Slight CCLEI slowdown in October, economy continues to perform well, says UCY ERC

A slight slowdown in growth of 2.0% on an annual basis was recorded in October 2025 by the Cyprus Composite Leading Economic Index (CCLEI), which is compiled and estimated by the Economics Research Centre (ERC) of the University of Cyprus, showing a steady annual growth rate, which, according to the Centre, indicates that “the Cypriot economy continues on a positive course, amid geopolitical turmoil and increased economic uncertainty.”

This rise, as announced by the ERC on Wednesday, follows annual increases of 2.0% in September, 2.1% in August, and 2.2% in July 2025, according to the latest revised data.

It is noted that in October 2025, the Index showed a steady annual growth rate, reflecting the relative balance between positive and negative trends in the individual indicators.

It is also stated that the strengthening of the Economic Sentiment Indicator (ESI) in Cyprus and the euro area, combined with the positive trend in tourist arrivals, retail trade and real estate sales, as well as the decline in the price of Brent crude oil, contributed to the growth of the Index.

On the contrary, according to the ERC, the decrease in temperature-adjusted electricity production, which has a significant weight in the composition of the CCLEI, held back CCLEI’s positive growth rate.

TRINIDAD-SECURITY-PM has warning for fisherfolk amid US war on drugs in the Caribbean

Prime Minister Kamla Persad-Bissessar is warning members of the fisherfolk community not to venture beyond the territorial waters of Trinidad and Tobago, reiterating the country’s support for the United States war on drugs in the region.

‘I saw some international media said that Trinidad and Tobago is a nation of fishermen. Nothing is further from the truth. We have fishermen but we have industries and other forms of income.

‘The impression is being made that fishermen from Trinidad and Tobago are being bombed out of the sea. What are you doing out here? Why are you so far off? Why don’t you stay in your zone? Why don’t you stay in Trinidad and Tobago waters and you’ll be safe.

‘Trinidad is not a target. Tobago is not a target. So I totally disagree with the narrative out there by some, you know, that we’re exposing our nationals to danger,’ she told reporters as she wrapped up a visit to the sister isle on Tuesday.

In recent weeks, the United States military has been bombing vessels in the international waters claiming that the occupants were drug traffickers without offering any evidence of such activity.

The families of two Trinidad and Tobago nationals, who were reported to have been casualties of the US bombings, have since made ‘missing persons’ reports to the police here.

The United Nations UN High Commissioner for Human Rights also strongly condemned the airstrikes carried out by the United States against alleged drug trafficking boats in the Caribbean and Pacific.

Volker Trk said in a statement that the strikes ‘violate international human rights law’, demanding that they be stopped immediately.

Last month, the Guyana-based CARICOM Secretariat said that regional leaders had discussed several issues on the regional agenda, including the security build-up in parts of the Caribbean and its potential impact on member states.

It said that the position at that meeting was not endorsed by the government of Trinidad and Tobago.

Prime Minister Persad-Bissessar said that as a result of the US action, the illegal drug flows to the country have decreased.

Police Commissioner, Allister Guevarro, speaking at a news conference in Port of Spain, also indicated that the war on the illegal drugs trade is having an effect on local supply.

‘The intelligence indicates that there is a current shortage of the illicit drugs, particularly from those trafficked from Venezuela and Colombia and the disruption has directly affected the availability of the narcotics in Trinidad and Tobago, which as you know in business terms, when there is a shortage in supply, you know what goes up.

‘So we have detected there has been a marked increase in the price of narcotics on the streets,’ Guevarro said, adding this has led to those in the illegal drugs trade seeking to develop alternative routes.

‘You know Trinis really ingenious. Here is the first thing they want to do. They going and plant weed and we already treating with that. They have men looking for particular breed of seeds from abroad to bring in, we treating with that already’.

He said the police were already treating with marijuana eradication across the country and that on September 12, law enforcement officers seized 268 kilogrammes of Colombian creepy marijuana with a street value in excess of TT$29 million (One TT dollar=US$0.16 cents).

He said on September 30, another operation led to the seizure of 201 Colombian creepy marijuana and that the US military activity has also curbed the influx of other illegal items into Trinidad and Tobago.

