Source: cyprus-mail.com
The increase in Cyprus was higher than the 3.2 per cent rise recorded across the euro area and slightly above the 3.6 per cent increase registered in the European Union as a whole.
According to Eurostat, hourly labour costs consist of two main components, namely wages and salaries and non-wage costs.
Across the entire Cypriot economy, hourly wage costs increased by 3.8 per cent compared with the first quarter of 2025.
In the euro area, hourly wages and salaries rose by 3.4 per cent while non-wage costs increased by 2.9 per cent.
Across the EU, wages and salaries climbed by 3.7 per cent and the non-wage component rose by 3.2 per cent.
This performance for Cyprus remained consistent with the final quarter of 2025, although it represents a marginal decline from the 2.9 per cent rate recorded during the first quarter of 2025.
Across the broader euro area, the job vacancy rate reached 2.3 per cent in the first quarter of 2026, marking a slight rise from the 2.2 per cent noted in the final quarter of 2025.
This figure represents a minor decrease compared to the 2.4 per cent recorded during the same period in 2025.
The European Union as a whole saw a job vacancy rate of 2.1 per cent for the first quarter of 2026.
The provisional agreement, reached by negotiators from the European Parliament and the Council, was unanimously approved on Monday evening by the European Parliament delegation in the conciliation committee.
The reform updates rules that had remained largely unchanged since 2004 and seeks to give passengers clearer rights in cases of denied boarding, flight delays and cancellations.
It also comes after more than a decade of negotiations, with MEPs saying they resisted efforts to weaken existing passenger protections while securing new safeguards for families, passengers with disabilities and reduced mobility, and travellers affected by disruption.
European Parliament president Roberta Metsola said the agreement would strengthen the rights of air travellers and make it easier for passengers to enforce them.
“The European Parliament has always been the strongest advocate for strong air passenger rights. This agreement will strengthen the rights of air passengers across Europe,” she said.
The consultation, issued on May 19, seeks to collect data and views ahead of possible proposals to revise Regulation (EU) 2023/1114, known as the MiCA regulation (markets in crypto-assets).
According to the ministry, the process forms part of the commission’s work under Articles 140 and 142 of MiCA, which require it to assess the application of the regulation and report on recent developments in the crypto-assets sector.
Under Article 140, the Commission must submit a report on the application of MiCA to the European Parliament and the Council by June 30, 2027, after consulting the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA).
That report may also be accompanied by a legislative proposal.
In an interview published by Parliament Magazine, the executive said that Cyprus was a natural fit for the US energy giant because of the East Mediterranean’s abundant gas resources and the strategic potential represented by the Aphrodite field in Block 12 of Cyprus’ exclusive economic zone.
Chevron, headquartered in Houston, Texas, is a major integrated energy company with operations spanning exploration, production, refining and energy distribution around the world.
Allam said the discovery of Aphrodite had confirmed the region’s potential and positioned Cyprus to play a meaningful role in shaping the future of energy development in the Eastern Mediterranean.
In its announcement, the bank pointed out that this move follows the resolution of its annual general meeting of Shareholders held on April 28, 2026.
This action implements a five-year programme for the free distribution of shares to executives and employees of the bank and its affiliated companies.
The board of directors approved the specific terms and conditions for the first series of the programme on April 29, 2026.
The event, held at a hotel in the capital on the occasion of the Cyprus Presidency of the Council of the European Union, focused on strengthening economic cooperation, investment and technological interconnection across the wider Mediterranean region.
Participants said the Mediterranean is entering a new period of strategic importance, as geopolitical shifts, changing supply chains, the energy transition and the digital economy create both new challenges and opportunities for sustainable growth.
Opening the conference, Invest Cyprus president Evgenios Evgeniou said Cyprus has long served as a meeting point for cultures, trade routes and ideas, adding that its role as a bridge between Europe, the Middle East, Africa and Asia has become even more relevant.
In an environment marked by geopolitical uncertainty and shifting economic conditions, he said investors are increasingly looking for countries that offer stability, institutional credibility and long-term growth prospects.
The firm announced that, in accordance with article 128 of the Companies Law Chapter 113, the official notification for this meeting will not be sent or posted directly to shareholders.
Instead, the meeting notification and the form of proxy are available for review on the company website, the Cyprus Stock Exchange (CSE) website, and in printed format at the registered office.
The agenda for the meeting includes the examination and adoption of the management report for the year 2025.
According to the Cyprus statistical service (Cystat), the turnover value index of wholesale trade, excluding motor vehicles, recorded an annual increase of 11.2 per cent in the first quarter of 2026.
During the same period, the turnover value index of sales and repair of motor vehicles fell by 3.6 per cent.
