Binance has disclosed how attackers used fake software downloads, fraudulent job interviews and compromised internal tools to breach its wallet infrastructure in an October 29 cyberattack that resulted in the theft of more than $6 billion in digital assets.

The incident was not caused by a single employee mistake, Binance co-CEO Richard Teng told CNBC’s “Squawk on the Street”. Instead, attackers spent months building access before reaching the system responsible for authorising wallet transactions.

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“They spent months building their way in,” Teng said, describing a sequence involving a compromised developer tool, malware hidden in a coding exercise and access to internal AI systems.

How Attackers Reached Binance’s Wallet Infrastructure

According to Binance’s security report, the operation began in June when a Wallet DevOps engineer downloaded a modified Homebrew installation while searching online for a popular AI coding tool.

Binance detected suspicious activity, replaced the engineer’s device and rotated credentials. However, the company said the engineer’s role and the work of colleagues on the wallet infrastructure team had already been exposed.

In September, attackers allegedly posed as recruiters and interviewed another engineer. A coding exercise contained hidden malware designed to evade security controls, Teng said. The attackers subsequently moved through internal AI tools and gained access to the system authorising wallet transactions.

Teng did not directly attribute the attack to North Korea, but said the FBI had linked it to North Korean hackers associated with the TraderTraitor group.

Binance Recovers Most Affected Assets

Binance said it has replenished 98% of the $6.34 billion in affected assets and is working to acquire the remaining, less-liquid holdings. The exchange temporarily restricted certain withdrawals, committed to covering customer losses and used its reserves to restore affected funds.

The company and industry partners, including Tether, Circle and Ripple, have reportedly frozen around $3 billion in assets. However, some stolen funds continue to move through laundering channels.

Coinbase has also blocked transfers to compromised wallets and offered assistance to Binance.

Security Overhaul And Industry Confidence

Following the breach, Binance rebuilt the affected wallet system and internal AI tool, replaced compromised devices, revoked credentials and tokens associated with the engineers involved, and expanded security scans across employee devices.

The exchange has also commissioned an independent expert to review its response and security measures. Teng said Binance would continue strengthening its defences while working with law enforcement and industry partners to trace and freeze the stolen funds.

The incident has renewed questions about the security of centralised crypto exchanges. Although Binance maintains that it remains financially sound, attention is now focused on recovering the remaining assets and demonstrating that its security controls can withstand increasingly sophisticated attacks.

Cyprus is preparing to build 460 homes on state-owned land through a partnership with private developers, in a project representing an investment of more than €70 million. President Nikos Christodoulides announced the plan at the General Assembly of the Association of Large Developments in Nicosia.

A Public-Private Response To Housing Pressures

Christodoulides said total investment in housing policy exceeds €300 million, describing access to affordable homes as a social priority—particularly for young people and families. Addressing the challenge, he said, will require more housing supply, effective use of public land and closer cooperation between government and the private sector.

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The government is also using planning incentives, including mechanisms tied to development density, to encourage residential construction and expand the supply of homes.

Promoting Cyprus To U.S. Investors

The president also said he plans to join a new delegation to the United States in late November to present investment opportunities in Cyprus. The meetings will take place in cooperation with the U.S. government, amid what he described as growing interest from American companies.

Streamlining The Business Environment

Christodoulides identified simpler procedures, digital services and faster permitting as priorities for improving the business environment. He also pointed to the Business Support Center, established to assist strategic development projects.

He linked the tax reform, which he said took effect on January 1, 2026, to efforts to strengthen the country’s competitiveness and create more favorable conditions for productive investment.

Growth With Broader Benefits

The president emphasized the importance of ongoing dialogue with the Association of Large Developments to address longstanding structural problems. He said development should be judged not only by the scale of investment, but also by the quality of jobs created and the benefits delivered to citizens.

He urged businesses to pursue opportunities with long-term planning and with respect for society and the environment—a message that places the housing initiative within a broader effort to balance economic growth with public benefit.

On the battlefield, seeing what an enemy drone sees can offer a critical advantage. A Ukrainian equipment startup, CODE380, is drawing attention with the D·Vision SDR, a compact receiver designed to intercept live video feeds from a range of Russian drones.

Many of those drones transmit video over the air without encryption. That leaves the feed accessible to anyone with a compatible receiver—and can give Ukrainian units a view of a drone’s route and target before it strikes.

