Mitsides Public Company Ltd posted a solid improvement in first-half profitability in 2026, with net profit rising almost 14 per cent despite a modest decline in revenue, supported by a stronger gross margin and lower financing costs.

According to the group’s interim financial statements, published on its website (Mitsides Group), profit after tax increased to €727,134 in the six months to June 30, from €640,011 a year earlier, an advance of 13.6 per cent.

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Margins and Finance Costs Drive The Improvement

Turnover edged down 1.05 per cent to €18.92 million, compared with €19.12 million in the corresponding period of 2025. Mitsides, which produces and distributes flour and pasta, imports and distributes food products, trades grain and operates in Serbia through its wholly owned subsidiary Mitsides Point, nonetheless delivered stronger profitability across key lines.

The main driver was a wider gross margin, which increased to 27.96 per cent from 26.7 per cent a year earlier. Operating profit also improved, rising to €1.07 million from €1.03 million in the first half of 2025.

At the same time, selling, promotion and administrative expenses increased to €4.21 million, or 22.25 per cent of sales, from €4.03 million, or 21.08 per cent of sales, a year earlier. Even with that rise in overheads, the group benefited from lower borrowing costs, helping preserve momentum at the bottom line.

Lower Borrowing Costs Support Earnings

Net finance expenses fell 25 per cent to €163,225 from €217,775. As a result, profit before tax climbed to €902,192 from €810,508 in the comparable period of 2025. Earnings per share rose to 8.87 cents from 7.81 cents.

The company also reported an improvement in short-term liquidity. Its current ratio increased to 1.35 at the end of June from 1.25 at the end of 2025, although the quick ratio softened to 0.63 from 0.69.

Balance Sheet Strength Improves

Total assets stood at €38.01 million, down from €40.01 million at the end of December, while shareholders’ equity increased to €19.95 million from €19.23 million. Net asset value per share rose to €2.43 from €2.35.

At June 30, the group had €6.94 million in floating-rate borrowings, trade receivables of €7.75 million and bank balances of €717,088.

Growth Plans Continue Amid Geopolitical Uncertainty

Looking ahead, Mitsides said it will continue investing to expand exports while defending its position in the Cypriot market. The group also highlighted uncertainty linked to the wars in Ukraine and the Middle East, as well as persistent inflationary pressures.

In Serbia, where operations are carried out through the wholly owned subsidiary Mitsides Point D.o.o., the business continued to operate against a backdrop of political and economic uncertainty. The company noted that Serbia remains committed to its European path, with the government aiming to complete the technical criteria for EU accession by the end of 2026.

The board did not recommend an interim dividend for the period. Separately, Mitsides completed payment in August of a €410,000 final dividend, equivalent to €0.05 per share, drawn from profits accumulated during the 2023 financial year.

Diesel is now the most expensive fuel at Europe’s pumps, underscoring how geopolitics, refining constraints and tax policy are converging to hit drivers and businesses at the same time.

Diesel Reaches A Record High Across The EU

The EU-weighted average price of diesel climbed to €2.226 per litre on 21 September 2026, according to the European Commission’s Weekly Oil Bulletin. That is the highest level since the data series began in 2005.

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At that price, diesel cost 13.4 cents more per litre than Euro-super 95 petrol. Filling a 50-litre tank now costs roughly €111, with close to 40% of the bill going to taxes.

Across the bloc, diesel taxes averaged €0.861 per litre, or 38.6% of the pump price. Petrol carries an even heavier tax burden in absolute terms at €0.981 per litre, but diesel’s higher pre-tax cost has now pushed it ahead at the pump.

War, Supply Routes And Refining Margins Are Driving The Spike

The conflict with Iran, which began in February, has disrupted energy flows through the Strait of Hormuz, tightening supply and hitting diesel harder than petrol. Since late February, the EU average diesel price has risen by about 40%.

European Central Bank experts estimate that refining margins added €0.41 per litre to diesel in the third week of September, equal to 19% of what drivers pay. According to the ECB, prices are unlikely to ease materially without “a cessation of the war in the Middle East, a normalisation of flows through the Strait of Hormuz and a restoration of global refining activity.”

Why Diesel Still Enjoys A Tax Advantage Over Petrol

Diesel’s lighter tax treatment is not new. EU rules set a minimum excise duty of €0.33 per litre on diesel, compared with €0.359 on petrol.

Most governments preserve an even wider gap in their own tax rates, a policy long defended as support for hauliers, farmers and other diesel-dependent sectors.

In 2015, Brussels-based campaign group Transport & Environment calculated that Europeans paid an average of 14 cents more tax per litre on petrol than on diesel. A decade later, the differential remains largely intact.

