The Bank of England kept its benchmark interest rate at 3.75% on Thursday, but the decision was not unanimous. In a 6-3 vote, the Monetary Policy Committee kept rates unchanged, while three members backed a 25-basis-point increase to 4%. Renewed energy price pressures have added to concerns that inflation could remain elevated.

Inflation Pressures Remain

Policymakers said inflation “is likely to rise further over coming quarters,” citing higher and more volatile crude oil and refined energy prices since the conflict began.

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So far, there has been “little evidence” of significant second-round effects, such as broader wage and price increases. Inflation risks, however, are now “tilted to the upside” and have increased since the July Monetary Policy Report.

Energy Prices Add To Inflation Risks

Brent crude has risen 36% since July, reaching $106 a barrel on Sept. 14, while UK wholesale gas prices increased 78% to 207 pence per therm.

Higher energy costs can feed into transport, production and household expenses, raising costs across supply chains. Refinery pressures have also pushed crack spreads, the difference between refined fuel and crude prices, well above pre-conflict levels.

Economy Shows Resilience

Despite the inflation risks, UK economic activity has held up slightly better than the Bank expected. A softer labor market and higher borrowing costs are expected to help reduce inflation over time.

Previous monetary tightening is still working through the economy, according to policymakers. So far, the latest energy shock has not produced clear evidence of a broader wage-price spiral.

Major Central Banks Take Different Paths

The decision comes during a busy period for global monetary policy. The Federal Reserve raised rates Wednesday to 3.75%-4% in its first increase since 2023, while the European Central Bank recently lifted its deposit rate to 2.5%.

The Bank of Japan is due to announce its decision Friday, with markets expecting a rate increase. Thursday’s split vote shows that pressure for tighter policy remains within the Bank of England’s Monetary Policy Committee.

Cyprus’ technology and business communities are moving to tighten their collaboration as the country accelerates its digital transformation agenda and prepares for broader artificial intelligence adoption.

Focus On AI Strategy And Business Readiness

That was the central message from discussions between the Cyprus Information Technology Enterprises Association (CITEA) and the Employers and Industrialists Federation (Oev), which examined Cyprus’ digital future, the government’s National Artificial Intelligence Strategy, and the practical challenges businesses face as they adopt emerging technologies.

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The two organisations discussed the need to speed up AI uptake across the economy, while also identifying the role industry groups can play in helping companies use these tools more widely and effectively.

Citea Sets Out Recommendations

During the meeting, CITEA outlined its main positions and recommendations on the National AI Strategy. The association said it would share its proposals with Oev in greater detail for further review and discussion.

CITEA president George Malekkos highlighted the long-standing cooperation between the two organisations and voiced support for expanding it through joint initiatives and reciprocal backing.

The objective, he said, is to help accelerate digital transformation and AI adoption across the Cypriot economy.

Shared Commitment To Cyprus’ Digital Development

Also attending the meeting were Oev president George Pantelides, director general Michalis Antoniou, and CITEA vice-president Antonia Michael.

CITEA and Oev said they will continue working together to strengthen ties between the technology and business sectors and support Cyprus’ broader digital development.

Ten years ago, Lynne Loo was an academic scientist in Australia studying how waste could be repurposed. What began as a research project soon evolved into something larger: a practical blueprint for extracting commercial value from materials most businesses would send to landfill.

Today, Loo is helping startup founders turn that idea into reality. As a waste broker, she connects emerging businesses with markets for by-products and discarded materials, giving viable new ventures a route from laboratory concept to commercial scale.

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Australia’s Waste Problem Creates A Business Opportunity

Australia generates 76 million tonnes of waste each year, according to the Department of Climate Change, Energy, the Environment and Water. Much of it still ends up in landfill. That scale of waste presents an environmental challenge, but it also opens a market for entrepreneurs capable of rethinking what discarded materials can become.

Across industries, innovators are finding that waste is not only a disposal problem. In the right hands, it can be a feedstock, a raw material, and in some cases, a high-value product in its own right.

Turning Food Waste Into Cellulose Products

One example comes from Matt Barber, who has built a home laboratory focused on extracting cellulose from food waste. From that material, he is developing paper, leather and wood alternatives, with potential applications in bioplastics as well.