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A Smaller Receiver, With Broader Coverage

At about 10 ounces, the D·Vision SDR is markedly lighter than competing Ukrainian models, one of which weighs a couple of pounds, Defense News reported. Its size may make it easier for teams to carry and deploy in the field.

The device is also designed to monitor radio channels used by Russia’s newer Molniya drones, which began transmitting video on those frequencies in June. Serhii “Flash” Beskrestnov, a radio specialist who advises Ukraine’s president, said in a June Facebook post cited by Defense News that many detectors either miss those frequencies or detect them poorly.

That limitation matters. A receiver is useful only when it can identify the signal in front of it—and Beskrestnov has warned that overreliance on detection equipment could be fatal.

The Limits Of Intercepting Drone Video

The technology also faces a broader challenge: communications methods can change. Beskrestnov has warned that a shift from analog to digital video could make feeds harder for receivers like the D·Vision SDR to intercept.

Some Russian drones may already be moving toward a different model. The New York Times reported in August that some Molniya drones use artificial intelligence, Nvidia chips and autonomous guidance while emitting no signals. If a drone can navigate and strike without transmitting, a receiver designed to exploit open video feeds may have little to detect.

A Tactical Advantage, Not A Complete Defense

The D·Vision SDR illustrates how relatively small, specialized devices can help frontline teams turn an enemy’s communications into intelligence. But its effectiveness depends on what a drone transmits, which frequencies it uses and whether its signals remain accessible.

For Ukrainian units, the receiver may provide a valuable window into some Russian drone operations. It is not, however, a guarantee of visibility—and as drones evolve toward encrypted, digital or signal-free systems, that window could narrow.

The Cyprus Securities and Exchange Commission (CySEC) has reached a €40,000 settlement with Daventryx Limited following an investigation into the company’s compliance with rules governing the provision of administrative services.

Covering the period from September 20, 2018, to August 8, 2025, the investigation examined whether Daventryx provided administrative services through individuals who were not authorised to do so under Cyprus law.

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Settlement Covers Nearly Seven Years

Reached on September 28, 2026, the agreement was concluded under the Law Regulating Companies Providing Administrative Services and Related Matters of 2012, as amended. Daventryx has paid the full €40,000, CySEC confirmed.

Importantly, the regulator clarified that the settlement does not constitute a confirmed finding of a breach, but relates to a possible violation of the applicable rules.

How CySEC Can Settle Cases

Under Article 37(4) of the Cyprus Securities and Exchange Commission Law of 2009, as amended, CySEC may settle cases involving actual or possible violations, acts or omissions when it has reasonable grounds to believe that the conduct breached legislation under its supervision.

CySEC also clarified that settlement payments go to the Treasury of the Republic of Cyprus rather than being recorded as revenue by the commission.

Limassol is exploring ways to attract private investment for its waterfront transformation, with public guarantees and risk-sharing mechanisms among the options under consideration.

An investment dialogue on November 10 at the Panos Solomonides Cultural Centre will examine how to make the regeneration of Aktaia Odos more attractive to investors. The event will bring together municipal and national authorities, financial institutions and businesses to discuss how public support can reduce investment risks and borrowing costs.

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A €1.3 Billion Climate Investment Pipeline

The initiative forms part of Limassol’s Climate City Contract, an investment strategy worth approximately €1.3 billion. The European Commission recognised the city as one of the EU’s 100 climate-neutral and smart cities and awarded it the EU Cities Mission Label in 2024.

The plan covers around 30 actions and 300 projects across energy, digitalisation, waste management, the circular economy, the coast and port, and the built environment. However, the Municipality of Limassol is expected to implement directly only about 9% of the pipeline. Delivering the rest will depend on European and national funding, institutional support and private investment.

Aktaia Odos: Transforming Limassol’s Waterfront

Aktaia Odos is a priority project under the Climate City Contract. It aims to regenerate the coastal area behind Limassol’s port, where ageing industrial infrastructure and the traditional “Karnagio” shipyard have long separated the site from the wider waterfront.

The project envisages a 1.5-kilometre seafront park connecting the Marina and city centre with the new port and western development zone. Plans include public transport infrastructure, pedestrian and cycling routes, and provision for a possible future tram line, subject to a viability assessment.