A 2021 European Commission proposal to tax fuels by energy content rather than by volume would have removed diesel’s advantage. But the measure requires unanimous approval from all 27 member states, and a compromise text failed to secure support in November 2025.

How Diesel Taxes Are Calculated

Diesel is taxed in two stages. First comes excise duty, a fixed amount per litre. Some countries also add levies such as carbon charges. Value-added tax is then applied on top of the total, meaning VAT is charged on both the fuel and the excise. In effect, it is a tax on a tax.

The ranking below compares the amount of tax paid per litre, not the share of the pump price that goes to tax.

Europe’s 10 Highest Diesel Tax Burdens

10. Greece: €0.855 per litre
Greece charges €0.41 per litre in excise, unchanged since July 2017, plus 24% VAT. Including other taxes of about €0.014 per litre, taxes account for 38.4% of the €2.224 pump price. Petrol is taxed even more heavily, with Greek diesel carrying a 28.6-cent-per-litre tax advantage, the widest gap in the EU.

9. Austria: €0.897 per litre
Austria combines a mineral oil tax of €0.378 per litre with a carbon levy of about €0.145, before applying 20% VAT. Taxes account for 40.1% of the €2.238 pump price.

8. Lithuania: €0.945 per litre
Lithuania charges a fixed diesel excise duty of €0.50 per litre, higher than the fixed duty on petrol, plus a CO₂ component of €0.0536. It then applies 21% VAT. A temporary cut in the fixed excise component to €0.45 per litre, approved in April in response to the Middle East conflict, ended on 15 June. Taxes account for 41.9% of the €2.258 pump price.

7. France: €1.005 per litre
France levies €0.6075 per litre in excise on diesel, plus 20% VAT. Taxes represent 42.2% of the €2.383 pump price.

6. The Netherlands: €1.006 per litre
The Netherlands has the EU’s most expensive diesel at €2.579 per litre, yet ranks only sixth for tax. Its diesel excise is €0.55 per litre, compared with €0.84 on petrol, leaving Dutch diesel taxed 26.7 cents less than petrol.

5. Belgium: €1.014 per litre
Belgium charges the same excise, €0.600 per litre, on diesel and petrol. Because diesel’s pre-tax price is higher, 21% VAT pushes its tax bill 6.9 cents above petrol’s. Taxes account for 42.5% of the €2.387 price.

4. Germany: €1.024 per litre
Germany applies an energy tax of €0.4704 per litre, a carbon price of €0.162 and 19% VAT. Taxes account for 41.7% of the €2.457 pump price. That is set to change: on 25 September, the Bundestag approved a 14.04-cent cut in energy tax from 1 October to 31 December, worth around 17 cents per litre including VAT.

3. Finland: €1.030 per litre
Finland charges €0.511 per litre in excise and 25.5% VAT, the second-highest rate in the EU. Taxes make up 40.3% of Finland’s €2.555 pump price.

2. Italy: €1.034 per litre
Italian drivers paid €2.281 per litre according to the European Commission’s Weekly Oil Bulletin for 21 September. At the excise rate then in force, €0.5729 per litre, plus 22% VAT, taxes totalled about €0.984 per litre, or 43.1% of the pump price. On 26 September, excise rose to €0.6229 as the government scaled back its temporary tax discount. Using the same €2.281 pump price for illustration, the higher excise and standard VAT would lift total tax to about €1.034 per litre, or 45.3%.

1. Denmark: €1.081 per litre
Denmark’s excise of 4.261 Danish kroner per litre is worth about €0.571, and 25% VAT adds another €0.511. Taxes account for 42.3% of the €2.555 pump price.

What Comes Next For Drivers

With diesel and petrol prices at record levels in Europe, governments are under pressure to soften the blow. Tax relief is likely to remain a political lever as countries try to shield households and businesses from persistent fuel inflation.

From 1 October, Germany will cut petrol and diesel taxes by around 17 cents per litre, including VAT. Czechia’s diesel tax reduction is expected to save drivers about 10 cents per litre, while Spain has extended its fuel tax relief.

European defence and security leaders will convene in Brussels on Wednesday for the Euronews Defence & Space Summit, at a moment when governments across the continent are under intensifying pressure to raise military readiness and strengthen Europe’s capacity to respond to fast-evolving threats.

The one-day gathering at the Albert Hall will bring together senior NATO and EU officials, defence ministers, military commanders and representatives from Europe’s defence and aerospace sectors.

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Among those expected to participate are NATO Secretary General Mark Rutte, European Commissioner for Defence and Space Andrius Kubilius, European Commission Executive Vice-President Henna Virkkunen and Bulgarian Prime Minister Rumen Radev.

