Category: Cyprus News Agency

The Cyprus Stock Exchange (CSE) All Share Index closed at today`s stock exchange meeting as follows:

MEETING DATE: 11/05/2026

INDICES BASE VALUES: FTSEMed=5000, OTHERS = 1000

EURO (pound )

TRADED VALUE 397.061,88

INDEX VALUE %DIFF. VALUE

FTSE/CySE 20 177,370 1,660 372.423,680

MAIN MARKET INDEX 240,080 1,790 338.017,430

INVESTMENT COMPANIES MARKET INDEX 3.034,020 6,370 108.825,310

CSE GENERAL INDEX 298,360 1,280 382.512,360

HOTELS INDEX 1.940,330 2,320 1.531,550

ALTERNATIVE MARKET INDEX 1.938,160 0,620 45.853,300

* The second column presents the percentage variation of the indices as compared to the last meeting.

CNA/ME/EPH/2026

Bank of Cyprus reported strong profitability, accelerating credit expansion and further balance sheet strengthening in the first quarter of 2026, as the lender signalled confidence in the resilience of the Cypriot economy and outlined plans for enhanced shareholder distributions despite ongoing geopolitical uncertainty.

According to results announced on Monday, profit after tax reached pound 121 million for the quarter ended March 31, 2026, while Return on Tangible Equity (ROTE) stood at 18%. Basic earnings per share amounted to pound 0.28, with the cost-to-income ratio remaining low at 37%, reflecting continued operational efficiency.

Net profit rose 3% year-on-year despite pressure on interest income from a lower interest-rate environment.

Loan growth remained robust, with new lending reaching pound 829 million during the quarter, up 9% compared with the previous quarter. Performing loans increased by 2% quarter-on-quarter to pound 11.1 billion.

Deposits remained stable at pound 22.3 billion, with the funding base continuing to be primarily retail-driven. On an annual basis, deposits increased by 8%, or approximately pound 1.6 billion, compared with the first quarter of 2025.

Asset quality continued to improve, with the non-performing exposure ratio declining to 1.1% of total loans. Loan credit losses recorded a net credit of 17 basis points following a reversal linked to a specific client.

The group’s capital position remained particularly strong, with the CET1 ratio reaching 20.7% and the total capital adequacy ratio standing at 25.5%. Organic capital generation reached 114 basis points during the quarter.

The bank also announced a number of strategic initiatives aimed at diversifying its business model and expanding its balance sheet.

These include an agreement with Cyprus Development Bank to acquire a portfolio of performing loans of approximately pound 150 million and deposits of around pound 500 million, subject to regulatory approvals expected by year-end.

In parallel, the bank agreed to acquire a 26% stake in Wealthyhood, strengthening its presence in digital investment services. Chief Executive Officer Panicos Nicolaou said a new investment application developed through the partnership is expected to be launched by June, offering customers access to equities and ETFs in international markets, Cyprus and Greece.

Commenting on the results, Nicolaou said the group had ‘started the year strongly’, supported by stabilisation in net interest income and disciplined cost management.

He added that the bank’s business model continued to generate strong organic capital, while maintaining strict lending criteria despite increased loan demand.

Nicolaou also stressed the resilience of the Cypriot economy, saying growth continued to outperform the eurozone average despite global geopolitical instability.

‘There is economic activity even during periods of crisis,’ he said, adding that Cyprus currently has sufficient ‘buffers’ and flexibility to manage external shocks.

The CEO defended the bank’s shareholder distribution policy, arguing that payout levels remain aligned with European banking standards and are supported by the bank’s strong capital position.

For 2026, Bank of Cyprus is targeting total distributions of up to 90% of adjusted profitability, comprising an ordinary distribution of 70% and up to 20% additional distributions.

The bank has proposed a final dividend of pound 0.50 per share, subject to shareholder approval at the upcoming Annual General Meeting on Friday.

Nicolaou also indicated that from 2026 onwards the bank aims to operate consistently at the upper end of its ordinary distribution range, while assessing additional distributions annually depending on market conditions and capital needs.

Addressing broader economic conditions, he stressed the importance of maintaining Cyprus’ credibility and stability in order to attract foreign investment, warning that confidence remains critical for a small economy heavily reliant on international capital inflows.

The bank also confirmed plans to establish a representative office in India, with applications already submitted to the Central Bank of Cyprus and subsequently to Indian regulators. Nicolaou said the approval process could take 12 to 18 months.