A pilot section opened in September 2025, featuring approximately one kilometre of walking and cycling paths, lighting, new trees and a 350-metre reclaimed beach.

Further development depends partly on relocating the Karnagio shipyard to a modern facility elsewhere. The shipyard provides repair and maintenance services for Cyprus’ marinas, while the central government is responsible for identifying a suitable alternative coastal site.

The wider regeneration is expected to encourage sustainable construction, tourism and business activity, while expanding green spaces and supporting lower-emission transport.

How Public Guarantees Could Unlock Investment

Participants will examine financing options including green and blue bonds and loans, Build-Operate-Transfer contracts, public-private partnerships and blended finance.

Particular attention will go to the state’s potential role through public guarantees, first-loss tranches and credit enhancement. These mechanisms can absorb some early-stage and political risks, reducing investors’ exposure and potentially lowering the cost of capital.

Strategically deployed public funding could therefore help make projects commercially viable without requiring the state to finance them in full.

Bringing Authorities And Investors Together

The roundtable will involve the municipality, national ministries, financial institutions and companies in construction, logistics and mobility. Plenary sessions and smaller World Café-style discussions will focus on financing options, investment barriers and opportunities for collaboration. The conclusions are expected to inform a wider climate finance conference in Athens in November.

The programme includes presentations on financing net-zero cities by Bob D’Haeseleer of ICLEI, green investment by Dr Loukas Dimitriou of the University of Cyprus, and climate-driven urban transformation by Filip Coenen of the City of Leuven and Aimilia Pistrika of the European Investment Bank.

Limassol Mayor Yiannis Armeftis will deliver the opening remarks at 10 a.m. Breakout discussions are scheduled from 11:15 a.m. to 12:15 p.m., followed by group conclusions and closing remarks.

Turning Climate Ambition Into Investable Projects

For Limassol, the challenge is to create financing structures that make climate-focused urban development attractive to private investors while preserving its public benefits. Public guarantees, co-investment and risk-sharing could help bridge the gap between the city’s climate ambitions and the capital needed to deliver them.

Eurobank and Alpha Bank could have further room to grow after reporting stronger-than-expected third-quarter results, according to UBS. The bank maintained its buy ratings on both lenders, citing stronger core banking income, loan growth and the increasing contribution of international operations, including in Cyprus.

UBS kept its price targets at €5.40 for Eurobank and €5.20 for Alpha Bank, implying potential upside of approximately 21% and 18%, respectively, excluding dividends. The analysts see different drivers behind each bank’s growth prospects.

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Eurobank Benefits From Earnings Growth And Regional Expansion

Eurobank’s third-quarter adjusted net profit exceeded market consensus by 5% and UBS’ forecast by 4%. Return on tangible equity reached 17.8%, while its common equity tier one capital ratio stood at 15.5%.

Its Cyprus operations generated €367 million in profit before tax and €733 million in external revenue during the first nine months of 2026, according to reported results. Revenue included €579 million in net interest income, €98 million in net banking fee and commission income, and €56 million in other net revenue.

Across the group, net interest income rose 5% quarter on quarter and 13.7% year on year. UBS expects it to approach €2.8 billion in 2026, above Eurobank’s upgraded guidance of €2.7 billion. The group’s net interest margin stood at 2.53%, while deposits grew 10.4%, including 12% growth in Greece.

Southeastern Europe also supported performance. Net loans in the region increased 11.8% year on year, with Bulgaria recording 14% growth. Core pre-provision profits rose 24% in Bulgaria and 18% in Cyprus.

UBS raised its 2026 adjusted earnings-per-share estimate by around 1%, forecasting growth of 17% this year and 15.1% in 2027. It expects average annual earnings-per-share growth of 13.6% between 2025 and 2028, above management’s target of more than 10%.

Eurobank continues to integrate its Cypriot banking and insurance operations following the acquisition of the former CNP Cyprus subgroup in April 2025. Completion of the Eurolife acquisition is expected to add around €100 million in annual commission income, starting in the fourth quarter.

According to UBS, Eurobank shares trade at 8.3 times estimated 2028 earnings, with a projected dividend yield of 6.3% for 2027.

