Cyprus Business Now: shipping, Keve, CySEC, banks, tourism, TechIsland

Source: cyprus-mail.com

Cyprus is preparing to take around 25 maritime companies to India next month, hoping to turn its growing ties with the Asian shipping industry into new contracts, investment and business partnerships.

The plans were discussed in Busan, South Korea, where Shipping Deputy Minister Marina Hadjimanolis met India’s Minister of Ports, Shipping and Waterways, Sarbananda Sonowal, as part of a wider round of meetings aimed at bringing the two countries’ maritime industries closer together.

At the centre of their talks was the Cyprus–India Maritime Business Forum, which will take place in Mumbai on November 23, 2026, during Hadjimanolis’ visit to India.

Sonowal confirmed that India was ready to welcome the Cypriot delegation and support the forum, with both sides keen to see businesses make the most of the opportunity.

The Cyprus Chamber of Commerce and Industry (Keve) on Thursday released a statement reviewing the outcomes of a major business forum held in Nicosia earlier this week, where Cyprus and China explored opportunities to expand bilateral trade, attract investment and develop business partnerships.

The China-Cyprus Subnational Exchange and Cooperation Forum and Business Forum, organised by Keve in cooperation with the Chinese embassy and the Cyprus-China Business Association on Tuesday, brought together business representatives, local authority officials and institutional representatives from both countries to discuss closer economic cooperation and opportunities for commercial partnerships.

In his opening address, Keve secretary general Philokypros Roussounides said the countries’ longstanding friendship, founded on mutual respect and trust, provided a strong basis for expanding economic ties.

Cyprus may have won over Lonely Planet with its winter sunshine, but the cost of enjoying it tells a rather less flattering story, with Paphos proving considerably more expensive than several rival Mediterranean destinations.

The island has been named one of Europe’s ten best winter-sun escapes by the international travel publication, just as separate research by Britain’s Post Office Travel Money puts Paphos 14th among 24 destinations worldwide for value.

And while Cyprus may not be winning the battle on price, it has been collecting some impressive international endorsements of its own, from American travel writers to European tourism rankings.

In its latest guide, released earlier this week, Lonely Planet describes Cyprus as ‘Best for the warmest Mediterranean winter’, placing it fifth among ten recommended European destinations.

The TechIsland TechPro Community will hold its fourth meetup on November 3, 2026 in Limassol, bringing together professionals working at the core of Cyprus’ technology sector for an evening of discussion, knowledge exchange and networking.

The community was created by TechIsland, the largest technology association on the island, as a dedicated platform for CTOs, CIOs, CISOs, technology architects, software developers, DevOps and platform engineers, data and AI specialists, cybersecurity professionals, UX experts and digital transformation leaders.

Its purpose is to give these professionals a space to meet peers outside their own organisations, exchange practical experience, discuss the challenges they are facing and build stronger connections across Cyprus’ technology ecosystem.

The Cyprus Securities and Exchange Commission (CySEC) has stepped up efforts to protect investors from online scams and artificial intelligence-generated investment fraud, as part of its participation in World Investor Week 2026, while continuing financial education programmes in schools across Cyprus until December.

The regulator on Thursday announced that it took part in the international initiative for the eighth consecutive year, focusing on emerging digital investment risks, strengthening financial resilience and helping the public make informed investment decisions.

World Investor Week is an initiative of the International Organisation of Securities Commissions (IOSCO), which seeks to raise awareness of investment risks and promote responsible investing.

CySEC’s campaign placed particular emphasis on fraudulent practices involving misleading online advertisements, false investment recommendations and deceptive content generated using artificial intelligence (AI).

Alpha Bank has increased its share capital to €654.35 million following the exercise of employee stock options in September 2026, bringing its total number of shares with voting rights to more than 2.25 billion.

The lender confirmed the change this week, following a share capital increase approved by its board of directors on September 30 and registered with the General Commercial Register on October 13.

The increase resulted from the implementation of the bank’s stock options plan, under which eligible participants exercised options granted to them during the September 2026 exercise period.

Following the increase, Alpha Bank’s share capital stands at €654,351,248.35, divided into 2,256,383,615 ordinary shares, each carrying voting rights and having a nominal value of €0.29.

Household real income per capita rose by 0.1 per cent in the euro area and the European Union in the second quarter of 2026, while household consumption increased in both, according to Eurostat, as figures also show that Cyprus’ gross disposable income for households and non-profit institutions reached €22.97 billion in 2025.

The latest seasonally adjusted quarterly data from the EU’s statistical office show that household real income per capita in the euro area continued to grow at the same modest pace as in the first quarter, when it also increased by 0.1 per cent.

Household real consumption per capita, meanwhile, rose by 0.3 per cent in the euro area, following a stable reading in the previous quarter.

Across the EU as a whole, household real income per capita increased by 0.1 per cent in the second quarter, slowing from growth of 0.3 per cent in the first 3 months of the year.

Cypriot businesses need to organise their data, establish clear rules and train employees before adopting artificial intelligence (AI), according to Kyriaki Parmakki, co-founder and chief executive of Limassol-based solutions studio essere.ai, who hosted the first ClickUp event in Cyprus earlier this month.