He added that the group’s international expansion strategy remains cautious, with the bank aiming to gradually increase the share of its foreign loan portfolio from 13% currently to 15% over time.

Surface material of the Late Roman period was found across the Larnaca Salt Lake landscape during the 2025 field campaign of the Hala Sultan Tekke Hinterland Project.

The Department of Antiquities said in a press release on Monday that the campaign consisted of a three-week field season carried out in October and November and conducted in the wider landscape surrounding the Late Bronze Age urban centre of Hala Sultan Tekke in the Larnaca District. The project, which commenced in 2021, is directed by Prof. Dr. Ralf Vandam, Dr. Jan Coenaerts, and Prof. Karin Nys (Vrije Universiteit Brussel) in collaboration with international partners.

“The Autumn 2025 campaign combined systematic archaeological surface survey with an extensive programme of geophysical prospection, aiming to refine understanding of settlement organisation, land use, and activity zones in the Larnaca area,” the press release noted, adding that “archaeological survey documented surface material across the Larnaca Salt Lake landscape and in the Pyrga region, improving the chronological and functional interpretation of known sites and identifying new areas for further investigation.”

“Previous fieldwork in Pyrga documented numerous copper-slag heaps. Particularly dense concentrations of Late Roman material were recorded at several locations near the copper slag heaps, suggesting the presence of a Late Roman production landscape. In 2024, a ground-penetrating radar survey was conducted in collaboration with The University of Cyprus under the direction of Prof. A. Sarris,” the Department of Antiquities said.

It further added that in 2025, a large-scale magnetometric survey covering approximately 8,000 m² was undertaken by Dr. I. Medaric (University of Ljubljana / University of Zurich). High-resolution magnetometry revealed a complex pattern of subsurface anomalies, including linear features, clusters of strongly magnetised zones, and spatially organised concentrations indicative of anthropogenic activity.

Several anomalies are consistent with features potentially related to metallurgical installations, slag deposits, and associated infrastructure, while others may reflect geological formations characteristic of the wider region.

“he results of the 2025 campaign significantly refine the spatial understanding of activity areas in the hinterland of Hala Sultan Tekke and provide a strong foundation for future targeted excavation and interdisciplinary research,” the press release concluded.

Foreign Minister of Cyprus Constantinos Kombos participated in the 1st High-Level EU-Syria Political Dialogue, as well as in the meeting of the International Coalition for the Return of Children from Ukraine, , following the conclusion of the EU Foreign Affairs Council (FAC) in Brussels Monday.

He also held bilateral meetings with the Foreign Minister of Ukraine, Andrii Sybiha and Syria’s Minister of Foreign Affairs and Expatriates, Asaad Hassan al-Shaibani.

During the FAC discussions, EU Foreign Ministers exchanged views on developments in Ukraine, the Middle East and the Western Balkans. Kombos reiterated Cyprus’ support for Ukraine and its European path, while expressing the readiness of the Cyprus Presidency to contribute to discussions on the upcoming 21st package of sanctions against Russia.

Regarding the Middle East, he underlined the importance of safeguarding freedom of navigation through the Strait of Hormuz, as well as the need to strengthen dialogue and cooperation between the EU and Gulf countries. On Gaza, he stressed the importance of reinforcing efforts to implement UN Security Council Resolution 2803 and reiterated Cyprus’ readiness to continue its practical contribution, including through the maritime humanitarian corridor.

The Foreign Minister also referred to the geopolitical developments affecting the EU’s security environment, underlining the need for the Union to remain vigilant, while reiterating Cyprus’ support for enhanced cooperation with the Western Balkans in addressing common challenges.

Sea is part of our everyday life in Cyprus, our economy and our future, Deputy Minister of Research, Innovation and Digital Policy Dr. Nikodimos Damianou said Monday addressing the Conference on “Riding the wave from ocean science to policy and ocean R and D to market” that is taking place in Ayia Napa, in the context of the Cyprus Presidency of the Council of the EU.

In his speech, the Deputy Minister said that ‘for us in the Mediterranean, these challenges are particularly urgent and visible. Our region is recognized as an ‘epicenter’ of climate change, as it is warming significantly faster than many other parts of the planet”.

He added that ‘the consequences are already affecting our societies and economies, with more frequent marine heatwaves, coastal erosion, water stress and the degradation of sensitive marine ecosystems threatening our communities and livelihoods across the region.’

These challenges, he continued, “are not only environmental, they are economic, geopolitical and social and addressing them requires urgent action, cooperation and a long-term perspective.”

