Cyprus News Agency – Page 4 – Asianet Pakistan Private Limited

Credit standards for loans unchanged in Q2 2026, with household demand going up

Credit standards for loans to enterprises and to households remained unchanged in the second quarter of 2026, compared to the previous quarter, according to the Bank Lending Survey, issued on Wednesday by the Central Bank of Cyprus. During the same period, demand for loans from households went up.

According to the Survey, on the loan supply side, credit standards for loans to enterprises and for loans to households relating to housing loans as well as consumer credit and other lending, remained unchanged in 2026Q2, compared with the previous quarter.

According to the Survey, all factors relating to credit standards across all loan categories had a neutral impact in the quarter under review. Overall terms and conditions on new loans or credit lines to enterprises and for new housing loans, consumer credit and other lending to households also remained unchanged in 2026Q2 compared with the previous quarter.

As regards new housing loans to households, although overall terms remained unchanged, the Survey indicated an increase in lending rates on these loans, partly reflecting the upward adjustment in the ECB policy rates.

On the loan demand side, net demand for loans by enterprises remained unchanged in 2026Q2, compared with the previous quarter, while net demand by households increased further, both for housing loans as well as for consumer credit and other lending.

Overall net demand for business loans remained unchanged, although lower financing needs for fixed investment by large enterprises, compared with the previous quarter, were reported, mainly in the tourism and energy sectors. According to the CBC, this appears to be partly linked to the continuing uncertainty stemming from the ongoing crisis in the Middle East and to factors affecting the expected return on investment projects involving renewable energy sources.

As regards households, the net increase in demand for housing loans is attributed to improved housing market prospects and the general level of interest rates, while the increase in demand for consumer credit and other lending is attributed to higher household spending on durable consumer goods and higher consumer confidence.

According to banks’ expectations for 2026Q3, credit standards for loans to both enterprises and households, the latter relating to both categories of loans, are expected to remain unchanged.

At the same time, net demand for loans by enterprises is expected to remain stable, while net demand by households, both for housing loans and for consumer credit and other lending, is expected to increase further.

Cyprus stands in solidarity with Germany after Russian drone attack, FM says

Cyprus stands in solidarity with Germany following a Russian drone attack at Leipzig Airport, Foreign Minister Constantinos Kombos said on Wednesday, stressing that threats to critical infrastructure concern Europe as a whole.

In a post on X, Kombos said Cyprus ‘stands in solidarity with Germany following the Russian drone attack at Leipzig Airport’.

‘Threats to critical infrastructure concern us all,’ he said.

He added that European unity, resilience and close coordination were essential in responding to threats and safeguarding common security.

The German government on Tuesday blamed Russia for an attempted attack involving an explosives-laden drone at Leipzig/Halle Airport on August 4. Moscow has denied any involvement.

Cabinet decides to amend legislation on sailing bans and establish committee on anchorages

The Cabinet has decided to implement the amendment of existing legislation concerning the prohibition of vessels from sailing from the territory of the Republic during severe weather conditions, as an interim measure until the establishment of the Coast Guard, Deputy Minister of Shipping Marina Hadjimanolis said on Wednesday.

According to the Deputy Minister, the Cabinet also approved the establishment of a Committee on Anchorages, chaired by the Deputy Ministry of Shipping and comprising all competent government and other services. The Committee will examine, in a comprehensive manner, issues relating to safety, the conditions under which vessels remain at anchor, as well as the collection and proper management of waste, with the aim of ensuring unified coordination among the government services operating at sea and establishing clear responsibilities.

Speaking after the Cabinet meeting at the Presidential Palace, Hadjimanolis referred to the meeting held on Tuesday at the Joint Rescue Coordination Centre (JRCC), attended by herself, the Ministers of Justice and Public Order and Agriculture, Rural Development and Environment, ‘following the recent catastrophic events’ caused by severe weather conditions in various areas of the Republic of Cyprus on 29 August, when a man died and two boats were destroyed after running aground.

She noted that the meeting examined the parameters relating to the prohibition of vessels from sailing in cases of adverse weather conditions.

‘It was pointed out that the matter will be definitively resolved through the legislation currently being prepared for the establishment of the Coastguard Service of the Republic of Cyprus, for which the Cabinet took a relevant decision on 16 March 2026,’ she said.

