The platform provides ready-made and customized reports, interactive dashboards and visual presentations that track monthly state budget execution by ministry, government department, and revenue and expenditure category. It gives users a clearer view of how public funds are allocated and spent throughout the year.

Users can also access state budget data dating back to 2021, allowing them to compare budgeted and actual figures, analyze variances and identify changes in spending and revenue over time. Data can be filtered by year, month, public body, and spending or revenue category, giving users more flexibility to examine specific areas of the budget.

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A Push For Broader Public Understanding

According to Antoniades, the objective is not only to improve access to fiscal information but also to make budget data easier to understand for a wider audience.

“The tool is addressed to the entire society and is not limited to specialists or professionals in the field,” he said.

UBS highlighted Eurobank and Alpha Bank in a report shared by Greek business outlet Newmoney, as investors increasingly focus on the lenders’ regional footprints, including Cyprus. Greek banks remain among the clearest beneficiaries of the country’s economic recovery, while more disciplined capital deployment could create further value for shareholders.

Despite recovering from lows during the Middle East crisis, Greek banks continue to trade at a discount to European peers. UBS sees potential for a rerating as lenders combine selective acquisitions with higher shareholder distributions.

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Strong Fundamentals Support The Outlook

UBS expects performing corporate lending to grow about 8% annually between 2025 and 2028, while net interest margins are believed to have reached their low point. Improving net interest income and fee income should support earnings, while non-performing exposures and the cost of risk have fallen more than expected.

Greece is also expected to sustain GDP growth of roughly 2% annually, supported by investment backed by the EU’s Recovery and Resilience Facility. The country has received around €25 billion of the €36 billion available, while UBS forecasts a primary surplus of up to 3.5% of GDP in 2025 and public debt falling to 138% of GDP in 2026 and 133% in 2027.

Eurobank And Alpha Bank Stand Out In Cyprus

Eurobank drew particular attention following its acquisition of Hellenic Bank in 2025, which expanded its presence in Cyprus. UBS sees further growth potential across south-eastern Europe and considers the Hellenic Bank and Eurolife acquisitions positive for profitability and return on tangible equity.

Eurobank received a buy rating and a €5.10 price target, implying 11.7% upside. Alpha Bank also received a buy recommendation, with a €4.90 target implying 8.7% upside, supported by improving profitability, value-enhancing acquisitions and its share buyback program.

Piraeus And National Bank Offer Further Upside

Piraeus Bank was UBS’s top pick, with a buy rating and a €12 price target implying 18.8% upside. The bank cited long-term growth prospects, improving return on tangible equity and the expected acquisition of National Insurance, which would expand its financial services and bancassurance platform.

National Bank of Greece received a buy recommendation and an €18.70 target, implying 12.7% upside. UBS cited its profitability, capital position and credit quality, while its agreement with Allianz could provide further support to earnings and return on tangible equity.

Capital Discipline To Shape The Next Phase

UBS expects stronger lending, fee income, lower credit risks and continued economic growth to support Greek banks. However, the report argues that capital allocation will increasingly determine performance as lenders move beyond balance-sheet expansion.

For Eurobank and Alpha Bank, regional expansion, acquisitions, improving profitability and shareholder returns are expected to drive the next phase, while UBS sees further upside across the sector as lending and capital distributions strengthen.

The European Banking Authority has opened a consultation on new rules that could affect how Europe’s largest investment firms are supervised, particularly those with more than €30 billion in assets that may be required to move into the banking regulatory framework.

Clarifying The €30 Billion Threshold

Three draft regulatory technical standards cover how investment firms should calculate total assets, report those figures to supervisors and qualify for an exemption from the requirement to obtain a banking license.

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The proposals follow amendments to the Capital Requirements Directive in 2024 and aim to make the framework more proportionate while maintaining a focus on risk. Under the directive, firms that exceed €30 billion in assets are generally required to obtain authorization as credit institutions rather than remain solely under the Markets in Financial Instruments Directive.

That distinction can affect capital planning, governance, reporting requirements and business strategy.

New Rules On Asset Calculation And Waivers

Revised rules would clarify which entities and assets must be included when determining whether a firm has crossed the threshold, according to the EBA. Separate provisions would allow certain firms to continue operating under their existing investment-firm authorization instead of becoming credit institutions.

National regulators would assess whether a waiver is appropriate based on factors set out in the proposed framework. Firms granted an exemption would retain their existing regulatory status while remaining subject to supervision.

Balancing Flexibility And Financial Stability

A more proportionate approach should still account for the risks associated with larger investment firms, the EBA said. Regulators will need to balance flexibility for firms with consistent criteria for identifying businesses whose size and activities could have wider implications for financial stability.

For firms approaching the €30 billion threshold, the rules could determine both how their assets are measured and which regulatory regime applies.

