with their scale, client relationships and regulatory experience, are more likely to lead the transition towards tokenised markets, or whether blockchain-native platforms, which have moved faster in developing digital asset products and infrastructure, will take the lead.