The Cyprus Statistical Service (Cystat) has reported a notable shift in the construction landscape for 2025. The latest figures reveal a modest 1.9% decline in building permits issued in March compared to the same month last year, signaling a nuanced trend in the nation’s developmental activities.

Permit Count Decline in March

In March 2025, authorities authorised 572 building permits—down from 583 in March 2024. The permits, which total a value of €361.5 million and cover 296,900 square metres of construction, underscore a cautious pace in permit approval despite ongoing projects. Notably, these permits are set to facilitate the construction of 1,480 dwelling units, reflecting an underlying demand in the housing sector.

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Q1 2025: Growth in Value, Construction Area, and Dwelling Units

While the number of permits in the first quarter (January to March) decreased by 15.8% from 1,876 to 1,580, more significant, economically relevant metrics saw robust growth. Total permit value surged by 21.7%, and the authorised construction area expanded by 15.6%. Additionally, the number of prospective dwelling units increased by 16.7% compared to the corresponding period last year. This divergence suggests that although fewer permits were issued, the scale and ambition of the approved projects have intensified.

New Regulatory Framework and the Ippodamos System

Since 1 July 2024, a pivotal transition has taken place in permit administration. The responsibility for issuing permits has moved from municipalities and district administration offices to the newly established local government organisations (EOAs). The integrated information system, Ippodamos, now oversees the licensing process, streamlining data collection on both residential and non-residential projects across urban and rural areas.

Comprehensive Data Collection for Enhanced Oversight

The Ippodamos system categorises construction projects using the EU Classification of Types of Construction (CC). This platform gathers extensive data on the number of permits authorised, project area and value, and the expected number of dwelling units. It covers a broad spectrum of construction activities—from new builds and civil engineering projects to plot divisions and road construction—while excluding renewals and building divisions. The thoroughness of this new regulatory structure promises greater operational transparency and more informed decision-making for policymakers and industry stakeholders.

Recruit Holdings, the Japanese conglomerate behind leading platforms Indeed and Glassdoor, has unveiled a strategic restructuring initiative designed to integrate operations and accelerate the adoption of artificial intelligence. Approximately 1,300 employees – representing 6% of the HR technology division – will be impacted by these changes across global regions.

Strategic Reconfiguration Across Core Functions

The restructuring is set to primarily affect research and development, technical, and human resources divisions in the United States, while also influencing operations in other regions. An internal memo from CEO Hisayuki “Deko” Idekoba outlines a decisive shift, integrating Glassdoor’s functions within Indeed’s framework to streamline offerings and enhance efficiency.

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Embracing AI For A Competitive Edge

Highlighting the transformative power of AI, Recruit Holdings shared that innovative technologies are now instrumental, contributing to filling a job vacancy every 2.2 seconds. The company is committed to refining its product suite to ensure that both job seekers and employers benefit from enhanced, AI-driven experiences, thereby positioning itself at the forefront of modern recruitment.

Leadership Transitions And Industry Trends

In tandem with the operational overhaul, significant leadership transitions are underway. Glassdoor’s CEO, Christian Sutherland-Wong, will step down on October 1, and LaFawn Davis, chief people and sustainability officer at Indeed, is also departing. These changes align with broader industry adjustments, as several tech giants recalibrate their strategies amid increased investments in AI and cost-cutting measures.

Conclusion

The restructuring by Recruit Holdings underscores a pivotal industry shift towards AI integration and operational streamlining. As companies worldwide navigate evolving market dynamics, this strategic move aims to ensure that Recruit Holdings remains agile, innovative, and competitive in the global recruitment landscape.

Bitcoin Sets New Milestones

Bitcoin extended its upward trajectory on Friday, reaching unprecedented heights as it closed higher by 3% at $117,297.10, according to Coin Metrics. Earlier in the session, the flagship cryptocurrency peaked at $118,872.85, spearheading the market rally. Ether similarly surged by nearly 6% to $2,976.90, briefly climbing above the $3,000 threshold for the first time since February.

ETF Inflows Ignite Renewed Market Confidence

The current rally is largely underpinned by significant capital inflows into bitcoin and ether ETFs. Bitcoin ETFs recorded their largest day of inflows this year, attracting $1.18 billion, while ether ETFs notched a substantial $383.1 million. This influx of funds has bolstered investor sentiment, even as stocks tied to bitcoin prices, such as Mara Holdings, Riot Platforms, and MicroStrategy, witnessed moderate gains between 1.5% and 3%. Key crypto trading platforms like Coinbase and Robinhood also experienced gains around 1%.

