Investigation Initiated Over Strategic Acquisition

The Competition Protection Authority has commenced a thorough investigation into the acquisition of ExxonMobil Cyprus Limited’s share capital by Petrolina Holdings Public Ltd through Med Energywise Ltd. This inquiry was formally initiated following a session held on 10 September 2025, after an in-depth review of the pertinent report by the Authority’s Service.

Concerns Over Market Compatibility

Authorities have expressed serious concerns regarding the compatibility of the transaction with established competitive practices. The review indicates that the acquisition may affect several critical petroleum markets, both horizontally and vertically, thereby raising the potential for adverse impacts on market dynamics.

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Horizontal Market Dynamics

On the horizontal front, potential effects have been identified in the import market for petroleum products, as well as in both wholesale and retail distribution channels of these products. The consolidation is believed to increase the risk of price rises and coordinated actions, given the direct competitive proximity between Petrolina and ExxonMobil.

Vertical and Adjacent Market Implications

Vertical aspects of the merger are also under close scrutiny. The new entity could restrict competitors’ access to critical infrastructure such as storage facilities, supply channels, and customer bases. These restrictions could further affect the onshore distribution of fuels, the wholesale market for lubricants, and specialized technical services connected with fuel station operations.

Local Market Considerations

Particular attention is being paid to the potential concentration in the retail fuel market. The investigation suggests that a reduced competitive landscape within a four-kilometer radius of the companies’ fuel stations could lead to diminished local competition, adversely impacting consumer prices and options.

Next Steps and Industry Impact

The Competition Protection Authority, which reached a unanimous decision to pursue a full investigation, remains open to submissions from parties that might be affected by this transaction, as mandated by current legislation. A final decision is expected within four months upon receipt of all necessary evidence, potentially setting a significant precedent for future market consolidation cases in the energy sector.

Judicial Ruling Underscores Procedural Oversight

Meta Platforms and TikTok emerged victorious in a legal challenge concerning the European Union’s calculation of a supervisory fee imposed under the Digital Services Act. The landmark decision by the Luxembourg-based General Court provides regulators with 12 months to revise their fee methodology, though companies will not recoup their previously paid fees.

Critique Of The Fee Methodology

Both Meta and TikTok contended that the fee—set at 0.05% of annual global net income—was unfairly determined by a formula that accounts for average monthly active users and financial performance from the prior year. The companies argued that the current approach results in disproportionate charges, particularly penalizing those with significant regulatory burdens despite reporting losses. In its ruling, the court emphasized that the fee methodology should have been established via a delegated act rather than under the current implementing decisions.

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EU Commission’s Response And Next Steps

The European Commission maintained that aside from a procedural correction, the underlying fee structure remains valid. A spokesperson confirmed that the institution now has a 12-month window to adopt a delegated act formalizing the fee calculation method and adjusting the relevant decisions. This development signifies a shift in regulatory procedure rather than a substantive overhaul of the fee principle.

Industry Reactions And Broader Context

Both TikTok and Meta have taken note of the ruling. TikTok expressed its commitment to monitoring the revision process, while Meta highlighted the disparities inherent in the current system, particularly for loss-making companies burdened with higher fees despite their user base. This legal contest comes at a time when multiple tech giants—including Amazon, Apple, Booking.com, Google, Microsoft, X, Snapchat, and Pinterest—face similar supervisory fees under the Digital Services Act, which aims to enforce stricter measures on harmful content with penalties reaching 6% of annual global turnover.

Conclusion

The court’s decision reinforces the need for procedural accuracy in the regulatory framework governing digital platforms. As the EU works to recalibrate its fee calculation method, the outcome will likely set a precedent for balancing fiscal obligations with fair treatment across the tech industry.

Google has unveiled a landmark £5 billion investment plan in Britain, strategically announced ahead of US President Donald Trump’s state visit. The initiative underscores growing transatlantic ties and reflects a robust commitment to fostering innovation and economic growth in the UK.

Boosting Britain’s Economy

The tech giant’s expansive investment is set to generate 8,250 jobs annually within British enterprises. With a new data centre near London, Google is poised to expand its suite of AI-powered services—from Google Cloud to Workspace—addressing the surging demand for digital transformation in the region. Finance Minister Rachel Reeves highlighted the move as a decisive endorsement of the UK economy and the enduring strength of US-UK collaboration.

