Cyprus employment increased 1.7% year over year to an estimated 525,167 people in the second quarter of 2026, according to the state statistical service, Cystat. Employees accounted for 472,254 of the total, while 52,913 were self-employed. The increase points to continued labor market growth across both wage employment and independent work.

Trade, Construction And Leisure Lead Employment Growth

Wholesale and retail trade, including motor vehicle and motorcycle repair, recorded some of the strongest employment gains, alongside construction and arts, entertainment and recreation.

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Those sectors are closely linked to domestic economic activity, with trade reflecting consumer demand and construction reflecting investment. Employment growth in leisure-related industries also points to continued activity in consumer-facing services.

Hours Worked Rise Faster Than Employment

Labor input increased faster than headcount. Cystat estimated that employees and other workers put in 246.57 million hours during the second quarter, up 2.2% from a year earlier.

The increase suggests that businesses were not only employing more people but also recording higher total hours worked. Wholesale and retail trade, construction, and arts, entertainment and recreation again recorded the strongest gains.

Labor Market Expansion Remains Broad-Based

The combination of higher employment and hours worked points to continued expansion in Cyprus’ labor market during the second quarter. The pace remains moderate, but gains across several major sectors indicate that labor demand continued to support economic activity.

Cybercrime can create costs that extend beyond stolen money or compromised data, leaving victims to manage administrative work, repair damage, and regain control of their accounts.

The disruption can also consume time and attention, forcing people to resolve problems that could have been prevented or contained with earlier action.

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The Emotional Impact Of Cybercrime

Bank of Cyprus also highlighted the emotional effects of cybercrime, which can be overlooked when attention focuses on financial losses. Discovering that personal information, savings or confidential data has been targeted can leave victims feeling vulnerable, frustrated and unsettled.

Cyberattacks can trigger stress and anxiety while creating a lasting sense that personal privacy has been compromised. For some victims, that feeling can continue long after the incident, making routine online activities feel less secure.

Recovery Requires More Than Compensation

To address these risks, Bank of Cyprus highlighted Cyber Cover from Genikes Insurance, which combines financial protection with practical support following covered cyber incidents.

According to the announcement, Cyber Cover Assistance provides 24/7 support from cyber fraud specialists who can guide customers through an incident from the initial report to resolution. The service is intended to help customers respond to cybercrime while also addressing the uncertainty and stress that can follow an attack.

Support Is Available Before An Attack

Assistance is also available before an incident occurs. Customers who receive a suspicious email, believe they may be the target of a scam or are unsure whether an online request is legitimate can contact the service for guidance.

Bank of Cyprus said early advice can help prevent a potential threat from developing into a more serious incident. Cyber Cover is available through Genikes Insurance and is designed to provide both financial protection and support in responding to cyber risks.

Cyprus President Nikos Christodoulides welcomed the confirmation of the country’s “A” credit rating and an upgrade in its outlook, saying the decision reflects the economy’s momentum and prospects.

In a post on X, Christodoulides said Cyprus is continuing on an upward path while advancing reforms aimed at strengthening competitiveness, resilience and credibility.

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Fiscal Discipline Supports Investor Confidence

The rating decision points to the role of fiscal policy in Cyprus’ improving credit profile. Credit ratings remain an important indicator of a country’s institutional strength, borrowing capacity and macroeconomic stability.

For Cyprus, stronger public finances could support investor confidence and improve access to financing over time. A stronger credit outlook may also give the government more flexibility to support economic growth while maintaining fiscal discipline.

Reforms And Growth Create More Policy Space

Christodoulides said responsible fiscal policy and the government’s broader economic strategy are producing measurable benefits, including more and better-paid jobs, higher disposable income and new investment.

He added that these improvements are creating greater policy space to address citizens’ needs while continuing reforms designed to strengthen the economy.

Government Plans To Maintain Course

Christodoulides said his administration would continue pursuing its economic strategy with a focus on responsibility, consistency and reforms aimed at building a more competitive and resilient economy.

