University students across Cyprus will compete in the 2026–27 CFA Society Cyprus Research Challenge, analysing listed technology group Logicom Public Ltd as this year’s subject company.

The competition officially launched on October 29 at Eurobank Cyprus’s head office in Nicosia, bringing together university teams, faculty advisers, industry mentors and Logicom representatives.

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Putting Investment Analysis Into Practice

Organised by the CFA Institute, the annual competition gives students practical experience in equity research and investment analysis. Participants work in teams to assess a publicly listed company, prepare a research report and present their findings to a panel of industry professionals.

Over the coming months, teams will analyse Logicom’s business model, financial performance and future prospects, supported by faculty advisers and mentors holding the Chartered Financial Analyst (CFA) designation. Their reports must include a buy, sell or hold recommendation.

The local final is scheduled for February 2027, with the winning team going on to represent Cyprus at the regional stage.

Developing Skills And Industry Connections

Beyond financial analysis and company valuation, the challenge helps students develop research writing, teamwork and presentation skills. Working to real-world deadlines and engaging with senior management also gives participants insight into how investment research is conducted in practice.

CFA Society Cyprus says previous participants have often credited the experience with influencing their career choices. For employers, the competition offers an opportunity to connect with emerging talent in the local financial sector.

The programme also introduces students to the CFA Institute Code of Ethics and Standards of Professional Conduct, highlighting the importance of integrity and professional responsibility in investment research.

Supporting Future Finance Professionals

“The Research Challenge is one of the most valuable experiences we can offer students who are considering a career in investment management,” said Stella Mourouzidou-Damtsa, CFA, University Relations and Research Challenge Committee chair at CFA Society Cyprus.

“It takes them beyond the classroom and asks them to think, analyse and present like professional analysts,” she added.

Mourouzidou-Damtsa also thanked Logicom for participating as this year’s subject company and giving students access to its business. She said she looked forward to seeing the insight and creativity each team would bring to the competition.

CFA Society Cyprus is a non-profit member society of the CFA Institute representing investment professionals in Cyprus. It promotes ethical standards, education and professional excellence through events, educational programmes and initiatives supporting the local investment community.

Eurozone annual inflation accelerated to 4% in October, its highest level since September 2023, as rising energy costs pushed prices further above the European Central Bank’s 2% target.

According to the flash estimate from Eurostat, inflation rose from 3.8% in September, in line with forecasts, while consumer prices increased 0.4% over the month. Core inflation, excluding energy, food, alcohol and tobacco, remained unchanged at 2.5%, suggesting that the latest surge is largely energy-driven.

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Energy Drives Nearly Half Of Inflation

Energy prices increased 20.8% year on year in October, compared with 18.9% in September. The category contributed approximately 1.9 percentage points to the overall 4% inflation rate, accounting for almost half of the increase.

Services inflation edged up to 3.3%, while food, alcohol and tobacco rose to 1.6%. Unprocessed food prices accelerated to 4.6%, indicating that higher costs are also reaching supermarket shelves. Non-energy industrial goods inflation increased slightly to 1.2%.

Cyprus Among Countries With Highest Inflation

Italy recorded the sharpest acceleration, with inflation rising to 5.6% from 4.2%. Lithuania had the highest rate at 6.1%, followed by Bulgaria at 6%. Greece and Italy reached 5.6%, Cyprus 5.4% and Belgium 5.2%.

Inflation increased in 13 of the euro area’s 21 countries, declined in six and remained unchanged in two. Malta recorded the lowest rate at 2.3%, followed by Germany at 2.8%.

Germany’s inflation eased from 3.3% to 2.8%, partly due to a temporary fuel-tax reduction introduced in October. Prices also moderated in Spain and Luxembourg.

ECB Faces Pressure Ahead Of December Meeting

The ECB kept its deposit facility rate at 2.5% on October 29. President Christine Lagarde said policymakers had considered another increase but agreed to wait.

Economists are divided on the outlook. Nicola Nobile of Oxford Economics said October’s figures strengthened the case for a December rate increase, despite modest economic growth in France and Italy.

Claus Vistesen and Melanie Debono of Pantheon Macroeconomics expect a 25-basis-point increase in December and another in March 2027. Their forecasts put inflation at 4.1% in November, 4.3% in December and 4.5% in January.

Prediction markets placed the probability of a December increase at approximately 84%. The ECB’s next meeting on December 16–17 will also include updated economic forecasts. Meanwhile, Lagarde has announced plans to step down in February, ahead of the end of her term.