“So, what I get is pure cellulose that comes out and then from there, I process that into other paper, leather or wood products. But it could be turned into a bioplastic. It can be turned into any uses. So you can, instead of growing a tree, which takes 75 years, you can grow this in a week,” Barber explained.

For Barber, the venture fits alongside his day job, but access to the right market is critical. That is where Loo’s work becomes essential. “You have a start up and you don’t know what to do with it and she [Loo] helps you find a market for it,” he said.

From Rubbish To Vinegar, Biochar And Oil

At a waste facility in Collie, Western Australia, Renergi is pursuing a more industrial version of the same principle. Using thermal conversion technology, the company is transforming rubbish into products including vinegar, biochar and oil.

“We can process just under about 30,000 tonnes of biomass waste per year and 4,000 tonnes per annum of the town’s municipal solar waste,” said Deejay Parker of Renergi.

More than 70% of the material is recovered and converted into new outputs. The biochar is already being used on fruit farms and at a winery across Southern Western Australia, demonstrating how waste recovery can create practical value for regional agriculture.

The project has received funding from the Australian Renewable Energy Agency as part of broader efforts to expand renewable technologies into regional communities. At full scale, it is expected to become one of the country’s largest producers.

Why Circular Thinking Is Winning Traction

Loo says the momentum matters as much as the technology. “I think it’s important for people to see that it’s possible because there are so many naysayers,” she said.

That is the central lesson of Australia’s growing waste innovation sector: with the right science, business model and market access, discarded materials can become industrial inputs, farm products and new revenue streams. In a resource-constrained economy, the smartest waste strategy may be to stop seeing waste as the end of the line.

Instead, it can be the beginning of a new value chain.

MENA fintech raised $617 million across 57 transactions in H1 2026, matching H1 2022 funding but across 31 fewer deals. The gap points to a market increasingly shaped by larger transactions.

Fintech Deal Activity Falls To A Multi-Year Low

Transactions fell 50% year over year to 57, making H1 2026 the second-lowest first half for fintech deal activity in the period. Only H1 2023 recorded fewer deals, with 54.

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Funding declined by 9%, indicating that fewer companies secured capital while total investment remained relatively concentrated. Larger transactions therefore accounted for a greater share of overall funding.

Large Rounds Support Overall Funding

Deals above $100 million were the main driver of funding, while capital deployed through smaller rounds declined. This made the region’s overall performance more dependent on a limited number of large transactions.

The pattern has appeared in previous years, but its impact varies by period. H1 2024 recorded no $100 million-plus round, when funding reached its lowest level, while H1 2025 posted a stronger first half before slowing in the second.

Fintech Gains Share Of Mena Funding

Fintech accounted for $617 million of the $1.35 billion invested across Mena in H1 2026, increasing its share of regional funding.

The higher share reflects fintech funding falling less sharply than the broader Mena venture market, rather than sector-wide growth. Fintech funding itself declined 9% year over year.

H1 Funding Does Not Set The Full-Year Trend

First-half funding has historically represented between just over one-third and more than half of annual fintech investment. Annualizing the H1 figure therefore indicates the scale of activity but does not provide a full-year forecast.

The timing of large deals can also materially change the annual picture. The absence of a $100 million-plus round in H1 2024 illustrates how quickly headline funding can shift when a few transactions account for a significant share of investment.

At $617 million, H1 2026 shows the current scale of MENA fintech funding, while the second half will provide more evidence on whether activity is stabilizing. The continued decline in deal volume remains a key trend.

The full MAGNiTT report covers quarterly trends, transaction sizes, funding stages, geographies, sectors, investor activity and fintech exits.

The Cyprus Securities and Exchange Commission (CySEC) has withdrawn the Cyprus Investment Firm (CIF) licence of Eurotrade Investments Rgb, citing breaches of regulatory requirements on management and organizational arrangements.

According to the regulator, the decision was based on breaches of Articles 9(16) and 17(2) of the law. Article 9(16) requires an investment firm to have at least two people effectively directing its business, while Article 17(2) covers the organizational arrangements required for compliant operations.

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“Cysec reached the above decision due to the company’s non-compliance with Articles 9(16) and 17(2) of the law, namely in relation to the requirement to have at least two persons effectively directing its business activities and in relation to its organisational arrangements,” the regulator said.

