Employment in Cyprus cultural sector at 4.3% in 2025, according to Eurostat

Employment in the cultural sector in Cyprus stood at 4.3% of total employment in 2025, a rate equal to the European Union average, according to data published on Friday by Eurostat.

In Cyprus, the number of people working in the cultural sector amounted to 21,900, of whom 12,400 were women and 9,500 were men.

At European Union level, the cultural sector employed a total of 8.9 million people in 2025, corresponding to 4.3% of total employment.

According to the data, almost half of those working in culture in the EU, 48.5%, were aged between 30 and 49.

The gender distribution was broadly balanced at EU level, with women accounting for 49.6% and men for 50.4% of those employed in the cultural sector.

Cypriot firefighting team expected to return from France on Saturday

Two Cypriot firefighting aircraft participating in extinguishing the large fires in France are expected to return home on Saturday, provided the situation does not worsen, according to National Civil Protection Coordinator, Chief Fire Officer, Nikos Logginos.

He told CNA on Friday that the two aircraft sent by Cyprus ‘have contributed to a very large extent both to suppressing the active front of the fire and to dealing with re-ignitions.”

“Today appears to be the last day the aircraft will operate,” he said, adding that if everything proceeds smoothly, the aircraft will start the return process to Cyprus tomorrow, unless conditions change dramatically and new instructions are given by French Civil Protection.

Logginos added that the Cypriot aircraft are operating in an area of southwestern France, based at Perpignan airport, which is about 40 kilometres from the fire front.

Regarding Cyprus’s operational readiness, the Chief Fire Officer reassured that the country remains fully prepared despite the deployment of the two aircraft to France.

“We are on alert 24 hours a day. Eleven aircraft remain in Cyprus, and there are also those of the Bases, which can be involved in firefighting operations,” he remarked.

However, he added that the effectiveness of aerial firefighting does not depend solely on the number of airborne assets, but also on factors such as wind intensity, terrain morphology, vegetation, temperature and relative humidity.

He noted that even in countries like France and Spain, where more than 100 aircraft operate, there are cases in which fires remain particularly difficult to control.

Referring to the operation of the European rescEU mechanism, Logginos explained that when a country faces severe fires it submits a request through the European Civil Protection Mechanism for assistance. The request is then forwarded to countries that have pre-positioned aerial assets, which assess whether they can respond.

In Cyprus’s case, he said, the mission was possible because there were no active large fire fronts at home.

He also added that each mission is accompanied by a team for technical and operational support and the pilots. Upon arrival in the host country, the team is briefed by local authorities on the area’s specific conditions and is integrated into the operational planning until the mission is completed and they are released to return.

Share offering for new Cooperative banking initiative begins on July 22

The share offering for the Pancyprian Cooperative Company for Holdings and the Promotion of Cooperation, whose primary objective is to establish the Cyprus Cooperative Bank, will take place between 22 July and 17 November 2026, Panikos Hambas, Chairman of the Company’s Committee, announced on Friday during the company’s first official gathering in Nicosia following the approval of its prospectus by the Cyprus Securities and Exchange Commission (CySEC).

CySEC has approved a public offering of up to 42 million new shares with a nominal value of pound 1 each. Interested investors will be able to purchase shares through the Athlos Capital platform, with a minimum subscription of 100 shares.

In his address, Hambas said that the entire undertaking has been, and continues to be, challenging, “but not impossible,” noting that socioeconomic conditions are now ripe for a new cooperative movement. “We must find the right balance so that the Cooperative Idea ‘each for all and all for each’ can operate within the new legal framework of the banking sector, always placing people at the centre,” he added.

He stressed that transparency, democratic procedures, consensus and unity are the defining characteristics of the Cooperative Society. “Our organisation will stand out because it is being created by the people for the people, and by the legal entities operating on the island,” he said. At the same time, he highlighted the importance of prudent lending practices to ensure that loans remain sustainable and do not become non-performing.

He further explained that a new company, to be named Cyprus Cooperative Company, will be incorporated in the coming period. Once it obtains the necessary licences, it will be transformed into the Cyprus Cooperative Bank, with 60% of its shares to be held by the Pancyprian Cooperative Company for Holdings and the Promotion of Cooperation.

