Cyprus’ tourism sector is recovering after a sharp decline in arrivals earlier this year, but Deputy Minister of Tourism Kostas Koumis has warned that the industry remains vulnerable to external shocks. Presenting the department’s €59.4 million budget for 2027, he stressed that continued growth cannot be taken for granted.

Arrivals Recover After A Sharp Early-Year Decline

Tourist arrivals fell by 5.6% in the first nine months of 2026 compared with the same period last year, Koumis said. This marks a significant improvement from the 17.9% decline recorded during the first four months, although the recovery remains incomplete.

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Despite the setback, arrivals between January and September were 4.1% higher than in 2024 and 8.5% above 2023 levels. Koumis said the figures indicated that the sector had entered a recovery phase, but added that more work was needed to restore demand in certain markets.

An Unprecedented Shock For The Industry

Koumis described 2026 as one of the most difficult years for Cyprus’ tourism sector in decades. External developments triggered widespread cancellations and a sharp slowdown in bookings during March and April, with tens of thousands of reservations cancelled and new bookings largely stalling.

“2026 will undoubtedly remain in the history and memory of those working in the sector as a year during which our country’s tourism industry was called upon to face an unprecedented crisis as a result of external factors,” he told lawmakers.

Budget Focuses On Promotion And Development

Around 62% of the proposed 2027 budget will go towards promoting Cyprus and strengthening its tourism offering. Funding will support marketing campaigns, participation in international tourism fairs and incentive schemes designed to stimulate demand and improve the island’s competitiveness in key markets.

Tourism Revenue Remains Below 2025 Levels

Tourism receipts fell by 7% in the first seven months of 2026 compared with the same period in 2025, according to the Cyprus Statistical Service. However, revenue remained 9.2% above 2024 levels and 13.8% higher than in 2023.

Koumis said the final outcome would depend on performance during the remaining months. If receipts follow a trajectory similar to 2025, he expects the full-year decline to be limited to between 3% and 4%, which he described as “a very satisfactory performance” under the circumstances.

Recovery Does Not Guarantee Future Growth

September recorded what Koumis described as the strongest September on record for tourist arrivals in Cyprus. However, he cautioned against complacency, noting that the disruption earlier in the year demonstrated how quickly external events can affect the sector.

“Success in tourism can never be taken for granted,” he said.

The government aims to ensure that tourism continues to benefit Cyprus’ economy, businesses and local communities in 2027. The proposed budget places particular emphasis on promotion and product development, reflecting a strategy focused on consolidating the recovery while preparing the sector for further uncertainty.

Hybrid and battery electric vehicles continued to gain market share in the European Union during the first nine months of 2026, while petrol-only cars lost ground. The shift came despite rising energy prices and geopolitical uncertainty weighing on the broader economic environment.

The European Automobile Manufacturers’ Association (ACEA) described the EU’s new passenger car market as showing “remarkable resilience” between January and September.

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Hybrid And Electric Models Drive Growth

Non-rechargeable hybrid vehicles remained a key driver of growth, with sales rising by 10.7% year on year during the first nine months of 2026. Hybrids accounted for 36.3% of new car sales across the EU, making them the largest powertrain category.

Battery electric vehicles recorded an even stronger increase, with sales climbing by 48.5%. Their share of the market reached 22.7%, reflecting growing demand for electric cars alongside continued investment in charging infrastructure and a wider range of available models.

Petrol Cars Lose Market Share

Petrol-only vehicles continued to decline in relative terms, accounting for 21.2% of new car sales, down from 27.7% in the same period a year earlier.

The figures point to a continued shift in consumer preferences towards hybrid and fully electric models, reshaping the composition of Europe’s new car market.

Alcohol producers and pubs are facing a potential new challenge as GLP-1 medications, widely used for weight loss and diabetes management, appear to be influencing drinking habits. Early research suggests that some users are drinking less, creating pressure for an industry already dealing with declining alcohol consumption in several major markets.

