Monday.com, the Israeli workplace software company, is laying off about 630 employees, or roughly 20% of its workforce, as it restructures the business to support a leaner operating model and accelerate investment in artificial intelligence.

Restructuring Around AI

In a regulatory filing, the company said the workforce reduction is intended to better align resources with its AI strategy, which has become a central focus of its product development.

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Earlier this year, Monday.com expanded its AI offering by introducing the Monday.com AI Work Platform, designed to integrate AI agents into day-to-day business workflows.

The platform includes a no-code app builder, a customizable AI agent, workflow automation tools and a chatbot capable of generating reports, updating dashboards and assisting with routine tasks.

Part Of A Wider Industry Trend

Monday.com’s restructuring reflects a broader shift across the technology sector, where companies are reducing costs while increasing investment in AI development and infrastructure.

According to Layoffs.fyi, tech layoffs rose sharply in May, with 78% of companies citing AI-related restructuring as a factor behind job cuts this year. More than 122,000 technology roles have been eliminated worldwide in 2026, according to the tracker.

Restructuring Costs

Monday.com expects to record restructuring charges of between $45 million and $55 million as a result of the layoffs. The move highlights how software companies are reallocating resources to support AI-focused products and services as competition in the sector intensifies.

The Ministry of Agriculture is introducing a National Quality Certification System designed to strengthen the quality, authenticity and competitiveness of Cypriot agricultural and livestock products.

The initiative, presented by Agriculture, Rural Development and Environment Minister Dr Maria Panayiotou at a Department of Agriculture event in Nicosia, will introduce a unified certification framework aimed at increasing transparency, consumer confidence and the market value of locally produced goods.

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National Quality Mark With QR Code

Certified products will carry a National Quality Mark featuring a QR code and a rating of up to three stars.

By scanning the QR code, consumers will be able to access information about a product’s origin, certification status, supply chain and quality characteristics. The three-star rating will also reflect criteria such as food safety, environmental performance and overall product quality.

The ministry said the framework is intended to create a transparent certification system that helps distinguish Cypriot products in both domestic and international markets.

Focus On Quality Over Volume

Dr Panayiotou said the initiative responds to growing consumer demand for greater transparency while recognising that Cyprus must compete on quality rather than production volume.

“The new National Quality Mark is the identity of Cypriot products; it is proof that behind every product stands a producer who invests responsibly in quality, food safety, environmental protection and continuous improvement,” she said.

Financial Incentives For Producers

The ministry plans to provide annual financial support to farms and processing units to help cover certification costs, as well as administrative expenses, record-keeping and documentation.

Participation in the certification system will also be considered in ministry investment schemes, giving certified producers additional points when applying for funding for modernisation and upgrading projects.

The ministry said the certification mark is expected to strengthen the market position of Cypriot products by helping producers differentiate their goods while giving consumers greater confidence in product quality.

Supporting Exports And Competitiveness

According to Dr Panayiotou, the National Quality Mark is also intended to strengthen Cyprus’ international reputation by promoting the quality, authenticity and reliability of its agricultural products and supporting export growth.

The initiative forms part of the government’s Strategy for the Development of the Primary Sector, which aims to improve the competitiveness and resilience of the agricultural sector.

Department of Agriculture Director Maki Antoniadis said the certification framework will be based on objective criteria, transparent procedures and independent certification. The technical framework was presented by Department of Agriculture official Dr Anthemi Melifronidou Pantelidou, who outlined the certification process and the role of accredited conformity assessment bodies.

Dr Panayiotou called on producer and professional organisations to support the initiative and encourage wider participation in the new certification system.

The Cyprus Chamber of Commerce and Industry (Keve) has signed a memorandum of cooperation with the Elpida Charitable Foundation for Children with Cancer and Leukaemia to strengthen support for children with cancer and their families through joint healthcare, education and humanitarian initiatives.

Partnership To Support Children And Families

The agreement establishes a framework for cooperation on public awareness campaigns, education, humanitarian assistance, medical and psychosocial support, palliative care and prevention. It also aims to promote equal access to healthcare while supporting children with cancer and leukaemia, their families, survivors of serious illnesses and other vulnerable groups.