Responding to questions from the audience regarding the timeline for establishing the Cyprus Cooperative Bank, Hambas said that the company is currently “working on the application to the Central Bank of Cyprus,” which, as he explained, will be submitted simultaneously with the application to the European Central Bank. While noting that the approval timetable depends on the regulatory authorities rather than the company itself, he said that preparations for the new company have already begun so that, once the necessary licences are granted, operations can commence immediately and within the required timelines.

Cyprus exports jump 58.9% in May, while trade deficit widens in first five months

Cyprus recorded a sharp increase in goods exports in May 2026, boosted in part by transfers of economic ownership of vessels, but a strong rise in imports led to a wider trade deficit during the first five months of the year, according to provisional data released Friday by the Statistical Service of Cyprus.

Total exports of goods reached pound 520.4 million in May 2026, up 58.9% from pound 327.6 million in the corresponding month of 2025. Exports to other European Union member states amounted to pound 127.3 million, while exports to third countries rose to pound 393.1 million, compared with pound 211.1 million a year earlier.

The May figures include transfers of economic ownership of vessels valued at pound 34.8 million, compared with pound 7.5 million in May 2025.

Meanwhile, total imports of goods increased by 22.3% year-on-year to pound 1.309 billion from pound 1.070 billion in May 2025. Imports from other EU member states amounted to pound 705.0 million, while imports from third countries reached pound 604.1 million.

Imports in May also included transfers of economic ownership of vessels and aircraft worth pound 79.9 million, compared with pound 40.4 million in the same month last year.

During the January-May 2026 period, total imports rose by 8.0% to pound 5.998 billion, compared with pound 5.553 billion in the corresponding period of 2025. Total exports increased by a modest 1.0% to pound 2.158 billion from pound 2.136 billion a year earlier.

As a result, the trade deficit widened to pound 3.840 billion in the first five months of 2026, compared with pound 3.417 billion in the same period of 2025.

Final April data

———————

According to the final figures for April, total imports of goods increased by 14.9% year-on-year to pound 1.369 billion, compared with pound 1.191 billion in April 2025.

Exports of domestically produced products, including stores and provisions for ships and aircraft, fell by 20.5% to pound 220.9 million from pound 277.7 million a year earlier.

Domestic exports of industrial products, excluding stores and provisions for ships and aircraft, declined to pound 205.9 million from pound 263.2 million, while domestic exports of agricultural products edged up to pound 14.0 million from pound 13.4 million.

Exports of foreign products, including stores and provisions for ships and aircraft, increased by 22.7% to pound 142.2 million from pound 115.9 million in April 2025.

For the January-April 2026 period, the main categories of domestically produced exports, excluding stores and provisions for ships and aircraft, were mineral fuels and oils, valued at pound 517.4 million, followed by halloumi cheese (pound 130.2 million) and pharmaceutical products (pound 123.0 million).

The Statistical Service noted that the “mineral fuels and oils” category refers to products that were initially imported, processed and subsequently re-exported.

Cyprus joins EIB’s ETCI 2.0 initiative aiming to mobilise pound 80 billion for tech champions

Cyprus is taking part in the second phase of the European Tech Champions Initiative (ETCI 2.0), a European investment drive that aims to mobilise pound 80 billion to support more than 1,500 fast-growing European tech companies. Besides Cyprus, the declaration of support for ETCI 2.0 has also been signed by 20 other EU member states, including Greece.

The initiative was presented on Friday in Brussels, on the margins of the ECOFIN meeting (EU Finance Ministers), by the President of the European Investment Bank (EIB) Group, Nadia Calviño, together with 21 EU member states, institutional investors and fund managers. Cyprus is among the countries that signed the declaration of support, confirming its commitment to strengthening European innovation and widening access to growth capital for innovative businesses.

