The Bank of Cyprus on Friday announced a fresh reduction in its reference interest rate for loans linked to the European Central Bank’s (ECB) base rate, in direct response to the ECB’s latest monetary easing.

The bank will lower its rate from 2.40 per cent to 2.15 per cent, with the change taking effect from June 11, 2025.

“This is a 0.25 percentage point cut that will once again have a significantly positive impact on our clients, especially in the amount of their monthly loan instalments,” the bank said in an official statement.

An estimated 12,000 borrowers whose loans are tied to the ECB base rate will benefit from an immediate reduction in their monthly payments.

The Cyprus hoteliers association (Pasyxe) on Friday announced its support for a collective legal action against Booking.com.

The legal action has been brought before the Dutch courts through an alliance of more than 25 national hotel associations across Europe.

In an official statement, Pasyxe confirmed it stands by the decisions made by its counterparts via HOTREC, the European umbrella organisation for hospitality stakeholders.

Pasyxe said it will offer guidance and support to any of its members who choose to join the joint action.

Through this initiative, HOTREC is backing claims for compensation related to practices deemed to be in violation of European competition law.

Employment in Cyprus recorded a 1.5 per cent increase in the first quarter of 2025 compared to the same period in 2024.

According to data released by the Cyprus Statistical Service (Cystat) on Friday, total employment during this period was estimated at 497,343 people, of whom 444,635 were employees and 52,708 were self-employed.

The most notable growth was observed in the arts, entertainment and recreation, manufacturing, information and communication, and construction sectors.

Meanwhile, actual hours worked in the first quarter of 2025 rose by 1.9 per cent year-on-year, reaching 230,173.

The Cyprus Chamber of Commerce and Industry (Keve) has announced a new initiative aimed at equipping small and medium-sized enterprises (SMEs) with practical tools and solutions to support their transition to a more sustainable and energy-efficient future.

The event, titled “Green Transition in Practice: Tools and Solutions for SMEs,” will take place on June 17, 2025, at the Keve building in Nicosia, running from 09:00 to 12:00.

Participation is free of charge, and attendees are asked to register by June 16, 2025.

Organised under the framework of the Enterprise Europe Network and the EE4SMEs project, the event is part of the chamber’s broader efforts to promote sustainability and enhance the competitiveness of Cypriot businesses.

Vassiliko Cement Works Public Company Ltd on Friday confirmed the approval of all resolutions presented during its annual general meeting (AGM) of shareholders held on June 5, 2025.

At the AGM, shareholders approved the management report and financial statements for the year 2024, which are available on the company’s official website.

The meeting also approved the payment of a total dividend of €12.94 million, equivalent to €0.18 per ordinary share.

Of this amount, €0.06 will be paid from the company’s profits for 2023 and €0.12 from the profits of 2024 included in retained earnings.

The dividend will be distributed to shareholders registered in the Cyprus Stock Exchange (CSE) registry on June 18, 2025, which is the official record date.

The turnover value index for services and transport in Cyprus recorded increases during the first quarter of 2025 compared to the same period in 2024.

According to the state statistical service, administrative and support service activities rose by 10.6 per cent in turnover value, according to the latest data. Accommodation and food service activities saw an increase of 9.4 per cent in the first quarter of 2025.

Transport and storage activities experienced a rise of 6.7 per cent over the same period. Moreover, information and communication activities recorded a 5.4 per cent increase in turnover value.

AI is making workers more valuable, productive, and able to command higher wage premiums, with job numbers rising even in roles considered most automatable, according to PwC’s 2025 Global AI Jobs Barometer, released this week.

The report is based on analysis of close to a billion job ads from six continents. It finds that since the proliferation of GenAI in 2022, productivity growth has nearly quadrupled in industries most exposed to AI, including financial services and software publishing.

Between 2018 and 2022, productivity in those sectors grew by just 7 per cent. By 2024, it had surged to 27 per cent. In contrast, growth in industries least exposed to AI, such as mining and hospitality, declined from 10 per cent to 9 per cent over the same period.

According to the report, 2024 data shows that the most AI-exposed industries are now seeing three times higher growth in revenue per employee compared with the least exposed.

Following a year of collaboration under a joint venture agreement, US-based TKI and Cyprus-based Hybrid ConsulTech have merged operations and will now formally operate under the unified TKI brand.

The integration marks a strategy in aligning both companies’ global operations and delivering enterprise-grade AI solutions across regions.

TKI, which has operated for over two decades in the United States and India, brings extensive experience in enterprise software and deep expertise in artificial intelligence and machine learning.

According to the announcement, its client base includes major broadband and cable providers, a national real estate network representing over 30 per cent of the US housing market, and one of the largest HVAC and energy service groups in the Northeast.

The Cyprus Securities and Exchange Commission (CySEC) has announced the imposition of administrative fines on thirteen listed companies for breaches of the Transparency Requirements (Securities Admitted to Trading on a Regulated Market) Law of 2007, as amended.

The fines relate to failures in the timely publication of half-year financial reports for the year 2023.

The regulatory body reminded all issuers of the importance of timely disclosure in accordance with the legal framework to ensure market transparency and investor protection.

Cyprus participated for the first time with a national event at the World Utilities Congress 2025, held at the Abu Dhabi National Exhibition Centre.

The event aimed to showcase Cyprus’ strengths in solar thermal energy, infrastructure and water management, and to expand public-private sector collaboration across the region.

The country’s presence was coordinated by the Ministry of Energy, together with the Cyprus Trade Centre in Dubai, one of the earliest such offices established abroad since 1977, emphasising Cyprus’ strategic advantages in the utilities and clean energy sectors.

The event, held from May 19 until 21, brought together representatives also the agriculture ministry, the Cyprus electricity authority (EAC), and Cyprus association of renewable energy companies (Seapek).

The Industrial Turnover Index in Cyprus recorded a strong rise in March 2025, signalling continued momentum across key sectors of the economy.

According to the Cyprus Statistical Service, the index reached 137.7 units for March, based on 2021 as the reference year, set at 100 points, marking a 5 per cent increase compared to March 2024.

For the first quarter of 2025, covering January to March, the index posted a 5.8 per cent increase relative to the same period in the previous year.

The manufacturing sector led the growth. In March 2025, the Industrial Turnover Index for manufacturing climbed to 138.3 units, representing a 7.2 per cent increase compared to the same month in 2024.

Strong gains were also observed in mining and quarrying, where turnover jumped by 12.5 per cent.