For pubs, the shift could mean adapting to changing customer preferences rather than relying primarily on alcohol sales. Smaller servings, lower-alcohol options and premium drinks may become increasingly important as consumers seek moderation and better-value social experiences.

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Alcohol Producers Face Another Demand Challenge

The alcohol industry has been contending with years of declining consumption as health concerns and tighter household budgets encourage people to drink less. GLP-1 medications could add to that pressure.

Heineken said it had discussed the evolving market with UK hospitality businesses as part of its regular engagement with the sector. The brewer noted changes in consumption among GLP-1 users and said it would continue monitoring their behaviour in 2027.

According to Heineken, users are not necessarily giving up alcohol altogether. Instead, some are choosing smaller servings, lower-alcohol drinks and more premium products, reflecting wider trends in the market. The company believes its portfolio is positioned to meet these changing preferences.

UK Pubs Offer Room For Growth

Europe remains Heineken’s largest region by revenue, although growth has been sluggish. The UK has performed comparatively well, with the hospitality sector offering opportunities for the brewer.

A Heineken UK report found that beer generated nearly £14 billion in sales across British pubs, bars and restaurants in the year to February 2026. No- and low-alcohol beer accounted for less than £300 million of that total, indicating that these products still represent a relatively small share of the market.

If drinking habits continue to change, the balance between traditional beer and lower-alcohol alternatives could shift.

Early Data Points To Lower Alcohol Spending

Research is beginning to suggest that GLP-1 use may affect purchasing behaviour. Circana found that US households with at least one GLP-1 user reduced their alcohol spending between 2024 and 2026 compared with households without a user. After two years on the medications, monthly alcohol spending was around 7% lower, while spending on beer fell by approximately 13.5%.

Other major producers remain cautious about drawing firm conclusions. Diageo has told investors that the impact of GLP-1 drugs should remain manageable, even if their use expands. Carlsberg has said available data does not yet establish the medications as a clear driver of beer consumption trends, while Anheuser-Busch InBev declined to comment.

Surveys conducted in Europe and the UK by Circana, NIQ and KAM have also indicated that some GLP-1 users are drinking less.

Users Report Changes In Drinking Habits

In interviews with Reuters, 10 of 11 people taking GLP-1 medications said they had reduced their alcohol consumption, in some cases significantly. Some reported feeling unwell or uncomfortable after drinking, while others said their desire for alcohol had diminished.

Daniel Cornwell, a UK-based founder of hospitality recruitment firm SPE Resourcing, said he previously drank regularly at work events and on weekends. He now finds that alcohol leaves him feeling uncomfortable and can cause hangovers lasting several days.

Joseph Schacht, a professor at the University of Colorado Anschutz who led a randomised controlled trial examining GLP-1 medications and alcohol use disorder, said the drugs may affect brain mechanisms associated with the motivation to drink. He noted that trials involving people with alcohol use disorder have consistently found reductions in cravings and alcohol consumption.

Schacht described the medications as a potential “Prozac moment” for treating alcohol use disorder. However, if reduced cravings extend to a broader population, the trend could also create a challenge for alcohol producers as they adapt to changing consumer behaviour.

Airline meals and airport restaurants are becoming an increasingly important part of the travel experience. The 2026 World Culinary Awards recognised the airlines, airports and lounges making food a stronger part of their passenger offering, with Vietnam Airlines, London Heathrow and Turkish Airlines among this year’s winners.

Vietnam Airlines was named the World’s Best Culinary Airline 2026, becoming the first Asian carrier to receive the award. It beat competitors including Emirates, Qatar Airways, Singapore Airlines, Air France, Cathay Pacific and Turkish Airlines.

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London Heathrow received the title of World’s Best for Airport Dining 2026, while Turkish Airlines’ international lounges won World’s Best Airline Lounge for Dining 2026. Clubrooms at Gatwick South Terminal was recognised as the World’s Best Airport Lounge for Dining 2026.

