Isolated showers and thunderstorms expected until Monday, Meteorological Officer tells CNA

Isolated showers and thunderstorms are expected from Saturday midday through Monday, mainly affecting mountainous and inland areas and, potentially, parts of the eastern and southeastern coastline, according to forecasts by the Department of Meteorology.

Speaking to the Cyprus News Agency (CNA), meteorological officer, Iasonas Christodoulou, said weather conditions are expected to improve as of Tuesday, with predominantly clear skies.

Regarding temperatures, Christodoulou noted that they are currently close to the seasonal average for this time of the year. A slight rise in temperatures is expected during the coming week.

He added that temperatures are not expected to reach levels that would require issuing heatwave or other high-temperature warnings. Based on current forecasts, the first major heatwave of the summer does not appear to be imminent.

Cypriot Dep. Minister and Commissioner Brunner hail the EU migration pact

The recent EU agreement on migrations is a historic achievement and a milestone Deputy Minister of Migration and International Protection Dr. Nicholas A. Ioannides and European Commissioner for Internal Affairs and Migration Magnus Brunner said.

Speaking at a press conference on the morning sessions of the Informal Ministerial Conference on the Pact of Migration and Asylum held in Nicosia, under the Cyprus Presidency of the European Council, both Ioannides and Brunner pointed out that the implementation is crucial for the pact’s success.

Ioannides said consistent implementation across the Union, mutual trust, experience-sharing and close cooperation will be essential in the months and years ahead.

The Deputy Minister noted the legislative framework has been turned into ‘an operational system ready to be applied,’ but stressed that frameworks alone cannot deliver results.

Underlining Cyprus’s role as a frontline member state, the Deputy Minister said the presidency has prioritized a balanced, effective and humane European migration policy based on responsibility and solidarity, protection for those in genuine need, stronger cooperation with partners and practical support for member states under pressure.

He stressed that success would depend on capacity, coordination, political commitment and continued cooperation among member states, and thanked ministers, delegations, EU agencies, international organisations and partners for their contributions.

He also noted that the final working session of the conference on Friday afternoon will focus on the way forward for European asylum and migration policy and on ensuring the new framework remains credible, resilient and future-proof.

European Commissioner for Internal Affairs and Migration Magnus Brunner, in his remarks during the press conference, described the informal Council meeting under the Cyprus presidency as a “milestone” for European migration and asylum policy, while underlining that the pact’s success will depend on implementation, capacity and close international cooperation.

Brunner praised Cyprus’s six-month presidency for securing swift compromises – notably on the return regulation – and for preparing member states to apply the pact’s new rules.

He pointed out that for the first time we have ‘this comprehensive European approach towards migration and asylum. And 10 years ago…we did take a lot of responsibility as a European Union, but we didn’t have any rules, we didn’t have a system. And that’s why we didn’t have control at the end of today, what is going on in the European Union’.

‘And with this big migration reform, with the pact as a basis, as a centrepiece, actually, we now have the rules we didn’t have in the last year’.

Brunner added that the reform provides a comprehensive EU approach that the Union previously lacked and pointed to early indicators of progress: overall arrivals down 55% in recent years, a 90% drop on the Western Balkans route, and a 67% decline so far in 2026 on the Turkey-Aegean route.

The Commissioner said the EU has several partnerships with third countries outside the European Union in place, Egypt, Tunisia, Jordan, Mauritania. However, the EU needs to go further. «We need to work with Morocco, for instance, with other countries as well. And we are also developing quite an ambitious initiative to address the Eastern Corridor. This is the main corridor coming from Bangladesh, Pakistan via the Gulf countries towards Egypt, and then to Libya, and from Libya to the European Union, and reduce illegal arrivals because of that engagement».

He also referred to the agreement with India. ‘So, you see, our comprehensive approach on migration is actually taking shape’.

Answering questions on return hubs, Brunner stressed the Commission only created the legal basis; setting up hubs is voluntary and for member states to negotiate with third countries. He said the return regulation contains safeguards, agreements will be sent to the Commission for monitoring, and international organisations will play a role in oversight.

On which countries might host return hubs, Brunner said five member states – Austria, Germany, Greece, Denmark and the Netherlands – are working together on this. He could not refer to what incentives they provide, noting those are matters for the negotiating member states, while the Commission will monitor compliance and support implementation.

To a question if human rights will be respected, ‘human rights are non-negotiable,’ he said. At this point, Dr. Ioannides clarified that only rejected asylum seekers, individuals who have no right to remain in the EU, will be sent to return hubs. ‘We’re not talking about asylum seekers that their application is pending. So, we need to be careful, and I actually stress that, that only individuals who have no right to remain in the EU and are not cooperating with member states for their return will be sent there, just to be clear’.

