The Cyprus Chamber of Commerce and Industry (Keve) has welcomed Parliament’s unanimous approval of legislation establishing the Cyprus Business Development Organisation, describing it as a major step toward improving access to finance for small and medium-sized enterprises, startups and self-employed professionals.

Expanding Access To Finance

The legislation creates a new public body aimed at addressing financing gaps by supporting businesses that struggle to secure funding through traditional channels.

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According to Keve, the initiative could strengthen entrepreneurship, boost competitiveness and support Cyprus’ green and digital transition. The chamber has long argued that SMEs rely too heavily on bank financing, limiting investment, expansion and innovation.

Keve Calls For Swift Implementation

Keve said it helped shape the legislation through the consultation process and called for the organisation to become operational as quickly as possible. It also pledged to continue working with the Finance Ministry and the organisation’s management to support implementation.

How The Organisation Will Operate

Approved by Parliament on Tuesday, the legislation establishes Cyprus’ national business development body under the supervision of the Finance Minister, while the Central Bank of Cyprus will oversee anti-money laundering compliance.

The organisation will design financing programmes, provide loans and conduct studies to identify weaknesses in the financing market.

Cyprus will provide €60 million in initial capital. Over time, the body will also be able to raise funding from European and international institutions and benefit from state guarantees linked to approved strategic priorities.

Recovery Plan Milestone

Creation of the organisation is one of the final milestones under Cyprus’ Recovery and Resilience Plan and is required for the country to receive the plan’s ninth and final payment. Appointment of the board of directors remains the last outstanding step.

Before approving the bill, the Finance Ministry revised the draft following consultations with MPs and stakeholders. The changes removed provisions allowing the organisation to establish companies and narrowed the list of eligible beneficiaries by excluding small mid-cap companies.

Lawmakers also strengthened governance rules by introducing stricter board suitability requirements, conflict-of-interest safeguards, enhanced reporting obligations and borrowing limits. A seven-member board appointed by the Cabinet will oversee the organisation, while a transitional board will serve for two years until it becomes fully operational.

Travel startup Fora has raised $60 million in fresh Series D funding, lifting the company to a $1 billion valuation and underscoring investor conviction in a business model built around the modernization of travel advising.

A Platform Built For Both Sides Of The Market

Founded in 2021, Fora operates a two-sided platform designed to streamline the travel planning process. On one side, it gives aspiring travel advisors the tools and infrastructure to start selling trips, including client communications and itinerary management. On the other, it helps travelers find and work with advisors for trips ranging from honeymoons to family vacations in destinations such as Costa Rica and Thailand.

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The latest round was led by Forerunner and Tactile Ventures, with participation from Insight Partners and Thrive Capital. Fora said it has now raised $138.5 million to date.

AI Is Being Positioned As A Force Multiplier

Part of the new capital will go toward expanding Via, Fora’s AI assistant, which is built to handle repetitive administrative work such as research and itinerary creation. The company’s goal is not to replace human advisors, but to make them more productive by freeing up time for higher-value work, including relationship building and client service.

That strategy reflects a broader enterprise logic now shaping AI adoption across industries: automation is most valuable when it removes low-leverage tasks and amplifies skilled human labor, rather than attempting a full replacement.

Growth Is Coming From New Talent And Rising Demand

Fora said agents on its platform have booked more than $3 billion in travel since launch, with most of those advisors coming into the business without prior travel-industry experience. That is a notable signal for a category historically limited by barriers to entry and fragmented tooling.

The company also plans to use the new funding to expand into adjacent travel categories, including cruises and flights, as it looks to deepen its role in the broader travel ecosystem.

Beehiiv is expanding beyond newsletters with the launch of Community, a new feature that lets subscribers interact directly on the platform, and Copilot, an AI assistant designed to help creators grow their audiences and improve performance.

The additions are part of the company’s broader effort to position itself as an all-in-one platform for creators.

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Expanding Beyond Newsletters

Over recent months, Beehiiv has introduced podcasts, webinars and customizable paywalls as it broadens its product offering. According to the company, half of creators using its podcast tools migrated from other platforms.

Bringing Communities In-House

Community allows publishers to host discussion forums, chat rooms and paid membership spaces without relying on third-party platforms such as Discord, Slack or Facebook Groups.