Markets React To U.S. Midterm Elections

Financial markets focused more on the U.S. midterm elections than on the inflation data. Democrats won control of both chambers of Congress, prompting investors to anticipate constraints on President Donald Trump’s spending plans.

By 11:20 CET, the Euro Stoxx 50 had gained 1.5%, Germany’s DAX 1.1% and Spain’s IBEX 35 2.2%. The euro rose 0.6% to $1.1262, while gold gained 3% to $4,046 an ounce.

With energy accounting for almost half of October’s inflation rate, the ECB’s next challenge is determining whether higher costs will remain concentrated in energy or spread to wages, rents and everyday services. This will shape the scale of any further monetary tightening.

Cyprus plans to ask the cabinet to extend reduced excise duties on motor fuels until March 2027, Finance Minister Makis Keravnos has said, rejecting claims that higher value-added tax (VAT) receipts amount to “inflationary taxation”.

Speaking after a cabinet meeting at the Presidential Palace, Keravnos argued that stronger VAT collections reflect increased consumption and economic resilience rather than a higher effective tax burden. He also pointed to budget surpluses and declining public debt as safeguards against economic and geopolitical shocks.

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Fuel Tax Relief And Rising VAT Revenues

The current reduction in motor-fuel excise duty is due to expire at the end of November. Keravnos said the government would submit a proposal to extend the measure until March 2027.

Addressing criticism over rising VAT receipts, the minister noted that the government had reduced VAT on several categories, including essential goods and energy. Since consumption accounts for a significant share of Cyprus’ economy, stronger spending also generates higher tax revenues.

He added that household consumption is supported by disposable income, which the government seeks to protect through social policies and fiscal support. More than €1 billion has been allocated to cost-of-living measures.

Budget Surplus Provides Room For Further Support

Keravnos welcomed fiscal figures showing the government surplus had reached €1.61 billion, describing the result as evidence of responsible and preventive financial management.

He said budget surpluses and lower public debt help protect Cyprus’ investment-grade credit ratings while providing room to respond to unexpected costs. Recent examples include several million euros in emergency spending on the foot-and-mouth disease outbreak and wildfires in the Limassol district, neither of which had been included in the original budget.

Sound fiscal management also allows Cyprus to access international borrowing markets when needed while remaining within EU economic-governance rules, he added.

Energy Costs Keep Inflation In Focus

The minister acknowledged that the ongoing energy crisis is increasing costs for households and businesses and adding to inflationary pressure. He welcomed the European Central Bank’s decision not to raise interest rates further and said the government was monitoring prices and the cost of living to assess whether additional support might be necessary.

Cyprus is also awaiting the European Commission’s response to its request for a further reduction in the special excise duty on heating oil. Keravnos said initial indications were positive and that the government would continue to press its case.

He argued that EU restrictions on tax measures should take individual countries’ fiscal positions and growth prospects into account, pointing to Cyprus’ forecast economic growth of 3%. “We cannot accept these across-the-board restrictions,” he said.

Government Defends Public Investment Plans

Keravnos rejected claims that public investment and infrastructure spending were being reduced despite higher state revenues. He attributed delays in some projects to inherited problems and said the government was working to move them forward.

Describing the delays as temporary, he said the budget remained focused on economic growth and social policy. Social measures account for 23% of state expenditure, a share he described as unprecedented in previous budgets.

The minister was also due to attend meetings of the Eurogroup and the Economic and Financial Affairs Council (Ecofin), where energy costs and potential support measures were expected to feature on the agenda.

Registered unemployment in Cyprus increased by 9.7% year on year in October, with notable rises in information and communication, administrative and support services, and professional, scientific and technical activities, according to the Cyprus Statistical Service (Cystat).

A total of 7,790 people were registered as unemployed at district labour offices at the end of October, up by 691 from 7,099 a year earlier. However, the monthly figure declined from 8,366 in September.

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Seasonally Adjusted Unemployment Remains Above 2025 Levels

The seasonally adjusted number of registered unemployed edged down to 10,711 in October from 10,741 in September. It nevertheless remained above the 9,731 recorded in October 2025.

The adjusted figure fluctuated throughout the year, rising from 10,096 in January to 10,679 in June before reaching 10,741 in September and easing slightly in October.

Trade And Hospitality Record Highest Numbers

Wholesale and retail trade had the largest number of registered unemployed, at 1,332, compared with 1,324 a year earlier and 1,402 in September.

Accommodation and food services ranked second, with 890 people registered, up from 852 in October 2025. Professional, scientific and technical activities followed with 849, compared with 785 a year earlier.