Meanwhile, the secretary of the non-governmental organisation, Friends and Fishermen of the Sea, Gary Aboud, said its members have been advised by the Trinidad and Tobago Coast Guard that ‘it is dangerous to go off shore, and they are right, because we could be murdered at any time like many others who have been murdered before.

‘We respect the warning and we urge our members to err on the side of caution, to stay close in land, not to drive at any speed because things that are moving at more than 20 knots can be blown to pieces and we support the prime minister’s statement about having respect for the rule of law that respect should also be the government and the United States should not conduct extra judicial killings. It is wrong’.

Aboud said that the Coast Guard is also urging that the fisherfolk stay within ‘the line of sight’ adding ‘instead of chasing our members out of a livelihood, shouldn’t the Coast Guard consider the activation of radars because without radars the Coast Guard are blind and blind national security is the easiest to out maneuvered.

‘We strongly support the Coast Guard safety measures, but we think that there is more that should be done rather than just prohibit our members and denying them the right to make a living.

‘If it is our members are being denied the right to make a living, with great respect I ask the Right Honourable Prime Minister of the Republic to please consider some kind of compensation for our men because we are at the bottom of the economic ladder,’ Aboud added.

President and Kallas discussed EU role in Cyprus issue and Cyprus role in the region

The EU role in the Cyprus issue, as well as Cyprus’ role in the Eastern Mediterranean and the Middle East region, were among the issues discussed during the meeting that took place Wednesday afternoon between President of the Republic, Nikos Christodoulides, and High Representative of the European Union for Foreign Affairs and Security Policy, Kaja Kallas.

The meeting was also attended by Minister of Foreign Affairs, Konstantinos Kombos, Deputy Minister for European Affairs, Marilena Raouna, and Government Spokesman, Konstantinos Letymbiotis.

Welcoming Kallas at the Presidential Palace, President Christodoulides pointed out, inter alia, that any progress in Turkey’s EU accession process needs to be examined in connection with the Cyprus obligations of the country under EU accession process. He also referred to the importance of the relations that Cyprus maintains with the countries of the region, such as Lebanon and Jordan.

Kallas noted that the purpose of her first visit to the country is to discuss the priorities of the Cyprus Presidency of the Council of the EU in the first half of 2026, as well as the achievement of goals during that time.

The Cyprus issue and security issues are also on the agenda of her contacts, she said.

The EU official also referred to developments in the Middle East and noted that the knowledge of the President of the Republic of Cyprus on issues concerning the countries of the region, such as Lebanon and Syria, is valuable.

Concluding, she said that these contacts are taking place in view of the Coordination Council in Lebanon in December.

HAITI-DEVELOPMENT-Haiti appeals to the international community to help restore security in the country

Haiti has appealed to the international community to help restore security in the French-speaking Caribbean Community (CARICOM) country where criminal gangs have taken over most, if not all of the capital, Port-au- Prince and surrounding neighbourhoods.

‘I specifically call on all States to make effective contributions to the Gang Suppression Force (GSF), approved by the United Nations Security Council on September 30th,’ President of the Transitional President Council (TPC), Laurent Saint-Cyr, as he addressed the second World Summit for Social Development here.

President of the Transitional President Council (TPC), Laurent Saint-Cyr, as he addressed the second World Summit for Social Development in Doha (UN Web TV).

‘Making the Gang Repression Force operational as soon as possible, while learning from the experience of the Multinational Security Support Mission, is an imperative of international solidarity, fully in line with the spirit of this Summit.

‘The social development that the Haitian people and people around the world deserve requires peace, stability, and security,’ he added.

Authorised to have up to 5,550 personnel, the GSF’s mandate is to proactively neutralise, isolate, and deter criminal gangs, which currently control significant parts of the country. The GSF will conduct intelligence-led operations to combat violence, secure critical infrastructure, and support humanitarian access.

Saint-Cyr said that the TPC, created in April 2024 to lead the country until elections can be held, is commitment to restoring security, with the support of international partners, and to preparing free and credible elections to meet the legitimate aspirations of the Haitian people.