Beehiiv CEO Tyler Denk told TechCrunch that audiences often share common interests but have limited opportunities to interact with one another. The feature is intended to strengthen engagement while giving creators greater control over their communities.

New AI And Monetization Tools

Beehiiv also introduced Copilot, an AI assistant that analyzes audience behaviour, subscriber trends and content performance to recommend ways to grow publications and increase revenue. It can review newsletter and podcast performance, draft outreach campaigns and identify monetization opportunities.

The company is also expanding its advertising tools with programmatic ads that match campaigns to audiences based on relevance and performance. Beehiiv said publishers on its platform now generate more than $1 million in monthly revenue through its advertising network.

Earlier this year, Beehiiv launched an MCP server that connects the platform with AI assistants including ChatGPT and Claude, while also investing in Answer Engine Optimization (AEO) to improve newsletter visibility in AI-generated responses.

Product Updates Continue

The company is also rolling out a redesigned editor with side-by-side editing and preview modes. Denk said Beehiiv’s next priority is helping creators adopt the platform’s expanding set of tools through additional education and guidance.

Beehiiv’s latest releases come as competition in the creator economy intensifies. Rivals are also broadening their offerings, with Riverside adding newsletter publishing and Substack launching a built-in recording studio earlier this year.

The euro area’s trade balance slipped back into deficit in May 2026 as a sharp rise in imports outpaced largely flat export growth, reversing the €15.0 billion surplus recorded a year earlier, according to Eurostat.

Imports Outpace Exports

Exports edged up just 0.1% year on year to €243.6 billion in May, while imports jumped 10.0% to €251.4 billion. The result was a monthly trade deficit of €7.8 billion, compared with a deficit of €1.2 billion in April and a €15.0 billion surplus in May 2025.

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Eurostat attributed the deterioration mainly to a wider energy trade deficit and smaller surpluses in key manufacturing sectors, including machinery, vehicles and chemicals.

The broader European Union followed the same trend, recording a €12.1 billion trade deficit in May, compared with a €12.7 billion surplus a year earlier.

External Trade Weakens

Extra-EU exports fell 1.1% to €215.7 billion, while imports from outside the bloc rose 10.8% to €227.8 billion.

For the first five months of 2026, the euro area’s trade surplus narrowed to €3.3 billion from €78.7 billion in the same period of 2025. During that period, exports declined 2.8%, while trade between euro area countries increased 3.3% to €1.16 trillion.

Across the EU, the January-to-May balance shifted to a €15.9 billion deficit from a €70.1 billion surplus a year earlier.

Downtrend Continues

Seasonally adjusted data also pointed to weaker trade performance. In May, the euro area’s trade balance stood at a €5.0 billion deficit, while the EU recorded a €9.0 billion deficit, both larger than in April.

Although trade within the single market continued to grow, rising imports from outside the bloc continued to weigh on the euro area’s external balance.

Preventing homelessness and expanding access to affordable housing topped the agenda in Brussels this week as the European Parliament’s Employment and Social Affairs Committee (EMPL) discussed new EU measures to tackle housing exclusion.

The debate comes as Cyprus continues to report a lower-than-average risk of poverty and social exclusion, despite growing housing pressures across Europe.

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Housing Rises On The EU Agenda

The committee focused on preventing homelessness, supporting people in insecure housing and expanding social and affordable housing.

EMPL Chair Li Andersson said homelessness should be treated not only as a housing issue but also as a matter of social inclusion and prevention. Although housing policy remains largely a national responsibility, she said the EU can support member states through coordination and the sharing of best practices.

Ciaran Mullooly, vice-chair of Parliament’s housing committee, said the proposal, presented alongside the EU’s first anti-poverty strategy, reflects the growing importance of housing within European social policy.

He noted that 92.7 million people, or 20.9% of the EU population, were at risk of poverty or social exclusion in 2025, while around one million people were homeless. House prices have risen by more than 60% across the EU over the past decade, while rents have increased by more than 20%.

The proposal promotes early intervention, eviction prevention, Housing First policies and greater investment in social and affordable housing. It also calls for stronger support for vulnerable groups and would introduce five-year reviews to monitor progress.