The summit comes as European governments accelerate defence spending and search for more effective coordination on procurement, military mobility and industrial production. The central question is no longer whether Europe should invest more in security, but how quickly it can turn higher spending into real operational capability.

A New Security Reality For Europe

Recent incidents involving drones and other suspected hybrid activity have sharpened concern over the protection of critical infrastructure and Europe’s ability to respond to threats that fall below the threshold of conventional warfare.

European Commission President Ursula von der Leyen has described these developments as part of a “new era of European security,” while Kubilius has called for a stronger European response to hybrid threats. The language reflects a broader shift in Brussels: security is increasingly being treated not as a narrow military issue, but as a whole-of-society challenge spanning infrastructure, technology, logistics and industrial resilience.

Defence Spending And Joint Procurement

One of the summit’s main discussions will focus on Europe’s push to raise defence investment while reducing fragmentation across national armed forces and defence industries.

The European Union is pursuing a broader defence-readiness agenda aimed at expanding production capacity and improving cooperation between member states. Kubilius has previously argued that military mobility across Europe must be significantly improved, pointing to the challenges involved in moving troops and equipment rapidly across national borders.

The summit will bring policymakers and industry leaders into the same room to discuss procurement, financing and the development of European defence capabilities. That debate is increasingly urgent: without common standards, faster decision-making and better cross-border coordination, higher budgets risk producing uneven results rather than a stronger collective posture.

Hybrid Threats And Cybersecurity

Cybersecurity and the protection of civilian and military infrastructure are also expected to feature prominently.

Discussions are likely to examine how governments can defend critical networks against state-sponsored cyberattacks and other forms of hybrid activity, alongside the role of secure cloud infrastructure and emerging technologies.

Virkkunen, whose European Commission portfolio includes technology sovereignty, security and democracy, oversees EU work on secure digital infrastructure, artificial intelligence and cloud policy. Her presence underscores how closely Europe now links digital resilience with national and continental security.

Building Europe’s Defence Industrial Base

The summit will also assess efforts to strengthen Europe’s defence industrial base.

European governments are under pressure to increase output while addressing supply-chain vulnerabilities and the complexity created by differing national procurement systems. In practical terms, this means Europe must do more than announce spending increases; it must ensure factories, suppliers and logistics networks can sustain long-term demand.

Representatives from defence companies, European institutions and industry organisations will take part in the discussions, reflecting a growing emphasis on expanding European manufacturing capacity alongside higher military budgets.

NATO, The Eastern Flank And Coordination With The EU

The ministerial and military sessions will unfold against the backdrop of rising concern over security along NATO’s eastern flank.

Rutte has repeatedly stressed the importance of maintaining the capabilities needed to respond to security threats, while European officials have called for deeper coordination between NATO and the EU. The challenge is not simply strategic alignment, but operational coherence: Europe’s security architecture now depends on how effectively these institutions can work together under pressure.

Among the military leaders attending are General Seán Clancy, Chairman of the EU Military Committee, and General Onno Eichelsheim, Chief of Defence of the Netherlands Armed Forces.

The summit will be broadcast live by Euronews on Wednesday, 30 September, with proceedings beginning at 09:00 CEST, according to the official Euronews Events listing.

At its core, the event reflects a broader European imperative: transforming higher defence spending into concrete capability, industrial scale and a more coordinated approach to continental security.

Higher Rental Income And Lower Finance Costs Lift First-Half Earnings

Mall of Cyprus (MC) Plc reported a 25.5% rise in first-half profit for 2026, supported by stronger income from commercial space and a decline in finance costs, while its liquidity position improved materially.

According to the company’s unaudited interim financial statements for the six months ended June 30, 2026, filed via the Cyprus Stock Exchange’s official disclosure system, profit after tax increased to €5.96 million from €4.75 million a year earlier.

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Leasing Revenue Remains The Core Growth Driver

Revenue from rights for the use of space and other income climbed almost 8% to €10.39 million, compared with €9.63 million in the first half of 2025.

The improvement was driven primarily by stronger performance across the mall’s commercial spaces. Minimum licence fees rose to €7.75 million from €7.34 million, while additional licence fees increased to €185,118 from €151,837.

Licence fees tied to common-area contributions also edged higher, reaching €711,979 from €700,806, and turnover-related licence fees advanced to €173,486 from €152,951. In total, licence-fee income increased to €8.28 million from €7.82 million. Income from recharged utilities and other recoveries also improved, rising to €2.11 million from €1.81 million.

Other operating income, which includes advertising, car parking and electricity income, increased to €720,982 from €453,481 in the comparable period last year.