In his address, Saint-Cyr, said social development is not a choice but a duty of the international community.

He thanked partners for support after Hurricane Melissa, which exposed Haiti’s structural weaknesses and community vulnerabilities, emphasizing that development requires peace, security, and stability.

The Haitian government Tuesday announced that the death toll from Hurricane Melissa had risen to 43, with 21 injured and 13 people still missing.

It said rescue teams continued their efforts to reach communities in the southwest of the country, where landslides and flooding devastated more than 30 towns and villages.

Saint-Cyr said Haiti is prioritizing security, elections, humanitarian response and economic recovery. He said the government is reintegrating children and youth formerly involved with armed groups through vocational training and relocating displaced people with dignity.

He stressed the need for urgent international support to move from short-term aid to sustainable investment.

Meanwhile, Saint-Cyr met with the United Kingdom Under-Secretary of State, Chris Elmore, on the sidelines of the meeting.

It said that during their discussions, Saint-Cyr reiterated the crucial importance of restoring security for the success of the transition and advocated for the swift implementation of the Foreign Relations Guarantee (FRG), an essential condition for holding free and credible elections and returning to democratic order.

He also requested British support in the maritime domain to curb the illicit flow of arms into Haiti, as well as increased cooperation in maritime surveillance and intelligence sharing to contribute to restoring security in the country.

Elmore is reported to have expressed London’s concern regarding the humanitarian situation in Haiti and commended the efforts undertaken by the transitional government to address it.

Minister of Energy discusses deepening Cyprus-Egypt cooperation in Abu Dhabi

Efforts to strengthen energy cooperation between Cyprus and Egypt, and the role of the Eastern Mediterranean as a pillar of energy security and a source of natural gas supply to Europe, were at the centre of the participation of Minister of Energy, Commerce and Industry George Papanastasiou at the ADIPEC 2025 International Energy Exhibition and Conference in Abu Dhabi. On the sidelines of the event, the Minister held a series of meetings with leading figures of the international energy market.

According to a press release from the Ministry of Energy, Papanastasiou has been holding a range of contacts and interventions since Tuesday within the framework of ADIPEC 2025, which takes place in Abu Dhabi from 3 to 6 November.

The Minister participated on Tuesday in a panel discussion titled ‘East Mediterranean offshore collaboration and gas flows’, alongside Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi. The discussion focused on prospects for further deepening Cyprus-Egypt cooperation in the hydrocarbons sector, based on agreements already signed for the development of the ‘Cronos’ and ‘Aphrodite’ natural gas fields in the Exclusive Economic Zone of the Republic of Cyprus. These include three commercial agreements and a Host Government Agreement for ‘Cronos’, as well as a Memorandum of Understanding for the commercialization of ‘Aphrodite’.

Emphasis was also placed on the role of regional cooperation and the opportunities offered by the Eastern Mediterranean to strengthen energy security and ensure natural gas supply to Europe, the announcement adds.

On the sidelines of the exhibition, Papanastasiou also held bilateral meetings with senior representatives of the energy industry, including Eni’s Chief Operating Officer Guido Brusco, ExxonMobil’s Vice President John Ardill, and Arcius Energy CEO Naser Al Yafei. Arcius Energy is a joint venture between BP and XRG (a subsidiary of ADNOC), established in 2024 to invest in natural gas and low-emission solutions. He also met with McDermott’s Executive Vice President and Chief Operating Officer, Maurizio Coratella.

During his visit to Abu Dhabi, the Minister gave interviews to international and regional media, including Sky News Arabia and Argus Media, presenting Cyprus’ energy prospects and its strategies for sustainable development and enhanced regional cooperation.

Papanastasiou is travelling to Athens on Wednesday evening, where he will represent the Republic of Cyprus at the 6th Transatlantic Energy Cooperation Partnership Meeting, to be held on 6-7 November.

ANTIGUA-DEVELOPMENT-Antigua and Barbuda calls for new era of global solidarity

Antigua and Barbuda has called for a renewed era of global solidarity, one that recognizes the shared responsibilities of all countries in addressing poverty, inequality, and the climate crisis.