Consultation Deadlines

Stakeholders can submit comments until Nov. 25, 2026. A virtual public hearing is scheduled for Sept. 30 at 10 am Central European Summer Time, with registration required by Sept. 25 at 4 pm CEST.

Comments can be submitted through the EBA’s consultation page using its online submission facility. Responses will be published after the consultation closes unless respondents explicitly request that their submissions remain unpublished.

EU industrial production returned to growth in 2025, ending two consecutive years of decline, according to new Eurostat data. The value of sold manufactured goods rose 2.9% in inflation-adjusted terms, marking the first annual increase since 2022 after contractions of 1.5% in 2023 and 1.9% in 2024.

Industrial Recovery Regains Momentum

In nominal terms, the value of EU sold production increased from €5.87 trillion in 2024 to €6.09 trillion in 2025. Eurostat measures the value of manufactured goods sold by industry, using constant prices with 2021 as the base year to distinguish changes in production from the effects of inflation.

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The figures point to a return to expansion after two difficult years, although the recovery varied significantly across manufacturing industries.

Food And Machinery Lead The Upswing

Among the five largest manufacturing activity groups, food products recorded the strongest annual increase, with sold production rising 3.8% in constant-price terms from 2024. Food output was also 11.2% higher than in 2015.

Machinery and equipment followed with a 3.3% increase, while motor vehicles, trailers and semi-trailers rose 0.6%. Chemicals and chemical products declined 1.4%, as did fabricated metal products excluding machinery and equipment.

Cyprus Posts Strong Manufacturing Growth

Cyprus also recorded solid industrial growth in 2025. Data from the Statistical Service of Cyprus, or Cystat, show manufacturing production increased 4.4% in the first 11 months of the year from the same period in 2024, while overall industrial production rose 3.6%.

Manufacturing remained the main driver of that increase, with output up 4.6% in December alone. Several segments recorded strong gains, including other non-metallic mineral products, up 10.9%; wood and cork products, up 9.1%; basic metals and fabricated metal products, up 8%; and furniture and related manufacturing, up 7.2%.

Other sectors contracted during the year. Production of paper and paper products and printing fell 9.5%, while textiles, wearing apparel and leather products declined 3.8%. Electricity supply also fell 2%.

Cyprus Outpaces The Broader EU Recovery

Cyprus outperformed the EU’s broader industrial recovery in 2025, although its manufacturing base differs significantly from those of the bloc’s larger industrial economies. The performance also came amid broader economic growth, with tourism, construction, trade and manufacturing all recording gains during the year.

The Eurostat data indicate that European manufacturing regained momentum after two years of contraction, while Cyprus saw industrial activity become a more significant contributor to its wider economic growth.

Smartphone shipments across the Middle East, excluding Turkey, fell 19% year over year to 10.6 million units in the second quarter of 2026, according to Omdia, as higher prices, supply constraints and geopolitical uncertainty weighed on demand. Weaker consumer confidence also prompted retailers to take a more cautious approach to inventory, making the decline the steepest since the fourth quarter of 2025.

Lower-End Demand Weakens First

Manufacturers continued passing higher component costs on to consumers while focusing on mid-range and premium devices, where margins are stronger. Shipments of smartphones priced below $200 fell 42% year over year, with Iraq reporting a 36% decline as markets reliant on low-cost devices came under greater pressure.

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Mid-Range Becomes Strategic Battleground

The mid-range segment has become a key competitive category as manufacturers retain features such as memory, storage, cameras, battery capacity and artificial intelligence capabilities while managing higher costs. Shipments of devices priced above $300 rose 16% year over year, while smartphones with 256GB of storage accounted for 55% of all shipments.

Premium Demand Proves Resilient

Shipments of smartphones priced above $800 reached 1.9 million units, the highest second-quarter total on record for the segment in the Middle East. Apple was the primary driver of that growth, while the United Arab Emirates and Qatar recorded stronger demand for premium devices.

In the UAE, a mature retail network and installment financing helped limit the market decline to 7%, while Qatar posted 2% growth, supported by stable economic conditions and continued demand for premium smartphones.

Average Selling Prices Rise

The shift toward higher-priced devices pushed the region’s average selling price up 25% year over year to $448, the highest second-quarter figure on record. Manish Pravinkumar, principal analyst at Omdia, said the market reflects “a convergence of necessity and strategy” as vendors seek to protect competitiveness and brand positioning while accepting some volume loss.

“Prioritising profitability and revenue over volume has become critical in an increasingly challenging operating environment, even at the expense of short-term results,” Pravinkumar said, adding that the reset reflects lessons from earlier cost cycles when aggressive discounting weakened profitability.