Asked why human rights organisations, without exception, are criticising today’s decision, Dr. Ioannides said it is his understanding that these organisations disagree with the gist of this project, with the whole architecture.

‘So, it’s not a matter of lack of control or rules or regulations or safeguards. It’s about the fact that they disagree with the whole endeavour. However, he said the Commission and all are determined to set some rules in order to address this issue. The Cypriot Deputy Minister said ‘we created a comprehensive legal framework in order to be in a position to address any future crisis in a more collective, coherent and efficient manner. Of course, there might be some drawbacks. I mean, it’s the first day today’, adding they will identify problems that might arise in the coming weeks or months.

On his part, Brunner said if somebody says it undermines fundamental rights, “I would argue the contrary. With having clearer and more effective rules and clear rules, we are actually protecting, first of all, people…’ so that they do not actually put their life into danger coming via the Mediterranean Sea or the Atlantic route.

Also, with protecting the rule of law, for instance, reducing abuse of the rules and making sure that we offer protection to actually those in need. ‘But we can only do that if we fight the illegal migration path, which is the business of smugglers and the human traffickers. We can’t support that business model, not at all’.

Ioannides also answered questions on voluntary returns to Syria, saying Cyprus has organised a voluntary return scheme – with EU financial support and dignified arrangements – that has seen roughly 5,000 Syrians return since December 2024. He said changing circumstances in Syria, court rulings upholding rejections and falling asylum applications indicate that returns are increasingly feasible and genuinely voluntary.

‘We believe that it is a very dignified and a proper way for Syrians to go back to the country, especially having in mind that approximately a million and a half, more than a million Syrians have already returned to the country from many countries’, he added.

Cyprus Stock Exchange

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

MEETING DATE: 12/06/2026

INDICES BASE VALUES: FTSEMed=5000, OTHERS = 1000

EURO (pound )

TRADED VALUE 567,075.20

INDEX

VALUE

%DIFF.

VALUE

FTSE/CySE 20

180.570

1.390

526,549.630

MAIN MARKET INDEX

243.570

1.770

520,045.590

INVESTMENT COMPANIES MARKET INDEX

3,262.320

0.890

72,840.300

CSE GENERAL INDEX

302.460

1.850

565,394.390

HOTELS INDEX

1,967.090

3.350

640.700

ALTERNATIVE MARKET INDEX

1,974.400

1.430

45,348.800

Holguin meets President Christodoulides, says will be back in Cyprus in two weeks

UN Secretary-General Personal Envoy on Cyprus, María Ángela Holguín, said Friday after a meeting with President Nikos Christodoulides, at the Presidential Palace, she will be back in Cyprus in two weeks after contacts in Athens, Ankara and Brussels.

This is Holguín’s second meeting with President Christodoulides since her arrival in Cyprus last Sunday.

In statements to journalists after the around 40-minute meeting, Holguin said she had a ‘very good meeting’ with President Christodoulides and that they were preparing for a 5 plus 1 meeting on Cyprus.

She also said that next week, she will be in Ankara and then in Athens for contacts, and that in two weeks she will be in Brussels before returning to Cyprus.

Asked by a journalist whether she was satisfied with this round of meetings she said ‘yes’.

Earlier on Friday afternoon, at 3.00 pm, Holguín also met again with Turkish Cypriot leader Tufan Erhrman.

In statements after her meeting with Erhurman, which she also described as a ‘good meeting’ she said they were continuing efforts for ‘a good 5+1 meeting in the weeks to come’.

The meeting between Holguin and Erhurman lasted about an hour. The Turkish Cypriot leader made no statements.

Holguín’s meetings with the two leaders follow the initial one she held with them separately on Monday.

According to information, the Personal Envoy of the UN Secretary-General, who is expected to depart the island on Sunday, plans to visit Ankara on Monday and Tuesday and be in Athens between Wednesday and Friday for contacts.

Cyprus has been divided since 1974, when Turkey invaded and occupied its northern third. Repeated rounds of UN-led peace talks have so far failed to yield results due to Turkish intransigence. The latest round of negotiations, in July 2017 at the Swiss resort of Crans-Montana ended inconclusively.

In 2025 the Secretary-General hosted two informal meetings on Cyprus, in March in Geneva and in July in New York, while a tripartite meeting with the Cyprus leaders was also held in late September, at the end of the UN General Assembly High Level Week. An informal meeting in broader format that was expected to take place before the end of 2025, is yet to be announced. María Angela Holguín, the UN Secretary-General’s Personal Envoy on Cyprus, is tasked to engage with the parties.