Licence Withdrawal Ends Investment Services

CySEC said the breaches meant Eurotrade Investments Rgb no longer met the conditions under which its investment firm authorization had been granted.

Following the withdrawal, the company must immediately remove references on its websites and elsewhere to providing investment services, as well as claims relating to CySEC licensing or supervision.

The firm must also review and resolve customer complaints submitted to it. It is prohibited from providing investment or ancillary services following the withdrawal of its authorization.

Governance Requirements Remain Central

The decision highlights the importance of management and organizational requirements within the regulatory framework for investment firms. Maintaining the required governance structure is a condition of authorization, and failure to meet those requirements can result in the withdrawal of a licence.

Cyprus emerged in August as one of the EU’s highest-inflation economies, with annual consumer prices rising 5.2%, according to Eurostat. Only Romania and Lithuania recorded higher rates.

Inflation Accelerates Sharply

The August reading marked a significant increase from 0.0% a year earlier. Annual inflation rose from 1.5% in March to 3.0% in April, 3.5% in May, 4.1% in June, 4.4% in July and 5.2% in August.

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Prices also increased 1.5% month on month in August, compared with 0.4% in both the euro area and the EU.

Cyprus Outpaces Euro Area And Greece

Euro area inflation rose to 3.2% in August from 2.9% in July, while EU inflation reached 3.2%, up from 3.0%. Cyprus’ annual rate was therefore 2 percentage points above both regional averages.

Greece also recorded faster inflation, with its annual rate rising to 3.7% from 2.7% in July. Monthly inflation in Greece was 0.4%, matching the euro area and EU rates.

Romania had the EU’s highest annual inflation at 6.3%, followed by Lithuania at 5.6%. Sweden recorded the lowest rate at 0.3%, followed by Estonia at 1.3% and the Czech Republic at 1.5%.

Services And Energy Drive Price Growth

Services were the largest contributor to euro area inflation in August, adding 1.43 percentage points to the annual rate. Energy contributed 1.29 percentage points, followed by non-energy industrial goods at 0.30 percentage points and food, alcohol and tobacco at 0.22 percentage points.

For Cyprus, the latest data show a sharp widening in the gap with broader European inflation. The island’s monthly increase of 1.5% was also 1.1 percentage points above the euro area and EU rates.

Cyprus’ economy is expected to grow 2.9% in 2026, down from 3.8% in 2025, as the Middle East conflict disrupts energy markets, tourism and investment.

In its September forecasts, the Central Bank of Cyprus projected growth would recover to 3.1% in both 2027 and 2028. The baseline assumes the conflict continues until the final quarter of 2026, followed by a gradual easing of tensions.

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Energy And Tourism Weigh On Growth

Higher oil prices, wider refining margins and geopolitical uncertainty are expected to raise energy costs, reduce tourism receipts and weaken non-residential private investment.

Domestic demand should provide a cushion. Private consumption is expected to remain positive as real disposable incomes rise, while the labor market and major residential and non-residential projects should support activity.

Net exports are forecast to weigh on growth in 2026 as tourism revenue declined in the first half of the year. Their contribution is expected to turn positive again in 2027 and 2028 as tourism recovers.

CBC Raises Growth And Cuts Unemployment Forecasts

The CBC raised its 2026 growth forecast by 0.4 percentage points and its 2027 estimate by 0.2 percentage points from June. Stronger-than-expected second-quarter activity, improved tourism performance and residential investment supported the revisions.

Unemployment is now forecast at 3.8% in 2026, remaining at that level through 2028. The CBC cut its unemployment forecasts by 0.8 percentage points for 2026 and 0.7 percentage points for both 2027 and 2028, citing stronger economic performance and a lower-than-expected rate in the first half.

Inflation Forecast Rises To 3.3%

The Harmonised Index of Consumer Prices is expected to rise to 3.3% in 2026, from 0.8% in 2025, mainly because of higher energy prices and refining margins linked to the Middle East conflict.

Services and food prices are also expected to increase as higher energy and operating costs pass through the economy. Non-energy industrial goods are forecast to remain in deflation, partly due to lower import prices from China and increased online shopping.

Government measures, including lower VAT on electricity and extended reduced fuel excise duties, are included in the forecasts.