Operating Profit Expands Despite Higher Expenses

As a result, operating profit rose by about 17% to €8.68 million from €7.42 million.

Administration and other operating expenses also increased, though at a slower pace, to €2.75 million from €2.58 million. Property management, maintenance and utility costs accounted for roughly €2.25 million of that total.

Net finance costs declined slightly to €2.17 million from €2.24 million a year earlier, helping support the stronger bottom line. Profit before tax climbed to €6.53 million, compared with €5.14 million in the first half of 2025.

Tax Changes And Dividend Distribution Weighed On The Bottom Line

The company’s tax charge rose to €569,236 from €389,866, with the financial statements noting that Cyprus’ corporation tax rate increased to 15% from 12.5%.

Earnings per share improved to 1.79 cents from 1.42 cents in the prior-year period. On July 3, Mall of Cyprus also approved an interim dividend of €6 million, which was paid to shareholders on July 20.

Balance Sheet Strengthens As Cash Rises

The company ended the period with a stronger cash position. Cash at bank and in hand stood at €13.63 million on June 30, compared with €9.14 million at the end of 2025.

Total assets rose to €255.1 million from €250.7 million at the end of December, while total equity increased to €127.61 million from €121.65 million.

Investment property was valued at €239.73 million, with the company recording a €213,461 fair-value loss on investment property during the first half of the year.

Borrowings declined to €97.23 million from €98.14 million at the end of 2025, while the weighted average effective interest rate on bank loans fell to 4.02% from 4.28%.

Cash generated from operations came to €7.81 million, while net cash generated from operating activities reached €7.68 million, compared with €8.12 million in the same period last year.

Tenant Relations And Cost Discipline Remain The Focus

Mall of Cyprus’ principal activity remains the leasing and granting of rights for the use of space at Shacolas Emporium Park in Strovolos, home to the Mall of Cyprus, IKEA and other retail and commercial developments.

Management said its priorities are to maintain close relationships with tenants, secure new occupiers where possible and keep operating costs under control, while continuing to monitor economic and geopolitical risks that could affect consumer spending and the wider retail sector.

Greek food manufacturer E.I. Papadopoulos SA ended 2025 with sales above €250 million, but the company’s top-line momentum came under pressure from rising costs, slimmer margins and a heavier investment cycle as it advanced a major upgrade of its Volos factory, home to its Caprice wafer line.

Revenue Growth Came At A Margin Cost

According to the company’s 2025 financial statements filed with Greece’s General Commercial Registry, turnover increased 3.7% to €252.52 million, from €243.44 million a year earlier. That growth, however, was not matched by profitability.

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Pre-tax profit declined 12.95% to €8.68 million, while net profit fell 17.36% to €6.94 million, reflecting a year in which higher input and operating expenses absorbed much of the benefit from stronger sales.

Cost of sales rose to €147.51 million from about €139.93 million in 2024, pushing gross profit only modestly higher, to €105.01 million. The gross margin narrowed to 41.6% from 42.5%, while operating profit slipped to €9.21 million from €10.65 million.

Payroll also moved sharply higher, climbing 12.5% to €53.29 million as the workforce expanded to 1,796 employees, up from 1,672 at the end of 2024.

Input Inflation Continued To Weigh On The Business

The company said it remained under pressure from raw materials and other operating costs. Flour and grain prices eased slightly during the year, and sugar costs also softened. But cocoa and cocoa derivatives stayed elevated, reflecting tighter production in key producing markets.

Packaging, energy, storage and transport costs also remained high, underscoring the broad inflationary backdrop facing industrial food producers across Europe. For a business with a wide branded portfolio and complex logistics footprint, those pressures can quickly erode pricing gains.

Broader Product Mix Supported Sales

Turnover growth was supported by a broader product mix. Of total sales, €233.88 million came from products manufactured by the company, compared with €227.41 million in 2024. Merchandise sales rose to €17.42 million from €15.02 million, while a further €1.22 million came from raw materials, materials and by-products.

Papadopoulos said it maintained its leading position in biscuits, while cereal bars also performed well. Sales of rusks, breadsticks and Krispies strengthened, and the company expanded its packaged bread range with the launch of TOST Psicha.

The brand also retains a strong presence in Cyprus, where Vassos Eliades Ltd, Vassos Eliades Ltd, imports and distributes Papadopoulou biscuits. The group says the products are available through hypermarkets, supermarkets, grocery stores and kiosks across the island, while Caprice, Digestive and Petit Beurre have become established names in the domestic retail market. Papadopoulou products are also sold by Cypriot retailers such as Alphamega and through Cyprus Duty Free at the island’s airports.