Alpha Bank Awaits Its Strategic Update

Alpha Bank’s international operations, including Cyprus, generated €79 million in normalised net profit in the first nine months of 2026, up 13% year on year. Net interest income increased 64%, while fee-services income rose 65%. The division’s net loans reached €2.9 billion and customer deposits totalled €6.6 billion, with a return on tangible book value of 12.9%.

In Cyprus, the bank recorded €17.5 million in provisions for a voluntary staff exit scheme and €0.7 million in integration costs.

At group level, Alpha Bank reported third-quarter profit after tax of €268.9 million, bringing its nine-month total to €766.1 million. Results exceeded expectations, with net interest income 6% above consensus, pre-tax profit 7% higher and normalised net profit 17% above estimates.

Net interest income rose 8.2% quarter on quarter and 17.4% year on year. The net interest margin widened by 14 basis points to 2.30%, ahead of UBS’ 2.20% forecast. Management expects annual net interest income of around €1.8 billion and maintained guidance for total revenue close to €2.5 billion.

UBS increased its adjusted earnings-per-share estimates for 2026 and the medium term by approximately 1%. Its forecasts imply average annual earnings-per-share growth of around 15% between 2025 and 2028.

The next key milestone is Alpha Bank’s investor presentation on November 5, when management is expected to outline an updated business plan and medium-term targets. UBS is looking for details on acquisitions, corporate and investment banking, and fee-income growth.

Alpha Bank trades at 1.2 times its 2026 price-to-tangible-book value and eight times estimated 2028 earnings. UBS sees scope for a higher valuation as efficiency improves. The bank’s latest results provide further detail ahead of the strategic update.

UBS Maintains Buy Rating On Piraeus Bank

UBS also reaffirmed its buy recommendation on Piraeus Bank, setting a €12.50 price target that implies approximately 28% upside, excluding dividends. It said underlying performance remained strong despite exceptional charges, which are expected to ease from 2027.

Supermarket refrigeration systems across Europe have been targeted in a series of cyber incidents, with attackers reportedly changing temperatures remotely and putting food stocks at risk.

In the latest disruption on Monday, refrigerators and freezers at multiple retailers were affected. At least one store reportedly recorded temperatures of up to 50°C (122°F), forcing several companies to discard food. The incidents have raised concerns about the security of connected equipment that supports supermarket operations and supply chains.

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Retailers Across Europe Report Disruptions

Ahold Delhaize said refrigeration systems at dozens of its Delhaize stores in Belgium and Luxembourg were affected. The company told CNBC that some food had to be discarded, but operations had returned to normal.

According to Reuters, Colruyt Group reported attacks on five Spar stores in Belgium. Carrefour said 15 Belgian stores were affected, while Intermarché reported disruptions at 15 of its 153 locations in the country.

Intermarché said its security measures helped contain the incident, limiting stock losses at a small number of stores. The company described the damage as less severe than during the October attacks and said other retailers, including Carrefour and Delhaize, appeared to have been more heavily affected.

The disruption also reached IKEA, where refrigeration equipment at its Mons store in Belgium was affected between Sunday and Monday. The store remained open as the company inspected its equipment and products and checked installations at other Belgian locations. IKEA said the impact on its restaurant and Swedish Food Market was limited.

Sweden’s ICA confirmed incidents at a limited number of stores, involving networks outside its central systems. Finland’s Kesko, Ireland’s SuperValu and Estonia’s Selver also reported refrigeration problems.

The European Commission said it was coordinating with national authorities and had convened an interinstitutional task force meeting involving EU agencies, including ENISA and Europol.

Latest Incidents Follow October’s Supermarket Attacks

The disruptions come after cyberattacks affected hundreds of French supermarkets in October, reportedly causing fires, overheated refrigerators and spoiled food. Les Mousquetaires, the owner of Intermarché, estimated at the time that the damage could amount to several million euros.

European Commissioner for Agriculture and Food Christophe Hansen warned in October that food security needed greater attention, saying the weaponisation of food had become a reality.

Similar concerns have emerged beyond the retail sector. In late August, freezer malfunctions affected commissaries at six U.S. military bases. The Pentagon is treating the incidents as a suspected cyberattack and coordinating with French authorities, according to people familiar with the matter cited by Reuters.

Connected Equipment Creates Wider Cyber Risks

No group has publicly claimed responsibility for the supermarket incidents, and investigations are ongoing. It remains unclear whether the attacks were financially motivated or intended to cause disruption and public anxiety.