Vendor Performance Reflects Different Strategies

Samsung remained the region’s leading vendor with a 39% market share despite a 7% decline in shipments, balancing its volume-focused Galaxy A series with Galaxy S26 models aimed at protecting margins. HONOR, the second-largest vendor, grew 2%, while TRANSSION and Xiaomi, ranked third and fourth, respectively, saw shipments fall 40% and 50% as rising prices weakened entry-level affordability.

Apple grew 1% from the second quarter of 2025, supported by steady premium demand, its ecosystem and continued consumer financing.

Larnaca and Paphos airports handled a combined 97,096 commercial flights in 2025, according to Eurostat data published Friday, as air travel demand in Cyprus continued to grow despite broader volatility across European aviation.

Larnaca Remains Cyprus’ Primary Aviation Hub

Larnaca accounted for the majority of Cyprus’ commercial flight traffic, with 73,226 flights recorded during the year. Paphos handled 23,870 flights, reflecting its smaller but significant role in the island’s tourism-driven aviation network.

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August Recorded The Highest Flight Volumes

Flight activity peaked during the summer travel season. August was the busiest month at both airports, with Larnaca recording 8,163 flights and Paphos 2,745.

Traffic eased only slightly in September, with 7,727 flights at Larnaca and 2,713 at Paphos. The figures indicate that high flight activity extended beyond the peak summer month.

February Marked The Annual Low

Flight activity fell to its lowest level in February, with 3,387 flights at Larnaca and 905 at Paphos. The pattern reflects the seasonal nature of Cyprus’ aviation market, where leisure travel accounts for a significant share of annual demand.

EU Commercial Flights Increased In 2025

Across the European Union, commercial flights reached 6.9 million in 2025, up 3.8% from 6.7 million in 2024, according to Eurostat. The increase continued the broader recovery in European air transport that has taken place since 2021.

Amsterdam Schiphol recorded the highest number of scheduled and non-scheduled flights among EU airports, with about 488,000. Paris Charles de Gaulle ranked second with 476,000, followed by Frankfurt Airport with 457,000.

Europe’s busiest airports continued to handle hundreds of thousands of commercial flights in 2025, with Amsterdam, Paris and Frankfurt leading the EU ranking. The list also includes major hubs in Spain, Germany, Italy, Greece, Denmark and Ireland.

Top 10 EU Airports For Commercial Flights In 2025

1. Amsterdam Schiphol: 488,000
2. Paris Charles de Gaulle: 476,000
3. Frankfurt/Main: 457,000
4. Adolfo Suárez Madrid-Barajas: 423,000
5. Barcelona-El Prat: 356,000
6. Munich: 329,000
7. Rome Fiumicino: 320,000
8. Athens/Eleftherios Venizelos: 271,000
9. Copenhagen/Kastrup: 254,000
10. Dublin: 252,000

Amsterdam Schiphol recorded the highest number of commercial flights among EU airports in 2025, with 488,000 flights, narrowly ahead of Paris Charles de Gaulle at 476,000. Frankfurt/Main ranked third with 457,000.

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Spain accounted for two of the next three positions. Adolfo Suárez Madrid-Barajas handled 423,000 commercial flights, while Barcelona-El Prat recorded 356,000. Munich and Rome Fiumicino followed with 329,000 and 320,000 respectively.

Athens/Eleftherios Venizelos ranked eighth with 271,000 flights, ahead of Copenhagen/Kastrup at 254,000 and Dublin at 252,000.

Athens Had The Highest Share Of Non-Scheduled Flights

Among the EU’s 10 busiest airports for commercial traffic, Athens/Eleftherios Venizelos recorded the highest proportion of non-scheduled flights at 5.2%. Madrid-Barajas followed with 4.8%, while Copenhagen/Kastrup recorded 4.1%.

The figures show that scheduled services accounted for the vast majority of commercial flights at the EU’s busiest airports in 2025.

Travellers are increasingly using holidays to learn practical skills, from cooking and music to nature activities, in a trend known as “skillcations”.

A survey of 1,000 Americans by IHG Hotels & Resorts and Talker Research found that 47% were interested in taking a skillcation, while 68% believed the experience could be life-changing.

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Younger Travellers Lead The Shift

Younger consumers are driving the trend. Some 41% of Gen Z and Millennials said they had already taken a skillcation, compared with 16% of Baby Boomers.

Digital detox is another part of the appeal, with 68% of respondents saying they would consider completely unplugging during a skillcation. Among Gen Z, the figure rose to 83%.

Respondents also said these trips increased their confidence, encouraged them to try new activities and gave their holidays greater meaning.

Cooking Remains The Most Popular Choice

Cooking was the leading skillcation activity, with 37% of respondents interested in a trip centred on culinary learning. Hotels are responding with classes that combine practical skills with local food and culture.

Kimpton Shorebreak Hotel in California offers pie-making classes, while Six Senses Crans-Montana provides traditional Swiss cheesemaking experiences. At Jade Mountain Resort in St. Lucia, guests can learn vegan Creole cooking using local ingredients.