Addressing the second World Summit for Social Development here, Foreign Affairs, Trade and Barbuda Affairs Minister, E.P. Chet Greene, underscored his country’s steadfast commitment to inclusive growth, climate resilience, and the protection of human dignity.

Foreign Affairs, Trade and Barbuda Affairs Minister, E.P. Chet Greene, addressing second World Summit for Social Development (UN webTV)

Greene said that there was need for a renewed era of global solidarity, noting that despite strong national initiatives and progressive social policies, ‘national action, however robust, cannot withstand global headwinds alone’.

He said that the Antigua and Barbuda Agenda for SIDS (ABAS), which emerged from the Fourth International Conference on Small Island Developing States, presents a framework for a new global partnership rooted not in charity, but in justice.

‘We demand that developed nations honour their Official Development Assistance pledges as a moral imperative, not as an act of benevolence,’ he said, adding ‘we insist that access to finance be based on our multidimensional vulnerability, not an outdated GDP (gross domestic product) metric.’

Greene called for the revitalization of United Nations Sustainable Development Goals (SDG 17) that deals with global partnerships, urging the international community to reignite the promise of Copenhagen by placing people once again at the centre of development.

‘Let us vow, here in Doha, that no child’s potential will be stunted by hunger; that no mother’s life will be lost for want of care; and that no island nation will be sacrificed to the rising seas of global inaction.’

Greene reaffirmed Antigua and Barbuda’s determination to translate resilience from concept to action, noting that social development must remain the foundation for peace, prosperity, and stability.

Global leaders meeting here have adopted a landmark pledge to build a fairer, more inclusive and sustainable future for all people, a guiding document the United Nations Secretary-General Antonio Guterres described as ‘a booster shot for development’ and ‘a people’s plan’.

The UN said that by adopting the Doha Political Declaration by consensus, countries agreed to step up efforts to deliver on the promises made 30 years ago at the first Social Summit in Copenhagen and to accelerate progress towards achieving the Sustainable Development Goals.

The Declaration renews and expands the 1995 commitments to meet today’s complex challenges, strengthening action on the interlinked pillars of poverty eradication, decent work, and social inclusion. It calls for universal, gender-responsive social protection and equitable access to health and education while emphasizing the need to counter misinformation and hate speech that threaten democratic values.

Possible ‘vigilante attacks’ deter Co from returning to the country-lawyer

RESIGNED Ako Bicol Party List Representative Zaldy Co has engaged the services of veteran lawyer Ruy Alberto Rondain to defend him over possible criminal charges that may be filed against him for his alleged involvement in the multi-billion anomalous flood control projects of the government.

Rondain, who co-founded the Rondain and Mendiola law firm, was a graduate of the University of the Philippines’ Bachelor of Arts in Philosophy and Bachelor of Law.

He was also a former associate at the ACCRA law and served as legal counsel for former Pampanga Rep. Juan Miguel ‘Mikey’ Arroyo in a tax case.

On Wednesday, Rondain appeared for the first time before the media on behalf of Co, who left the country last August 8 to purportedly undergo medical treatment in the United States.

Rondain said he last spoke to Co on Tuesday night but did not discuss his whereabouts.

‘I’m curious personally, but I can’t be curious as a lawyer because it is not relevant. And I don’t want to lie to you if you’re asking me now. I’m looking at you in the eye. I’m telling you honestly that I don’t know because I never asked him,’ he said.

However, the lawyer said Co has no intention of returning to the country despite the subpoena issued by the Independent Commission for Infrastructure (ICI) for him to appear before the investigating body on November 11 and 12 and shed light on accusations that he received huge kickbacks from anomalous flood control projects of the government.

Co, who previously served as chair of the appropriations committee, is also being required by the ICI to bring various documents in relation to flood control projects undertaken by companies where he or his family have beneficial interest.

‘I don’t think there’s any intention to come home.A subpoena has to be served, you cannot subpoena a person who is not here,’ Rondain said.

The lawyer said Co’s main consideration in refusing to come back home was his safety.