Vietnam Airlines Puts Vietnamese Cuisine In The Spotlight

Vietnam Airlines uses its in-flight menus to showcase Vietnamese cuisine to international travellers, while adapting dishes to seasonal ingredients and specific routes.

In economy class, breakfast may include a layered croissant, while lunch and dinner typically feature rice or pasta dishes, accompanied by bread and dessert.

Business class passengers have a wider selection tailored to their destination. Flights to South Korea may feature bibimbap, ginseng chicken soup or black bean noodles, while services to Europe draw on French, German and British culinary traditions. Passengers travelling to Europe, Australia and the United States can also pre-order business class meals.

Heathrow Expands Its Dining Offering

London Heathrow was named the world’s leading airport for dining, ahead of Dubai International, Hamad International Airport in Qatar, Hong Kong International Airport, New York’s John F. Kennedy International Airport, Paris Aéroport and Singapore Changi Airport.

Its four terminals offer everything from cafés and casual eateries to more premium dining concepts. Some venues are designed to make the meal itself part of the journey.

At Terminal 2, Le Café Louis Vuitton serves refined desserts, including a hazelnut creation combining ganache, praline and fleur de sel. Terminal 5’s Plane Food Market, from Gordon Ramsay, offers all-day breakfast alongside pizza, sushi, noodles and British classics such as fish and chips.

Turkish Airlines Wins Recognition For Lounge Dining

Turkish Airlines’ international lounges took the title of the world’s best airline lounge dining experience in 2026.

The shortlist included premium lounges operated by Air France at Paris-Charles de Gaulle, Etihad Airways at Zayed International Airport, Lufthansa at Frankfurt Airport, Qatar Airways at Hamad International Airport, SWISS at Zürich Airport, Thai Airways at Suvarnabhumi Airport and Virgin Atlantic at London Heathrow.

Turkish Airlines’ lounges combine Turkish specialities with international dishes. At locations such as Edinburgh Airport, passengers can choose from hot and cold buffet options before their flights.

Clubrooms Brings Restaurant-Style Dining To Gatwick

Clubrooms at Gatwick South Terminal was named the world’s best airport lounge for dining, reflecting the role of food in shaping premium airport experiences.

Its seasonal menu ranges from light bites and cold plates to hot meals. Breakfast options include eggs Benedict and Belgian waffles, while evening dishes include chicken Caesar salad, a gochujang chicken thigh bowl and Moroccan nut roast with green beans dressed in lemon olive oil.

The awards highlight how food is becoming a point of differentiation across the aviation industry. For airlines, airports and lounges, dining is no longer simply a service offered along the way. It is part of the overall passenger experience.

Cyprus has launched a public awareness campaign encouraging citizens to report suspected fraud involving European Union funding, as authorities seek to protect public resources and strengthen transparency.

The initiative, led by the National Anti-Fraud Co-ordination Service (AFCOS Cyprus), aims to help people recognise potential irregularities in EU-funded projects and understand how to alert the relevant authorities.

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EU funding supports development projects and programmes across Cyprus, so proper use of these resources is essential to ensure money reaches its intended beneficiaries.

What Should Be Reported?

Citizens can report suspected irregularities involving any EU-funded project, programme or activity. Examples include falsified documents, fictitious or inflated invoices, duplicate funding claims, conflicts of interest and the misuse of European funds.

Reports do not require proof that an offence has occurred. Information or reasonable suspicion that warrants further investigation is sufficient.

How To File A Complaint

Reports can be submitted through the complaints section of the official AFCOS Cyprus website.

Complainants may provide their personal details, which are handled confidentially, or submit information anonymously. Authorities encourage people to include as much relevant detail as possible, such as the project involved, the nature of the suspected wrongdoing and any supporting documents.

All submissions are handled confidentially under the applicable personal data protection rules.

How AFCOS Protects EU Funding

AFCOS Cyprus co-ordinates national efforts to combat fraud affecting the EU’s financial interests. It works with the relevant Cypriot authorities and serves as the main co-operation point between the Republic of Cyprus and the European Anti-Fraud Office (OLAF).