Public administration and defence, including compulsory social security, recorded 655 unemployed, up from 595 year on year but significantly below September’s 1,050.

Technology And Support Services See Sharpest Annual Increases

Information and communication recorded one of the largest increases, with registered unemployment rising to 565 from 390 a year earlier. Administrative and support services also increased, reaching 466 compared with 362 in October 2025.

Other sectors recording annual increases included manufacturing, at 502 compared with 449; financial and insurance activities, at 399 compared with 358; and education, at 340 compared with 277.

Transportation and storage reached 294, while human health and social work activities recorded 291 registered unemployed.

Unemployment Trends Vary Across Other Sectors

Construction recorded 390 unemployed, slightly below the 392 registered a year earlier. Other service activities rose to 198, while arts, entertainment and recreation increased to 165.

Real estate activities recorded 117 unemployed, compared with 85 in October 2025. Agriculture, forestry and fishing rose slightly to 34, while water supply, sewerage and waste management declined to 18.

Smaller sectors recorded limited changes. Mining and quarrying had six registered unemployed, electricity and gas-related activities five, while activities of households remained unchanged at 10. Extra-territorial organisations and bodies recorded nine.

The number of newcomers registering as unemployed fell to 255 in October, compared with 267 a year earlier and 268 in September.

Women in leadership roles across Cyprus will gather in Nicosia on November 10 to discuss financial empowerment and ways to narrow the financial literacy gap between women and men. The initiative, led by the Central Bank of Cyprus and the Cyprus Financial Literacy and Education Committee (CyFLEC), aims to build confidence in financial decision-making and extend practical knowledge beyond the event itself.

Building Confidence Through Financial Knowledge

Held at The Landmark Nicosia, Autograph Collection, the event, titled “Financial Literacy for Cypriot Women,” will bring together women with influential roles in Cypriot society. Organisers say the gathering will create space for discussion about financial independence, informed decision-making and the practical skills women need to manage their finances with greater confidence.

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Under the theme “Learn, Decide, Progress,” the initiative also seeks to establish a network through which participants can share financial knowledge and experience across their professional, social and local communities. The goal is for attendees to become ambassadors of financial education, encouraging more women to take an active role in financial decisions.

From Discussion To Practical Action

The programme will open with remarks from Central Bank of Cyprus Governor Christodoulos Patsalides, who chairs CyFLEC, and Education Minister Athena Michaelidou, a member of the committee’s board of directors.

Philip Dennis, a professor at Durham University in the United Kingdom, will deliver a keynote address on gender differences in financial decision-making. The programme will then examine the financial literacy gap and the practical steps that could help reduce it.

A roundtable discussion, “Women and Financial Empowerment: The Persistent Gap and How We Can Bridge It,” will be moderated by Pani Karamanou, head of the Central Bank’s Financial Stability and Resolution Directorate-General. Participants will include Gender Equality Commissioner Josie Christodoulou and Financial Commissioner Valentina Georgiadou, who is also a financial literacy ambassador.

Extending The Conversation Beyond Nicosia

For CyFLEC, the event’s value will depend not only on the discussion in the room but also on what participants share afterward. By building a wider network of women equipped to pass on financial knowledge, the organisers hope to support better-informed decisions across communities throughout Cyprus.

Supported by the Moneypedia financial education platform, the event will take place from 10 a.m. to noon on Tuesday, November 10.

Cyprus is seeking to attract more visitors beyond the summer season, but rising aviation fuel prices and warnings of significantly higher airfares in 2027 could make the island a more expensive destination just as tourism revenues begin to weaken.

European aviation fuel prices have more than doubled since the start of 2026, increasing pressure on airlines to pass higher operating costs on to passengers. For Cyprus, where affordable air connections are essential to extending the tourist season, the trend could complicate efforts to attract visitors during the quieter winter months.

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Aviation Fuel Prices Reach New Highs

According to the International Air Transport Association (IATA), the average European aviation fuel price reached $4.84 per gallon in October, up 114% from $2.26 in January and February. Prices peaked at $4.93 per gallon on October 27, the highest monthly level recorded since the Middle East crisis began, according to Eurocontrol.

The European Commission said on October 22 that jet fuel supplies were tight, although Europe was not facing an actual physical shortage. Further disruptions remained a risk.

The timing is particularly challenging as October marks the transition to winter flight schedules, when passenger demand typically softens and airlines have less scope to absorb higher costs.

Airlines Warn Of Higher Ticket Prices

Ryanair chief executive Michael O’Leary has warned that airfares could increase by as much as 20% in 2027, potentially marking the largest annual rise in European aviation history.