Cyprus Remains Below The EU Average

According to the latest Eurostat data, 17.1% of Cyprus’ population, or around 167,000 people, were at risk of poverty or social exclusion in 2025, compared with the EU average of 20.9%.

Women remained more exposed than men, while severe material and social deprivation fell to 2.2%. Cyprus also recorded the EU’s second-lowest child poverty or social exclusion rate at 14.8%, although older people continued to face a significantly higher risk than the EU average.

The debate reflects a broader shift in EU policy, with housing affordability increasingly viewed as a social challenge requiring earlier intervention and stronger public support, rather than solely a housing market issue.

Parliament Approves Cyprus Business Development Agency

Cyprus’ House of Representatives unanimously approved legislation on Tuesday establishing the Cyprus Business Development Agency (KOAE), following the adoption of several amendments proposed by lawmakers.

The agency is intended to improve access to finance for small and medium-sized enterprises, startups and self-employed professionals, helping address longstanding funding gaps in the market.

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Approval of the legislation also enables the government to unlock between €50 million and €69 million from the Recovery and Resilience Fund.

What Changes

One of the key amendments, jointly proposed by DISY, DIKO and the ALMA movement, requires the criteria governing the agency’s maximum financing exposure, including lending to connected enterprises, to be set through regulations approved by Parliament.

The amendment strengthens parliamentary oversight while providing a clearer governance framework for the agency.

Parliament Backs Bill After Debate

Although the bill received unanimous support, several MPs criticised the government for submitting it only on June 25, leaving Parliament with limited time to examine the legislation.

DISY MP Savia Orphanidou said lawmakers had completed their review in the national interest, stressing that easier access to finance is essential for the sustainability of businesses. She also welcomed safeguards added during parliamentary scrutiny, including the planned €60 million capital allocation through 2030.

AKEL MP Andreas Pasiourtidis said the agency should prioritise very small businesses and welcomed provisions strengthening board governance, annual reporting to Parliament and disclosure requirements relating to politically exposed persons.

DIKO MP and House Finance Committee Chair Christiana Erotokritou said similar institutions have operated successfully in other countries for years, adding that the legislation now includes modern safeguards to ensure responsible use of public funds.

Meanwhile, Giannis Laouris of Direct Democracy noted that Cyprus is the only EU member state without a dedicated institution supporting small businesses. He warned that failure to pass the bill would have put between €50 million and €69 million in Recovery and Resilience funding at risk, while maintaining reservations about establishing KOAE as a semi-state organisation.

Why It Matters

The new agency is expected to expand financing options for businesses that often struggle to secure bank financing due to limited collateral or short credit histories.

If implemented effectively, KOAE could strengthen Cyprus’ SME ecosystem, improve access to capital for startups and self-employed professionals, and help convert Recovery and Resilience funding into long-term economic growth.

A delayed flight, a last-minute cancellation or a missed connection can quickly derail a trip. Under European law, however, such disruptions may also entitle passengers to financial compensation and assistance. The issue has returned to the spotlight after EU member states reached a political agreement on the most significant reform of air passenger rights since 2004.

Why It Matters For Cyprus

The changes carry particular significance for Cyprus, where air travel is essential to tourism, business and everyday connectivity.

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Passenger rights are currently governed by Regulation (EC) No. 261/2004, which sets out compensation of between €250 and €600 for qualifying cases involving denied boarding, cancellations and long delays. Airlines must also provide care, including meals, accommodation and transport where necessary.

Additional EU legislation protects passengers with disabilities and reduced mobility while requiring airlines to provide greater transparency on fares and pricing.

Court Rulings That Expanded Passenger Rights

Much of today’s passenger protection has been shaped by the Court of Justice of the European Union (CJEU), whose rulings have steadily strengthened travellers’ rights.

In the landmark Sturgeon judgment, the court ruled that passengers arriving at their final destination at least three hours late may be entitled to compensation under the same conditions as passengers whose flights were cancelled.

Another key decision, Wallentin-Hermann v. Alitalia, established that routine technical faults do not qualify as “extraordinary circumstances” allowing airlines to avoid compensation.

Together, those rulings narrowed airlines’ ability to deny claims and reinforced the principle that operational disruptions should not come at passengers’ expense.