Rafe Pilling, senior director of threat intelligence at Sophos, said empty supermarket shelves can turn a relatively limited cyber incident into a highly visible sign of instability. The public impact may be as important to attackers as direct financial damage, he added.

Fredrik Blix, a strategic cybersecurity adviser at Visente AB, said such attacks may not require sophisticated techniques if refrigeration control units are accessible through the public internet. Built-in support credentials and unpatched devices could provide entry points. Although the equipment vendor released a patch in August, thousands of units reportedly remained unupdated, while some older models could not be patched.

The risk extends well beyond supermarkets. Banks, government agencies, manufacturers and utilities also rely on remotely managed connected systems. As Pilling noted, attackers do not need advanced capabilities to cause real-world disruption when an exposed device controls critical equipment.

AI Could Increase The Scale Of Future Attacks

There is no evidence that artificial intelligence was used in the refrigeration incidents. However, Pilling warned that AI could eventually help criminals scale and coordinate similar operations more efficiently.

The UK’s National Cyber Security Centre has also warned that critical infrastructure should prepare for ransomware attacks involving AI-powered malware, which it expects could become more likely over the next two years. NCSC chief executive Richard Horne said organisations must treat security and resilience as essential requirements.

For retailers, the incidents highlight how cyber risks extend beyond customer data and payment systems. When digital controls manage physical assets, an unsecured device can threaten food safety, store operations and public confidence.

Banks in Cyprus continue to offer some of the eurozone’s lowest deposit rates despite holding substantial liquidity, while borrowing costs remain broadly in line with European levels. New figures from the Central Bank of Cyprus (CBC) show that interest-rate changes are being passed on to borrowers more readily than to savers.

September brought some improvement in deposit returns, but Cyprus remained near the bottom of the eurozone rankings.

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Deposit Rates Rise But Remain Among The Lowest

The average rate on new household deposits with an agreed maturity of up to one year increased to 1.62% in September 2026, from 1.35% in August. For non-financial corporations, the rate rose to 1.70%, compared with 1.56% a month earlier.

Despite the increases, the CBC said rates on both new and outstanding deposits remained among the lowest in the eurozone. The transmission of market-rate changes to depositors was also weaker in Cyprus than in almost all other member states.

One factor is the high liquidity held by local banks. Cyprus’s Liquidity Coverage Ratio reached 305% in September 2026, compared with an EU median of 182% and an average of 158% in June, the latest available comparison cited by the CBC. The relatively short maturity profile of the banking sector may also contribute.

High liquidity has therefore not translated into more competitive returns for savers, raising questions about how strongly banks compete for deposits and how quickly they pass on changes in market rates.

Borrowing Costs Remain Close To Eurozone Levels

Interest rates on new household loans declined in September. Housing loan rates fell to 3.88%, from 4.16% in August, while consumer credit rates dropped to 6.45%, from 7.12%.

Business borrowing moved in the opposite direction. Rates on new loans of up to €1 million to non-financial corporations increased to 4.76%, from 4.45%. For loans above €1 million, the average rose to 4.40%, compared with 3.67%.

Despite these monthly movements, lending rates in Cyprus remained broadly comparable with eurozone levels. Rates on outstanding household loans were 0.1 percentage points below the eurozone median, while those for businesses were 0.3 points higher. For new lending, housing loan rates were 0.2 points below the median and business loan rates 0.3 points above it.

The CBC also found that monetary policy changes were reflected in outstanding lending rates broadly in line with developments elsewhere in the eurozone. Between June 2024 and August 2026, lending rates declined during the monetary easing period. For new business loans, the pass-through of rate cuts was stronger in Cyprus than the pass-through of earlier rate increases.

New Lending Nearly Doubles

New lending increased sharply in September. Pure new loans reached €596.2 million, compared with €251.4 million in August. Including other categories, total new lending rose to €896.8 million from €390.1 million.

Pure new housing loans increased to €135.1 million from €114.4 million, while consumer lending rose to €32.2 million from €19.3 million.

Business lending recorded the strongest movement. Pure new loans of up to €1 million reached €45.4 million, compared with €35.5 million in August. For loans above €1 million, new lending surged to €376.7 million from €77 million.

Borrowers Shift Away From Floating Rates

The CBC report also highlights a significant change in borrowers’ interest-rate preferences.

