Source: cyprus-mail.com
The event, entitled ‘Financial Literacy for Cypriot Women’, is being organised by the Cyprus Financial Literacy and Education Committee (CyFLEC) and the Central Bank of Cyprus (CBC) at The Landmark Nicosia, Autograph Collection.
Bringing together women who hold influential positions in Cypriot society, the gathering aims to encourage a meaningful discussion about financial independence, knowledge and informed decision-making, while examining how women can become more confident in managing their finances.
The initiative, held under the theme ‘Learn, Decide, Progress’, also seeks to establish a network of women who can share financial knowledge and practical experience within their professional, social and local communities.
The organisers hope that participants will become ambassadors of financial education, passing on their knowledge and encouraging other women to take a more active role in financial decisions.
Speaking at the Presidential Palace after a cabinet meeting, Keravnos also defended the government’s fiscal policy following the announcement of a budget surplus, arguing that accumulated reserves and declining public debt were helping Cyprus withstand economic and geopolitical uncertainty.
The reduction in excise duty on motor fuels, which is due to expire at the end of November, will be submitted to the cabinet for renewal, potentially until March 2027, he said.
Keravnos was responding to questions about inflationary pressures, government revenues and whether further support measures were being considered for households and businesses.
He expressed satisfaction with the latest fiscal figures, saying the economy’s resilience reflected the government’s approach to managing public finances.
It is hardly the picture of a country making full use of its business talent. And it gives particular weight to a question being asked in Dublin this week, where entrepreneurs, policymakers and business experts from across Europe have been examining what, exactly, is stopping more women from building successful companies.
At the SME & Clusters Assembly 2026, held from November 2 to 4, the answer proved considerably more complicated than simply encouraging women to believe in themselves.
During Tuesday’s Women in Business session at the Convention Centre Dublin (CCD), women and men from different European countries worked in smaller groups, comparing experiences and examining what governments, investors and business organisations could do differently.
Koumis said the sector had managed to significantly limit its losses following the uncertainty triggered by the events of March 1, with the decline in tourist arrivals compared with the previous year standing at 5.6 per cent.
He estimated that the reduction would narrow further by the end of 2026, expressing confidence that the island had once again demonstrated the resilience of its tourism industry.
“For another year, Cyprus’ tourism sector has succeeded,” Koumis said, adding that official statistics and specialist analyses both confirmed the sector’s ability to withstand difficult circumstances.
Looking ahead to 2027, the deputy minister struck a cautiously optimistic tone, pointing to encouraging early signals from the British market following initial discussions with Cyprus’ strategic partners.
In a report examining the effectiveness of state-owned asset management company Kedipes in repaying state support provided to the former Cyprus cooperative bank, the Audit Office said the estimated cost includes the original recapitalisation, funds expected to remain unpaid and the cost of financing the state’s assistance.
The estimate comprises the €1.67bn initial recapitalisation, less €175 million recovered, a further €340 million expected not to be repaid from the €3.54bn in state support, and an estimated €200 million in financing costs.
The €340m figure reflects Kedipes’ estimate that 90 per cent of the state support will ultimately be repaid, leaving 10 per cent outstanding.
The airport operator said its airline partners had expressed intentions to strengthen their flight schedules and expand operations in Cyprus next year, despite mounting pressure on profitability and passenger demand.
Hermes Airports took part in Routes World 2026, held in Frankfurt from October 21 to 23, where it conducted more than 30 meetings with airlines to discuss the Winter 2026-2027 season, as well as their plans for 2027 and beyond.
The discussions highlighted several challenges facing the aviation sector, particularly rising fuel costs, which are affecting both travel demand and airlines’ financial performance.
“Despite these challenges, Cyprus continues to maintain a positive outlook,” the company said, adding that its airline partners had indicated their intention to reinforce their presence in the market.
The launch event was held at the Eurobank Cyprus head office in Nicosia, bringing together university teams taking part in the competition, faculty advisers, industry mentors and representatives of Logicom.
The annual competition, organised by the CFA Institute, gives university students practical experience in equity research and investment analysis, requiring them to examine a publicly listed company, prepare a research report and present their findings to a panel of industry professionals.
Participating teams from universities across Cyprus will spend the coming months studying Logicom’s business activities, financial performance and future prospects, with support from their faculty advisers and mentors who hold the Chartered Financial Analyst (CFA) qualification.
The anniversary event, held at the Landmark Nicosia on Tuesday, brought together members of the government and House of Representatives, diplomatic corps representatives, investors, businesspeople and the organisation’s partners.
The occasion provided an opportunity to review Invest Cyprus’ development since its establishment in 2006, while outlining its priorities for the coming years, particularly the attraction of quality investments and further strengthening the island’s position on the international investment map.
In his address, Invest Cyprus chairman Evgenios Evgeniou described how the organisation had evolved from a body primarily responsible for promoting the country into a strategic partner of the state, playing a more substantial role in attracting and facilitating investment.
“Twenty years ago, some people believed that a small country could claim a bigger place on the international investment map. And they were right,” Evgeniou said.
That was the challenge put to European entrepreneurs and policymakers by Professor Johanna Mair, director of the School of Transnational Governance at the European University Institute (EUI), during the annual Schumpeter ‘Innovation in Enterprise’ Lecture at Dublin Castle on Tuesday evening.
Speaking at the SME and Clusters Assembly 2026, Mair argued that Europe cannot build a stronger, more competitive economy simply by celebrating new technologies, disruptive businesses and the industries they replace.