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Deepening Transatlantic Partnerships

As the state visit promises vigorous business engagements with the potential for economic deals exceeding $10 billion, Google’s announcement is likely to be a significant highlight. The move is expected to provide the Labour government a vital boost as it seeks to attract private investment to rejuvenate a sluggish economic landscape. This strategic investment not only enhances soft power dynamics between the US and UK but also reinforces shared geopolitical interests.

Commitment To Sustainable Innovation

Complementing its technological ambitions, Google has also secured an agreement with energy firm Shell to boost grid stability and support Britain’s energy transition. The new Waltham Cross data centre, located an hour from London, employs advanced air-cooling technology to reduce water consumption while repurposing excess heat to benefit local communities. Coupled with clean energy initiatives, these measures are designed to ensure the UK operations will run at nearly 95% carbon-free energy by 2026.

Looking Ahead

Google’s substantial investment not only propels technological innovation but also reinforces transatlantic economic alliances at a critical juncture. As both nations navigate shifting global dynamics, strategic collaborations like these will continue to serve as foundational pillars in driving sustainable growth and competitive advantage in the digital age.

Elevating Cross-Border Tourism Initiatives

Deputy Minister of Tourism Kostas Koumis recently met with Athina Spakouri, Head of the Greek National Tourism Organisation’s Office in Cyprus, to explore strategic opportunities that could enhance the bilateral tourism framework. Their conversation centered on addressing both current challenges and future growth prospects within the sector.

Enhanced Marketing and Stakeholder Engagement

The officials delved into actionable strategies for more effective promotion of Cyprus and Greece’s unique tourism offerings, emphasizing the importance of integrating marketing efforts with robust stakeholder collaboration. By aligning their initiatives, both sides aim to tap into the increasing demand for enriched travel experiences that pay homage to their intertwined cultural and historical narratives.

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Commitment to Expanding Mutual Interests

Deputy Minister Koumis underscored the Ministry’s dedication to amplifying the presence of the Greek tourism market in Cyprus while extending full support to the Greek National Tourism Organisation’s local office. This collaborative approach not only aims to upgrade the quality of tourism services but also leverages shared heritage, language, and economic ties as a conduit for heightened travel between the two nations.

Introduction

During the inauguration of the new Department of Electrical and Electronic Engineering at the Tsakos Hellenic Schools of Nautical Studies (TEENS) in Chios, Christos Karitzis, counselor at the Piraeus Maritime Office of the Republic of Cyprus, underscored the critical role of the Electrical and Electronic Officer (ETO) Certificate. Speaking on behalf of Deputy Shipping Minister Marina Hadjimanolis, Karitzis emphasized that the modern merchant fleet’s sophisticated technological systems necessitate highly trained and certified personnel.

Government Prioritizes Maritime Education

Karitzis highlighted that upgrading maritime education is a government priority, stressing that seafarers remain the backbone of global shipping. He noted that the newly approved academic programme for electrical and electronic engineers at TEENS, developed with oversight from Cyprus, is designed to ensure compliance with internationally recognized safety standards. This strategic initiative reflects a commitment to fostering advanced skills in response to rapid technological innovations on board.

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Harnessing Technological Innovation

As the shipping industry faces an increased reliance on automation, the need for specialized training has become paramount. The ETO certificate now stands as an indispensable qualification for managing navigation systems, communications, early warning mechanisms, and engine automation. By adapting curricula to meet these evolving technological requirements, maritime institutions are paving the way for more efficient and safer operations on modern merchant vessels.

Industry-Academia Synergy

The collaborative effort between government bodies, academic institutions, and industry experts is a cornerstone of this initiative. During the event, Captain Panayiotis Tsakos and his colleagues received praise for their dedication to nurturing new talent. The ceremony also evoked the rich maritime heritage, with Captain Tsakos recalling a historic letter from 1954 that foreshadowed his future at sea—a reminder of the longstanding tradition and continuous evolution within the industry.

Tradition and Future Vision

Both Deputy Minister Hadjimanolis and industry veterans recognized the significance of the day. Hadjimanolis expressed her honor in representing the event, underscoring that the establishment of TEENS’ first programme for electrical and electronic engineers would not have been possible without the unwavering efforts of experienced maritime professionals. Meanwhile, Captain Tsakos remarked that the role of electrical and electronic engineers has transitioned from a peripheral to a critical one, urging students to build upon the strong legacy of their mentors.

Conclusion

This landmark development marks a pivotal step towards integrating advanced technological capabilities with rigorous academic training, ensuring that the world’s most technologically sophisticated merchant vessels are operated safely and efficiently. The evolution of maritime education is not only a nod to tradition but also a strategic imperative for the future of global shipping.