ETCI 2.0 builds on the results of the initiative’s first phase, which backed 15 mega-funds and helped nurture the development of 12 EU-based unicorns – companies valued at more than pound 1 billion. In its new phase, the initiative is seeking to raise at least pound 15 billion, roughly four times the size of the original 2023 fund of funds, while the EIB Group will contribute up to pound 1.25 billion from its own resources. Beyond large mega-funds, the initiative will for the first time also support mid-sized growth funds of more than pound 300 million, aiming to anchor the creation of more than 100 funds in total, including up to 45 mega-funds investing with an average ticket size of pound 200 million per company. A joint European investment platform will also be established, supported by a dedicated digital tool, to facilitate links between investors and tech funds across Europe.

Presenting the initiative before 21 EU Finance Ministers, EIB Group President Nadia Calviño described the new partnership as being about scale and speed, powering European pioneers with the capital they need to grow, stressing that it marks a decisive step to ensure innovative companies born in Europe stay and thrive on the continent. Calviño underlined that the success of the first phase – anchoring 15 mega-funds and nurturing 12 unicorns in barely two years – served as the springboard for the new, expanded phase, in which all 27 member states are now joining forces alongside private investors.

According to Calviño, the ambition of the second phase is to multiply the total capital mobilised by four, significantly increase the number of investment funds, triple the number of mega-funds, and likewise triple the average investment ticket size per company compared with the first phase. Calviño also noted that ETCI 2.0 incorporates and coordinates with national initiatives such as Germany’s WIN and France’s Tibi, sending, as she put it, a strong signal of unity and determination from member states, the European Commission, the EIB Group and private investors.

Cyprus’ Finance Minister Makis Keravnos attended the presentation and said that the country welcomes ETCI 2.0 as an important step in strengthening Europe’s innovation, competitiveness and technological sovereignty. He added that “by bringing together public and private resources, the initiative will support the growth of Europe’s most dynamic tech companies and help them expand internationally while keeping their base in Europe. We fully support this collective effort for stronger European capital markets, more private investment and greater strategic resilience for the European Union.”

PRESS RELEASE – UNIVERSITY OF CYPRUS

KIOS Center of Excellence congratulates six new PhD students for their research in transport, telecommunications, unmanned aerial vehicles, health, cybersecurity, and energy

Six new PhD students from the Department of Electrical and Computer Engineering (ECE) at the University of Cyprus, who conducted their research at the state-of-the-art facilities of the KIOS Research and Innovation Center of Excellence, graduated on 25 June 2026, following the successful completion of their doctoral research across transport optimization, medical imaging, cybersecurity, optical networks, unmanned aerial systems, and smart grid management.

Dr Antonis Georgantas, (supervised by Profs. Christos Panayiotou and Stelios Timotheou), developed an optimization framework to mitigate morning traffic congestion by adjusting school start times. Using a calibrated traffic model of Nicosia based on real loop detector measurements, his research showed that coordinated changes to school schedules can reduce citywide road congestion by up to 7%, while keeping disruptions within practical and socially acceptable limits. The framework offers transport authorities a data-driven tool for evaluating traffic interventions before real-world implementation.

Dr Nicolas Hadjittoouli, (supervised by Prof. Costas Pitris), developed mathematical tools that unfold the curved surface of the skull into a flat map, making fractures easier to detect across CT scan slices. The same approach was applied to the heart, flattening complex 3D electrical activity during dangerous heart rhythm disorders into a standardized 2D view. The research aims to make medical imaging faster to interpret and cardiac studies easier to compare across patients.

Dr Solon Falas, (supervised by Prof. Maria Michael and Dr Markos Asprou, Research Lecturer), developed new hardware- and physics-based security methods to protect modern cyber-physical systems from cyberattacks. His research introduced secure firmware update protocols for resource-constrained embedded devices, alongside physics-informed neural networks (PINNs) that embed the physical laws governing power grids directly into machine learning models, enabling robust, attack-resilient state estimation even under sensor noise, missing data, or adversarial manipulation. The work equips critical infrastructure operators with practical tools to detect and withstand cyber threats targeting embedded and power systems.