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Keve Highlights Business Community’s Role

“Social contribution is an integral part of Keve’s mission,” said Keve president Stavros Stavrou.

“Through this partnership with the Elpida Foundation, we seek to strengthen initiatives that support children and their families while raising awareness within the business community about health and social solidarity,” he said.

Stavrou added that cooperation between the public, private and social sectors can create greater value for society by combining resources and expertise.

Focus On Prevention And Equal Access To Care

Elpida Foundation president Loizos Loizou described the memorandum as the start of an important long-term partnership.

“We are joining forces to promote prevention, early diagnosis, equal access to high-quality healthcare services and psychosocial support, to offer greater hope and better prospects to those who need them most,” he said.

Keve said the agreement marks the beginning of closer cooperation between the two organisations, with a shared focus on strengthening healthcare, social solidarity and support for children with cancer and their families.

Environmental tax revenue across the European Union rose 6.1% in 2024 to €371.9 billion, according to Eurostat. Cyprus collected €718.72 million over the same period, highlighting the continued role of environmental levies in national tax systems despite their declining share of the broader economy.

Cyprus Figures Reflect A Broad Revenue Base

In Cyprus, households generated €355.46 million in environmental tax revenue in 2024, while non-residents contributed €35.08 million. The total of €718.72 million also includes receipts from all economic activities and unallocated categories.

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Energy Taxes Remain The Core Of Environmental Revenue

Across the EU, environmental tax revenue increased from €350.4 billion in 2023 to €371.9 billion in 2024.

Energy taxes remained the largest source, generating €287.0 billion, up from €269.3 billion a year earlier. Transport taxes ranked second, rising to €67.0 billion from €64.0 billion, while taxes on pollution and natural resource use contributed €17.9 billion, compared with €17.2 billion in 2023.

The Long-Term Share Is Shrinking

Despite the increase in revenue, environmental taxes accounted for a smaller share of the EU economy than a decade ago, representing 2.1% of GDP in 2024, down from 2.5% in 2014.

Their share of total government revenue from taxes and social contributions also declined over the same period, falling from 6.1% to 5.1%, indicating that environmental tax receipts have not kept pace with the broader expansion of government revenues.

Revenue Rose In Most Member States

Environmental tax revenue increased in 22 EU member states in 2024. Romania recorded the strongest annual growth at 21.7%, followed by Lithuania at 13.9%, Poland at 12.7% and Hungary at 12.2%.

Five countries reported declines. Sweden recorded the steepest fall at 17.7%, followed by Slovakia (6.1%), Finland (3.8%), Greece (3.7%) and Bulgaria (2.3%).

Cyprus is strengthening its position as one of Europe’s most advanced cashless economies, with card payments accounting for the highest share of non-cash transactions in the euro area during the second half of 2025, according to a report by the Central Bank of Cyprus (CBC).

Digital Payments Gain Further Ground

The volume of non-cash payments in Cyprus rose 8% year on year to 174 million transactions in the second half of 2025, while their total value increased 9% to €148 billion. Across the euro area, transaction volumes also grew 7% to 83 billion, although total value remained broadly unchanged at €118 trillion.

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“Cypriots continue to shift towards digital payment methods, with non-cash payment transactions increasing in both volume and value during the second half of 2025,” the central bank said.

Based on data from Cyprus-based credit institutions, payment institutions and electronic money institutions, the report highlights the continued shift in consumer and business payment habits.

Cards Dominate Transaction Volumes

Card payments remained the dominant payment method, accounting for 75% of all non-cash transactions in Cyprus, compared with 16% for credit transfers. This gave Cyprus the highest share of card payments relative to total non-cash transactions in the euro area during the second half of 2025.

According to the CBC, the trend reflects the convenience and speed of card payments, widespread contactless adoption, continued growth in e-commerce and broader merchant acceptance of electronic payments. Across the euro area, cards accounted for 57% of non-cash transaction volumes, while credit transfers represented 21%.

Online Spending Is Reshaping Payment Behaviour

Online card payments carried significantly higher average values than purchases made at physical points of sale, while the average online transaction in Cyprus ranked among the highest in the euro area, reflecting the growing role of e-commerce.