Strategic Milestone Achieved With Seamless Integration

Eurobank Limited recently marked a significant milestone with the completion of its merger with Hellenic Bank Cyprus. Held at the bank’s headquarters in Nicosia, the media briefing underscored the disciplined strategy behind the integration process. CEO Michalis Louis highlighted that the merger, which included a squeeze-out of minority shareholders and subsequent delisting of Hellenic Bank shares, was executed smoothly with full regulatory support.

Robust Financial Performance And Solid Capitalisation

In his address, Louis presented compelling financial figures that reinforce Eurobank Limited’s market strength. Customer deposits stood at €23.3 billion as of June 2025, with gross loans at €8.9 billion and a modest increase in net loans. The stabilisation of key figures was accompanied by a notable rise in shareholders’ equity to €3.2 billion and total assets of €28.1 billion. Significantly, the bank reported a common equity tier 1 (CET1) ratio of 34.0%, far exceeding the European Union’s banking average.

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Strengthening Competitive Edges And Client-Centric Innovation

Louis elaborated on the strategic advantages conferred by a well-capitalised institution operating in Cyprus, which now benefits from some of the lowest borrowing rates in the Eurozone. This prudent management of capital is expected to safeguard economic growth, especially as the Cypriot economy diversifies its revenue streams. Deputy CEO Haris Hambakis added that the complex merger process was executed with minimal client disruption, transitioning seamlessly with free, same-day transfers between former Hellenic Bank and Eurobank accounts.

Forward-Looking Strategies And Operational Efficiencies

The integration roadmap includes an immediate focus on branch-in-branch operations and system unification, along with planned investments in updating infrastructure and digital platforms. Alongside this, plans for a new market campaign and the potential dual listing on the Cyprus Stock Exchange underscore Eurobank Limited’s commitment to sustained growth and operational excellence. The bank’s strategic expansion, including a new office in India, signals its intention to leverage opportunities across Asia, the Middle East, and beyond.

Organisational Adjustments And Future Prospects

While the merger has delivered positive financial metrics and operational efficiencies, Louis acknowledged necessary staff reductions as part of the ongoing restructuring process. Additionally, the anticipated merger with CNP Insurance in October promises to further consolidate Eurobank’s market position, making it the largest insurance organisation in Cyprus. With a firm focus on risk management, the bank remains dedicated to prudent lending practices and a balanced growth strategy in a rapidly evolving economic landscape.

Forging a Milestone Partnership

The Cyprus Chamber of Commerce and Industry (Keve) and the Cyprus Fiduciary Association (CYFA) have formalized a landmark cooperation through the signing of a Memorandum of Understanding in Nicosia. This strategic alliance underscores the mutual commitment to propel the administrative services sector and enhance Cyprus’s standing in the global business arena.

Enhancing Competitiveness and Credibility

Present at the signing were Keve President Stavros Stavrou, Secretary General Philokypros Rousounides, CYFA President Costas Christoforou, and General Director Christoforos Ioannou. The partnership emphasizes the importance of tight cooperation to boost the nation’s competitiveness and elevate its credibility among international investors. By focusing on the exchange of regulatory insights and market trends, the collaboration is poised to drive forward Cyprus’ economic agenda.

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Focused Initiatives for Business Advancement

The MoU outlines plans to conduct comprehensive studies, host industry conferences, seminars, and networking events aimed at fostering professional development. Furthermore, the agreement delineates a framework to support foreign entrepreneurs and guide Keve members engaged with international partners, ensuring that Cyprus remains a preferred destination for global investment.

Vision for an International Business Hub

This initiative represents more than just a formal agreement; it is a strategic move towards positioning Cyprus as an international business hub. As both organizations work in tandem to implement these initiatives, the anticipated outcome is a strengthened economy and a renewed global image, reflective of a modern, dynamic business environment.

Cyprus has witnessed a significant upswing in job vacancies during the second quarter of 2025, with increases of 16.5% year-on-year and 18.7% compared to the first quarter of the year. The Statistical Service (Cystat) reports that the total number of vacancies reached 16,053, marking a substantial growth both from the previous quarter and the corresponding period in 2024.

Overview of the Employment Landscape

The job vacancy rate for Q2 2025 climbed to 3.3%, up from 2.9% in Q1 and rising from 3% in the same quarter last year. This surge reflects robust employment demand across multiple sectors and suggests an improving economic climate within the country.

