Cyprus Business Now: banks, maritime, travelling, inflation, forex, EU Presidency
Among the distinguished guests were H.E. Abdulla Bin Touq AlMarri, Minister of Economy and Tourism and Thomas Kazakos, secretary general of the International Chamber of Shipping (ICS).
In his remarks, Thomas Kazakos described the gathering as “an illuminating event next to the futuristic ‘Museum of the Future’,” adding that he was “personally very honoured to be invited to address this impressive gathering of the fast growing and diversified Emirates shipping community, enjoying full Government support.”
This high-octane portrayal, focused on rapid wins and flashing charts, has created a major disconnect between perception and reality.
While online hype may capture attention, the real Foreign Exchange (Forex) market is the bedrock of the global financial system.
It is neither a casino nor a path to “fast money.” Understanding this market correctly is the essential first step towards genuine financial literacy.
The organisation brought together the heads of its member federations on November 20 to 21, ahead of Cyprus assuming the rotating presidency on January 1, 2026, to outline priorities for the next institutional cycle.
BusinessEurope represents 42 federations in 36 countries, covering around 25 million companies, with Cyprus’ Employers and Industrialists Federation (Oev) described by Persson as an important voice within the group.
He said the message from companies across Europe is “absolutely clear”, pointing primarily to excessive regulatory pressure.
Cyprus is seeking re-election to the IMO Council for the 2026-2027 term, a candidacy the Deputy Minister is expected to promote during a reception she will host for delegations attending the assembly.
His departure from the chamber was formally marked in December with an official farewell note on the Keve website, acknowledging his long service and contribution.
Earlier documentation, such as the chamber’s 2019 organisational chart, also lists him as secretary general, illustrating the continuity of his leadership.
According to his personal social media profile, Tsiakkis joined the Keve in 1986, became deputy secretary general in 2008, and served as secretary general from January 2013 until the end of 2024.
Makrygiannis joins from Deloitte Greece, where he also served as Partner, bringing more than 18 years of experience in tax across Greece and the United Kingdom.
In practice, his work has centred on intra-group loans and financial transactions, while he has also completed numerous Transfer Pricing projects involving documentation, due diligence, planning and negotiations with tax authorities.
He holds a Bachelor’s degree in Finance and Banking Administration from the University of Piraeus and an MBA from the University of Stuttgart.
Despite the calendar closing in on 2026, a large share of respondents said they still intend to make the most of the remaining weeks of 2025. The survey, which polled more than 20,000 Europeans, shows that many continue to hold unused annual leave and unfulfilled plans.
Almost half of Cypriot participants (47 per cent) reported having between 7 and more than 20 days of leave left for the year, with the largest group keeping 7–10 days.
Cyprus records the highest proportion of people in this category (69 per cent), placing it ahead of Switzerland (56 per cent) and Bulgaria (55 per cent).
At the same time, Cypriots’ appetite for completing personal goals remains strong. A total of 71.8 per cent said they still have experiences they want to fit into 2025.
The award, announced this week, comes as the bank continues to expand its Private and Affluent Banking operations and align them more closely with international standards.
According to the bank, the distinction reflects its ongoing investment in comprehensive wealth management solutions, as well as its push towards more innovative products and a more personalised service model for high-net-worth clients.
It also follows Global Finance’s assessment of institutions on performance, strategy, quality of service and client-relationship management.
The observatory tracks weighted average prices for 250 basic consumer products across 400 retail outlets islandwide, drawing on daily data for food and non-food items.
According to the service, the latest assessment “reflects the stable restraint in prices”, with the annual inflation rate at 0.9 per cent in July and August, 0.7 per cent in September and 0.3 per cent in October 2025, all below zero.
Services recorded the strongest year-on-year increase in October, rising by three per cent, while petroleum products fell by 7.5 per cent, agricultural products declined by 2.6 per cent and electricity decreased by two per cent.