The service receives and assesses information about suspected fraud and refers cases to the appropriate authorities for further action.

Through the campaign, AFCOS aims to encourage responsible reporting and increase public awareness of the role citizens can play in protecting EU funds.

Europe experienced its deadliest summer for heat-related deaths on record in 2026, with an estimated 24,400 excess deaths linked to extreme temperatures across 30 countries. Researchers estimate that human-induced climate change was responsible for around 32,000 of the deaths attributed to heat in the study’s broader analysis, accounting for 65% of the total.

The findings highlight the growing public-health consequences of global warming, largely driven by fossil fuel use, as extreme heat becomes more frequent and severe.

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A Summer Of Dangerous Heat

Between June and August, heatwaves pushed temperatures in Western Europe to an average of 2.9°C above the 1991–2020 norm, with some days reaching 12°C above average. Nearly a third of estimated heat-related deaths occurred during a particularly intense heatwave between 17 June and 1 July.

“These numbers are a stark reminder that our hotter, more extreme summers are having an increasingly severe impact on public health,” said Dr Clair Barnes, a researcher at Imperial College London and co-author of the study.

The estimated toll exceeded previous peaks of around 29,000 deaths in summer 2022 and 28,000 in 2003 across the region studied.

How Researchers Estimated The Toll

Researchers modelled the relationship between temperature and mortality across 854 urban areas in the EU, UK, Norway and Switzerland, covering around 40% of the population in the 30 countries studied.

The analysis incorporated temperature records, age, socioeconomic conditions, environmental factors and access to healthcare. By comparing actual temperatures with those expected without human-induced warming, the team estimated the additional deaths attributable to climate change.

Final official mortality figures for summer 2026 are not yet available in many countries, and heat-related deaths are often underreported because their effects can be difficult to identify directly.

Older People Face The Greatest Risk

People aged 85 and over accounted for roughly half of the estimated deaths. However, the impact extended across age groups, with around 800 excess deaths among adults aged 20–44 and approximately 6,000 among people under 65.

Southern Europe experienced the highest mortality burden, reflecting hotter temperatures and other vulnerabilities, including air pollution, limited green space and unequal access to healthcare and heat-alert systems.

Italy, France And Spain Record Highest Toll

Italy recorded an estimated 13,303 heat-related excess deaths, followed by France with 7,268 and Spain with 6,824. Germany recorded around 6,340, while the UK saw an estimated 4,354 deaths.

In the UK, the heat also placed significant pressure on healthcare services. Andrew Hartle, Professor of Practice of Anaesthesia at Imperial College Healthcare, said demand during the summer resembled that of a severe winter virus season.

Cities Urged To Strengthen Heat Protection

Researchers say cities can reduce the risks through climate shelters, external shading and building retrofits, alongside measures to help residents avoid exposure during the hottest hours. Checking on vulnerable people, staying hydrated and following heat alerts are also important.

The researchers stress that adaptation must go hand in hand with reducing fossil fuel use to limit further warming. The findings underline that extreme heat is already a major public-health threat across Europe, with thousands of lives at risk each summer.

Cyprus recorded the European Union’s highest budget surplus in 2025, at 3.6% of GDP, and the bloc’s largest quarterly reduction in public debt in the second quarter of 2026, according to data released by CYSTAT and Eurostat on 21 October.

The figures highlight Cyprus’s strong fiscal position at a time when many EU countries face budget deficits, rising borrowing costs and pressure to increase public spending.

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Budget Surplus Reaches €1.36 Billion

Cyprus’s public expenditure stood at 37.9% of GDP, compared with the EU average of 50%. The country was among just five EU member states to record a budget surplus in 2025, alongside Denmark, Greece, Ireland and Portugal.