Although cards dominated transaction volumes, credit transfers accounted for 84% of the total value of non-cash payments. Their average value reached €4,500, underlining their continued use for larger business transactions.

Cheques Persist In Select Sectors

Cheque use continued to decline but still accounted for 6% of the total value of non-cash payments in Cyprus, with an average transaction value of €4,000.

“Despite their continued decline, cheques remained the second most important payment instrument in value terms,” the CBC said.

Their use remains concentrated in business-to-business and property transactions, while across the euro area cheques accounted for less than 1% of total non-cash payment value, with an average value of about €1,200.

Instant Payments Accelerate After Regulatory Push

The introduction of the EU Instant Payments Regulation has accelerated the adoption of instant payments. Over the past three years, the share of SEPA Instant Credit Transfers (SCT Inst) rose from less than 1% to almost 32% of all SEPA credit transfers by volume, while their share by value increased to around 9%.

“Growth was more pronounced in Cyprus, enabling it to not only close the gap with, but also surpass the euro area average following the implementation of the Instant Payments Regulation,” the CBC said.

The average instant payment amounted to €1,500, compared with €5,500 for a traditional SEPA credit transfer, suggesting the service is still used primarily for lower-value transactions. Further growth is expected as new initiatives, including SEPA Request-to-Pay, are rolled out.

Infrastructure And Cash Use Continue To Evolve

Cyprus remains one of Europe’s leaders in contactless payment infrastructure, with more than 73% of domestic ATMs supporting contactless transactions, compared with a euro area average of 38%.

Cash withdrawals from ATMs continued to decline, although the average amount withdrawn reached a record high. Over-the-counter withdrawals also fell as consumers increasingly shifted to automated and lower-cost banking channels.

The Next Phase: Digital Euro, Wero And The Fight Against Fraud

Looking ahead, the payments landscape is expected to evolve further through new technologies, including the proposed digital euro, which the Eurosystem aims to introduce by 2029, subject to legislation expected in 2026.

The report also highlights the European Payments Initiative (EPI) and its Wero digital wallet as part of efforts to create a pan-European payment solution and reduce Europe’s reliance on payment providers based outside the region.

At the same time, the shift to digital payments presents new challenges. Older people and residents of remote areas may face difficulties accessing digital services, while the growing use of electronic payments has been accompanied by rising payment fraud.

Improving digital literacy and consumer awareness will therefore remain a priority, with the Cyprus Financial Literacy and Education Committee (CyFLEC) expected to expand its financial education initiatives.

“Ensuring that innovation is accompanied by security, financial inclusion and consumer trust will remain essential for the sustainable development of the payments ecosystem,” the CBC said.

Cyprus Sets A Regional Benchmark

Overall, the report shows Cyprus performing strongly against the euro area across key payment indicators, including card usage, contactless infrastructure and instant payment adoption, while retaining distinctive features such as the continued use of cheques in business and real estate transactions.

Tax Debt Swells To €4.64 Billion

Cyprus’ tax debt has risen to €4.64 billion from €3.93 billion a year earlier, highlighting the scale of the challenge facing the Tax Department as it steps up collection efforts following the tax reform that came into force on January 1.

Of the total, €3.32 billion is classified as immediately payable debt, meaning it is due and can be pursued by the state without delay. The remaining €1.31 billion is considered difficult to recover and is not treated as immediately collectable.

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Nearly €1 Billion In “Fresh” Arrears

Almost €979.4 million of the outstanding tax debt relates to liabilities less than one year old, accounting for 29.5% of immediately payable debt.

A further €992.6 million, or 29.9%, has been outstanding for between one and four years. The largest share, more than €1.32 billion, consists of debts that are over four years old.

Collections And Enforcement Underway

Before collection measures were applied, immediately payable debt stood at €3.32 billion, compared with €2.29 billion at the end of December 2024.

Of that amount, €901.5 million is already subject to enforcement action. This includes €325.9 million in cases before the courts and €575.4 million under administrative collection measures, including memos on immovable property and the seizure of funds from bank accounts.

The amount recovered through bank account seizures remains relatively small at €263,000. Following these measures, immediately payable debt still stands at €2.42 billion.