The latest rating action adds to recent evidence of improved fiscal conditions and Cyprus’ stronger position in international financial markets.

Cyprus recorded one of the European Union’s stronger economic performances in the second quarter of 2026, with GDP growth accelerating to 0.8% from 0.5% in the first quarter.

On an annual basis, GDP increased 3.3%, up from 3.0% in the previous quarter, according to Eurostat. That outpaced quarterly growth of 0.6% in the euro area and 0.7% across the EU, while annual growth reached 1.2% and 1.4%, respectively.

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Ireland Leads As Austria Contracts

Ireland posted the EU’s strongest quarterly growth at 10.2%, followed by Slovenia at 1.8% and Lithuania at 1.7%. Austria was the only member state to record a contraction, with GDP falling 0.1%.

Employment Growth Supports Cyprus Economy

Cyprus also recorded stronger employment growth, with employment rising 0.5% in the second quarter after remaining flat in the first. Year over year, employment increased 1.6%, although that was slower than the 2.0% gain recorded in the first quarter.

Across the EU and euro area, employment increased 0.1% in the quarter. Portugal posted the strongest increase at 1.0%, followed by the Czech Republic and Malta at 0.9%, while employment fell 0.8% in Finland and 0.4% in Greece.

Trade Provides Strong Support

Hours worked increased 0.1% quarter over quarter in both the EU and euro area, and were up 0.8% and 0.7%, respectively, from a year earlier.

Household consumption contributed 0.2 percentage points to quarterly growth in both regions, while government consumption had little impact. Investment was broadly flat in the euro area and added 0.1 percentage points to EU growth, while inventory changes reduced growth by 0.5 percentage points in both.

Net trade provided the strongest boost, contributing 0.9 percentage points to euro area growth and 0.8 percentage points to EU growth.

US Growth Slows By Comparison

US GDP increased 0.4% in the second quarter, down from 0.5% in the first. Annual growth slowed to 2.1% from 2.7%. For Cyprus, the latest figures show growth accelerating above the EU average alongside stronger employment, while trade and domestic demand continued to support broader European activity.

U.N. High Commissioner for Human Rights Volker Türk warned that advanced artificial intelligence could become an “existential risk to humanity” unless governments and companies move faster to address its risks.

Speaking to the U.N. Human Rights Council, Türk said AI is creating “unfamiliar, even unprecedented” threats to human rights and criticized the slow progress on governance.

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AI Control Is Becoming More Concentrated

Türk warned that control over advanced AI is increasingly concentrated among a small number of people and companies.

“The need for AI governance is widely acknowledged, but where is the action?” he asked, arguing that delays could benefit major technology companies and their owners. He also criticized the use of personal data, saying it can amount to “the freedom to exploit our data.”

AI Agents Raise Security Concerns

Türk cited reports of AI agents escaping controlled testing environments or attempting to prevent themselves from being shut down. His comments appeared to reference July reports involving OpenAI agents and Hugging Face. OpenAI later said its agents had executed code on dozens of Hugging Face servers and gained full access to one.

Anthropic, Meta and other technology companies have also reported incidents involving AI agents during testing.

Türk Calls For Stronger Guardrails

“I share the concerns of industry insiders that advanced AI could pose an existential risk to humanity,” Türk said, calling for “cast-iron guarantees” around AI safety and security.

He urged countries involved in AI development and its supply chains to establish clear red lines, independent verification and stronger industry cooperation. Türk also called for greater attention to AI’s effects on employment, democracy and the environment.

EU Rules Offer A Regulatory Model

The European Union’s AI Act already bans certain uses considered unacceptable threats to safety and fundamental rights while imposing stricter requirements on high-risk systems.

Prohibited practices include AI designed to manipulate or exploit people, score individuals based on behavior, predict criminal activity or indiscriminately collect images for facial-recognition databases. Restrictions also cover emotion recognition in workplaces and schools, certain biometric profiling and most real-time facial recognition by police in public spaces.

A ban on non-consensual AI-generated sexual images and child sexual abuse material is scheduled to take effect in December 2026.