More specifically, the index for wholesale trade, excluding motor vehicles, reached 142.8 points, with several categories recording strong annual growth.
The assessment, prepared by Grant Thornton and published on June 12, 2026, examines the mandatory takeover bid for the remaining shares of Ermes, which aims to secure full control and lead to the company’s delisting from the Cyprus Stock Exchange (CSE).
The Cyprus Trading Corporation, which currently holds a 77.215 per cent stake in Ermes, intends to pursue a squeeze-out to acquire 100 per cent of the company should the required thresholds under the Takeover Bids Law be met.
The offer price represents a discount relative to the net asset value and the average closing price of the stock over the preceding 12 months, yet experts suggest the methodology used to calculate this consideration is appropriate given the company’s ongoing strategic withdrawal from the retail fashion sector.
The American investment bank maintained overweight recommendations for Alpha Bank, Eurobank and Piraeus Bank, while adopting a neutral stance on the National Bank of Greece and CrediaBank.
Morgan Stanley said the Greek economy continues to offer one of the strongest growth profiles in Europe.
In the report, whose findings were shared by Greek business outlet Newmoney, the investment bank stated that the Greek economy remains supported by robust domestic demand, investment activity and inflows of European funds, creating particularly favourable conditions for the country’s banking sector.
According to first estimates released by Eurostat, the statistical office of the European Union, this uptick represents a stabilisation of industrial activity on the island following a period of fluctuation earlier in the year.
Data for Cyprus indicates that the April performance followed a robust growth of 1.6 per cent in March 2026, whereas the sector experienced a contraction of 2.3 per cent in February 2026.
The overall employment rate for recent graduates across the European Union aged 20 to 34 reached 83.0 per cent in 2025, marking an increase from the 82.3 per cent recorded in 2024.
This figure represents a significant improvement of 7.5 percentage points over the last 11 years.
When analysed by educational attainment, recent graduates with a tertiary education across the bloc enjoyed an employment rate of 87.0 per cent.
Indeed, the latest CBC report showed that both deposit rates and lending rates in Cyprus continue to diverge from eurozone averages.
In the case of new household deposits with maturities of up to one year, the average interest rate in Cyprus stood at 1.20 per cent, compared with 1.89 per cent across the eurozone.
Among domestic institutions, the National Bank of Greece offered the highest rate at 1.55 per cent, while the Bank of Cyprus offered the lowest at 0.82 per cent.
According to the chamber, the meeting took place at its offices as part of ongoing efforts to strengthen cooperation and exchange views on economic development and investment.
The discussion focused on major investments currently underway in the Larnaca district, as well as on large-scale development projects promoted in recent years.
The chamber said these projects are progressing well, contributing to the region’s economic growth, creating new jobs and further strengthening Larnaca’s position as a modern business and investment destination.
The 15th annual Gen Z and Millennial Survey, whose findings were shared locally by Deloitte Cyprus, gathered responses from more than 22,500 Gen Z and millennial participants across 44 countries and included qualitative insights from business leaders.
The findings indicated that Gen Z and millennial workers are redefining progress at work, often placing wellbeing, stability and long-term development ahead of promotions and traditional markers of success.
Elizabeth Faber, Deloitte Global Chief People & Purpose Officer, said the study demonstrates how both generations are continuing to adapt to change while also influencing it.
“They’ve already transformed work in tangible ways and are now making deliberate choices about when and under what conditions they pursue leadership and major life decisions,” Faber said.
This performance for Cyprus remained consistent with the final quarter of 2025, although it represents a marginal decline from the 2.9 per cent rate recorded during the first quarter of 2025.
Across the broader euro area, the job vacancy rate reached 2.3 per cent in the first quarter of 2026, marking a slight rise from the 2.2 per cent noted in the final quarter of 2025.
This figure represents a minor decrease compared to the 2.4 per cent recorded during the same period in 2025.
Specifically, during a meeting on June 15, 2026, the firm finalised the purchase through the brokerage firm ProChoice Chrimatistiriaki Ltd.
The company acquired 1,244 of its own shares. Each share was purchased at a price of €1.30.
The total value of this share buyback operation amounted to €1,617.20.
The decision was prompted because the firm has failed to maintain necessary nominated advisor services, which are categorised as an ongoing obligation for issuers.
Issuers with securities listed on the CSE Emerging Companies Market are required to maintain these services at all times.
This suspension of trading takes effect immediately as of June 16, 2026.
The latest early estimates from Eurostat, the statistical office of the European Union, reveal a diverging trend for the island compared to the broader bloc.
Across the European Union as a whole, greenhouse gas emissions from the economy and households were estimated at 3.3 billion tonnes of CO2 equivalent in 2025.
This figure represents a significant 17.2 per cent decrease when compared to levels recorded in 2015.