Cyprus Business News: Petrolina, casino, state payroll, card usage, Cyta
The budget places strong emphasis on major investments in digital infrastructure, profitability and resilience, positioning Cyta as a central pillar of Cyprus’ digital economy.
“This is a budget of responsibility and continuity,” said “a budget built on tangible financial results and a specific investment plan that delivers direct benefits to citizens, businesses and the Cypriot economy,” Cyta chair Maria Tsiakka told the committee.
She stressed that the primary objective was ensuring uninterrupted operation and continuous upgrading of critical digital infrastructure across the Republic of Cyprus.
She described 2025 as a year of intense activity for the organisation, during which total revenues rose from €415 million in 2024 to €442 million.
Specifically, the turnover value index of retail trade increased by 5.8 per cent in December 2025 compared with the corresponding month of the previous year.
During the same month, the turnover volume index of retail trade rose by 8.9 per cent on an annual basis.
The figures indicate that retail sales volumes grew faster than values, suggesting increased consumer activity during the period.
The acquisition was carried out through Petrolina’s wholly owned subsidiary, Med Energywise Ltd, which acquired 100 per cent of the share capital of ExxonMobil Cyprus Limited.
The authority’s budget for 2026 amounts to €3.68 million and is balanced, with operating expenses rising by 8.24 per cent, officials told MPs.
Chairman Pieris Chourides said the authority’s core role, as an independent regulator, is the analysis and management of risk, noting that financial data show “good performance of the casino”.
By contrast, he said, the performance of the integrated casino-resort, which does not fall under the authority’s direct regulatory remit, is below the targets that had been set.
In an extensive piece of analysis, Neophytou stated that the size and cost of the state machine have always been a “black spot” on public finances but the recent growth is unprecedented in the history of the Republic.
He pointed out that even in the years leading up to the 2013 economic disaster the increases were more modest with the payroll standing at €2.86 billion at the end of 2012.
Comparing that era to the present he noted that between 2008 and 2012 the total increase was €348.00 million or 13.8 per cent.
In contrast he described the current trajectory under the present government as “particularly alarming” with costs rising from €3.16 billion in 2022 to €3.87 billion by the end of 2024.
Despite the shift, cash and cheques continue to play a role in the domestic payments landscape, even as their use has declined steadily in recent years.
“Cypriots are turning to digital transactions, while at the same time the use of cheques and cash remains significant,” the CBC said.
While cards dominate by volume, credit transfers remain the leading payment method by value, accounting for 84 per cent of total transaction value in Cyprus during the first half of 2025.
Firstly, CySEC said a settlement was reached with Zorivo Limited over a possible violation of the Investment Services and Activities and Regulated Markets Law of 2017 concerning authorisation requirements.
The investigation assessed the company’s compliance with article 5(1) of the law during the period February 2024 to July 2025, CySEC said.
The settlement for the possible violation amounted to €70,000, which has been fully paid by the company.
CySEC said the questionnaire was originally issued by the Office of the Commissioner for Personal Data Protection and is addressed to supervised entities operating in Cyprus.
The regulator said the initiative is implemented within the framework of the EU co-funded Data ProTech project, which forms part of the CERV Programme.
CySEC said the project aims to strengthen SME compliance with the General Data Protection Regulation (EU) 2016/679 and the Artificial Intelligence Regulation (EU) 2024/1689.
The airline said the move would further enhance Cyprus’ connectivity with Europe and the wider region, reinforcing its presence in the Cypriot market.
As part of the expansion, Wizz Air is launching a new Larnaca-Varna route, linking Cyprus with Bulgaria.
The Varna service will operate three times per week between January 30, 2026 and June 17, 2026, the airline said.
Fares on the new route will start from €24.99, offering passengers additional low-cost travel options.
The event, titled “From Hives to Horizons: Building a Sustainable Bee Economy in Jordan”, was organised by the Jordanian foundation Hand in Hand for Economic Empowerment and Entrepreneurship.
It attracted more than 300 policymakers, beekeepers, entrepreneurs, researchers, environmental organisations and tourism stakeholders, both in person and online.
The conference, which took place on January 28, was held under the auspices of Jordan’s Minister of Industry, Trade, and Supply, represented by Yasmeen Khreisat, Assistant Secretary-General for Industrial Development, Trade, and External Affairs, highlighting the strategic importance of the bee economy for sustainable development and rural resilience in the country.
The board of directors of the company acted within the framework of the decision made at the last annual general meeting which authorised the board to determine the remuneration of the external auditors Baker Tilly for the year 2025.
Having taken into account a proposal for an increase in fees for the provision of auditing services for the 2025 audit the board decided to seek and request tenders from other auditing firms in Cyprus.
A formal proposal was subsequently received from the auditing firm Ernst and Young Cyprus Ltd which is commonly known as EY.
The purchases followed the commencement of the share buyback programme announced on December 12, 2025.
The programme was approved by a resolution of the extraordinary general meeting of shareholders held on October 22, 2025.
The programme also represents a continuation of the share buyback scheme of Eurobank Ergasias Services and Holdings S.A., which was approved at its ordinary general meetings held on April 30, 2025.
The bond relates to the 0 per cent eurobond of the Republic of Cyprus first series 2021, which carries a maturity date in 2026.
Authorities confirmed that the bond will mature on February 9, 2026.