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Market Dynamics And Short Liquidations

The upward momentum in bitcoin triggered a wave of short position liquidations, with more than $650 million in bitcoin and $215 million in ether liquidated over the past 24 hours. Traders employing leveraged short strategies were forced to cover their positions, further energizing the price surge—a dynamic that reflects broader market trends seen since mid-April, when bitcoin ETF inflows began rising significantly.

Fed Policy And Macro Trends

The rally followed a gradual start on Wednesday, influenced by Federal Reserve meeting minutes that revealed divergent views on the pace of interest rate cuts. Markus Thielen, CEO of 10x Research, noted that expectations of a dovish shift from the Fed, coupled with potential fiscal policy changes like the proposed “One Big Beautiful Bill Act,” have helped support bitcoin’s ascent. He added that the current macro environment offers limited catalysts, leading equity investors to adopt a more cautious short-term approach during the summer season.

Investor Outlook And Future Catalysts

With bitcoin on track for a nearly 10% weekly gain and ether up over 20%, investor enthusiasm remains high. Market participants are betting on further record-breaking moves in the second half of the year, as corporate treasuries increase their bitcoin acquisitions and legislative clarity on crypto regulations approaches. While any significant macroeconomic downturn could reverse the trend, the current consensus favors continued upward momentum driven by strong ETF inflows and evolving fiscal and policy landscapes.

The Cyprus Securities and Exchange Commission (CySEC) has formally updated cryptoasset service providers (CASPs) and prospective applicants regarding new guidelines from the European Banking Authority (EBA). The update follows the EBA’s June 10, 2025 opinion, which addresses the regulatory treatment of electronic money tokens (EMTs) under both the Markets in Crypto-Assets (MiCA) Regulation and the existing Payment Services Directive (PSD2).

Background And Context

Triggered by the European Commission’s December 2024 request, the EBA provided both short- and long-term recommendations to manage the inherent dual nature of EMTs as regulated under MiCA (Regulation (EU) 2023/1114) and as electronic money under Directive (EU) 2015/2366 (PSD2). The authority’s opinion forms part of a strategic effort to enhance consumer protection and ensure the stability of digital payment systems across the European Union.

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Eba’s Long-Term Recommendations

In its long-term strategy, the EBA advised EU policymakers to amend the MiCA Regulation to incorporate payment-related obligations for EMTs. These amendments would enhance consumer protection, enforce robust security measures for payments, and introduce capital requirements. As an alternative, the EBA proposed integrating rules for EMTs into the forthcoming legislative processes for PSD3 and Payment Services Regulation (PSR), thereby alleviating the need for CASPs to secure a separate authorisation.

Short-Term Guidance Under The Existing Regulatory Framework

In the interim, as PSD2 remains active, the EBA issued practical guidance to National Competent Authorities (NCAs) to ease the regulatory load on CASPs. Key recommendations include:

• Considering the transfer, custody, and administration of EMTs as payment services under PSD2;
• Classifying custodial wallets as payment accounts;
• Excluding the exchange of crypto-assets for funds or other crypto-assets—as defined by MiCA—from being regarded as payment services, thus avoiding unnecessary secondary authorisation.

Furthermore, a transitional period until March 1, 2026, has been advised for those CASP activities that require PSD2 authorisation. During this phase, entities may either apply for authorisation or collaborate with an existing payment service provider (PSP). For authorised entities or those holding a PSP licence, NCAs are expected to temporarily de-prioritise enforcement of select PSD2 provisions, such as safeguarding requirements and disclosure obligations, while maintaining critical measures like strong customer authentication and fraud reporting.

Implications And Next Steps

CySEC has urged all relevant stakeholders to consult the full EBA opinion to fully understand the legal basis and detailed advice on navigating the complex interplay between MiCA and PSD2. The clarity provided in this guidance underscores the EU’s commitment to a balanced regulatory approach that mitigates risk without stifling innovation in the cryptoasset sector.

Signed by George Theocharides, chairman of the Cyprus Securities and Exchange Commission, this update marks a significant milestone in regulatory convergence for digital finance across Europe.

Alibaba.com, one of the world’s largest B2B e-commerce platforms, has launched the European edition of its global CoCreate Pitch competition, offering entrepreneurs across the continent —including in Cyprus—a chance to compete for a share of a $1 million prize pool.