New Tools Strengthen The Tax Department

The tax reform has expanded the Tax Department’s enforcement powers in an effort to improve compliance and accelerate debt recovery.

Alongside memos and bank account seizures, authorities have begun sealing business premises for tax debts exceeding €20,000, as well as for failing to issue receipts or invoices. From 2027, the measure will also apply to taxpayers who fail to submit tax returns.

Criminal Cases And Payment Plans

The department is also pursuing criminal prosecutions in cases involving unpaid withheld taxes, including VAT, PAYE and the Special Defence Contribution, as well as the non-submission of tax returns.

These proceedings may result in penalties, settlement agreements or structured repayment plans. In some cases, taxpayers comply by filing overdue returns or agreeing to repay outstanding liabilities. Some debts have also been included in the framework for settling overdue tax liabilities, although certain repayment agreements have yet to be completed.

Debt Age Points To A Structural Problem

According to Tax Department data, the average age of immediately payable debt increased to 80.3 months, or 6.7 years, by the end of December 2025, up from 58.3 months a year earlier.

Officials caution that the figure is not fully representative because it includes substantial long-standing arrears that are now considered unlikely to be recovered. The figures illustrate the scale of Cyprus’ tax arrears challenge, with a significant share of outstanding debt dating back several years despite ongoing collection efforts and expanded enforcement powers.

Cyprus is not the cheapest holiday destination in the Mediterranean, but it remains more affordable than many of its best-known rivals on two of the costs travellers notice first: hotel accommodation and dining out.

A Competitive Position In A Costly Region

Latest Eurostat data puts Cyprus’s restaurant and accommodation price index at 85.2, against an EU average of 100. That places the island slightly below Spain and Greece, while Slovenia, Croatia, Malta, Italy and France all rank as more expensive destinations.

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Portugal remains the standout value destination in the western Mediterranean, while Albania and Montenegro offer even lower prices further east.

The wider European picture follows a similar pattern. Bulgaria, Romania, Serbia, Bosnia and Herzegovina, and North Macedonia all rank below Cyprus for both overall consumer prices and hospitality costs. Germany, Austria, Belgium, the Netherlands and the Nordic countries are considerably more expensive.

The Broader Cost Of A Holiday

Looking beyond hotels and restaurants, Cyprus also remains cheaper than the EU average across the broader household basket, which includes groceries, clothing, transport and services. Overall prices were 10.8% below the bloc-wide benchmark. The island was less expensive than Spain, Malta, Italy and France, although Greece, Portugal and Croatia recorded even lower overall price levels.

A separate Euronews analysis reinforced that regional picture. It found that North Macedonia, Bosnia and Herzegovina, Romania, Bulgaria, Montenegro, Serbia and Albania were among Europe’s lowest-priced countries, while Iceland and Switzerland ranked at the opposite end of the scale, alongside several northern and western European economies.

Food bought in shops tells a slightly different story. On that measure, Cyprus sits almost exactly on the European average. Greece, Croatia and Malta all recorded higher grocery prices, while Spain offered slightly better value. The comparison highlights an important point for travellers: the cost of a holiday depends largely on how it is structured. A self-catering family, a couple dining out every evening and an all-inclusive guest are likely to have very different spending experiences in the same destination.

Where Holiday Bills Diverge Most

Some everyday purchases reveal even greater differences. According to the Euronews holiday comparison, alcoholic drinks in Greece were priced 54% above the EU average, while Croatia was more than one-third above the benchmark. Italy was 18.1% below the EU average and Spain 9.9% lower, while France and Portugal remained much closer to the European average.

Soft drinks also varied considerably. Italy recorded the lowest prices in the comparison, at 18.2% below the EU average, while Croatia was 33.5% above it. Seafood prices were more tightly grouped, ranging from 4.6% below the EU average in Portugal to 12.7% above it in Greece.

Transport costs showed a different pattern. France was the only country in the comparison where public transport prices exceeded the EU average. Portugal, Spain and Croatia were around 20% cheaper, while Greece remained just below the European benchmark.

Borrowing became more expensive for euro area businesses in the second quarter of 2026, while smaller firms found it increasingly difficult to access credit, according to the European Central Bank’s latest Survey on the Access to Finance of Enterprises (SAFE).