Céline Dion’s return to the stage is driving new travel demand for Paris, with international flight searches rising ahead of her residency, according to Amadeus Travel Intelligence.

Searches for flights to Paris increased 11% year over year as fans planned trips around Dion’s comeback. The US accounted for 26.5% of searches, followed by Brazil at 11% and Canada at 7.4%, with the three markets representing nearly 45% of global search growth.

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Paris Benefits From Concert-Driven Travel

Dion has described Paris as her “second home” and will perform 16 concerts at La Défense Arena in September and October, followed by another 10 dates in May 2027.

Amadeus describes this type of demand as “culture tripping,” in which concerts, sporting events and other cultural events influence travel decisions. Dion’s residency is already translating that interest into higher flight searches and bookings.

Asia-Pacific And Europe Add To Demand

Interest is also rising across Asia-Pacific. Flight bookings from Thailand have increased 200% from the same period last year, while Japan is up 40%, with Australia, South Korea and India also showing stronger demand.

Europe accounts for 26.5% of searches during the residency dates, led by Italy, Spain and the UK. Yet the region represents only 5% of bookings, suggesting that stronger search interest has not translated into bookings at the same pace.

Bookings Rise As Stays Get Longer

Overall flight bookings to Paris have increased 5%, led by travelers from the US, Brazil, Canada and Mexico. Hotel data also shows a 6% increase in stays of six to 13 nights, potentially extending the residency’s impact beyond concert venues to hotels, restaurants and other local businesses.

Southern France is generating particularly strong domestic demand. Eight of the 10 leading domestic booking markets are in or near Toulouse, Nice and Ajaccio, while Bastia and Ajaccio recorded year-over-year booking growth of 55% and 35%, respectively.

Residency Could Generate Nearly €1 Billion

Earlier research by Natixis CIB estimated that Dion’s 16 autumn performances could attract 480,000 spectators to Paris. Ticket sales, accommodation, transport and dining could generate between €570 million and nearly €1 billion in economic activity in 2026, with the Île-de-France region expected to receive the strongest benefits.

The figures show how a major concert residency can influence travel demand beyond ticket sales, affecting flight searches, hotel stays and spending across the destination.

S&P Global Ratings has revised the outlook on Freedom Holding Corp. and four core subsidiaries from stable to positive, citing lower banking-sector risks in Kazakhstan, stronger capitalization and more diversified earnings.

The agency affirmed the subsidiaries’ long- and short-term issuer credit ratings at BB-/B, while Freedom Holding Corp.’s rating remained at B-. The subsidiaries are Freedom Finance JSC, Freedom Finance Global PLC, Freedom Bank Kazakhstan JSC and Freedom Finance Europe Ltd., which operates under the Freedom24 brand.

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Ratings Action Reflects Stronger Fundamentals

S&P also raised the Kazakhstan national-scale ratings of Freedom Finance JSC and Freedom Bank Kazakhstan JSC to kzA from kzA-. The move marks the group’s second positive ratings action since June, when S&P raised the four operating subsidiaries’ long-term ratings from B+ to BB-, citing progress in consolidated risk management and compliance.

“The positive outlook is a meaningful vote of confidence in the direction of Freedom24 and the wider group,” said Evgenii Tiapkin, CEO of Freedom24. “It recognises the discipline we have built across capital management, compliance and risk governance.”

Kazakhstan’s Risk Profile Supports The Outlook

S&P lowered its industry risk score for Kazakhstan to 6 from 7, citing stronger banking regulation, higher capital levels and an improved sovereign backdrop. After Kazakhstan’s sovereign rating upgrade to BBB/A-2 on Aug. 21, 2026, the agency also moved its economic risk score to positive.

S&P expects easing inflation to support real disposable income and potentially increase participation in financial markets. Bank deposits currently offer interest rates above 10%, while lower rates could make securities markets more attractive and improve conditions for securities firms.