With regional finals split between Las Vegas (September 4-5) for U.S.-based entrants and London (November 14) for European participants, Alibaba’s CoCreate Pitch marks a notable step in the platform’s push to engage early-stage businesses on both sides of the Atlantic.

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For entrepreneurs in Cyprus and across Europe, the London event offers a direct opportunity to gain international exposure, and the timing couldn’t be better.

Why Europe and Why Now

By bringing the CoCreate Pitch to London this year, Alibaba.com is making a deliberate move into Europe’s startup scene. The platform, best known for connecting wholesalers and manufacturers, is now broadening its scope to support early-stage entrepreneurs by offering not just sourcing but also funding, mentorship, and logistical support. 

The expansion reflects strong traction: according to Alibaba, supplier listings from Europe have increased fivefold over the past year, while business buyer registrations across the region have risen 38%, with significant growth in countries such as France, Germany, and Italy. 

“The pitching competition has always been a highlight of CoCreate, and it’s great to see the entrepreneurial energy and passion SMEs bring to developing their innovative product ideas,” said Kuo Zhang, President of Alibaba.com, ahead of this year’s Europe finals. 

What’s Up for Grabs

Here’s what’s on offer for European entrants:

• One grand prize of $200,000 (split evenly between cash and Alibaba.com sourcing credits)
• Ten Additional Winners: Each receives $20,000 (again, half in cash, half in credits)
• Free travel and accommodation for finalists pitching in London
• All participants gain free access to Alibaba.com’s AI-powered sourcing tools and supplier network, helping teams prototype and scale efficiently.

Submissions will be reviewed over a 2–4 month period, based on innovation, feasibility, and market potential. Finalists will pitch live at the London event, with winners selected by a panel of industry leaders and investors.

Who Should Apply: From Founders to Athlete-Entrepreneurs

While the competition is open to any entrepreneur with a physical product idea, this year’s competition also features a special track for athlete-entrepreneurs, those transitioning from professional sports into product-based ventures. Up to 10 spots are reserved for this group at the London finals.

For everyone else, the criteria are simple: a clear concept and the ambition to take it to market. Whether you’re in sustainable packaging, smart kitchen tech, or rethinking fashion exports from Cyprus, Alibaba wants to hear your pitch.

How to Apply

Entrepreneurs can apply in two ways:

1. By posting a 30 to 60-second video outlining their product idea on Instagram or TikTok, using the hashtag #CoCreatePitch, and tagging @Alibaba.com_official
2. Or by submitting their pitch directly through Alibaba’s CoCreate portal

The deadline for European entries is October 15, 2025. Finalists will be selected to pitch live at the London event on November 14 (30 finalists announced October 25), with travel and accommodation covered for one representative from each team.

Why It’s Worth a Shot

Opportunities like this are rare, particularly for early-stage founders working outside big markets. CoCreate Pitch offers more than prize money. It gives selected entrepreneurs direct access to manufacturing support, supply chains, and potential global buyers.

For Cypriot businesses, it’s a chance to move beyond the limits of a small domestic market and test a product idea on a much larger stage.

If you’ve got something real to build, this is your chance to move.

Strong Overall Expansion

The Cyprus trade sector demonstrated notable resilience and growth in 2023, as evidenced by the latest wholesale and retail trade survey released by the state statistical service. Total turnover increased by 5.7 percent, rising to €19.34 billion from €18.31 billion in the previous year, demonstrating the sector’s ability to maintain momentum despite external challenges.

Differentiated Divisional Performance

At the divisional level, the most dynamic performance was observed in wholesale and retail trade combined with the repair of motor vehicles and motorcycles, which experienced a striking 25.4 percent increase in turnover, totaling €1.53 billion. While wholesale trade itself registered a modest rise of 0.7 percent to €9.83 billion, the retail segment outperformed expectations with a robust 9.0 percent growth, reaching €7.98 billion in turnover.

Furthermore, production value across the broader trade sector increased by 2.7 percent, reaching €5.41 billion. However, in a landscape impacted by volatile fuel pricing, value added at current prices experienced a slight contraction of 2.2 percent, falling from €3.49 billion to €3.42 billion, reflecting the nuanced challenges within the market.

Value Added and Employment Trends

Breaking down the value added, the combined wholesale and retail trade alongside vehicle repair saw a robust 19.3 percent surge to €314.30 million, while wholesale trade alone registered a significant decline of 13.4 percent, dropping to €1.75 billion. Conversely, retail trade demonstrated recovery and strength with an 11.6 percent increase in value added, rising to €1.36 billion.