The airline’s costs are already increasing. Net profit fell 15% in the first half of its financial year to €2.15 billion, while operating costs rose 10% to €7.69 billion, partly due to higher fuel expenditure.

Ryanair secured fuel at approximately $67 per barrel for this year through advance purchasing, but O’Leary expects prices to double next year as that protection expires. “We guarantee no fuel surcharges, but there is no doubt that air fares are going to rise significantly in 2027 because of much higher oil prices,” he said.

Brent crude closed at $109.86 per barrel on Friday, its highest level since May, before moving above $110 amid concerns over Middle East supplies.

Taxes And Operating Costs Reshape Airline Networks

Fuel is not the only factor affecting airline decisions. In October, Ryanair announced plans to cut 20 routes and more than one million seats from its Belgian winter schedule, reducing operations at Brussels Charleroi and Brussels Zaventem airports by six aircraft.

The airline linked the decision to Belgium’s planned aviation-tax increase, from €2 per ticket in January 2025 to €7 in January 2027. Ryanair estimated the cuts represented a $600 million reduction in investment and argued that higher taxes would make Belgium less competitive.

The carrier has also criticised the EU emissions trading system, arguing that it increases costs for flights within the bloc while flights arriving from outside the EU are exempt. Other airlines, including SAS and easyJet, have also reduced services this year.

Cyprus Tourism Revenues Show Signs Of Weakening

Higher airfares could pose a particular challenge for Cyprus, where ticket prices and connectivity play an important role in attracting visitors outside the summer season.

According to the Cyprus Statistical Service, tourism revenue fell 3.4% year on year in August 2026 to €562 million, while arrivals declined from 602,026 to 581,880.

Revenue for the first eight months of the year reached €2.32 billion, down 6.2% from €2.47 billion in the same period of 2025. This followed a stronger July, when tourism receipts increased 4.6% to €536.5 million.

Average spending per tourist was almost unchanged in August at €965.81, compared with €966.41 a year earlier. However, the average stay shortened from 9.2 to 8.9 days, while daily spending increased from €105.04 to €108.52.

The UK remained the largest source market, accounting for 30.5% of arrivals, followed by Israel at 23.3% and Poland at 6.3%. British arrivals fell to 177,603 from 193,091 a year earlier.

Global Air Travel Demand Remains Uneven

IATA’s September 2026 data showed global passenger demand declining 0.5% year on year, while available seat capacity fell 0.2%. International demand increased 0.4%, or 1.7% excluding the Middle East.

The global passenger load factor stood at 83.2%, down 0.3 percentage points from September 2025. IATA senior vice-president for sustainability and chief economist Marie Owens Thomsen attributed the decline to weakness in the Middle East and North America, while noting that most international markets had returned to growth.

Geopolitical uncertainty and volatile fuel prices are expected to continue influencing the market. In Europe, seasonal weakness was already visible: Eurocontrol data showed Greek flights declining 7% week on week during October 19–25, compared with an average 2.3% fall across Europe.

Keeping Cyprus Competitive Beyond Summer

For Cyprus, higher airfares, softer seasonal demand and declining tourism revenue pose a challenge to its ambitions to develop year-round tourism.

More expensive flights could make winter holidays less attractive, particularly for travellers sensitive to the overall cost of a trip. Maintaining airline connections will therefore not be enough on its own. Cyprus must also remain competitively priced as airlines reassess routes and passengers face higher travel costs.

Cyprus has deployed approximately €1 billion through five support packages since 2023 to ease the impact of rising prices, Finance Minister Makis Keravnos said. The measures include tax relief, expanded child-benefit eligibility and support aimed at protecting household disposable income.

In a statement published on the government’s social media channels, Keravnos said the country’s economic resilience and strong fiscal position had enabled the government to return part of the benefits of economic growth to households and small businesses.

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Tax Reform Boosts Household Income

Tax reform introduced in January has increased disposable income for approximately 200,000 people, according to the minister. More than 50,000 people are now exempt from income tax.

Additional relief includes deductions for rent or mortgage interest on a primary residence, as well as investments in energy-efficient and other green home improvements.

Higher Tax Deductions And Child Benefits

Families are eligible for additional tax deductions based on the number of children:

• €1,000 for the first child
• €1,250 for the second child
• €1,500 for the third and each subsequent child

Income thresholds for child benefit have also increased to €90,000 for families with three children and €100,000 for those with four. Households with five or more children are no longer subject to income criteria for the benefit, Keravnos said.