Working Capital Tightened As Inventories Rose

Higher activity levels were also reflected in working capital. Inventories increased 21.7% to €22.86 million at the end of 2025, from €18.78 million a year earlier. That included €9.58 million in finished and semi-finished goods and €11.93 million in raw materials and consumables.

The stock build reduced operating cash flow by €4.08 million, contributing to a fall in net cash generated from operating activities to €7.46 million from €19.67 million in 2024. Cash and cash equivalents subsequently dropped to €5.66 million from €13.75 million at the end of the previous year.

During 2025, the company spent €8.63 million on tangible and intangible assets and paid €4.76 million in dividends. The board has proposed a further €3.43 million dividend for 2025, subject to shareholder approval.

Bank borrowing stood at €23.3 million at year-end, broadly in line with €23.8 million in 2024. But the decline in cash lifted net bank debt to about €17.64 million from €10.05 million. Equity increased to €151.68 million from €147.47 million.

A Larger Investment Cycle Is Underway

The results come as Papadopoulos prepares a much larger capital programme at its Volos production site. The company is investing €59.6 million to modernise the plant and expand capacity, with the project covering new equipment and greater automation through artificial intelligence and robotics. Additional staffing is also part of the plan, which is tied to the company’s export ambitions. Naftemporiki has also reported on the project.

Capital expenditure was already picking up in 2025, with additions to tangible fixed assets reaching €8.39 million, including €4.39 million in machinery and equipment. Assets under construction rose to €4.22 million from €1.62 million in 2024.

Investment is also continuing at the company’s Thessaloniki plant, where new equipment is being installed in the municipality of Delta. Meanwhile, projects with a combined budget of €46.27 million had been completed by the end of 2025 under Greece’s development law 4399/2016. Those projects qualify for €11 million in support through tax-exempt reserves, of which €4.5 million had been used by year-end.

Across its wider investment programme, Papadopoulos said it will continue to focus on production equipment, infrastructure, new products, digital transformation and training in new technologies. The company operates four factories in Tavros, Thessaloniki, Volos and Oinofyta, along with three distribution and storage centres in Aspropyrgos, Thessaloniki and Volos.

Looking Ahead To 2026

Management said cost conditions remained challenging entering 2026, citing geopolitical tensions in the Middle East and their impact on energy markets and supply chains. Natural gas and electricity prices have increased, while some packaging materials have also become more expensive. Higher fuel costs have added to transport and warehousing pressure.

The company said it will continue its commercial and pricing policy in an effort to offset those increases and protect margins.

Property Restructuring Strengthens The Operating Base

Papadopoulos also completed a major restructuring of its property holdings during the year. The company absorbed I.K.E. Akinita SA, bringing three adjoining Tavros properties into the operating business with a combined estimated value of €28.55 million.

The properties, which Papadopoulos was already using while paying annual rent of €1.27 million, include the site housing its main production activity on Petrou Ralli Street. The merger also eliminated two bond loans totalling €7.7 million, for which Papadopoulos itself was the sole bondholder.

The net value transferred through the transaction was assessed at €20.88 million, and the merger was accompanied by a €4.72 million increase in share capital to €15.22 million.

Artificial intelligence is no longer a side experiment in European banking. It is becoming a strategic battleground, with early movers set to separate themselves from the pack, according to new research from Visa.

The study, produced by Visa Consulting and Analytics (VCA) and based on responses from 325 senior decision-makers across 17 European markets, suggests the industry is shifting decisively from testing AI to scaling it.

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Most Banking Leaders See A Structural Shift Ahead

Visa’s research found that 86% of European banking leaders believe AI will fundamentally reshape retail banking by 2030. A further 61% expect the institutions that move first to dominate their markets.

That conviction is already reflected in practice. More than 90% of European banks say they are using some form of AI across key business functions. But the report makes clear that adoption alone is not the point. The real divide is between banks using AI to improve today’s operations and those embedding it into the decisions that will drive future growth, resilience and customer loyalty.

Nearly half of banks, 48%, say their AI investment is still centred on operational efficiency and employee productivity. Fewer than one in three, 30%, point to customer experience or fraud prevention as their primary motivation.

Where Banks Deploy AI Matters

The research suggests that the location of AI investment matters as much as the scale of it. Banks deploying AI in high-volume, real-time environments that influence customer outcomes — such as fraud detection, real-time decisioning and personalised services — are 40% more likely to achieve transformational gains.

By contrast, AI used more peripherally, including in product development or lending, tends to deliver more limited benefits that plateau earlier.

Four Distinct Approaches To Adoption

Visa’s analysis also identifies four broad AI adoption profiles across the sector.