More Rights Under The New Reform

The reform package, expected to take effect in the second half of 2027, would incorporate many principles established through CJEU case law while introducing more than 30 new or clarified passenger rights.

Among the proposed changes, children under 14 would be guaranteed seating next to a parent or accompanying adult at no additional cost. The reforms also strengthen assistance for vulnerable passengers and require greater transparency on ticket prices, including whether cabin baggage or wheeled carry-on luggage is included in the fare.

Passengers would also benefit from improved information during disruptions, faster complaint handling, stronger rerouting rights and a simpler compensation process.

Another notable change is the principle that compensation costs should ultimately be borne by the party responsible for causing the disruption, strengthening accountability across the aviation sector.

Beyond Compensation

For Cyprus, where air transport underpins tourism, trade and international mobility, stronger passenger protections have implications that extend well beyond individual journeys.

More broadly, EU passenger rights have evolved into one of the clearest examples of how European legislation directly affects everyday life, ensuring travellers are protected not only by regulation but also by decades of judicial interpretation.

Cypriots are sticking with familiar holiday choices this summer, with the Greek islands remaining the most popular destination, while Italy and France continue to lead demand across Europe. At the same time, one travel trend is gaining momentum: cruises are becoming an increasingly popular way to spend a summer holiday.

Familiar Destinations Still Lead The Market

According to former Association of Cyprus Travel Agents president Akis Kelepesi, travel preferences have changed little from last year. Greek islands continue to dominate outbound holiday bookings, followed by European destinations, particularly Italy and France.

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Rather than shifting to entirely new destinations, travellers are increasingly combining countries within the same trip, such as Italy and Switzerland or Germany and France.

Among the most popular Greek destinations are Rhodes, Crete, Skiathos and Preveza, which also serves as a gateway to nearby islands including Lefkada.

Longer-Haul Travel Is Regaining Interest

Demand is also recovering for long-haul destinations. Kelepesi pointed to growing interest in the Far East, the United States, Northern and Eastern Europe, as well as Poland. Japan has also become a more popular choice this year, reflecting travellers’ willingness to venture beyond the Mediterranean in search of new experiences.

Cruises Move Into The Mainstream

Cruise holidays continue to gain popularity among Cypriot travellers. According to Kelepesi, more holidaymakers are choosing cruises departing from Piraeus for Eastern Mediterranean itineraries or from Rome for routes across the Western Mediterranean.

The appeal lies in the convenience of visiting several destinations within a single trip, combined with predictable costs and fewer logistical arrangements than a traditional multi-city holiday.

Summer Remains Peak Travel Season

July and August continue to account for the bulk of outbound travel. Between 370,000 and 480,000 Cypriots are expected to travel abroad during the two months, compared with an average monthly outbound travel of between 120,000 and 140,000 passengers during the rest of the year.

Price Still Shapes Destination Choices

Kelepesi said holidays on many Greek islands now cost roughly the same as trips to major European cities. While destinations such as Mykonos and Santorini remain among the most expensive, islands including Rhodes, Lefkada and Crete continue to offer better value.

Larger islands such as Rhodes and Crete remain particularly attractive for families thanks to their hotel infrastructure, while younger couples continue to favour destinations such as Santorini, Mykonos and long-haul options including Bali.

Last-Minute Bookings Help Offset Softer Demand

Overall, outbound travel remains slightly below last year’s levels. Kelepesi attributed the softer market to geopolitical uncertainty during March and April, when many Cypriots typically book their summer holidays.

More recently, however, travel agencies have seen an increase in last-minute bookings. Although volumes remain below those recorded a year ago, the trend suggests travellers are delaying decisions rather than cancelling their holidays altogether.

More than 200 leaders from Cyprus’ research, innovation and entrepreneurship community came together on Tuesday for The Bash 2026, the annual flagship networking event of the Research and Innovation Foundation (RIF).

Held under the theme “Let’s Cheers to Innovation Together!”, the gathering brought into one room the startups, scaleups, investors, academics, business support organisations, public sector representatives and policymakers helping shape Cyprus’ next phase of innovation-led growth.

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Building Momentum Through Collaboration

The event opened with remarks from RIF board chairman and Chief Scientist for Research, Innovation and Technology Demetris Skourides, RIF director general Theodoros Loukaidis and Konstantinos Kleovoulou, who represented the Deputy Minister of Research, Innovation and Digital Policy.