The surplus reached €1.36 billion, or 3.6% of GDP. Social insurance organisations contributed €1.34 billion, while central government recorded a surplus of €2.1 million and local government added €22.9 million.

Total public revenue rose to €15.9 billion, supported by a 10% increase in income and wealth tax receipts and an 8.4% rise in social contributions. Public sector wages increased by 7.6% and social transfers by 5.3%, while capital expenditure grew by 46.4%.

Public Debt Falls Below 50% Of GDP

Cyprus’s public debt declined to 48.5% of GDP in the second quarter of 2026, down three percentage points from the previous quarter, marking the largest quarterly reduction in the EU. Greece followed with a 2.7-point decline, while Hungary recorded a two-point fall.

Year on year, Cyprus’s debt ratio dropped by 9.5 percentage points, from 58.1% to 48.5%. Only Greece recorded a larger reduction, at 11.2 percentage points.

Cyprus Gains Fiscal Flexibility As EU Debate Continues

The figures come amid debate over whether EU fiscal rules should allow greater flexibility for governments facing higher energy costs and growing pressure to support households.

Countries including Italy, France and Greece have called for exceptional social support spending to be excluded from the limits of the Stability and Growth Pact. However, the European Commission and fiscally conservative member states, including Germany and the Netherlands, have resisted broader exemptions over concerns about financial market stability.

With its budget surplus and debt below the EU’s 60% threshold, Cyprus has greater room to finance targeted domestic support, including VAT relief on essential goods and electricity subsidies, while remaining within the bloc’s fiscal framework.

The government nevertheless continues to support targeted flexibility at EU level for member states facing greater fiscal pressure.

Cyprus Finance Minister Makis Keravnos has called on Europe to rethink its economic strategy amid geopolitical uncertainty, technological change and rising living costs, warning that assumptions from 10 or 20 years ago no longer reflect today’s realities.

Speaking at the Limassol Economic Forum 2026, Keravnos said rapid global changes are making future developments increasingly difficult to predict.

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A World In Flux

Keravnos cited regional conflicts, climate change and the energy crisis as drivers of global volatility, warning that established economic and political assumptions are being challenged.

He also highlighted how artificial intelligence is reshaping productivity, employment and economic models, while inflation continues to pressure households and businesses.

Europe must remain globally competitive while preserving social cohesion, he said. “No country can face these challenges alone,” Keravnos added, stressing the EU’s importance as both an economic bloc and a community built on shared values.

Resilience As A Competitive Advantage

The minister called for Europe to reduce excessive dependence on external actors while balancing competitiveness with openness. He said Cyprus has strengthened its economic credibility through prudent fiscal policy, debt reduction and structural reforms.

Artificial intelligence is central to future productivity, Keravnos said. “Artificial intelligence is no longer optional,” he noted, calling for greater investment in skills, research and technology.

He also urged Europe to make better use of its universities and accumulated knowledge, strengthen workforce training and reduce bureaucracy, warning that excessive administrative burdens could hinder adaptation.

Cyprus Seeks A Larger European Role

Keravnos said Cyprus contributes to shaping European solutions despite its small size, highlighting the country’s role during its presidency of the Council of the European Union.

Its geographic position also offers an opportunity to strengthen ties between Europe and the Middle East. Energy security, resilient supply chains, the green transition and cross-border infrastructure remain key priorities, he said, adding that Cyprus is working to support cooperation in these areas.

Adaptation Without Sacrificing Prosperity

Keravnos called for a long-term European strategy that strengthens competitiveness without widening inequality. Europe has the resources to overcome current challenges, he said, but must adapt its policies to changing global realities.

The priority is to combine a consistent strategic direction with the flexibility to respond to immediate economic and geopolitical pressures while safeguarding long-term prosperity and economic stability.

Toyota’s dominance in Cyprus’s passenger-car market is largely driven by second-hand vehicles, with 7,435 used cars registered in the brand’s name during the first nine months of 2026, accounting for more than 90% of its total registrations.