The harder task, she explained, is making sure that what comes next actually works.
Her lecture, entitled ‘From Creative Destruction to Creative Reconstruction’, challenged the familiar thinking of economist Joseph Schumpeter, whose theory of creative destruction describes how innovation transforms economies by replacing established businesses and industries.
According to a flash estimate published on Wednesday by Eurostat, annual inflation across the euro area is expected to have reached 4 per cent in October, up from 3.8 per cent in September.
Cyprus’ estimated rate was 1.4 percentage points above the euro area average, while the island’s monthly inflation rate for October was estimated at 0.2 per cent.
Among EU member states, Lithuania recorded the highest annual inflation rate at 6.1 per cent, followed by Bulgaria at 6 per cent, while Greece and Italy were tied at 5.6 per cent.
The figure placed Cyprus alongside Italy, while Ireland had the highest average price at €0.27 per kWh.
The data covers non-household consumers with annual electricity consumption of between 500 megawatt-hours (MWh) and 2,000 MWh, providing a comparison of costs for businesses with substantial energy needs.
Across the EU, the average price stood at €0.18 per kWh in the first six months of 2026, continuing the downward trend seen over the previous year.
Prices fell by 2 per cent compared with the second half of 2025 and were 5.4 per cent lower than in the first half of 2025.
The number of unemployed persons registered at district labour offices reached 7,790 at the end of October, compared with 7,099 in the same month last year, an increase of 691 people.
Compared with September, however, the actual number fell from 8,366.
The seasonally adjusted figure also declined slightly, falling to 10,711 from 10,741 in September. It nevertheless remained above the 9,731 recorded in October 2025.
The seasonally adjusted total stood at 10,096 in January, 10,078 in February and 10,316 in March, before rising to 10,590 in April.
In a statement this week, the association said the criminal investigation had been completed and that, following an assessment of the evidence by the Legal Service, instructions had been given to archive the case because no evidence had emerged to justify criminal prosecution.
Skek, which is affiliated with the Cyprus Chamber of Commerce and Industry (Keve), said the outcome represented a significant development that the public was entitled to know, particularly given the extensive publicity surrounding the original allegations.
The claims were linked to a complaint made public by the Cyprus Real Estate Agents Registration Council in May 2025, which generated considerable negative publicity for specific businesses and the wider real estate sector.
The two experts explained that although compliance remained a fundamental component of corporate governance, it should be the starting point rather than the ultimate objective.
Effective governance, they said, helped organisations manage uncertainty, strengthen stakeholder confidence and create sustainable long-term value.
The question for boards should therefore not simply be, “Are we compliant?” but “Is our governance helping us make better decisions and build a stronger business?”
The pressure comes as European aviation fuel prices have more than doubled since the beginning of the year, reaching record monthly levels in October, while airlines warn that the higher costs will increasingly be passed on to passengers.
The latest figures from the International Air Transport Association (IATA) show that the average price of aviation fuel in Europe reached $4.84 per gallon in October, representing a 114 per cent increase from the January-February average of $2.26, before the escalation of the Middle East crisis.
The increase also took prices above the previous monthly records registered in March and April 2026, when the conflict first sent energy markets higher.
The initiative formed part of the board’s wider efforts to protect the environment and keep the coastline clean, while highlighting the importance of cooperation between local organisations and businesses in preserving the region’s natural assets.
“Through initiatives such as this, awareness of the need to protect the marine and coastal environment is strengthened, as this is an important part of Limassol’s natural beauty and tourism identity,” Etap Limassol said in an announcement.
Etap Limassol chairman Andreas Tsoulouftas said the board carried out activities in cooperation with public- and private-sector organisations, with the aim of protecting the environment and raising public awareness.
The company said the payment was made to shareholders who were registered in its records at the Cyprus Stock Exchange (CSE) on October 8, 2026.
Under rules governing the operation of the Central Securities Depository and Central Registry, which came into force on November 13, 2023, shareholders whose securities are held under the control of a CSE member received their dividends through the respective members
The price will be used to determine the number of shares delivered to investors exercising their reinvestment right under the company’s scrip programme, in connection with an interim distribution of €0.20 per common share.
The distribution was approved by Allwyn’s board of directors on August 20, 2026, with shareholders able to elect to reinvest the payment from October 23 to November 5, inclusive.
Allwyn said the scrip reference share price was calculated using the volume-weighted average price (VWAP) of its common shares over five trading days, ending two trading days before the close of the election period.
Based on the share price performance between October 27 and November 3, inclusive, the company confirmed the reference price at €11.29 per share.
The council said the level of participation highlighted the appeal of estate agency as a career and the prospects offered by the sector.
“The strong interest among candidates demonstrates in practice that estate agency remains an attractive profession with significant prospects,” said council president Marinos Kineyirou.
He explained that the council’s written examinations, which are conducted in accordance with the relevant legislation, were intended to safeguard professional standards and ensure that newcomers possessed the necessary knowledge before entering the market.
The company’s board approved the dividend on November 4, with the payment set at $0.35 per share across all 55.5 million shares.
Asbis said the dividend record date would be November 16, with payments scheduled for November 26, 2026.
The company added that the amount distributed would remain within the limit specified under Article 169 of the Cyprus Code of Commercial Companies.
The decision follows a strong performance reported by the Limassol-headquartered group in October, when it announced that September revenues had reached an estimated $1.05 billion, marking the highest monthly sales in its history.