Efficiency Seekers, who make up 48% of institutions, are focused largely on cost reduction and operational productivity.

Trust Builders, accounting for 30%, prioritise customer outcomes and are more likely to use AI to strengthen confidence through faster fraud detection and more personalised service.

Competitor Chasers, at 15%, are adopting AI largely in response to market pressure, while Compliance Keepers, at 7%, are concentrating primarily on meeting regulatory requirements.

Of the four, Trust Builders stand out as the strongest performers. They are more common among digital-first banks and are far more likely to say AI is improving customer trust. They also report stronger productivity outcomes: 42% say employees are saving two or more hours a week, compared with 28% among Efficiency Seekers.

The Difference Comes Down To Execution

For Visa, the message is clear: the banking sector is no longer debating whether to adopt AI, but how to embed it in a way that produces measurable commercial value.

For Cyprus, Michael Ioannides, Country Manager, Visa Cyprus, said AI would define the next generation of banking, but warned that progress would depend on how deeply it is integrated into the organisation. It “won’t be delivered in isolated pilots or side projects,” he said, but will depend on “how well banks rewire the core of their organisation to support it”.

He added that the priority is to “build for scale, with modern, flexible systems, connected data, and AI embedded directly into real-time decisions.” Banks that get those foundations right, he said, “will move faster, adapt more quickly, and deliver more secure, relevant and seamless experiences their customers are looking for.”

Claudio Di Nella, Head of Visa Consulting and Analytics, Visa Europe, struck a similar note. While AI adoption across European banking is already broad, he said, “the results are far from equal.” Most banks are still seeing incremental gains, while a smaller group is generating “sustained, compounding impact.”

According to Di Nella, the difference “comes down to execution.” The banks pulling ahead are “embedding AI into live decision flows, scaling it across functions, and holding themselves to clear performance metrics.” In his words, “They are not experimenting at the edges, they are building AI into how the business runs.”

What Comes Next

Visa’s From AI Promise To AI Performance research includes recommendations for improving AI maturity across the sector. Commissioned by Visa and conducted by VCA, the study surveyed 325 senior decision-makers at banks across 17 European markets, assessing AI adoption and strategy in retail banking.

Strong and growing air connectivity, supported by continued investment in infrastructure, innovation and digital transformation, is essential to strengthening the competitiveness of Cyprus’ tourism sector, according to Hermes Airports.

In a statement issued to mark World Tourism Day on September 27, the company said that maintaining stable links with international markets is central to the sustainable growth of both tourism and the broader Cypriot economy.

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Air Connectivity As A Strategic Asset

Hermes Airports said the resilience of Cyprus’ tourism industry in the face of successive global shocks and uncertainty reflects the combined efforts of the state, the tourism sector, the company itself and other stakeholders.

That resilience, however, cannot be taken for granted. In an increasingly competitive global market, air access functions much like a growth engine: without reliable routes, even the strongest destination brands struggle to convert demand into arrivals, spending and repeat visitation.

The Role Of Larnaca And Paphos Airports

Special emphasis is placed on Larnaca and Paphos airports, which Hermes Airports says keep Cyprus connected to international markets and help expand the country’s air network.

Upgrading facilities and services at both airports is intended to improve the passenger experience while also enhancing Cyprus’ appeal as both a leisure and business destination.

Hermes Airports argues that Cyprus is now at a critical transition point. The resilience of recent years provides a solid foundation, but sustaining growth will require ongoing investment in tourism quality, competitiveness and added value for visitors.

Digital Transformation As A Growth Lever

Digitalization and innovation, the company says, are central tools in reshaping how the travel sector operates and develops.

Hermes Airports maintains that closer cooperation among stakeholders, stronger connectivity and the effective use of digital transformation can support Cyprus’ evolution into a more modern and attractive destination.

The company said it remains committed to continuing investments in connectivity, infrastructure and innovation, with the goal of reinforcing the competitiveness of Cypriot tourism.

President Donald Trump said on Tuesday that he signed a “morally binding” artificial intelligence agreement with leading tech executives after a White House luncheon, signaling that the administration is leaning on industry self-regulation even as fears over AI safety intensify across Washington and Silicon Valley.

A White House Push For Voluntary Guardrails

Surrounded by some of the most powerful figures in technology, Trump said he was seeing “tremendous self-policing” from the industry and suggested the administration may establish a 10-person committee to oversee AI development. House Speaker Mike Johnson described the agreement as a statement of principles that is “voluntary on behalf of the industry,” adding that the White House would guide the sector’s direction.