In this context, he pointed out, the European Union has drawn up a “bold and ambitious program”, aiming to protect and restore our oceans, while promoting a sustainable and competitive ‘blue’ economy,” referring to the “EU Ocean Pact” announced by the European Commission in June 2025.

Equally fundamental, he noted, is the upcoming Ocean Research and Innovation Strategy.

These initiatives reflect the clear understanding that Europe’s prosperity and resilience are closely linked to the health of the oceans, while recognizing the central role of research and innovation in achieving long-term sustainability goals, he said.

Meanwhile, EU Commissioner for Fisheries and Oceans Costas Kadis in his speech underlined the importance of ocean related research and innovation saying that “across the European Union, 70,000 km of coastline and 40 % of our citizens, about 180 million, living within 50 km of the sea, remind us daily how much we depend on the ocean”.

Yet, he noted, ocean warming, acidification, pollution, biodiversity loss and extreme weather events are putting our food security and well-being at risk. Moreover, threats such as attacks on underwater infrastructure, illegal fishing or shadow fleets threaten maritime safety and security.

This is why, Kadis said, last year, the European Commission launched the European Ocean Pact, bringing together all ocean-related policies within a single policy framework, everything, from ocean health, competitiveness and maritime security to ocean diplomacy, coastal and island communities and marine knowledge.

To protect our ocean, he noted, we must first understand it. “As I have mentioned repeatedly, we know more about the surface of the moon rather than about our ocean. This is why research and innovation are at the heart of the Ocean Pact.”

Later this year, Kadis added, the Commission will present the Ocean Research and Innovation Strategy that will help us close knowledge gaps, integrate science into policymaking, and bolster our blue economy.

He announced that the European Commission will formally adopt the OceanEye Europe’s flagship ocean observation initiative, communication on the 3rd of June.

“This is an important milestone in our ocean stewardship” he noted, adding that at its core is the Digital Twin of the Ocean, which is part of our Mission Restore our Ocean and Waters.

“This revolutionary system combines real-time data, artificial intelligence, and advanced modelling to simulate ocean conditions. By 2030, this tool will allow us to predict how the ocean responds to climate pressures, test policies before they are implemented, and make evidence-based decisions faster than ever before” he stressed.

The Commissioner warned that science alone is not enough. “We need partnerships: between researchers, policymakers, industry, and the civil society. And this is exactly what this conference is about. The ocean’s challenges are too vast for any group to tackle alone” he concluded.

Organisers of the Conference are the Deputy Ministry of Research, Innovation and Digital Policy, Cyprus Marine and Maritime Institute, and ERATOSTHEN?S Centre of ?xcellence.

Discussions on the future of education, youth participation in policymaking, and the role of skills are beginning today, Monday, in Brussels at the European Union’s Education, Youth, Culture and Sport Council. Key topics on the Council’s agenda include the Erasmus+ programme, basic skills within the framework of the European Education Area, the EU Youth Strategy beyond 2027, and the use of artificial intelligence in education.

Speaking ahead of the meeting, Cyprus Minister of Education, Sport and Youth, Athena Michaelidou, said the Council reflects the vision of the Cypriot Presidency for an autonomous Union open to the world, stressing that Europe’s future is closely linked to investing in people, empowering citizens, and creating opportunities for young people.

Michaelidou, who will chair the meeting, noted that Ministers are expected to approve the partial negotiating mandate for the Erasmus+ programme, which she described as one of the European Union’s most important and successful initiatives. She underlined that the programme is directly linked to the Multiannual Financial Framework and offers mobility opportunities to millions of young people, while also strengthening European identity.

Referring to the Council’s discussions, the Minister also highlighted the importance of basic skills for social cohesion, citizens’ resilience, and Europe’s overall strength, noting that the issue will be examined within the context of the European Education Area.

She also placed particular emphasis on youth participation in decision-making, stressing that youth policies should be developed together with young people, and not merely for young people. In this context, she noted that discussions are already underway on the EU Youth Strategy beyond 2027.

Regarding artificial intelligence in education, Michaelidou said Ministers are expected to approve Council conclusions on AI and teachers. She stressed that teachers must be supported and equipped with the necessary skills to use new technologies effectively and responsibly within a pedagogical framework.

Concluding, the Minister said the two-day discussions reflect the Cypriot Presidency’s commitment to investing in people, encouraging citizens’ participation, and creating opportunities for skills development, empowerment, and active engagement in European life.