Employment within the sector also showed positive momentum, expanding by 2.1 percent to 77,500 employees in 2023. Notably, the distribution of jobs reflected a balanced structure across the contributing segments, with 9,600 positions in wholesale and retail trade combined with motor vehicle repair, 26,500 in wholesale trade, and 41,400 in retail trade.

Methodological Insights

This comprehensive survey, encompassing 2,285 enterprises, defines turnover as the total income from ordinary business operations after accounting for discounts and rebates. Production value is determined by the sum of other income and stock variations added to turnover, less the cost of goods purchased for resale, while value added is computed by subtracting production, administrative, and rental expenses from production value. Employment figures encapsulate both salaried workers and the self-employed.

Conclusion

The insights from the 2023 survey underline Cyprus’s ability to navigate market pressures and achieve growth. The nuanced performance across divisions highlights both opportunities and challenges in an evolving economic landscape, emphasizing the importance of strategic adjustments as key trends continue to evolve in the trade sector.

Nvidia has achieved a landmark milestone by elevating its market capitalization beyond $4 trillion, solidifying its position as a powerhouse in the technology sector. The chipmaker’s bold advancement has not only surpassed the previous $3 trillion benchmarks held by Microsoft and Apple but also underscored its pivotal role in fueling the generative AI revolution.

Market Momentum and Strategic Leadership

Riding a surge in investor confidence, Nvidia’s stock surged more than 2% in a single day, pushing the company’s valuation to unprecedented heights. Founded in 1993, the California-based tech giant first breached the $2 trillion mark in February 2024 and continued its upward trajectory, reaping significant gains from the burgeoning demand for AI hardware. The company’s development of high-performance graphics processing units (GPUs) has been pivotal in powering large language models since the launch of ChatGPT in late 2022.

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Geopolitical Challenges and Market Restrictions

Despite strong market performance, Nvidia faces considerable headwinds from ongoing geopolitical tensions and export restrictions. Recent restrictions on its H20 chips destined for China have reportedly cost the company an estimated $8 billion in lost sales. CEO Jensen Huang recently remarked that the imposition of a ban on U.S. chips in the expansive $50 billion China market represents a significant strategic setback, highlighting the complexities of navigating global trade barriers.

Looking Ahead in an Evolving Industry

Investors have continued to rally around Nvidia, with the company’s shares posting a more than 15% increase over the past month and a 22% climb since the beginning of the year. This remarkable momentum underscores Nvidia’s strategic positioning as the indispensable supplier within the AI and semiconductor landscape. As the world leans further into AI-driven innovations, Nvidia’s role remains central, bolstered by its robust customer base, which includes major players like Microsoft.

In a technology sector where strategic foresight is paramount, Nvidia’s achievements signal both the operational resilience necessary for navigating market uncertainties and the expansive growth potential inherent in the AI revolution. As the industry evolves, the company’s history of innovation continues to be a decisive factor in its ascendancy.

Record-Breaking Surge

Bitcoin reached a new milestone on Wednesday afternoon, surging past $112,000 as a rally led by Nvidia spurred a broader gain in equities. The flagship cryptocurrency was last observed trading at approximately $110,947, having recorded an intraday high of $112,052, thereby eclipsing its previous benchmark set on May 22.

Market Dynamics and Momentum

Despite billions of dollars flowing into bitcoin exchange-traded funds and significant corporate purchases outpacing these ETF inflows, bitcoin had largely remained confined within a narrow trading range for several weeks. The recent uptick aligns with broader market dynamics, wherein a risk-on sentiment in equity markets, particularly among tech stocks, bolsters the momentum of digital assets.

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Tech Sector Influence

An impressive rally in technology stocks, with Nvidia briefly achieving a market capitalization exceeding $4 trillion, played a pivotal role in the surge. Investors appeared to overlook potential headwinds, including tariff developments and regulatory uncertainties, as the Nasdaq Composite closed at record levels. This indicates a strong correlation between the performance of growth-oriented stocks and the price action in bitcoin.

Investor Outlook

Market analysts remain optimistic about bitcoin’s trajectory in the second half of the year. The anticipation of increased bitcoin accumulation by corporate treasuries, along with potential supportive crypto legislation in Congress, suggests that further appreciation could be on the horizon. According to Ryan Gorman, Chief Strategy Officer at Uranium Digital, bullish market sentiment—coupled with positive trading indicators—could propel bitcoin to even higher levels, possibly reaching $120,000 or beyond in the near term.