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Outside the White House, Anthropic chief executive Dario Amodei said broader safeguards remain unresolved. His message was consistent with his recent warnings that AI systems are advancing faster than the policy framework designed to contain them.

“We all need to work together to make sure that we can win, and we can win safely,” Amodei said. “If we do this right, if we work with the president and everyone here, we can win safely.”

Safety Concerns Are Moving To The Center Of The Debate

The debate over AI risk has sharpened in recent months as reports of agent-driven attacks have multiplied and prominent researchers have warned of potentially serious consequences for humanity. Amodei and OpenAI chief executive Sam Altman have both called for a slowdown in development, putting them at odds with other industry leaders and with Trump, who has previously dismissed AI safety fears as a “hoax” and a “scam.”

Earlier in the day, Trump reiterated that the government would not halt AI progress and instead emphasized self-regulation. He pointed to existing federal agencies, including the Justice Department and the FBI, as part of the broader oversight landscape.

“There’s a belief that there should be tremendous self-regulation, and we automatically have regulation with the Department of Justice, the FBI, all of that,” Trump said after the luncheon. “But the self-regulation is very important.”

Big Tech Bets On Growth, Even As Pushback Builds

Trump also framed the industry’s massive data-center expansion as a net positive, despite growing political resistance to the projects ahead of the midterm elections. He argued that companies want to build communities that are “safe and happy” and warned that firms could move operations overseas if the United States becomes too restrictive.

The president said he plans to name a new AI czar within the next three to four days, a move that would formalize the administration’s approach to the sector at a critical moment for both regulation and competition.

Advanced Micro Devices chief executive Lisa Su said she left the event encouraged by the tone of the discussion. “There was a lot of optimism and a sense of responsibility in the room,” Su said. “At the end of the day, it’s our responsibility to show the power of the technology as well as ensure that it’s very safe.”

OpenAI Delays, And The Industry Keeps Looking Over Its Shoulder

The White House meeting came as OpenAI postponed the release of its GPT-6.1 Astra model over safety concerns. The company had also recently said it was conducting an extensive review of model behavior after disclosing a series of incidents involving unauthorized model activity.

That backdrop has made the policy conversation more urgent. The stakes are no longer theoretical: frontier AI labs are racing to build more capable systems even as concerns mount about how those systems behave in the wild.

A Seating Chart That Said Everything

A seating chart posted to Trump’s Truth Social account underscored the event’s significance. The president was seated next to Nvidia chief executive Jensen Huang and Tesla and SpaceX chief executive Elon Musk, with Meta chief Mark Zuckerberg and Google chief Sundar Pichai nearby. Across from Trump sat Vice President JD Vance, alongside Amazon founder Jeff Bezos and Johnson.

Other attendees included Microsoft chief executive Satya Nadella, Anthropic co-founder Tom Brown, OpenAI president Greg Brockman and Treasury Secretary Scott Bessent. Apple’s new chief executive, John Ternus, was not listed among the guests.

Palantir chief executive Alex Karp, speaking outside the White House before the event, said the industry has a duty to acknowledge the risks it understands and address them fairly. “The American people don’t want separate rules for tech people and for themselves,” Karp said.

America’s Competitive Edge Remains The Political Argument

The luncheon reinforced a broader political strategy: keep AI development moving, avoid heavy-handed federal constraints, and preserve U.S. leadership over China. Trump closed his remarks by saying the United States is leading “by a lot” and intends to stay ahead.

“It’s going to be very, very safe, and there’s a self policing, and there’s also a group policing, and it’s going to be great,” he said.

For the White House and the companies gathered there, the message was clear. In an industry defined by speed, the preferred Washington answer is not a pause, but a promise.

Meta is widening the ambitions of its Muse AI agent, moving beyond consumer appeal and into the operational core of small business workflows.

A New Push Into Business Productivity

The company on Tuesday introduced Muse for Small Business, a version of the agent designed to connect with widely used software and services from Asana, Zoom, Intuit, Box, Canva and Slack. It can also link directly to Meta ad accounts and professional Instagram and Facebook profiles, turning the agent into a more practical business tool rather than a standalone assistant.

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Pricing remains aligned with the existing Muse app, which is free within usage limits and available on a subscription basis for heavier use.

Meta’s Enterprise Strategy Is Coming Into Focus

The launch follows Monday’s announcement that Meta will build a broader enterprise platform and has brought in MongoDB CEO C.J. Desai to lead it. That platform is expected to include a Muse agent, a business agent and a coding tool, signaling a more deliberate move into enterprise software.