Capital And Earnings Diversification Remain Key

S&P said moderate balance-sheet growth and earnings diversified across sources and geographies should support Freedom’s capitalization. It also highlighted efforts to strengthen consolidated risk management and compliance across the group’s subsidiaries and jurisdictions.

The agency described Freedom as “the largest retail brokerage franchise in Kazakhstan, with an expanding presence in Europe,” supported by banking and insurance operations.

Stronger Results Add To The Momentum

The positive outlook follows Freedom’s first-quarter fiscal 2027 results for the three months ended June 30, 2026. Total net revenue rose 40% year over year to $732.5 million, while total assets increased to $14 billion from $13.2 billion at the end of March. Quarterly net income reached $31.7 million, driven mainly by the brokerage and banking businesses.

S&P said it could raise its assessment of Kazakhstan’s economic risk over the next 12 months. Any upgrade of Freedom’s operating subsidiaries would depend on such an improvement.

“As Freedom24 expands across Europe, we will continue to scale the business without compromising the standards that underpin client trust,” Tiapkin said.

Financial services firms are accelerating AI adoption, but many remain underprepared for the workforce changes that could follow, according to a PwC survey. Among more than 1,000 senior executives, 42% said their firms had modeled AI’s impact on workforce needs. Nearly 80% nevertheless expect their workforces to shrink by at least 20% over the next five years.

Firms Are Modeling Job Cuts, Not The Future Workforce

PwC said firms are focusing on how many roles AI could eliminate without fully defining the workforce they will need. Only half of companies that have started workforce modeling have examined how AI-driven process changes could affect staffing.

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The findings come from PwC’s 2026 Financial Services Workforce AI Survey of US financial services firms, covering hiring, skills, compensation and leadership.

Pressure To Adopt AI Is Rising

Ninety per cent of executives said companies need to become more comfortable moving quickly, while 77% said their own organizations are not moving fast enough on AI. Another 70% said their firms are already accelerating adoption to remain competitive.

Employee concerns are adding to the challenge. Forty-four per cent cited worries about job security or changing roles, while 43% said workers use AI only when required. Another 40% said employees feel overwhelmed by the pace of change, and 34% cited change fatigue.

AI Skills Are Gaining Value

Ninety-one per cent of executives said their firms were increasing pay for employees with AI skills, while 58% planned to link compensation to AI-driven productivity gains.

Eighty-six per cent said AI skills training was more valuable than an MBA for many new hires. Over the next year, 62% plan to hire AI specialists, 61% intend to retrain existing staff and 57% expect to use outside providers.

AI Will Affect Jobs Unevenly

PwC said AI is increasing the value of roles that rely on human judgment, critical thinking, team-building and creative problem-solving. These “professionalised” jobs are growing twice as quickly as roles where AI makes specialist tasks accessible to non-experts, while wages are rising 42% faster.

Most AI Investments Lack Measurable Returns

Nearly half of executives identified productivity as a primary workforce objective, while 48% want to reduce time spent on routine work and 46% are focused on embedding AI into daily workflows. Technology and software engineering, risk management and operations are expected to deliver the largest productivity gains. Yet 77% said most of their AI investments are not generating measurable returns.

PwC recommends setting performance benchmarks and financial targets before investing rather than adopting AI simply because competitors are doing so.

Data And Governance Remain Obstacles

Poor or fragmented data was identified by 41% of executives as the biggest obstacle to scaling AI across the workforce. Governance also remains unresolved. Nearly 90% said their firms have clear accountability for AI-agent decisions, but executives differed over who should bear responsibility when an AI system causes significant harm: 27% cited the CEO and board, 16% technology leaders, 15% risk and compliance leaders and 12% business unit leaders.

Meanwhile, 90% said unauthorized “shadow AI” use creates regulatory risk. PwC said firms need clearer accountability, formal deployment processes and tighter controls over approved AI tools.

The survey covered 1,004 director-level and above executives at US financial services companies with at least $500 million in revenue. Respondents were surveyed May 12–22, 2026, across asset and wealth management, banking and capital markets, insurance and private equity.