Inflation is projected to ease to 2.4% in 2027 and 1.9% in 2028. The 2028 outlook also assumes the introduction of the EU’s expanded Emissions Trading System, ETS2, which is expected to affect transport fuel prices.

Core Inflation Remains Elevated

Core inflation is forecast to rise to 2.8% in 2026 from 1.9% in 2025, driven mainly by stronger services inflation and indirect energy effects.

It is expected to moderate to 2.2% in 2027 and 1.9% in 2028. The CBC raised its 2026 core inflation forecast by 0.4 percentage points from June, while leaving its 2027 and 2028 forecasts unchanged.

Risks Remain Tilted Toward Weaker Growth

The CBC said risks for 2026-2028 remain tilted toward weaker growth and higher inflation. A renewed escalation of tensions in Iran could push energy and import prices higher, particularly if supply chains are disrupted.

Climate-related shocks, stronger wage growth, wider profit margins and the impact of pension increases linked to upcoming reform were also identified as risks.

Cyprus recorded 581,880 tourist arrivals in August, down 3.3% from 602,026 a year earlier, according to the Statistical Service of Cyprus (Cystat). The decline narrowed as arrivals from Israel rose sharply, while traffic from several other major markets weakened.

August arrivals were still 4.9% above the 554,923 recorded in August 2024.

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Year-To-Date Decline Narrows

Tourist arrivals reached 2.82 million in the first eight months of 2026, down 7% from 3.03 million a year earlier. The gap narrowed from 10.1% at the end of June and 8% at the end of July.

Britain remained Cyprus’ largest market, accounting for 30.5% of August arrivals, or 177,603 visitors. UK arrivals fell 8% year on year, while Israeli arrivals jumped 28.4% to 135,628, accounting for 23.3% of the monthly total.

Together, Britain and Israel supplied more than half of all tourist arrivals in August.

Most Major Markets Remain Under Pressure

Poland remained the third-largest market, although arrivals fell 12.5% to 36,622. Germany followed with 25,823 visitors, down 6.7%, while Sweden declined 6.4% to 17,441.

Norway was among the few major markets to grow, with arrivals up 1.4% to 8,006. Romania fell 16.3%, Greece 9.7% and Austria 13%.

France recorded the sharpest decline among the listed markets, with arrivals plunging 46% to 8,453. The Netherlands also fell sharply, down 17.5%.

Airports Record Strong Summer Traffic

Larnaca and Paphos airports handled 1.77 million passengers in August, the highest monthly total of 2026, although traffic was 1.5% below August 2025.

For January-August, the airports handled 8.82 million passengers, down 3.3% year on year but 7.9% above the same period in 2024. Tourism Deputy Minister Kostas Koumis has said full-year arrivals could be about 5% below 2025.

Holidays Dominate Travel

Holidays accounted for 84.5% of tourist arrivals in August, down from 86.5% a year earlier. Visits to friends and relatives rose to 13%, while business travel represented 2.4%.

Meanwhile, 239,337 Cyprus residents returned from overseas trips in August, up 0.3% year on year and about 24% above August 2024. Greece remained the leading destination, accounting for 36.6% of returning residents.

Holidays represented 93.1% of residents’ trips, compared with 91.6% a year earlier, while business travel accounted for 5.9%.

London’s Napoli on the Road has been named the world’s best pizza restaurant at the 50 Top Pizza World Awards 2026, placing a Chiswick-based pizzeria at the top of the global ranking.

Chef and founder Michele Pascarella launched Napoli on the Road in 2016 from a three-wheeled Piaggio Ape equipped with a wood-fired oven. The concept began at London street markets and local events before expanding into restaurants in Chiswick, Richmond and Soho.

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From Mobile Pizzeria To Global Winner

The Soho location offers a tasting menu inspired by Pascarella’s childhood in Caserta, southern Italy. His approach combines traditional Italian influences with a broader focus on contemporary pizza and hospitality.

“I’m in shock. I probably need to have a few drinks and a sit down to process this,” Pascarella said at the awards ceremony in Naples. “I can’t explain how big this is. It’s like the Oscars but for pizza.”

New York Pizzeria Drops To Second

Una Pizza Napoletana in New York, which held the top position for the previous two years, ranked second in 2026. Milan’s Confine, led by Francesco Capece and Mario Ventura, placed third.