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Sector-Specific Dynamics

The highest vacancy rates were recorded in accommodation and food service activities at 6.6%, closely followed by arts, entertainment and recreation at 4.7%, and administrative and support service activities at 4%. These figures suggest that sectors heavily reliant on consumer engagement and service delivery are currently at the forefront of this expansion.

Rapid Growth in Select Economic Activities

Some sectors demonstrated extraordinary gains. Public administration and defence vacancies soared by an astonishing 489.5%, while real estate activities surged by 408.3%. Additionally, the arts, entertainment, and recreation sector experienced a 60.8% increase, underscoring a broad-based momentum that transcends traditional industry boundaries. Administrative and support services and the information and communication sectors also recorded healthy increases of 37.6% and 23.7%, respectively.

Areas of Contraction

Not all sectors shared in this positive trend. Job vacancies in human health and social work activities declined by 16.1%, education fell by 8.3%, and financial and insurance activities experienced a 7.8% downturn. These declines present a contrasting picture, suggesting that while some sectors thrive, others may be facing unique challenges that could impede their recovery.

The overall employment data for Cyprus in Q2 2025 provides essential insights for policymakers and business leaders alike. The varying dynamics across sectors illustrate the need for targeted strategies to support industries lagging behind and capitalize on the momentum in rapidly expanding areas.

Event Overview

The Cyprus Shipping Chamber (CSC) recently hosted its highly anticipated charity beach volley tournament, held on September 6, 7, and 14 at the Limassol Municipal Beach Sports Centre. Under the patronage of the Minister of Transport, Communications and Works, the tournament has successfully drawn together the shipping sector since 1996, reinforcing its longstanding commitment to societal contributions.

Competitive Spirit and Community Engagement

The event exemplified both competitive zeal and mutual support within the industry. Chamber members demonstrated robust participation, contributing financially to an admirable cause while engaging in spirited and friendly rivalry among peers. This annual gathering has, for 29 consecutive years, served as a unifying platform for the industry, promoting camaraderie and charitable involvement.

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Tournament Outcome and Winner Announcement

The tournament, played against the picturesque backdrop of the Limassol beachfront, culminated in a series of compelling matches. Acheon Akti Navigation emerged as the clear victors, with OSM Thome finishing second, followed by Columbia Group in third and Famine Holdings in fourth. These results underscore the competitive integrity and enthusiastic participation of the members.

Charitable Impact and Gratitude

The net proceeds from the event will be directed to the “One Dream – One Wish” association, an organization dedicated to uplifting children affected by cancer and related illnesses by offering both hope and crucial support to them and their families. The chamber also extended its sincere appreciation to the Cyprus Volleyball Federation, the Cyprus Volleyball and Beach-volleyball Referees Association, the Limassol Municipality, and its member companies for their invaluable contributions and financial backing of this charitable initiative.

Employment figures for Cyprus’ broad public sector reached 77,314 in the second quarter of 2025, according to new data released by the Statistical Service (Cystat). The comprehensive update highlights significant trends across government branches and publicly owned enterprises.

Steady Growth In Government Roles

Within the aggregate public sector, 72,275 individuals were employed by general government, and an additional 5,039 worked for publicly owned enterprises and companies. A closer look at the general government segment reveals separations of 55,208 in central government, 11,185 in non-profit organizations, and 5,882 in local authorities. Compared to the same quarter in 2024, there was an overall increase of 1,600 jobs, marking a 2.1% growth in public sector employment.

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Structural Reallocation And Local Authority Expansion

The central government added 969 positions—a 1.5% rise—while local authorities experienced a substantial surge with an increase of 1,295 jobs or 28.2%. This shift is closely linked to administrative changes following the establishment of district local government organizations (DLGOs) on July 1, 2024, which have assumed responsibilities for water and sewerage boards. Conversely, publicly owned enterprises and companies recorded a decline of 664 positions, reflecting an 11.6% reduction within that sector.

Sequential Quarterly Adjustments

When viewed quarterly, total employment in the broad public sector rose by 280 jobs (0.4% growth) from the first quarter of 2025. Specifically, local authorities continued their upward trajectory with a 5.4% increase (301 jobs), and publicly owned enterprises saw a modest gain of 77 positions (1.6%). In contrast, the central government experienced a slight contraction with a decline of 98 positions (0.1%).

These data points suggest that while the overall public sector is on a growth path, strategic reallocations—particularly the rise in local authority employment and restructuring of publicly owned enterprises—are reshaping the employment landscape in Cyprus.