Higher interest rates, tighter lending standards and modestly rising financing needs continued to weigh on businesses, even as inflation expectations remained broadly stable. The survey also suggests companies are adapting to a more challenging environment by relying on internal funding, reshaping supply chains and becoming more selective about investment.

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Borrowing Costs Continue To Climb

Businesses reported a further tightening in bank lending conditions, driven primarily by higher borrowing costs. A net 42% of firms said interest rates on bank loans had increased, up sharply from 26% in the previous quarter. Companies also continued to report higher fees, commissions and collateral requirements, although both measures eased slightly compared with the first quarter.

Demand for financing edged higher, with a net 2% of firms reporting increased demand for bank loans. Overall access to credit, however, remained broadly unchanged.

SMEs Feel The Pressure Most

Beneath the stable headline figures, the survey revealed a widening gap between large companies and smaller businesses.

Large firms reported improving access to bank loans, posting a net positive balance of 4%. SMEs, by contrast, saw financing conditions deteriorate further, with a net balance of minus 4%.

That divergence pushed the bank loan financing gap slightly wider, highlighting that tighter monetary conditions continue to affect smaller businesses more severely than larger firms.

Economic Uncertainty Still Weighs On Credit

Although businesses became slightly less pessimistic about future financing conditions, the broader economic outlook remains the biggest obstacle to accessing credit.

A net 29% of firms identified the general economic environment as a limiting factor, up from 26% in the previous survey. Businesses also became somewhat more cautious about their own prospects, with more firms expecting weaker sales and profitability to weigh on future access to external finance.

At the same time, banks appeared marginally more willing to lend, with the share of firms reporting improved bank willingness to provide credit edging higher.

Inflation Pressures Continue To Ease

The survey points to gradually easing price pressures across the euro area. Businesses lowered expectations for selling prices, non-labour input costs and wage growth over the next 12 months. Longer-term inflation expectations, however, remained broadly stable, suggesting firms continue to expect inflation to stay close to current levels over the coming years.

Companies Adapt To Geopolitical Risks

Rather than pulling back from international markets, many businesses are adjusting their operations to manage geopolitical uncertainty.

More than one-third of firms said they are seeking alternative suppliers, while nearly one-third are looking for new energy providers. Others reported investing in energy efficiency, increasing inventories and reviewing insurance or trade finance arrangements to strengthen resilience.

Large companies were generally better positioned than SMEs to implement these measures, reflecting their greater ability to diversify supply chains and absorb external shocks.

AI Investment Relies Mostly On Internal Funding

When it comes to artificial intelligence, businesses overwhelmingly expect to finance investment with their own resources.

Nearly three-quarters of firms said they plan to rely on internal funds, while only a minority expect to use bank loans, grants, leasing or equity financing. Debt securities remain the least popular source of funding for AI-related investment.

A More Cautious Business Environment

The ECB’s latest SAFE survey, conducted between May 21 and June 26 among 5,087 euro area firms, paints a picture of businesses operating in an environment where credit remains expensive despite signs that inflation pressures are easing.

Smaller firms continue to face the greatest financing challenges, while companies across the euro area are increasingly relying on their own balance sheets to fund investment and adapting their operations to a more uncertain economic and geopolitical landscape.

Banks in Cyprus were among the slowest in the euro area to raise deposit rates after the European Central Bank increased interest rates, according to a new ECB working paper examining deposit pricing between 2007 and 2024.

The findings place Cyprus alongside several southern European economies where savers benefited less from higher interest rates than customers in northern Europe, highlighting significant differences in how ECB monetary policy reached households across the currency union.

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Deposit Rates Did Not Rise Equally Across Europe

The researchers found that banks in southern euro area countries generally passed on a smaller share of ECB rate increases to depositors than their counterparts in the north.

While monetary policy is set centrally by the ECB, its effects on savers varied widely between countries. The paper concludes that those differences were driven less by banks themselves than by the behaviour of depositors.

Why Banks Could Keep Deposit Rates Lower

According to the study, the biggest shift came after the ECB began raising interest rates in 2022.