However, until the relevant legislative framework comes into force, she said, ‘it was considered appropriate, as an immediate transitional measure, to examine in parallel an amendment to existing legislation, or the issuing of regulations under existing legislation, concerning the prohibition of ships and vessels from sailing from the territory of the Republic, as well as their mandatory relocation to a safe shelter or port when adverse weather conditions prevail.’

Accordingly, she said, the Cabinet decided that, until the issue of prohibiting ships and vessels from sailing from the territory of the Republic and/or requiring their relocation to a safe shelter or port in adverse weather conditions is definitively resolved through the legislation being prepared for the establishment of the Republic’s Coastguard Service, the Deputy Ministry of Shipping should prepare, in cooperation with all relevant stakeholders, an amending bill to existing legislation or draft regulations under existing legislation.

It also approved the establishment of a Committee on Anchorages, chaired by the Deputy Ministry of Shipping and comprising all relevant government and other services.

Hadjimanolis said that, until now, the marine weather bulletin had been issued by the Meteorological Service, while Radio Cyprus, which operates under the JRCC, made the relevant announcements. ‘It was the responsibility of the vessel operators themselves, as is the case in other parts of the world, to act accordingly, to take their vessels to a safe shelter and to protect the lives of those on board,’ she said.

Asked about the role of the Committee on Anchorages, the Deputy Minister said they see an increasing number of boat owners mooring their vessels in various locations that are not designated for such purposes. She further noted that mooring is prohibited in areas designated as NATURA sites or otherwise protected areas. ‘However, there is no prohibition notice,’ she said.

Therefore, she explained, through the establishment of the Committee, the competent departments responsible for anchorages – including the Cyprus Ports Authority, together with the Department of Environment and the Department of Fisheries and Marine Research, among others – will be able to coordinate more effectively.

‘The aim is to determine how we can ultimately protect people by ensuring that vessels anchor in designated areas, while also addressing the various environmental impacts, because vessels that moor there in an uncontrolled manner pollute the environment,’ she added.

Hotel industry considers limiting losses for 2026 to 10% a success, Association representative tells CNA

It would be quite a satisfactory scenario for the hotel industry if 2026 were to end with losses of around 10%, the Director General of the Cyprus Hotel Association (CHA), Christos Angelides, told the Cyprus News Agency (CNA), noting that July and August performed at satisfactory levels, especially given the large number of cancellations that had preceded them.

‘Following the major difficulties experienced in March, April and May, with losses of around 30% during that period, as well as cancellations for the remainder of the season, it appears that the efforts made by both the private sector and the Deputy Ministry of Tourism, as well as all the stakeholders involved, such as ACTTA, Hermes and their members, have paid off,’ Angelides said.

He noted that ‘we recovered a significant part of the lost ground in June,’ while July and August performed at satisfactory levels, particularly considering the large number of cancellations that had occurred previously.

The Director General of CHA expressed hope that this trend would continue into the autumn, noting that positive signs are being recorded for bookings in September, October, even November, he said, adding that the hope is that there will be no further losses, allowing the season to close at around 10% below last year’s level. ‘This would be considered a great success, if one takes into account what preceded it and the very negative publicity Cyprus received,’ he said.

Regarding hotel occupancy rates in the coming autumn months, he said that occupancy in September is currently close to 75-80%. ‘We hope for the same in October,’ he said, noting that last-minute bookings and reservations made just two to three weeks in advance continue to dominate. This, he explained, benefits Cyprus as a destination, since the island enjoys better weather conditions than the Greek islands and the islands of the western Mediterranean.

‘We hope that hostilities will remain at manageable levels in terms of travellers’ sentiment, so that we can achieve the numbers we are hoping for,’ he said.

Regarding the winter season, Angelides mentioned that the tourism sector is awaiting final information on airlines’ and tour operators’ flight programmes ‘in order to have a clearer picture of where we are heading.’ He stressed that efforts to promote Cyprus as a winter destination, as well as for 2027, must continue unabated.