Profitability of banking sector shows annual decrease in first three months by 23.6%

The profitability of the banking sector declined in the first three months of 2026 by 23.6% compared to last year, according to the Central Bank of Cyprus.

The CBC published on Friday the updated aggregate Cyprus banking sector data (profitability, balance sheet and capital adequacy data) with a reference date of 31 March 2026.

In a press release it said that the profitability of the banking sector has declined in the first three months of 2026 by pound 62 mn or 23.6% to pound 202 mn from pound 264 mn in March 2025.

This decrease, it noted, is primarily driven by a reduction in net interest income (NII) and exchange differences loss.

Total assets within the banking sector have risen in the first quarter of 2026 by pound 274 mn or 0.4%, to pound 70,235 mn in March 2026 from pound 69,961 mn in December 2025.

This growth, the CBC said, is largely attributed to an increase in loans and advances and debt securities.

Meanwhile, the Common Equity Tier 1 (CET1) ratio of the banking sector declined in March 2026 by 0.7 percentage points to 25.1%, from 25.8% in December 2025.

This decrease is mainly due to an increase in total risk exposure amount which has outweighed the increase of CET1 Capital, the CBC concluded.

Cyprus Presidency review and agreement on CBAM at the Luxembourg ECOFIN

An agreement on strengthening the CBAM, progress on advancing the integration of European capital markets, and discussions on financial support for Ukraine marked the final meeting of the Economic and Financial Affairs Council (ECOFIN) under the Cyprus Presidency.

Following the meeting, which took place on Friday in Luxembourg, Finance Minister Makis Keravnos expressed satisfaction with the results achieved during the six-month Cyprus Presidency. He highlighted the agreement on the pound 90 billion loan package for Ukraine, progress on the reform of the EU customs framework, and advancements on the package concerning market integration and supervision.

According to the Minister, these achievements reflect the Cyprus Presidency’s objective of promoting a European Union that is both more strategically autonomous and open to the world.

Referring to the outcomes of the meeting, the Minister stated that the Council reached an agreement on its position regarding amendments to the CBAM Regulation, stressing that it is an important tool for preventing carbon leakage and supporting both industry and national authorities.

He noted that the agreement provides for an extension of the mechanism’s scope and establishes a procedure for the temporary exemption of specific products in cases of serious disruption to the internal market. He added that the Commission’s proposal was also strengthened in several areas relating to anti-circumvention measures.

At the same time, ministers held a policy debate on the package concerning the integration and supervision of European capital markets. According to the Finance Minister, advancing this file was a key priority of the Cyprus Presidency, and the discussion helped clarify member states’ positions on issues such as the scope of direct supervision by the ESMA and its proposed new governance model.

He added that the Cyprus Presidency is handing over a mature file to the Irish Presidency for the continuation of negotiations.

During the meeting, ministers also discussed the economic and financial impact of Russia’s war against Ukraine. The Minister said that the European Commission updated the Council on progress in implementing the pound 90 billion support loan for Ukraine, with the final procedural steps underway ahead of the first disbursement.

Cyprus has high social media use by businesses, according to Eurostat

Cyprus ranks among the European Union countries with the highest levels of social media use by businesses, with nearly eight in ten enterprises employing 10 or more people using social media platforms in 2025, data released by Eurostat on Friday show.

Specifically, according to the data the share in Cyprus stood at 79.9%, unchanged compared with 2023. The figure is significantly above the EU average, which reached 63.6% in 2025, up from 61.1% in 2023.

Malta recorded the highest share of businesses using social media in the EU at 88.2%, followed by Finland at 87.6% and Denmark at 86.1%.

At the other end of the scale, the lowest shares were reported in Bulgaria (41.5%), Croatia (46.0%) and Hungary (47.3%).

Eurostat also highlights that the use of social media increases with company size. Across the EU, 60.6% of small enterprises used social media in 2025, compared with 76.2% of medium-sized enterprises and 89.1% of large enterprises.

Final ECOFIN under the Cyprus Presidency seeks conclusion on CBAM, FinMin says

The exchange of views among EU Finance Ministers on the Carbon Border Adjustment Mechanism (CBAM) and the package on market integration and supervision is at the centre of the Economic and Financial Affairs Council (ECOFIN) meeting taking place on Friday in Luxembourg under the Cyprus EU Presidency.

Speaking upon his arrival at the meeting, Finance Minister Makis Keravnos, who is chairing ECOFIN for the last time under the Cyprus Presidency, said that Ministers would seek to reach a conclusion on the CBAM, while continuing discussions on the package concerning the integration and supervision of European markets.