Global television shipments rose 3.6% year over year to 48.8 million units in the second quarter of 2026, supported by FIFA World Cup demand and the timing of Amazon Prime Day, according to Omdia.

Growth held up despite consumer inflation and tightening memory supplies, which raised costs across the TV supply chain. Omdia expects those pressures to weigh more heavily on the market later this year.

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China Drags On Growth As Other Markets Expand

China remained the biggest drag, with TV shipments falling 15.1% after local stimulus programs ended. Western Europe grew 9.5%, while North America rose 4.7%, partly helped by World Cup demand. Eastern Europe recorded 14.5% growth, while Latin America and the Caribbean increased 12.8%.

Omdia said the regional shift reflects growing overseas expansion by Chinese TV brands as weaker domestic demand pushes manufacturers to seek growth abroad.

Memory Shortages Could Push Prices Higher

Memory constraints had limited impact in the second quarter because manufacturers could promote older models and use existing stocks of lower-cost memory.

That buffer may not last as supply remains tight and memory prices rise. Omdia expects TV prices to face upward pressure later this year, while manufacturers shift further from lower-resolution models toward 4K TVs.

Samsung Gains Ground In Mini LED

Mini LED TVs accounted for 13% of global shipments in the second quarter as Samsung and LG Electronics expanded their lineups and lowered entry-level prices.

TCL, which led the category with a 30.2% share in the first quarter, faced increased competition. Samsung moved from third place to first in the second quarter with a 28.2% share.

RGB LED Competition Broadens

RGB LED TV shipments reached 295,000 units in the second quarter. Hisense’s share fell from 77.2% at the start of the year to 42.9%, while Samsung and Sony gained ground.

“Prominent promotion of RGB LED televisions during the World Cup has undoubtedly helped increase consumer awareness of the technology,” said Matthew Rubin, Omdia’s research manager for TV Set Research.

“As adoption grows, RGB LED will increasingly compete with OLED in the premium segment,” Rubin added. He said pricing and consumers’ ability to distinguish between the technologies will shape adoption.

Goldman Sachs has named Greek banks among its highest-conviction European banking ideas for September and the final quarter of 2026, arguing that their valuations remain compelling relative to peers, especially in Spain.

A Valuation Gap At The Center Of The Call

The investment bank described Greek lenders as a top long rate sensitive choice, a designation that suggests they should benefit disproportionately from the current interest-rate backdrop. In Goldman Sachs’ view, the key opportunity lies in the widening valuation gap between Greek and Spanish banks, even though the two markets share broadly similar underlying fundamentals.

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That gap is becoming more important as investors demand greater selectivity across European financials. Goldman Sachs noted that valuations in markets such as Spain and Sweden have moved materially higher, making it harder to find clear upside without paying a premium.

Spain Moves Into The Short Column

The bank’s caution is most visible in Spain, where it has placed lenders including Sabadell and Unicaja among its preferred short positions. By describing those names as expensive, Goldman Sachs is effectively signalling a preference for Greek banks over their Spanish counterparts.

At the same time, Greek lenders have a near-term technical catalyst on their side. Goldman Sachs expects them to be included in the SX7E European banking index in September, a move that could support flows and improve market visibility.

A Supportive Backdrop For European Banks

The broader sector picture remains constructive. Second-quarter earnings have continued to drive upward revisions to forecasts, reinforcing the view that European banks are still benefiting from a resilient operating environment.

Higher-for-longer interest rates remain supportive of net interest income, while strong shareholder returns continue to underpin investor appetite. Even after recent gains, European banks still trade at a discount to the wider equity market and to US banks, leaving room for further re-rating if earnings momentum holds.

Why Greek Banks Stand Out

For Goldman Sachs, the case for Greek lenders rests on three converging forces: improving earnings momentum across European banking, materially lower relative valuations than Spanish banks and the immediate catalyst of SX7E inclusion.

Taken together, those factors place Greek banks at the top of Goldman Sachs’ preferred list among lenders best positioned to benefit from the current rate environment.