Imported Inflation Continues To Pressure Households

Keravnos attributed much of the cost-of-living pressure to imported inflation, partly driven by an energy crisis linked to armed conflicts. He said government policy focuses on protecting the disposable income of workers, vulnerable groups and households.

The minister has also highlighted the resilience of Cyprus’ economy while calling for greater flexibility and less bureaucracy across the European Union.

Fiscal Surpluses Support Government Measures

The government’s ability to assist households and small businesses is underpinned by economic resilience and disciplined fiscal management, Keravnos said. Budget surpluses and declining public debt allow the state to meet its borrowing obligations while directing part of the gains from economic growth back to society.

“We support society because our economy allows us to,” the minister said, adding that protecting the most vulnerable remains a priority.

Further details on the support measures are available at se-afora.gov.cy.

Cyprus’s search for a strategic investor for the Science and Technology Park in Pentakomo is still underway, the Ministry of Energy, Commerce and Industry says, responding to concerns from Limassol’s business community over delays and a lack of information.

The Ministry describes the project as a government priority and says it is taking the steps required to complete the process. The park is intended to attract high-quality investment, strengthen research and innovation, and create jobs.

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Business Community Raises Concerns

The Ministry’s statement followed an announcement last Friday by the Limassol Chamber of Commerce and Industry, which expressed dissatisfaction and growing concern. The Chamber cited a lack of progress on the project and insufficient updates about the search for a strategic investor.

Ministry Cites Procurement Rules

In response, the Ministry said the process is being conducted in accordance with applicable legislation and public procurement rules, with the principles of transparency, equal treatment, and protection of the public interest guiding its work.

It added that it cannot comment on specific aspects of the process while it remains ongoing, because doing so could disrupt its orderly conduct or prejudge the outcome.

Official Update to Follow

The Ministry said it recognizes the business community’s interest and remains committed to advancing the project. It will provide an official update once results can be made public.

Retail trade in Cyprus strengthened in September 2026, with both the value and volume of sales rising year over year, according to the Statistical Service of Cyprus. The gains also extended across the first nine months of the year.

September Growth In Value And Volume

The Retail Trade Turnover Value Index increased 10.4% compared with September 2025. The Retail Trade Volume Index rose 7.7% over the same period.

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The two measures offer complementary views of the sector: the value index tracks turnover, while the volume index reflects the level of sales activity. Both recorded year-over-year growth in September.

Gains Persist Through The First Nine Months

From January to September 2026, retail turnover value increased 8.4% compared with the corresponding period a year earlier. Sales volume rose 6.6%.

The figures point to broad-based growth across the period, with the value of sales rising faster than volume.

Retail prices across a basket of 476 products in Cyprus recorded a slight overall decline in October 2026, although some items saw significant increases. The Cyprus Consumers Association also raised concerns about competition among supermarkets participating in the government’s e-kalathi platform.

Between October 1 and October 31, prices increased by 5% to 15.31% for 17 products, while 35 products recorded declines of between 5% and 12.3%. Despite these fluctuations, the average price of the overall basket remained broadly unchanged.

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Biggest Price Changes In October

The sharpest increases were recorded in ravioli, fruit juices, liquid baby wipes, flour and household cleaning products. Meanwhile, cheese, chocolate, baby food, pasta and coffee saw the largest price reductions.

Some of the declines in baby food and coffee prices were linked to the zero VAT rate introduced on October 12, 2026.

Association Questions Competition On E-Kalathi

Despite the overall price decline, the Association said there appeared to be little “fierce competition” among most supermarkets participating in e-kalathi.

It also called for a review of the products listed on the platform, noting that some are available in only a limited number of stores or, in certain cases, just one. This, it argued, conflicts with the responsible authority’s description of e-kalathi as covering widely consumed products.

“A product sold by only one store within a supermarket chain cannot be considered a basic product of wide consumption,” the Association said.

Questions Over Promised Product Additions

The Association also asked for an update on a commitment by the responsible authority to add 1,000 products to e-kalathi by June 2026, questioning whether the promise had been forgotten.

Consumers were encouraged, where practical, to avoid purchasing products that have become more expensive. The Association said such choices could signal dissatisfaction and help put pressure on prices.

How The Price Comparison Was Conducted

The findings are based on prices recorded on e-kalathi, operated by Cyprus’s Ministry of Energy, Commerce and Industry, and an analysis of data from the privately operated Smart Kalathi app.

The Association said it would continue monitoring prices and publishing its findings to help consumers make informed purchasing decisions.