Asked approximately how many hotels remain open during the winter, he said that around 60 had remained open last year. ‘It is a small number, and we hope that gradually more hotels will remain open. What matters is that those which do remain open operate year-round,’ he said, adding that many hotels are extending their operations through November and are also opening earlier in the year.

Cyprus Department of Meteorology – Forecast for the Sea Area of Cyprus (C)

CYPRUS DEPARTMENT OF METEOROLOGY

FORECAST FOR THE SEA AREA OF CYPRUS (C)

FOR THE PERIOD FROM 1800 02/09/2026 UNTIL 1800 03/09/2026

Area covered is 8 kilometers seawards.

Winds are in BEAUFORT scale. Times are local times.

Atmospheric pressure at the time of issue: 1008hPa (hectopascal)

Seasonal low pressure is affecting the area. The weather will be mainly fine with risk of locally increased low cloud coverage, overnight and during the morning.

Visibility: Good

Sea surface temperature: 29°C

Warnings: NIL

AREA PERIOD WIND STATE OF SEA

West Coast

Night Northwest to Northeast 3, locally at first West to Northwest 4 Smooth to Slight

Morning Northwest to Northeast 3, gradually Southwest to West Smooth to Slight

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

South Coast

Night Southwest to Northwest 3 to 4, gradually Variable 3 Smooth to Slight

Morning Variable 3, later Southeast to Southwest Smooth to Slight

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

East Coast

Night Southwest 3 to 4, gradually West to Northwest 3 Smooth to Slight

Morning Southwest to Northwest 3, later Southeast to Southwest Smooth to Slight

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

North Coast

Night Southeast to Southwest 3, locally offshore Southwest to West 3 to 4 Smooth to Slight

Morning Southeast to Southwest 3, later West to Northwest Smooth to Slight

Afternoon Southwest to Northwest 3 to 4, locally 4 Smooth to Slight

The EU needs to be more active in M. East Kombos says before Wicklow Gymnich meeting [VIDEO]

The European Union needs to be more active and more present in the Middle East, Cyprus’ Foreign Minister Constantinos Kombos said Wednesday upon his arrival at the informal Foreign Affairs Council held in Wicklow, Ireland.

‘We are meeting in a time of protracted polycrisis, ranging from Ukraine, the Middle East, and in such times it’s important to have honest, open discussions of a strategic nature. And this is exactly the character, traditionally, of the Gymnich meetings’, Kombos said in his doorstep remarks.

He noted that they would be discussing ‘the continuing Russian aggression against Ukraine’, noting that the EU Foreign Minister would be joined by six of their counterparts from non-EU countries ‘who nonetheless have close links with our EU’. ‘And the message is going to be one of continuing support towards Ukraine, a message that is very clear and very important to be projected, especially towards the high-level week in New York in the next few days’, he added.

Kombos said they would also be discussing how the impact of the External Service can be more effective and efficient, especially within the multilateral framework. ‘In doing so, we have to remember that the EU is the biggest contributor, with 50% in terms of development aid, and 40% globally in terms of humanitarian aid’, he said, noting that that however, ‘is not being translated directly in proportionate terms into expanding the political bandwidth of the EU’. This is an issue that needs to be addressed, he added.

As regards the situation in the Middle East, Kombos noted that ‘this is a situation where diplomacy meets with conflict, and it’s a situation where we are in a perpetual state between war and peace’. ‘And this is extremely dangerous. Whether it relates to Iran, Hormuz, Gaza, the Red Sea. In all this, the European Union needs to be more active and more present’, he said, noting that he was looking forward to the deliberations.

Cabinet approves financial aid for those affected by severe weather, sets criteria

The Council of Ministers decided on Wednesday to provide financial assistance to those affected by the severe weather conditions on August 29, setting out the relevant criteria, Interior Minister, Constantinos Ioannou said after the Cabinet meeting at the Presidential Palace.

Specifically, the Cabinet approved the following criteria for the provision of financial assistance to those affected by the August 29 severe weather:

– Uninsured privately owned permanent residences: financial assistance covering 80% of the assessed damage, up to a maximum of pound 20,000 for damage to the building, and assistance covering the full assessed damage, up to pound 15,000, for damage to equipment.

– Photovoltaic systems at uninsured privately owned permanent residences: assistance covering 80% of the assessed damage, up to a maximum of pound 7,000.