‘He’s deathly afraid of coming home because there are serious threats that one half of the country wants to throw him in jail and throw away the key, the other half wants to string him up by the nearest tree,’ Rondain said.

The lawyer said he would not even persuade Co to immediately return, fearing possible ‘vigilante attacks’ against him.

Rondain also noted that there are no criminal charges filed against Co before yet before any court.

‘For me, personally, my bigger fear is vigilante violence, everyone hates him. That’s the reason I’m here.The reason I’m here is because maybe we can tone down the temperature, we can lower it a little bit,’ Co’s lawyer said.

The ICI earlier recommended before the Ombudsman the prosecution of Co and together with 17 other individuals for criminal and administrative charges in connection with the P289.5 million anomalous flood control project in Naujan, Oriental Mindoro implemented by the Department of Public Works and Highways.

Among the charges recommended against Co and other DPWH officials were violation of the provisions of Republic Act No. 3019 or the Anti-Graft and Corrupt Practices Act, malversation of public funds under Article 217 of the Revised Penal Code (RPC) in relation to Article 171 of the RPC or falsification of public documents by a public officer

The recommendation stemmed from the inspection conducted by DPWH Secretary Vince Dizon of the project that was undertaken by Sunwest, Inc., the construction firm being linked to the family of Co.

The project involves the construction of a road dike along Mag-Asawang Tubig River.

The Office of the Ombudsman has already issued an order for Co to answer the charges against him.

But Rondain said their camp would likely waive the filing of a counter-affidavit, as he believes that the Ombudsman has already pre-judged this case.

‘My thinking is the Ombudsman has already pre-judged this case. And this is bolstered by the statements of [DPWH] Secretary Vince Dizon, who said 60 people will be in jail before Christmas,’ Rondain said.

‘Under these circumstances, there’s really no tactical benefit to filing a counter-affidavit. So the answer is, at this time, the way things are going, no, he does not intend to file a counter-affidavit,’ he added.

LavDiaz’s ‘Magellan’ makes history with Best Picture win at Valladolid film fest

The Philippines’ official Oscars entry for Best International Feature Film has just won the Golden Spike (Best Picture) at the 70th Valladolid International Film Festival (SEMINCI) in Spain – sharing the top honor with Kelly Reichardt’s ‘The Mastermind.’

The jury hailed ‘Magellan’ for its powerful reimagining of colonial history, stunning visuals, and bold storytelling that bridges the past and present. The Film Academy of the Philippines called it a proud victory for Filipino cinema, celebrating the vision of one of the country’s most acclaimed auteurs.

Premiering at Cannes 2025 before making its way through the international film festival circuit, ‘Magellan’ is distributed globally by Janus Films and continues to earn widespread acclaim for director Lav Diaz, whose unflinching cinema reclaims history from the lens of the colonized.

Starring Gael García Bernal as Ferdinand Magellan, Ronnie Lazaro as Rajah Humabon, and Amado Arjay Babon as Enrique of Malacca-whom Lav emphasizes as the first Malay to circumnavigate the globe-the film stands as a monumental achievement for Philippine cinema and Southeast Asian storytelling on the world stage.

#Magellan #LavDiaz #JanusFilms #FilipinoCinema #Oscars2026 #GoldenSpike #SEMINCI2025 #PhilippineCinema #GaelGarciaBernal #RonnieLazaro #AmadoArjayBabon #Cannes2025 #FilmAcademyOfThePhilippines #CinemaLaya #PinoyPride #IndependentFilm #GlobalCinema #ArtFilm #Philippines #EnriqueOfMalacca

Frozen assets AMLC linked to corruption in infra at P6B

THE total value of frozen assets linked to alleged corruption in public infrastructure projects has climbed to P6.3 billion, the Anti-Money Laundering Council (AMLC) revealed.

The council reported that the freeze now covers 1,671 bank accounts, 58 insurance policies, 244 motor vehicles, 144 real properties, and 12 e-wallet accounts.

‘With the issuance of the seventh Freeze Order, this figure is expected to rise further,’ read a statement the AMLC issued last Wednesday.