Dr Hafsa Maryam, (supervised by Prof. Georgios Ellinas and Dr Tania Panayiotou, Senior Research Associate), investigated traffic prediction and quality-of-transmission (QoS) estimation in optical networks using machine learning. The aim of the thesis was to incorporate both model and input uncertainty directly into connection provisioning decisions, enabling more reliable and resource-efficient QoS-aware network optimization.

Dr Panayiota Valianti, (supervised by Profs. George Ellinas and Panayiotis Kolios), proposed a multi-agent framework in which a team of pursuer unmanned aerial vehicles (UAVs) cooperates to monitor and jam one or more malicious UAVs, with the goal of disrupting their operation. A joint mobility and power control strategy is developed to optimize the decisions of each agent (centralized and distributed formulations), ensuring effective tracking and interception. The thesis also proposes an integrated approach combining search, tracking, and jamming within a unified multi-agent reinforcement learning framework.

Dr Andreas Kotsonias, (supervised by Prof. Christos Panayiotou, Dr Markos Asprou and Dr Lenos Hadjidemetriou, Research Lecturers), developed an advanced management system for Low Voltage Distribution Grids to mitigate the adverse effects of high solar and electric vehicle penetration. The system enhances situational awareness of distribution grids and addresses critical constraints such as voltage and distribution lines thermal limits, voltage unbalance, and harmonic distortion, while ensuring fair use of end-users’ assets.

According to the KIOS Director, Prof. Christos Panayiotou, “These six theses reflect the caliber of research being carried out at KIOS, spanning transport, health, cybersecurity, telecommunications, unmanned aerial systems, and energy. Each of these students has tackled a real-world challenge with scientific rigor and originality, from easing traffic congestion in our cities to securing critical infrastructure and improving how we diagnose disease. We congratulate our graduates and wish them every success in the next stage of their careers”.

Cyprus Stock Exchange

Cyprus Stock Exchange

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

MEETING DATE: 10/07/2026

INDICES BASE VALUES: FTSEMed=5000, OTH

EURO (pound )

TRADED VALUE:

1,329,181.14

INDEX

VALUE

% DIFF.

VALUE (pound )

FTSE/CySE 20

182.480

0.040

1,326,550.800

MAIN MARKET INDEX

247.240

0.030

1,210,154.620

INVESTMENT COMPANIES MARKET INDEX

3,012.380

-1.590

23,846.850

CSE GENERAL INDEX

310.350

0.090

1,327,444.200

HOTELS INDEX

2,009.010

1.710

5,378.710

ALTERNATIVE MARKET INDEX

2,049.720

-0.300

118,624.380

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

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

CYPRUS DEPARTMENT OF METEOROLOGY

FORECAST FOR THE SEA AREA OF CYPRUS (A)

FOR THE PERIOD FROM 0600 10/07/2026 UNTIL 0600 11/07/2026

Area covered is 8 kilometers seawards.

Winds are in BEAUFORT scale. Times are local times.

Atmospheric pressure at the time of issue: 1007hPa (hectopascal)

Seasonal low pressure is affecting the area. The weather will be mainly fine but tonight and early morning increased low cloud will be present with risk of local mist and isolated fog patches.

Visibility: Good, but moderate to poor in mist and very poor in fog

Sea surface temperature: 27°C

Warnings: NIL

AREA

PERIOD

WIND

STATE OF SEA

West Coast

Morning

South to Southwest 3, gradually Southwest to West 3 to 4

Smooth to Slight

Afternoon

Southwest to West 4, at times locally 4 to 5

Slight

Night

West to Northwest 3 to 4, gradually Northwest to Northeast 3

Smooth to Slight

South Coast

Morning

South to Southwest 3, gradually Southwest 3 to 4

Smooth to Slight

Afternoon

Southwest to West 4 to 5, at times locally 5

Slight

Night

Southwest to Northwest 3 to 4, gradually 3

Smooth to Slight

East Coast

Morning

South to Southwest 3, later 3 to 4

Smooth to Slight

Afternoon

South to Southwest 4, at times offshore 4 to 5

Smooth to Slight, at times offshore Slight

Night

West to Northwest 3

Smooth to Slight

North Coast

Morning

Southwest to Northwest 3, soon 3 to 4

Smooth to Slight

Afternoon

Southwest to Northwest 4, at times locally 4 to 5

Slight

Night

South to Southwest 3 to 4, gradually Southeast to Southwest 3

Smooth to Slight

Cyprus signs public-private resilience MoU to strengthen crisis preparedness

Cyprus’ Defence Ministry on Thursday signed a memorandum of understanding with the Cyprus Employers and Industrialists Federation (OEB) to strengthen cooperation between the public and private sectors on emergency preparedness, focusing on crisis management, the protection of critical infrastructure, and enhancing the resilience of the Republic of Cyprus.