Strategic Considerations

As institutions continue to solidify bitcoin’s reputation as a form of digital gold, its status as a risk asset remains intact. Its performance, closely linked to technology stocks during periods of market exuberance, serves as a strategic barometer for discerning investors. By monitoring these trends, investors can better navigate the evolving landscape of digital assets in alignment with broader market conditions.

Greek retail powerhouse Jumbo has posted impressive sales growth for the first half of 2025, demonstrating resilience amid escalating geopolitical tensions in the Middle East and anticipated tax adjustments in Romania. The strong performance of its stores in Cyprus and Greece underscores the company’s ability to navigate complex international dynamics while sustaining market expansion.

Robust Performance Driven By Core Markets

Despite a challenging global backdrop, Jumbo maintained an approximate 8% year-on-year sales increase over the period. In Greece, the parent company achieved a 7.5% rise in net sales in June (excluding intercompany transactions), contributing to an overall first-half growth of nearly 9%. Meanwhile, the Cypriot market registered a 4% increase in June, with first-half figures reaching a 7% improvement compared to 2024.

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Dividend Policy Enhances Shareholder Value

At the annual general meeting on July 9, shareholders endorsed the management’s proposal for a dividend of €68 million (€0.50 per share) for fiscal year 2024. Following the cancellation of 1,694,198 treasury shares — representing 1.25% of total shares — the gross distribution per share was adjusted to €0.5063. With key dates set, the ex-dividend date was July 21, the record date July 22, and payments scheduled for July 24. This dividend payout, in conjunction with an earlier extraordinary distribution of €63.5 million on March 31, culminated in a total shareholder return of €131.5 million by the end of July, translating to an approximate dividend yield of 3%.

Diverse Regional Performance And Strategic Initiatives

While Greek and Cypriot markets drove robust growth, other regions experienced varied results. Bulgaria recorded modest advancements, with June sales rising by 1% and a two-fold year-on-year increase of around 2% following the launch of a local online store. In Romania, both physical and online operations managed a 7% growth in June, doubling back to a similar performance rate during the first half of 2025, although the management has flagged potential short-term headwinds.

Geopolitical And Fiscal Headwinds

Management highlighted that the Israel-Iran conflict notably disrupted tourist inflows from Israel to Greece and Cyprus, adversely affecting operations at franchisee outlets in Israel. Additionally, upcoming fiscal adjustments in Romania, including an anticipated rise in VAT from 19% to 21% scheduled for August 2025, are poised to impact consumer spending particularly in sectors such as catering and hospitality.

Forward Outlook

Operating across 89 stores in four countries with complementary online operations throughout Greece, Cyprus, Romania, and Bulgaria, Jumbo remains well-positioned to capitalize on its geographic diversification and established market presence. The group’s strategic focus on both physical and digital platforms, coupled with a robust dividend policy, reinforces its commitment to generating long-term shareholder value amid a dynamic global economic landscape.

Electricity demand is set to stabilize at approximately 1090 megawatts (MW) today, mirroring the levels recorded on Wednesday. Experts project that demand will peak between 2 PM and 4:30 PM, despite the absence of additional photovoltaic input.

Afternoon Peak And Evening Decline

While the afternoon window experiences robust demand, the period from 7 PM to 11 PM, reliant solely on conventional energy sources due to a lack of solar production, sees a reduction to about 900 MW. This shift underscores the critical balance energy planners must maintain between renewable and conventional outputs.

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Historical Benchmarks And Record Demand

Historical data reveals that the highest demand this year reached 1126 MW on July 7 at 3:45 PM, while the all-time high was recorded at 1294 MW on July 22. These figures not only highlight trends in energy usage but also point to potential strains on the pre-defined grid capacity during peak moments.

Conventional Capacity And Renewable Integration

The maximum conventional generation capacity currently stands at 1292 MW, fluctuating with unit availability. It is important to note, as clarified by TSO spokesperson Hara Koussiappa, that this figure exclusively reflects conventional energy production, with renewable energy sources (RES) – which now contribute 28 to 29 percent of total production – being accounted for separately in production planning.

Strategic Implications For Energy Management

The dynamics of electricity demand, particularly the reliance on conventional energy amidst gaps in renewable production, pose significant implications for energy policy. With increasing emphasis on grid resilience and optimal renewable integration, industry leaders are closely monitoring these trends to develop strategies that ensure reliable supply and operational efficiency in an evolving energy landscape.