The Minister also reviewed the achievements of the six-month Cyprus Presidency, noting that an agreement had been concluded on the pound 90 billion financing package for Ukraine, as well as on customs reform. He added that significant progress had also been made in discussions on the capital markets package.

According to the Minister, these results reflect the motto of the Cyprus Presidency: a European Union that is more strategically autonomous while remaining open to the world.

New threats to public spaces discussed at European Conference in Nicosia

The growing threat posed by lone actors, online radicalisation, chemical and biological hazards, and the role of prisons in preventing terrorism were among the key issues discussed at the European Conference on Security and Protection in Public Spaces, held in Nicosia within the framework of the Cyprus Presidency of the Council of the European Union.

Experts from across Europe, security officials, academics, and representatives of public institutions examined the evolving threats facing open public spaces, as well as the policies and tools required to enhance their protection and resilience.

Rise in Lone-Actor Attacks

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Lara Raggi, an expert on radicalisation and lone-actor terrorism, noted that attacks carried out by so-called ‘lone actors’ represent one of the most significant security challenges facing European societies today.

As she explained, these individuals are not necessarily linked to organised terrorist groups, making them particularly difficult to identify and monitor. They often use simple means and everyday objects, while drawing inspiration from a wide range of ideologies disseminated primarily through online platforms.

According to Raggi, public spaces remain attractive targets due to their open and accessible nature, underscoring the need for constant vigilance and stronger prevention mechanisms.

Warnings Over Chemical and Biological Threats

Maksymilian Stela, a specialist in Chemical, Biological, Radiological and Nuclear (CBRN) threats, stressed that European countries must prepare for an increasingly complex risk environment that includes sabotage, the malicious use of hazardous substances, and attacks against critical infrastructure.

He noted that technological advances and easier access to information are creating new challenges for security authorities, making it essential to develop advanced early-warning systems, specialised training programmes, and stronger cross-border cooperation.

Stela also emphasised that prevention remains the most effective tool in addressing such risks, as responding to an incident after it occurs is significantly more difficult and costly.

The Challenge for Security Authorities

——-

Alkis Kakoulis, Head of the Operations Department of the Cyprus Police, highlighted that protecting public spaces has become an increasingly complex mission for law enforcement agencies.

According to Kakoulis, security services are now required to plan and prepare for a broad spectrum of scenarios, ranging from terrorist attacks and violent incidents to emerging forms of hybrid threats.

He stressed that security cannot be achieved at the expense of citizens’ freedoms and everyday life, making it essential to strike a balance between effective protection measures and preserving the open character of public spaces.

The Role of Prisons in Preventing Radicalisation

Pedro Liberado, an expert on violent extremism and organised crime, focused on the importance of correctional institutions as a critical element in preventing terrorism.

He pointed out that a significant number of individuals involved in terrorist activities in Europe had previously spent time in prison, highlighting the dual role that correctional facilities can play-as environments where radicalisation may deepen, or as spaces for prevention and rehabilitation.

According to Liberado, close cooperation between intelligence services, prison authorities, and social reintegration organisations is essential to identify risks at an early stage and reduce the likelihood of violent radicalisation.

Zenonas Tziarras: Regional Instability Directly Affects European Security

——

In his keynote address, Dr Zenonas Tziarras, Lecturer at the University of Cyprus, analysed the rapidly changing geopolitical landscape of the Eastern Mediterranean and the Middle East, stressing that developments in the region have direct implications for European security.

He explained that conflicts, geopolitical realignments, migration pressures, energy challenges, and hybrid threats are creating an environment of heightened uncertainty that requires new approaches to security management.

Dr Tziarras underlined that the concept of security can no longer be confined to military threats alone, but is increasingly linked to the resilience of societies, institutions, and public infrastructure.

Municipality of Nicosia: Public Spaces Are at the Heart of Democratic Life

————

In remarks delivered by Constantinos Yiangou, Deputy Mayor of Agios Dometios, on behalf of Nicosia Mayor Charalambos Prountzos, it was emphasised that public spaces are not merely physical meeting points but the very heart of democratic life, social interaction, and cultural expression.

As noted, squares, pedestrian streets, parks, event venues, and gathering places are environments where fundamental rights are exercised, social bonds are formed, and a sense of community is strengthened. For this reason, their protection has become increasingly important at a time when threats are becoming more complex and unpredictable.

Particular reference was made to the challenges facing European cities today, ranging from violent extremism and terrorism to hybrid threats, cyberattacks, and chemical or biological risks. Local authorities, it was stressed, are often on the front line of managing these risks, as they are the institutions closest to citizens and are frequently the first to respond during emergencies.