Now in its 10th year, the 50 Top Pizza ranking is based on assessments by nearly 1,000 anonymous inspectors. Each restaurant is visited twice, with evaluations covering pizza, ingredients, service and hospitality.

The 50 Top Pizza World 2026 Ranking

1. Napoli on the Road – London, England

2. Una Pizza Napoletana – New York, USA

3. Confine – Milan, Italy

4. I Masanielli – Francesco Martucci – Caserta, Italy

4. Seu Pizza Illuminati – Rome, Italy

5. Pizzeria Sei – Los Angeles, USA

5. Tony’s Pizza Napoletana – San Francisco, USA

6. Leggera Pizza Napoletana – São Paulo, Brazil

7. RistoPizza by Napoli sta ca – Tokyo, Japan

8. Baldoria – Madrid, Spain

9. The Pizza Bar on 38th – Tokyo, Japan

10. Razza – Jersey City, USA

11. Allería – Providencia, Chile

12. Palazzo Petrucci Pizzeria – Naples, Italy

13. I Tigli – San Bonifacio, Italy

14. 50 Kalò – Naples, Italy

15. Avenida Calò – Rome, Italy

16. Fiata – Hong Kong, China

16. gigi’s – Sydney, Australia

17. Pizzardi Artigianale – Bogotá, Colombia

17. QT Pizza Bar – São Paulo, Brazil

18. Dry Milano – Milan, Italy

19. Cambia-Menti – Caserta, Italy

20. Sasà Martucci – Caserta, Italy

21. BOB Alchimia a Spicchi – Montepaone Lido, Italy

22. IMperfetto – Puteaux, France

23. 50 Kalò – London, England

24. Ti Amo – Adrogué, Argentina

25. La Clásica – San Salvador, El Salvador

26. Truly Pizza – Dana Point, USA

27. Francesco Martucci – Miami, USA

28. Spacca Napoli – Seoul, South Korea

29. Sartoria Panatieri – Barcelona, Spain

30. Don Antonio – New York, USA

31. Crosta – Makati, Philippines

32. Jay’s – Kenmore, USA

33. Pizza Zulu – Fürth, Germany

34. Massilia – Bangkok, Thailand

35. Ribalta – New York, USA

35. Robert’s – Chicago, USA

36. nNea – Amsterdam, The Netherlands

37. Flama – Miraflores, Peru

38. Leña – Cleveland, USA

39. Sapori Italiani U Taliana – Bratislava, Slovakia

40. La Cascina dei Sapori – Rezzato, Italy

41. A Pizza da Mooca – São Paulo, Brazil

42. SHOP225 – Melbourne, Australia

43. La Notizia – Naples, Italy

44. Ken’s Artisan Pizza – Portland, USA

45. Pizzeria Braceria CESARI!! – Nagoya, Japan

46. Unica Pizzeria – São Paulo, Brazil

47. La Leggenda – Miami, USA

47. ‘O Munaciello – Miami, USA

48. a mano – Makati, Philippines

49. Forno d’Oro – Lisbon, Portugal

50. Bottega – Beijing, China

Italian investigators are examining how hackers allegedly obtained Revolut customer data after using a compromised government email account to request information.

What Data May Have Been Exposed

The allegedly stolen material includes passport details, driving license information, other identity documents and photographs. The attackers reportedly claim to have obtained 147 gigabytes of data.

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Exposure of identity records can create risks beyond direct financial losses, including fraud, impersonation and other forms of criminal exploitation.

Investigators Examine How The Attack Worked

Italy’s cybercrime police are investigating the operation, which reportedly unfolded over several months and involved unauthorized access to an IT system of public interest.

Investigators are examining whether the attack originated from a computer at the Reggio Calabria prefecture or Italy’s Interior Ministry. They are also seeking to establish whether the government email account used in the operation was directly compromised or cloned.

The National Anti-Mafia and Counter-Terrorism Directorate has joined the investigation because a government body was involved. Police said several aspects of the operation remain under review.

Data Protection Authorities Coordinate Response

Italy’s data protection authority has launched its own checks and asked data protection officers to review potential security gaps. Identified vulnerabilities are to be reported without delay.

The authority has also contacted its Lithuanian counterpart, where Revolut’s registered office is located, to coordinate information and the response.

Investigators are now focusing on how the intrusion occurred and whether other public institutions were affected.