The trend is even more pronounced for Mazda, where 3,832 of 3,881 registrations were for used vehicles.

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Kia Leads New-Car Registrations

Kia topped the new-car market with 1,096 registrations, ahead of Toyota with 797 and Nissan with 734. BYD ranked fourth with 678, followed by BMW with 605. Volkswagen, Hyundai, Mercedes, Jeep and Renault completed the top 10.

The figures highlight the divide between Cyprus’s second-hand market, dominated by established Japanese brands, and a more competitive new-car segment.

Passenger-Car Registrations Rise 9%

Cyprus recorded 34,156 passenger-car registrations between January and September 2026, up 9% from 31,325 in the same period last year.

Used vehicles accounted for 23,635 registrations, or 69.2% of the total, while new cars represented 10,521, or 30.8%. The figures reinforce an earlier report highlighting second-hand cars as a key driver of market growth.

September registrations, however, fell 2.5% year on year to 4,254, from 4,364.

Hybrids Increase Their Market Share

Hybrid vehicles accounted for 53% of passenger-car registrations in the first nine months of 2026, up from 44% a year earlier. Petrol cars’ share declined from 42.8% to 34.8%, while electric vehicles slipped from 4.7% to 4.2%.

The latest official figures show continued growth in Cyprus’s passenger-car market, with used vehicles maintaining a substantial lead over new cars.

San Francisco-based fusion startup Marathon Fusion claims to have turned mercury into stable gold, potentially opening new possibilities for precious metal production. Founded in 2023 by Kyle Schiller and former SpaceX engineer Adam Rutkowski, the company says its result exceeded a record set by CERN by a factor of 10. The claim has not been independently verified.

A Fusion Company With Ambitious Backers

Marathon is developing fuel systems for future fusion power plants. It says it works with the U.S. Department of Energy and received a 2023 award from ARPA-E. Its backers include Bill Gates’ Breakthrough Energy and mining group Anglo American, which owns De Beers.

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How The Gold Claim Works

Marathon says neutrons from fusion reactions strike mercury, creating an unstable isotope that decays into gold. CERN’s Large Hadron Collider previously produced about 29 picograms of gold during experiments between 2015 and 2018, but the particles existed only briefly before being destroyed in collisions.

Marathon also says its plasma centrifuge has broken a 40-year-old Soviet record for separating isotopes used in fusion fuel. However, it has not disclosed how much gold it produced or the cost, and independent confirmation is still lacking.

Why The Diamond Comparison Matters

Lab-grown diamonds show how technological advances can reshape a precious-material market. As production scaled, wholesale prices fell, creating a cheaper alternative to mined stones.

De Beers launched its Lightbox lab-grown diamond brand in 2018 at $800 per carat but shut it down in 2025 to refocus on natural diamonds. The wider diamond sector has also faced financial pressure, with Anglo American reportedly exploring a sale of its stake in De Beers.

Gold Is A Different Market Entirely

Gold is deeply embedded in global finance. The World Gold Council says mines produced 3,672 tonnes in 2025, while total historical mined output reached about 222,600 tonnes. Central banks also hold gold as a reserve asset and have been buying heavily in recent years.

Gold traded at $4,062 an ounce on Thursday, below its January record high.

A 2025 Marathon study estimated that a fusion plant could produce around five tonnes of gold annually for every gigawatt of electricity generated. If 100 plants reached that output, they could add 500 tonnes a year, equivalent to roughly 14% of 2025 mine production.

That scenario remains theoretical: no fusion plant currently sells electricity, and commercial systems are still years away. Marathon also says the gold could contain radioactive isotopes and might need to be stored for up to 18 years before sale.

The Real Question For Investors

Marathon has not announced plans to commercialise the material. Still, its claim raises questions about whether commercially viable fusion could create new markets for materials traditionally valued for their scarcity.

Transmuted gold could eventually become indistinguishable from mined gold once its radioactivity fades. If gold can be manufactured at scale, the implications for a market built on scarcity could be significant.