– Uninsured business premises: assistance covering 70% of the assessed value, up to a maximum of pound 30,000 for damage to the building, and assistance covering the full assessed damage, up to pound 10,000, for damage to equipment.

– Uninsured vehicles: assistance covering 75% of the assessed damage, up to a maximum of pound 5,000 per vehicle, provided that the vehicle has a valid road tax, third-party insurance and MOT, or is legally declared off the road.

The Minister said insured homes, business premises and vehicles will receive assistance equal to the assessed damage, up to the insurance excess.

He stressed that assistance will be provided only for buildings with a valid permit and for permanent, licensed structures.

Asked about the total amount of financial assistance to be provided to those affected, Ioannou said that it has not yet been finalised, as not all cases have been assessed.

According to the Interior Minister, preliminary assessments have so far identified damage to 183 homes in Nicosia district, 12 homes, a livestock facility and two vehicles in Larnaca district, as well as 12 homes and a business premises in Paphos district.

Damage has also been recorded at 11 homes in Limassol district and two homes and a church in Famagusta district.

The Minister noted that the damage assessment process by the District Administrations will continue until next Monday, after which ‘we will be able to provide the final number of affected properties and vehicles.’

Weather Temperature for Cyprus

Today’s weather and temperatures for Cyprus according to the Department of Meteorology

Date 02/09/2026

Station

TEMPERATURE (C) (FROM 20:00 PC of the previous one until the time of the show)

Humidity at

1200 UTC

Highest

Lowest

Nicosia (Athalassa)

Larnaka Airport

Limassol (New Port)

Pafos Airport

Frenaros

Prodromos

Polis Pafos

PRESS RELEASE – UNIVERSITY OF CYPRUS

1st PHAETHON Entrepreneurship Bootcamp: From Scientific Research to Entrepreneurial Impact

7-9 September 2026 | Faculty of Engineering, University of Cyprus

How can a research idea move beyond the laboratory and evolve into an innovative solution with real-world impact on society and the economy? This journey from scientific discovery to innovation and market application lies at the heart of the 1st PHAETHON Entrepreneurship Bootcamp, taking place from 7 to 9 September 2026 at the Faculty of Engineering, University of Cyprus.

Designed by Cyprus Seeds for the Phaethon Centre of Excellence, delivered jointly by Cyprus Seeds and PHAETHON (with support from the University of Groningen and DTU Skylab), and hosted and supported by the Faculty of Engineering of the University of Cyprus as part of its strategic commitment to fostering innovation and technology transfer, the three-day programme guides participants from ideation through to a live pitching session in front of a panel of experts.

Primarily aimed at PhD candidates and early-career researchers, the Bootcamp is designed to equip participants with the entrepreneurial mindset, practical tools and confidence needed to explore the potential of their research and translate scientific and technological ideas into real-world applications.

Over the course of three days, participants will take part in practical entrepreneurship training delivered in English by experienced trainers from Cyprus Seeds, DTU – Technical University of Denmark, the University of Groningen and PHAETHON.

The programme combines hands-on learning and interactive exercises covering key stages of the research-to-market journey, including ideation, business modelling and pitching. Participants will have the opportunity to work on their own research and ideas, hear first-hand experiences from successful scientific spin-off founders, develop their pitching skills, and connect with researchers, innovators and potential future collaborators.

The Bootcamp is open to researchers and PhD candidates in scientific and engineering disciplines, as well as MBA and MBE students and individuals affiliated with universities, Centres of Excellence or research institutes in Cyprus who are interested in research commercialisation and translating scientific knowledge into real-world impact. Preference is given to participants working in the energy and renewable energy sectors.

By hosting and supporting this initiative, the Faculty of Engineering of the University of Cyprus further strengthens the connection between research excellence, innovation and entrepreneurship, while contributing to the development of a dynamic research, technology and Deep Tech innovation ecosystem in Cyprus.

Event Information

Dates: 7-9 September 2026

Venue: Faculty of Engineering, University of Cyprus, Building ENG10, Room 115

Language: English

For further information about the programme here.

Cyprus Department of Meteorology – Forecast for the Sea Area of Cyprus (?)