The event, held on October 8, brought together business owners, directors and technology specialists to explore how companies can integrate AI into their operations, with demonstrations of practical applications and discussions on the foundations needed to make the technology effective.

ClickUp, an American software company valued at $4 billion and known for its project management, task management and AI capabilities, held its first event on the island in partnership with essere.ai, which is ClickUp’s official and certified partner in Cyprus and the only partner it works with directly on the island.

More sales do not necessarily mean higher profits for businesses embracing e-commerce, according to Matina Zisiadou, director of Cyprus Information Technology Enterprises Association (CITEA), who stressed that the success of online trading should not be measured solely by sales, but by the value created for consumers.

Zisiadou explained that e-commerce has fundamentally changed the way consumers search for, compare and purchase products and services. Consumers now have more choice and easier access to products across different markets, while businesses can reach customers beyond the geographical boundaries of their operations.

The scale of this growth is reflected in the figures. According to the United Nations Conference on Trade and Development (UNCTAD), business e-commerce sales across 43 developed and developing economies were estimated at nearly $27 trillion in 2022.

Eurobank has completed its €813 million acquisition of the remaining 80 per cent of Greek life insurer Eurolife Life Insurance, bringing its ownership to 100 per cent, while the sale of a 45 per cent stake in its Cypriot non-life insurance subsidiary to Fairfax Financial Holdings is expected to be completed by the end of 2026.

The bank announced the completion on Thursday, following the receipt of the necessary regulatory approvals and the fulfilment of the relevant closing conditions.

The transaction involved the acquisition of 80 per cent of Eurolife FFH Life Insurance Single Member Société Anonyme Company, which operates under the name Eurolife FFH Life Insurance SA, from entities controlled by Fairfax Financial Holdings Limited.

Cyprus-listed holding company iDNA Genomics Public Ltd announced on Thursday through the Cyprus Stock Exchange (CSE) that the trustee of its corporate bonds has resigned from the position.

The resignation concerns the bonds with international securities identification number CY0240422119 and trading code iDNAB28.

The trustee stepped down from the post in accordance with the provisions outlined in the Trust Deed dated January 18, 2023.

The departure became effective upon the expiry of the prescribed notice period set out in the governing agreement.

Under the terms of the Trust Deed, the power to appoint a replacement rests solely with the company, the announcement mentioned.

Vassiliko Cement Works Public Company Ltd shareholders on Thursday unanimously approved a special resolution authorising the company’s board to buy back its own shares over the next 12 months, subject to limits on the number of shares acquired and the prices paid.

Under the decision, approved during an extraordinary general meeting, the board is now authorised to acquire shares in the company during the 12-month period following the meeting.

The number of shares acquired must not exceed 10 per cent of the company’s issued share capital or 25 per cent of the average value of transactions traded on the Cyprus Stock Exchange (CSE) during the 30 days preceding each purchase, whichever limit is lower.

WISTA International has grown beyond 6,500 members, extending its influence across global shipping as it looks to bring more women into an industry where senior positions and careers at sea remain overwhelmingly male-dominated.

President Elpi Petraki outlined the association’s achievements over the past year at its Annual General Meeting in Kuala Lumpur this week, emphasising growing membership, closer ties with international maritime organisations and new opportunities for companies to become involved.

The meeting formed part of the WISTA International AGM and Conference 2026, taking place from October 28 to 30 under the theme ‘Bridging Borders, Driving Change: Asia Shaping the Future of Maritime and Trade’.

Co-hosted by WISTA Malaysia, WISTA Singapore and WISTA Hong Kong SAR China, the gathering brings together shipping executives, policymakers and industry professionals to examine the future of maritime trade, technology, sustainability and leadership.

The Cyprus Trading Corporation (CTC) on Thursday announced a series of management changes across its businesses, including a new board chairman from January 2027 and appointments to senior financial and operational roles taking effect from November 1, 2026.

The changes are intended to strengthen the group’s management structure and support its next phase of development and growth across its main areas of activity.

Christakis Charalambous will become non-executive chairman of the board on January 1, 2027, succeeding Demetris Demetriou, who will remain a member of the board.

Charalambous is already a board member and chairman of the board executive committee. He also serves on the board of Hermes Airports, the Nicosia Chamber of Commerce and Industry (Evel) and the Cyprus Employers and Industrialists Federation (Oev).

The board expressed its appreciation to Demetriou for his contribution during his tenure as chairman.

Solidus Securities will distribute a gross interim dividend of €1.32 million to shareholders in November 2026, following a unanimous decision by the company’s board on Thursday.

The dividend amounts to €0.25984252 per share, before tax withholding, according to the investment services company’s announcement.

Shareholders registered in the Cyprus Stock Exchange (CSE) register on November 20, 2026, will be entitled to receive the interim dividend.

The company’s shares will trade without the right to the dividend from November 19, meaning investors buying shares from that date will not qualify for the payment.

Investors who purchase shares by the close of trading on November 18, the final date on which shares will trade with the dividend entitlement, will qualify for the distribution.