Customers most sensitive to higher returns increasingly moved their savings into term deposits, money market funds and other interest-bearing products. Those who kept their money in overnight accounts were generally less likely to switch providers or actively seek higher rates, giving banks greater flexibility in setting deposit prices.

The researchers argue that this change in depositor behaviour played a larger role than differences in banking competition.

The Legacy Of Negative Interest Rates

Years of negative ECB interest rates also shaped how households and businesses managed their savings.

With few attractive alternatives available between 2014 and 2022, most depositors kept money in overnight accounts. Once rates started rising, wealthier households and businesses, which typically respond more quickly to changes in returns, shifted into higher-yield savings products.

Businesses proved more responsive to interest rate changes than households. Among consumers, savers in higher-income northern European countries were also more likely to move funds in search of better returns than those in lower-income southern economies, including Cyprus.

Banks Retained Strong Pricing Power

The study suggests banks maintained substantial pricing power throughout the rate-hiking cycle, allowing them to keep much of the benefit from higher interest rates rather than passing it on to depositors.

Researchers estimate that if all savers had been equally willing to move their money in search of better returns, overnight deposit rates would have been significantly higher, particularly during the ECB’s 2022–2024 tightening cycle.

That finding reinforces the paper’s central conclusion: depositor behaviour, rather than limited banking competition, was the main reason deposit rates rose more slowly than policy rates.

What It Means For Cyprus

For Cyprus, the findings illustrate why deposit rates remained relatively subdued despite one of the fastest monetary tightening cycles in the ECB’s history.

More broadly, the study suggests that the effectiveness of monetary policy depends not only on central bank decisions but also on how willing households and businesses are to actively manage their savings. Improving financial literacy and increasing awareness of alternative savings products, the authors argue, could strengthen competition for deposits and improve the transmission of future interest-rate changes.

Cyprus Emerges As A Demographic Outlier In Europe

Cyprus recorded one of the fastest-growing populations in the European Union in 2025, according to the latest Eurostat data. With population growth of 13.7 per 1,000 inhabitants, the island ranked second among the bloc’s 27 member states, behind only Malta (24.1) and ahead of Luxembourg (13.1).

The figures set Cyprus apart at a time when much of Europe is facing ageing populations, declining birth rates and mounting labour shortages.

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A Different Demographic Story

Population growth across the EU remained modest in 2025, increasing by just 1.6 per 1,000 people. The picture, however, was far from uniform. Sixteen member states recorded population gains, while eleven experienced declines.

Malta, Cyprus and Luxembourg posted the strongest growth rates, while Latvia (-8.3), Estonia (-6.8) and Hungary (-5.4) recorded the steepest population losses.

As of January 1, 2026, Cyprus had a population of 996,600. While one of the EU’s smallest member states, it continues to outperform many larger economies on demographic growth.

Growth Driven By Births And Migration

Cyprus stands out because its population is expanding through both natural increase and migration, a combination that has become increasingly uncommon across Europe.

The country was one of only six EU member states where births exceeded deaths in 2025, joining Denmark, Ireland, Luxembourg, Malta and Sweden. Across the EU as a whole, the opposite was true: 4.81 million deaths were recorded against 3.46 million births, leaving the bloc with a natural population decline of roughly 1.35 million people.

Migration more than compensated for that shortfall. Net migration added around 2.05 million people across the EU in 2025, reinforcing its role as the bloc’s primary source of population growth.

Cyprus ranked among the strongest performers here as well. Net migration reached 11.3 people per 1,000 inhabitants, trailing only Malta (23.9) and Spain (11.8).

Why The Numbers Matter

Demographic trends increasingly shape economic performance. Population growth influences labour supply, consumer demand and the long-term sustainability of pension systems and public finances.

For most European countries, migration has become essential to offset declining birth rates. Cyprus is unusual because it combines strong inward migration with positive natural population growth, giving it a demographic profile that few EU members currently share.

Whether that advantage translates into stronger long-term economic performance will depend on how effectively the country integrates new residents, expands its workforce and converts population growth into higher productivity.

As Europe searches for ways to sustain growth despite an ageing population, Cyprus offers an early example of how demographic resilience can become an economic advantage.