The share of new household housing loans with variable rates fell from nearly 100% at the beginning of 2022 to 9.8% in September 2026, below the eurozone median. The CBC suggested that some borrowers may initially have chosen fixed-rate loans with terms of three to five years, which later convert to floating rates.

Across new lending to households and non-financial corporations, the proportion of loans carrying floating rates also declined, from almost 100% in early 2022 to 73.8%. This remained slightly above the eurozone median.

The central bank said these changes in borrower preferences should be considered by banks when developing their risk-management policies.

The Gap Between Deposit And Lending Rates

September’s figures present a mixed picture. Deposit returns improved, while households benefited from lower rates on new housing and consumer loans. However, savers in Cyprus continue to receive comparatively low returns, despite the banking sector’s substantial liquidity.

The figures highlight an imbalance in how market-rate changes reach customers. While borrowing costs remain broadly aligned with eurozone levels, deposit rates have been slower to respond, leaving households and businesses with limited returns on their savings.

Overview

The 22nd Annual Cyprus Summit, organised by Economist Enterprise, will take place on 9–10 November 2026 at The Landmark Nicosia, bringing together political leaders, European policymakers, business executives and international experts to discuss the economic and geopolitical challenges facing Cyprus and the wider eastern Mediterranean.

Under this year’s theme, “A Strategic Gateway for Regional Co-operation,” the two-day conference will examine Cyprus’s position in a changing international environment, with discussions covering investment, energy security, artificial intelligence, financial technology and Europe’s economic competitiveness.

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President Nikos Christodoulides is scheduled to deliver the official opening address on Monday, 9 November, focusing on stability and resilience in the eastern Mediterranean and Cyprus’s role in the region.

The programme will also feature senior representatives from European institutions, international organisations and the private sector.

What To Expect

The summit will examine how geopolitical developments, technological change and economic pressures are affecting business and policymaking in Cyprus and across Europe.

The first day, Monday, 9 November, will focus primarily on international relations, investment and energy.

An opening discussion led by John Peet, associate editor of special reports at The Economist, and Joan Hoey, Europe consultant at the Economist Intelligence Unit, will consider the economic and political outlook for Cyprus and the eastern Mediterranean.

A session titled “Investing in Turbulent Times: Make It Simple” will examine how Europe can attract investment, reduce barriers to growth and strengthen its economic resilience.

The programme will also address US-Cyprus relations, diplomatic efforts in the Middle East and Europe’s evolving foreign policy priorities.

Energy will feature prominently, including discussions on regional energy security and the Great Sea Interconnector, the proposed electricity connection between Greece, Cyprus and Israel. Speakers will examine the project’s commercial viability and the geopolitical challenges associated with its development.

On Tuesday, 10 November, attention will turn to issues including the Cyprus problem, healthcare resilience, artificial intelligence, fintech and workforce development.

The session “AI: Driving Growth or Deepening Inequality?” will consider the economic opportunities created by artificial intelligence alongside concerns about employment, unequal access to technology and the distribution of its benefits.

A separate fintech discussion, “Smart Finance: The Fintech Era,” will explore how technological developments are affecting banking and financial services.

The conference will conclude with a discussion on preparing the workforce for an AI-driven economy, including the relationship between education, skills development and future employment needs.

Speaker Line-Up

The programme includes senior political figures, policymakers and business representatives from Cyprus and abroad.

Among the announced participants are:

• Nikos Christodoulides, President of the Republic of Cyprus
• HRH Prince El Hassan bin Talal of Jordan, joining remotely
• Sir Julian King, former European commissioner for the security union
• Ehud Olmert, former prime minister of Israel
• Amre Moussa, former secretary-general of the League of Arab States
• Ioannis Tsakiris, vice-president of the European Investment Bank
• Constantinos Kombos, Cyprus’s minister of foreign affairs
• Michael Damianos, Cyprus’s minister of energy, commerce and industry
• Nicodemos Damianou, Cyprus’s deputy minister of research, innovation and digital policy
• Evgenios Evgeniou, chairman of Invest Cyprus
• Stavros Stavrou, president of the Cyprus Chamber of Commerce and Industry
• Andreas Yiasemides, chief executive and chairman of PwC Cyprus

The business and technology discussions will also feature representatives from financial services and investment, including Lucia Pecchini, secretary-general of the European FinTech Association, Ornit Shinar, managing partner at Sanchi Capital, and executives from ECOMMBX and Capital.com.