Other programmes focus on culture and nature. Crowne Plaza Resort Saipan offers ukulele lessons featuring local songs, while InterContinental Dominica Cabrits Resort & Spa organises birdwatching focused on native parrots.

Hotels Expand Learning-Based Experiences

The growing range of activities allows hotels to incorporate local food, music, wildlife and other cultural experiences into their offerings. For travellers, skillcations combine leisure with an activity they can continue after returning home.

For the hospitality industry, these programmes provide another way to differentiate the guest experience as consumers increasingly look for activities and experiences alongside accommodation.

British households are now carrying £6 billion ($8.18 billion) in unpaid energy debt and arrears, a warning sign that the country’s household energy crisis is deepening just as bills are set to rise again.

Price Cap To Hit Three-Year High

Industry group EnergyUK said the updated figure was shared with journalists ahead of Ofgem’s expected announcement this week of a 4 per cent increase in the domestic price cap, which would lift it to a three-year high.

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The debt estimate reflects balances outstanding at the end of June 2026, according to the group.

Unpaid Bills Are Raising Costs For Everyone

Unrecovered energy debt is not absorbed by suppliers. Instead, it is spread across all consumer bills, adding about £50 a year, or roughly 3 per cent, to the typical household energy bill.

EnergyUK warned that, without intervention, the total could climb to £7 billion by year-end.

Policy Action Has Stalled

Ofgem has been examining options to support consumers struggling with debt, but a proposed scheme to write off £500 million for the poorest customers has stalled because it requires new government legislation.

That delay leaves regulators and policymakers facing a familiar trade-off: how to protect vulnerable households without further burdening the wider customer base.

Wholesale Markets Remain The Key Pressure Point

Wholesale energy prices, which have surged this year amid the Iran war, remain the largest driver of domestic energy costs. The price cap is reset quarterly through a formula that also takes account of suppliers’ network costs and environmental and social levies.

For households already struggling with higher living costs, the latest increase underscores a broader reality: energy debt is no longer a niche problem at the margins of the market, but a structural pressure shaping bills for millions of consumers.

Greece recorded a primary surplus of €5.77 billion in the first seven months of 2026, exceeding the €4.42 billion target set in the state budget, according to budget execution data released this week.

The broader state budget balance showed a €344 million deficit for the period, significantly below the €1.32 billion shortfall projected in the budget.

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Revenue Exceeds Forecast

Net state budget revenue reached €45.26 billion, €2.03 billion above target. Even after excluding €884 million received earlier than scheduled from the Recovery and Resilience Facility, revenue remained €2.40 billion, or 5.7%, above the revised target.

Tax revenue excluding exceptional items stood at €42.35 billion, €990 million above forecast. VAT generated €17.74 billion, while income tax brought in €15.07 billion. Excise duties were weaker, falling €224 million short of target at €3.96 billion.

Transfers generated €4.22 billion, €91 million above target, while other current revenues reached €1.87 billion, €455 million above expectations.

Exceptional Payments Affect Comparisons

Several timing differences and one-off receipts affected the comparison with the budget. These included €135 million from a casino concession at Elliniko and €306 million in VAT related to the 35-year Egnatia motorway concession.

The government also recorded €510 million in public investment programme payments that differed from the original timing, along with €406 million in delayed transfers to general government entities. After adjusting for these items and the casino payment, the primary surplus was €302 million above target.

Officials noted that the primary balance calculated on a fiscal basis differs from the cash-based figure and that the data cover central government rather than the entire general government sector.

Spending And Investment Increase

State spending reached €45.60 billion in the first seven months, €1.05 billion above the budget target and €4.92 billion higher than a year earlier.

Major expenditures included €1.24 billion for the National Organisation for the Provision of Health Services, €1.82 billion for welfare benefits and €915 million for medicines and healthcare supplies. Hospitals and primary healthcare facilities received another €801 million, while public transport organisations received €244 million.

Investment spending rose particularly strongly to €7.60 billion, €855 million above target and €1.47 billion higher than in the same period of 2025. The increase was largely linked to faster implementation of projects financed through the Recovery and Resilience Facility.

July Revenue Beats Monthly Target

July net revenue reached €9.25 billion, €946 million above the monthly target. Public investment programme receipts exceeded the forecast by €363 million, while the state also received €234 million from the Modernisation Fund that had not been included in the 2026 budget projection.

Tax revenue reached €8.97 billion, €406 million or 4.7% above target. VAT receipts were €167 million higher than forecast, while income tax revenue exceeded expectations by €147 million. Public investment programme revenue totalled €418 million in July, compared with a budget target of €55 million.

The figures show stronger-than-budgeted revenue collection alongside higher investment spending during the first seven months of 2026.