The address also highlighted the need for a multi-layered approach to security that combines urban planning, the use of new technologies, citizen education, and close cooperation among local authorities, police services, government agencies, universities, and European organisations.

As noted, the objective is not to create ‘fortified cities’ but to maintain public spaces that remain open, functional, and welcoming while ensuring a high level of safety and protection.

Commissioner for the Citizen: Security Begins with Democracy and Social Cohesion

In remarks delivered by Eleonora Papadimitriou Head of the Citizens’ Office on behalf of the Citizens’ Commissioner Panayiotis Palates, it was stressed that security cannot be limited solely to surveillance measures, policing, or operational preparedness, but is intrinsically linked to democracy, citizen participation, and social cohesion.

It was noted that modern societies face multiple challenges, including geopolitical conflicts, disinformation, the spread of extremist ideologies, social inequalities, and growing distrust of institutions. These factors can act as catalysts for radicalisation and social polarisation, directly affecting societal security.

Particular emphasis was placed on the need to strengthen active citizen participation in public life. Developing critical thinking, promoting democratic education, fostering a culture of dialogue, and encouraging tolerance were highlighted as key preventive tools against extremism and violence.

At the same time, it was underlined that protecting public spaces requires societies that trust their institutions and citizens who feel they play an active role in shaping the decisions that affect their lives.

As stressed during the conference, building resilient societies is not solely the responsibility of security authorities but a collective effort requiring cooperation among governments, local authorities, educational institutions, civil society organisations, and citizens themselves.

EU Migration Pact marks the beginning of a new era, says Deputy Minister

Cyprus Deputy Minister for Migration and International Protection Nicholas Ioannides on Friday described the entry into application of the EU Pact on Migration and Asylum as the beginning of a ‘new era’ for the European Union, expressing confidence that the new framework will provide a comprehensive and collective response to migration challenges.

Speaking upon his arrival at the Informal Ministerial Meeting on the Pact on Migration and Asylum, held at the Filoxenia Conference Centre in Nicosia under the Cyprus Presidency of the Council of the EU, Ioannides welcomed representatives from EU member states, the European Commission, international organisations and EU agencies.

He noted that June 12 was ‘a very important day for everyone in Europe’ following years of negotiations and two years of preparations leading up to the implementation of the pact.

‘Today, the EU Pact on Migration and Asylum enters into application’ he said, acknowledging that its implementation would be challenging but stressing the determination of all parties involved to make it work.

Ioannides reiterated Cyprus’ long-standing position that migration should be addressed in a comprehensive and coherent manner. He said the pact provides a broad legal framework that will allow the EU to tackle migration collectively and in a cohesive way.

According to the Deputy Minister, the implementation of the pact was one of the priorities of the Cyprus Presidency, with Cyprus working closely with the European Commission and member states to facilitate its entry into force.

He stressed, however, that the start of the pact’s implementation should not be viewed as the end of the process.

‘We’re just starting,’ he said, adding that continued efforts would be needed to ensure that the pact remains functional, future-proof and successful in addressing migration challenges.

Asked when the pact could be considered a success, Ioannides said it would take time before its effectiveness could be properly assessed.

He noted that member states had already undertaken significant efforts to amend legislation, adapt systems and improve infrastructure in preparation for implementation. While describing the first year as an important milestone, he said the pact’s effectiveness would be evaluated on a continuous basis.

‘As of today, we’re entering a new era,’ he said, expressing optimism about the initiative while acknowledging that shortcomings or mistakes might emerge and require correction.

Responding to a question about countries such as Poland and Hungary, which have expressed reservations regarding aspects of the solidarity mechanism, Ioannides stressed that no member state had indicated that it would refuse to implement the pact.

He said the solidarity mechanism represented only one aspect of the broader framework and pointed out that differing views among member states were natural in a Union of 27 countries.

Nevertheless, he stressed that all member states shared the same overall objective and were willing to contribute to the implementation of the pact.

‘For the first time, we have been dealing with migration in a collective manner, and that is important,’ he said.

Ioannides also announced that Cyprus and Lithuania would sign a Memorandum of Understanding on relocations later on Friday, describing it as an example of member states’ commitment to the solidarity mechanism.

He expressed confidence that all member states could and would play a role in the successful implementation of the EU Pact on Migration and Asylum.

The Republic of Cyprus assumed for a second time the Presidency of the Council of the EU on January 1st, 2026, for a period of six months, as part of a Trio Presidency along with Poland and Denmark.