The EU Council will meet today in the configuration of Education and Youth Ministers, while tomorrow, Tuesday, it will convene in the configuration of Culture and Sport Ministers.

FOR THE PERIOD FROM 1800 11/05/2026 UNTIL 1800 12/05/2026

Atmospheric pressure at the time of issue: 1013hPa (hectopascal)

Weak high pressure is affecting the area. The weather will be mainly fine, but locally increased low cloud coverage is likely over the east.

Visibility: Good

Sea surface temperature: 20°C

Warnings: NIL

AREA PERIOD WIND STATE OF SEA

West Coast

Night Northwest to Northeast 2 to 3, gradually East to Southeast 3 Smooth to Slight

Morning East to Southeast 3, gradually 4 Smooth to Slight

Afternoon Southeast to South 3 to 4, later Southwest to Northwest Smooth to Slight

South Coast

Night South to Southwest 3, near the coast Northwest to Northeast 2 to 3 Smooth to Slight

Morning South to Southwest 3, gradually Southwest to West Smooth to Slight

Afternoon Southeast to Southwest 3 to 4, later Southwest to West Smooth to Slight

East Coast

Night Southwest to Northwest 2 to 3 Smooth to Slight

Morning Southeast to Southwest 3 Smooth to Slight

Afternoon Southeast to Southwest 3 to 4, later South to Southwest Smooth to Slight

North Coast

Night Southeast to Southwest 2 to 3, offshore Northwest to Northeast Smooth to Slight

Morning Northwest to Northeast 3, initially near the coast Southeast to Southwest 2 to 3 Smooth to Slight

Afternoon Northwest to Northeast 3 to 4, later Southwest to Northwest Smooth to Slight

Time of issue: 1700 Date: 11/05/2026

UK Minister for the Constitution and European Union Relations, Nick Thomas-Symonds spoke of a ‘historic moment’, since for the first time since Brexit a UK Minister has been invited to participate in the informal European Affairs Council, held in Nicosia on Monday, under the Cyprus’ Presidency of the Council of the EU.

Arriving at the ‘Filoxenia’ Conference Centre in Nicosia, where he will participate at a working lunch, Thomas-Symonds said ‘this is a real historic moment. It’s the first time that a UK minister has been invited to and will speak at this Council since Brexit,’ he said.

He said that it is particularly delightful to be back in Cyprus, since he was here last November to talk about deepening security and economic cooperation.

‘As we see increasing foreign interference in our democracies, and we see the global instability that the world faces at the moment, the message that I’m going to be bringing today is this isn’t a moment to be increasing barriers between like-minded partners. This is a moment to be working together,’ he noted.

Thomas-Symonds added that ‘as the Prime Minister of the United Kingdom, Keir Starmer, has been saying, there is a real determination on the part of this government to put us at the heart of Europe. It’s great to be at the heart of Europe today and bring that message that the challenges that we all face, those shared challenges, are better tackled together.’

Risk level for the general population in Europe in relation to Hantavirus is very low, Health Ministry said, noting that the situation is being closely monitored by the competent international and European health authorities.

In a press release issued here on Monday, following the reported cases on a cruise ship in the Atlantic, the Cyprus Ministry noted that hantaviruses are a group of viruses that are transmitted mainly through contact with rodents, such as mice and rats, or through contaminated particles from their environment.

It is also clarified that human-to-human transmission is extremely rare and is not a common way of spreading the virus.

According to the risk report by European Center for Disease Prevention and Control (ECDC), the situation is being closely monitored by the competent international and European health authorities, the Ministry said.

It further pointed out that it is in constant communication and cooperation with European and international public health organisations, constantly evaluating all epidemiological data and implementing the required preparedness protocols, where necessary.

The Ministry also reassured the public that the health system remains fully prepared both in terms of laboratory support and management of possible incidents, in accordance with the current action plans for public health.

Moreover it called on the public to obtain information exclusively from official and reliable sources and to avoid reproducing any unconfirmed details.

Europe is in the midst of a housing crisis, European Commissioner for Energy and Housing Dan Jorgensen said Monday, praising the work of the Cyprus EU Presidency in this area, noting however that more needs to be done at a European level.

The Commissioner, who was received in the afternoon by President Nikos Christodoulides, referred to the increase in prices in the energy sector, noting that efforts are underway to address these issues.

Welcoming the Commissioner, President Christodoulides referred to the EU’s housing programmes. Regarding the energy sector, he pointed out that it is a matter of the highest priority for the EU.