With the recent issuance of the FO by the Court of Appeals (CA), dozens of additional high-value properties and luxury vehicles have been added to a list that the AMLC described as ‘growing.’

The latest FO targets 45 more real estate properties and 81 vehicles, including high-end sports cars, SUVs, and luxury motorcycles, reportedly linked to former government officials.

The move forms part of the AMLC’s ongoing investigation into alleged misuse of public infrastructure funds, particularly controversial flood control projects.

‘We assure the public that our efforts have not ceased,’ AMLC Executive Director Matthew M. David was quoted in the statement as saying. ‘We continue to pursue every lead, secure every necessary order, and hold accountable those who misuse public funds.’

This latest action builds on the first freeze order granted by the CA on September 15, signaling an intensifying crackdown on alleged graft and mismanagement of public resources.

A statement issued by the Insurance Commission the day after, on September 16, read that the assets subject to the first FO ‘are linked to persons and entities currently under investigation by the Senate Blue Ribbon Committee for suspected anomalies in government flood control projects. Preliminary findings by the AMLC point to a possible money laundering scheme involving public funds intended for flood control initiatives.’

The sixth FO issued by the CA on October 10 linked several properties ‘to a former high-ranking government official suspected of playing a central role in the procurement process of the questioned flood control project contracts.’

The AMLC, however, didn’t name this official.

Technology and the Professional Accountant

‘Technology is nothing. What’s important is that you have faith in people, that they’re basically good and smart, and if you give them tools, they’ll do wonderful things with them.’-Steve Jobs

EMERGING technologies, including artificial intelligence, affect everybody.

For the professional accountant, the transformation of the environment in which he/she operates is evident from the way the clients operate and render their financial reports and the tools available to hasten tasks. The continuing rapid changes yield opportunities and challenges and at times, threats.

The International Standards Setting Bodies (ISSBs) are very much aware of robust changes in the eco-system where professional accountants operate. In a report rendered to the Stakeholder Advisory Council during its October 21 to October 22 meeting in New York, they highlighted some of the attributes of the challenges and may I focus on three.

1. Opacity. The technological tool’s logic or decision-making process is not transparent.

2. Non-determinant. Identical inputs can yield varying outputs due to probabilistic processing, contextual sensitivity or other unpredictable influences.

3. Propensity to bias. The tool may have the tendency to yield not necessarily objective results, for influences from other ’embedded’ dimensions from the tool development process may be in place.

The two ISSBs-the International Auditing and Assurance Standards Board and the International Ethics Standards Board for Accountants-recognize the transformative potential of technology in enhancing audit and engagement quality. At the same time, the ISSBs emphasize the importance of safeguarding the public interest through sound quality management and alignment with ethical requirements. The risks and challenges of using technological tools aside from what are cited above include misinformation, automation bias, keeping data privacy, accountability and speed of change.

In the exchange of views among the members of the Stakeholder Advisory Council, it was evident that all welcome emerging technologies for all the positive impact like speed and efficiency that they contribute. Key principles guiding the professional accountant were often invoked like confidentiality, professional competence, diligence, due care, managing complexity, and independence in the context of audit and assurance engagements. Not to be set aside are the need to maintain clarity, consistency, and acceptance around the application of quality management and ethics principles related to emerging technologies.

While comments from the members of the Stakeholder Advisory Council vary, one observation forwarded said, ‘Technologies are mere tools and prudent use thereof bring about more upside than downside. At the end of the day, the professional accountant is responsible for his conduct, use of tools and generated report.’

Indeed, emerging technologies do not change the responsibility of the professional accountant and his/her relationship with the client. To end this note, may I cite a quote: ‘AI can’t build human relationships like you can. Trust forged between two people-client and accountant-is a bond impossible for AI to replicate.’

Conchita L. Manabat is the president of the Development Center for Finance, a Trustee at the University of San Carlos, and San Carlos School of Cebu Inc. She is a member of the Stakeholder Advisory Council of the International Federation for Ethics and Audit. She also chairs the Advisory Council of the International Association of Financial Executives Institutes. The views she expressed herein do not necessarily reflect those of the BusinessMirror’s.