Other announced speakers include Athena Michaelidou, Cyprus’s minister of education, sport and youth, and Manuela Geleng, director for jobs and skills at the European Commission’s Directorate-General for Employment, Social Affairs and Inclusion.

Who Should Attend

The summit is particularly relevant to business leaders, investors, entrepreneurs, financial services professionals, policymakers and executives working in sectors affected by regional economic and technological developments.

Its discussions on investment, AI, fintech and energy may be of particular interest to Cyprus-based businesses considering international expansion, technological investment or new financing opportunities.

The conference also offers an opportunity to follow discussions on the policies and international relationships affecting Cyprus’s economic development.

Date And Venue

Dates: Monday, 9 November and Tuesday, 10 November 2026

Venue: The Landmark Nicosia, 98 Archbishop Makarios III Avenue, 1077 Nicosia

Programme:

• Monday, 9 November: Registration begins at 08:15, followed by the opening sessions at 08:45.
• Tuesday, 10 November: Registration begins at 08:45, with the conference programme scheduled to conclude at 15:30.

The programme includes keynote addresses, panel discussions and networking lunches.

How To Attend

Those interested in attending can submit an enquiry through the official 22nd Annual Cyprus Summit website.

About The Annual Cyprus Summit

The Annual Cyprus Summit is part of the international conference programme associated with The Economist, bringing together representatives from government, business and international institutions to discuss developments affecting Cyprus and its regional partners.

The 2026 edition is centred on the country’s potential role in strengthening cooperation between Europe and the eastern Mediterranean, with particular attention to geopolitical stability, competitiveness, investment and technological development.

Further information, including the full agenda, is available through Economist Enterprise.

Overview

Pharos-CY, Cyprus’s AI Factory Antenna, will hold its first outreach event in Limassol on Thursday, 12 November 2026, introducing businesses, researchers and public organisations to free artificial intelligence services and advanced computing resources.

Titled “Meet Pharos-CY: The AI Factory Antenna of Cyprus Comes to Limassol,” the event will take place at the Limassol Municipality Blue Innovation Centre, hosted by the ERATOSTHENES Centre of Excellence.

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Coordinated by The Cyprus Institute, Pharos-CY connects organisations in Cyprus with AI expertise, high-performance computing infrastructure, training and the wider European AI ecosystem.

The event will introduce participants to Pharos-CY’s resources and services, including how organisations can request support for their AI-related needs.

What To Expect

Pharos-CY offers a range of services designed to help organisations develop their AI capabilities, access computing resources and explore the application of artificial intelligence in their operations.

These include:

• High-performance computing (HPC): Access to the DAEDALUS supercomputer and the wider EuroHPC ecosystem.
• AI Registry: Access to AI-ready datasets, models and tools.
• Development and consultation: Guidance on AI solutions, infrastructure and relevant regulations.
• Tailored training: Workshops, bootcamps and webinars supporting AI skills development.
• Business-oriented innovation support: Business guidance, networking opportunities and support for AI innovation.

The initiative has three principal areas of focus: health, sustainability, and culture and language, while supporting AI innovation across other sectors.

Who Should Attend

The event is aimed at startups, small and medium-sized enterprises (SMEs), industry representatives, researchers and public organisations interested in developing or adopting artificial intelligence.

It is especially relevant to organisations looking for AI expertise, advanced computing resources, access to datasets and tools, or guidance on developing AI-based solutions.

Date And Venue

Date: Thursday, 12 November 2026

Time: 13:30–16:30

Venue: Limassol Municipality Blue Innovation Centre, 76 Franklin Roosevelt, 3012 Limassol

Format: In person

Participation: Free

Attendees can register through the official event registration form.

About Pharos-CY

Pharos-CY is Cyprus’s AI Factory Antenna, coordinated by The Cyprus Institute and connected to the European AI ecosystem.

The initiative brings together research institutions and innovation organisations to support the development and adoption of artificial intelligence in Cyprus.

The project is co-funded by the European Union and the Deputy Ministry of Research, Innovation and Digital Policy.

The first Pharos-CY outreach event in Limassol is hosted by the ERATOSTHENES Centre of Excellence.

More information is available at pharos-cy.eu.