The agreement establishes a formal framework for cooperation under the Central Civil Emergency Planning Section (CCEPS).

Speaking at the signing ceremony, Minister of Defence Vasilis Palmas said that the MoU establishes a formal framework for cooperation between the OEB and the CCEPS, with the objective of ensuring optimal coordination between the state and the private sector during times of crisis.

Palmas explained that the MoU provides for closer collaboration in supporting emergency planning, strengthening the contribution of OEB members in assisting the security forces during crises, delivering training and professional development for personnel, encouraging businesses to participate in the implementation of the CCEPS’s emergency plans, and promoting joint initiatives, studies and research aimed at improving the resilience of both businesses and the Republic.

For his part, OEB President George Pantelides described the MoU as a significant initiative for coordination and preparedness in an area of growing importance: strengthening the country’s resilience to crises, threats and emergency situations.

He said that the private sector is not merely an observer but a vital partner of the state, noting that Cypriot businesses possess infrastructure, services, expertise, skilled personnel and production capabilities which, through appropriate planning, can make a decisive contribution to crisis management and to maintaining the operational continuity of both the state and the economy.

CCEPS Director, Brigadier Iacovos Mikellides, said that cooperation with the OEB began in 2024. He noted that the Ministry of Defence, adopting modern practices already implemented in other countries, had moved to formalise this cooperation through the signing of the MoU.

He explained that CCEPS is the competent state authority responsible for national emergency planning, coordination and oversight of crisis and emergency management. Its mission is to ensure effective cooperation across the state apparatus and to support the security forces, with the aim of strengthening the defence capabilities of the Republic of Cyprus, he added.

FM condemns illegal ”MoU” between Trkiye and the secessionist entity in the occupied areas

The Ministry of Foreign Affairs of the Republic of Cyprus condemns the signing of the illegal ”memorandum of understanding” between Trkiye and the secessionist entity in the occupied areas of the Republic of Cyprus, for the development of an undersea natural gas pipeline which will connect Trkiye with the occupied areas.

In a statement, the Ministry stresses that “the ‘memorandum’ in question, which was signed during the illegal visit of the Vice President of Trkiye, Cevdet Yilmaz to the occupied areas of the Republic of Cyprus, constitutes yet another manifestation of Trkiye’s revisionist policy in the Eastern Mediterranean and is part of the ongoing efforts to consolidate faits accomplis of the occupation and the further integration of the occupied areas with Trkiye.”

It recalls that under International Law, including the United Nations Convention on the Law of the Sea (UNCLOS), the unilateral development of energy infrastructure and the promotion of projects of strategic importance, both on the territory and in the maritime zones of the Republic of Cyprus, without the permission of the Republic of Cyprus, constitutes a violation of its sovereignty and sovereign rights.

Trkiye, it adds, as the occupying power, “bears full responsibility for the activities taking place in the occupied areas of the Republic of Cyprus.”

The statement says that the Republic of Cyprus denounces Trkiye’s latest illegal activities and will continue to do so in international fora, demanding that Trkiye finally demonstrates respect for International Law, including the United Nations Convention on the Law of the Sea (UNCLOS), as well as the relevant United Nations Security Council Resolutions.

“The Republic of Cyprus will continue to defend its legitimate rights, intensifying its efforts at a legal, political and diplomatic level, on the basis of International and European Union Law, in all competent Organizations, including the European Union,” it concludes.

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.

An illegal breakaway entity declared independence unilaterally, on November 15, 1983, in the areas under Turkish occupation, an action condemned by the UN Security Council and the international community as legally null and void.