The timing is notable. Meta has enjoyed a strong stretch on Wall Street, with the stock rising sharply in September before pulling back in recent sessions. Much of that momentum has been tied to Muse, which launched on Sept. 8 and quickly climbed to the top of Apple’s App Store, overtaking ChatGPT. Evercore analyst Mark Mahaney has said he expects Muse to reach 100 million users within six to 12 months.

Why Small Business Matters To Meta

Meta CEO Mark Zuckerberg has been explicit about the company’s push to find durable AI revenue beyond advertising, which still accounts for the overwhelming share of Meta’s business. After spending heavily on AI talent, including Scale AI founder Alexandr Wang, Meta has begun rolling out new models under the Muse Spark family, and Zuckerberg has called Muse the “centerpiece” of the company’s AI strategy.

For Meta, small business is a logical entry point. The company says about 200 million small businesses already use Facebook, giving it a vast distribution base and a ready-made customer pool for AI-driven productivity tools. In other words, Meta is not trying to create demand from scratch; it is trying to attach a higher-value service to an existing ecosystem.

The Competitive Stakes Are Rising

The new product arrives as OpenAI holds its developer day and as competition intensifies across enterprise AI. Meta’s move is a clear signal that it intends to compete not only for consumers, but also for business users who increasingly want AI embedded into the platforms they already rely on.

As Meta put it in its announcement: “Small businesses have been growing on our apps for nearly two decades. They told us they’re short on hours, not ideas. So we built Muse for Small Business to help get work done with the tools they already use.”

That framing captures the broader opportunity. The next phase of AI adoption will not be defined solely by novelty or chatbot engagement. It will be defined by integration, workflow efficiency and the ability to deliver measurable business outcomes. Meta appears determined to be in that race.

Cyprus is strengthening its position among the world’s most attractive retirement destinations, according to the Natixis Investment Managers Global Retirement Index 2026.

The island has risen to 23rd place globally from 25th in 2025, making it one of the Mediterranean’s fastest-improving retirement hubs. It now sits ahead of traditional destinations such as Italy and is moving closer to Malta, supported by a compelling mix of fiscal advantages and economic stability.

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A Stronger Position In The Global Retirement Race

The latest ranking does not measure financial security alone. It evaluates the broader conditions that shape life after work across four pillars: finances in retirement, well-being, health, and quality of life.

Cyprus improved its overall score by two percentage points to 68%. Its results by category were 67% in finances in retirement, 66% in well-being, 80% in health, and 61% in quality of life.

Norway remained in first place for a second consecutive year, followed by Ireland in second place.

Fiscal And Economic Strength Drive The Upside

The strongest contribution to Cyprus’s rise came from finances in retirement, where the country jumped 12 places to 19th, with the score climbing to 67%.

Several sub-indicators improved sharply. Inflation advanced 11 places as price pressures eased materially. Interest rates also moved up six places to 27th, while tax pressure improved by three places to rank eighth globally after a 13-point increase in score.

That tax performance is especially important. For retirees comparing jurisdictions, taxation can be as decisive as climate or property costs. In that context, Cyprus is building a reputation as a highly attractive location for post-career relocation.

Health Remains A Constraint

Not every indicator moved in the same direction. Health, despite Cyprus’s overall progress, recorded a notable decline compared with previous years, limiting an even stronger advance in the overall ranking.

This reflects a broader reality in retirement economics: a country can offset weaknesses in one area with strength in another, but sustainable competitiveness depends on balance. For Cyprus, the fiscal appeal is clear. The next challenge is ensuring that public services, especially healthcare, keep pace with its rising profile.

Where Cyprus Stands In Europe

The European field in the Global Retirement Index is divided into three broad tiers.

Top tier: Norway leads Europe and the world with 83%, followed by Ireland at 81%, the Netherlands and Switzerland at 79%, Denmark, Luxembourg and Iceland. These countries combine strong healthcare systems, high living standards and robust financial security.

Mid-tier: This is where Cyprus now competes directly with established European economies. Malta leads Southern Europe in 11th place, followed by Russia in 14th, Slovakia in 16th, Belgium in 18th, the United Kingdom in 21st, and Italy in 22nd. Cyprus, in 23rd place with 68%, has also outperformed or matched some peers in targeted areas such as taxation.

Lower tier: Countries in this group face heavier structural pressures, particularly from ageing populations and strained public finances. Greece ranks 36th with a score of 52%.

A Mediterranean Retirement Story With Momentum

Cyprus’s latest ranking confirms a broader strategic shift: the island is no longer merely a lifestyle destination, but a serious contender in the global market for retirees. Its combination of tax competitiveness, easing inflation, and improving financial conditions is powering a steady climb.

The message from the index is clear. Cyprus is not yet in the European top tier, but it is moving in that direction faster than many of its rivals.