Across their speeches, one message was consistent: Cyprus’ innovation story is increasingly being defined by collaboration.

“Cyprus’ innovation ecosystem is growing, maturing and continuously delivering new success stories,” Skourides said. “This is not happening by chance. It is the result of the collective effort and collaboration of everyone who is part of this community.”

He added that RIF remains focused on helping create the conditions needed for the ecosystem to expand further. “As the Research and Innovation Foundation, and personally in my capacity as Chief Scientist, we remain committed to securing the necessary resources and creating the right conditions to further strengthen and support our ecosystem,” he said.

Skourides said The Bash has become a platform where connections turn into commercial and institutional value. “The Bash demonstrates that when the community comes together, new ideas emerge, new partnerships are formed, and the next success stories for Cyprus begin,” he noted.

A More Mature Startup Landscape

Loukaidis pointed to Cyprus’ improved standing in the global startup arena, citing the country’s 39th-place ranking in the StartupBlink Startup Ecosystem Index.

“Today, Cyprus has a much stronger and more mature innovation ecosystem, ranked 39th globally in the StartupBlink Startup Ecosystem Index,” he said. “This achievement is the result of a collective effort involving startups and innovative businesses, investors, incubators and accelerators, knowledge transfer offices, our universities, public sector stakeholders, and the Research and Innovation Foundation, which continuously evolves to better support the ecosystem.”

He said the country is now laying the groundwork for further progress. “Together, we are building the foundations for even greater success,” Loukaidis added.

“Thank you all for being here tonight at The Bash, which has grown into a flagship event, creating opportunities for meaningful networking, new ideas and lasting collaborations,” he said.

Government Signals Continued Support

Representing the deputy minister, Kleovoulou reiterated the government’s commitment to sustaining the sector’s momentum.

“Cyprus today has a dynamic research and innovation ecosystem that continues to grow and create new opportunities,” he said. “The Government remains committed to supporting initiatives that strengthen collaboration and further enhance Cyprus’ research and innovation ecosystem.”

Beyond the networking agenda, the event served as a snapshot of how far Cyprus has come in building a more connected innovation economy. It also highlighted a broader policy truth: in small markets, scale often depends less on size than on coordination among government, universities, research organisations, investors and businesses.

RIF said the strong turnout and energetic atmosphere confirmed The Bash’s role as the annual meeting point for the island’s innovation community, helping generate synergies, partnerships and initiatives with long-term impact.

The event was organised under RIF’s Innovation Factory initiative and formed part of the activities of the Enterprise Europe Network Cyprus.

Stripe and private equity firm Advent International have reportedly submitted a joint bid to acquire PayPal in a deal valued at about $53.4 billion, according to Reuters. The offer, backed by roughly $50 billion in committed bank financing, was reportedly submitted earlier this month.

A Potential Combination Of Two Payments Heavyweights

If completed, the transaction would unite two of the biggest names in digital payments and create one of the industry’s most powerful platforms, combining vast consumer reach with Stripe’s strength in merchant infrastructure.

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Under the reported proposal, Stripe and Advent would each own a 50% stake in PayPal.

PayPal serves around 440 million active accounts and processed approximately $1.8 trillion in payment volume in 2025. Stripe handled an estimated $1.9 trillion over the same period, highlighting its growing role in global digital commerce. Earlier this year, the privately held fintech reached a valuation of $159 billion, underscoring continued investor confidence in its long-term growth prospects.

Stripe Has Shown Interest Before

The reported bid follows earlier speculation that Stripe had explored acquiring PayPal. Reports in February suggested the company had held preliminary discussions, although no formal offer emerged at the time.

Neither company has publicly commented on the latest reports.

PayPal Faces A Crucial Turnaround Moment

The reported approach comes as PayPal pursues a broad restructuring aimed at reviving growth. Chief executive Enrique Lores took the helm in March after the company issued a profit warning and has since unveiled plans to cut at least $1.5 billion in costs over the next two to three years.

Media reports have also suggested that PayPal could reduce its workforce by around 20%, reflecting management’s effort to improve profitability and reposition the business for its next phase.