A private education project worth over €50 million is advancing in Polemidia, Limassol, with construction preparations underway for a new school funded by the Yael Foundation.

Work is expected to begin in September, as the final architectural designs are now being completed in parallel with the school’s licensing application to the Ministry of Education.

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International Education Standards

According to information from the Yael foundation, the response from the Ministry has so far been positive, with the school set to follow international education standards.

As stated on the foundation’s official website, the project aspires to create a flagship Jewish school in Limassol, a point of reference for Jewish education both in Cyprus and abroad.

A Beacon of Excellence

The institution will combine Jewish values with modern pedagogical methods in a high-standard academic environment, with the Foundation describing it as a future “beacon of excellence.”

The school is expected to open in 2027 and will host up to 1,500 students from Cyprus and overseas.

Facilities and Leadership

Its facilities will include modern classrooms, science laboratories, creative studios, a library, sports infrastructure, and places of worship, forming a fully integrated learning and development space across primary, middle, and secondary levels.

Leading the new institution will be Rabbi Yehoshua Smukler, originally from Israel, who brings experience from similar educational projects in Australia.

In his statement, the Rabbi said that “The school will be the cornerstone of the Jewish community of Cyprus, making it an even more attractive place to live.”

He frequently travels between Israel and Cyprus to oversee the project and is widely known for his commitment to academic excellence and Jewish education.

The Yael Foundation

Founded in 2020 by Uri and Yael Poliavich, a Jewish couple who have settled permanently in Cyprus, the Yael foundation is dedicated to strengthening Jewish identity through accessible, high-quality education.

The foundation is currently active in 35 countries, supporting around 13,000 Jewish students worldwide.

According to the organisation, it provides funding to 55 day schools, 18 catechism schools, 10 kindergartens, and 17 after-school programmes.

According to the government spokesman Konstantinos Letymbiotis, the Electricity Authority of Cyprus (EAC) and the energy regulator are set to meet this week to discuss a formula to lower the price of electricity.

This development comes from President Nikos Christodoulides’ remarks over the weekend, where he urged the EAC not to increase electricity rates. Christodoulides confirmed that he had a meeting with the EAC, asking them not to impose any increases at this juncture.

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The government spokesman emphasized that the current administration is committed to bringing down the price of electricity in any way possible. Letymbiotis noted that the state-run power utility and the regulator would make their own assessments based on the wider direction of the government regarding reductions in the coming time period.

It is worth noting that Cypriots pay the second-highest rates for electricity in Europe when adjusted for spending power, according to Eurostat data released last week. Only consumers in the Czech Republic paid more for their household energy bills than those in Cyprus.

Total government employment in Cyprus increased by 237 persons, a rise of 0.4 per cent, in April, compared to the same month in 2024, reaching a total of 55,490 employees, according to the state statistical service.

Employment in the civil service and the security forces decreased by 1.2 per cent and 1.1 per cent respectively, while the educational service saw an increase of 3.8 per cent.

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Civil Service and Educational Service Breakdown

In April 2025, the civil service employed 11,960 permanent staff, 4,141 employees with contracts of indefinite duration, 1,458 with contracts of definite duration, and 5,798 hourly paid workers.

Permanent employees represented the highest proportion of the civil service workforce at 51.2 per cent, while employees with contracts of definite duration made up the lowest proportion at 6.2 per cent.

In the educational service, there were 12,461 permanent employees, 947 with contracts of indefinite duration, 4,824 with contracts of definite duration, and 141 hourly paid workers.

Permanent staff formed the majority of the educational workforce at 67.8 per cent, while hourly paid workers accounted for only 0.8 per cent.

Security Forces Breakdown

Within the security forces, 8,430 were permanent employees, 4,304 held contracts of indefinite duration, 267 were on definite-duration contracts, and 759 were hourly paid workers.

Permanent employees again made up the largest group in the security forces at 61.3 per cent, with definite-duration contracts representing just 1.9 per cent.

The highest average interest rate on new floating-rate housing loans in Cyprus reached 5.24% in March, according to a report published on Monday by the Central Bank of Cyprus (CBC).

New Floating-Rate Housing Loans

The Bank of Cyprus provided the highest average rate for new floating-rate housing loans with an initial rate fixation period of up to one year at 5.24%. Eurobank Cyprus followed with 4.58%. Hellenic Bank offered the lowest rate in this category at 2.50%.

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Housing Loans with Floating Interest Rate and Initial Fixed Rate Period

For housing loans with a floating interest rate and an initial fixed rate period between one and five years, the Bank of Cyprus again recorded the highest average rate at 4.53%. The lowest rate in this category was offered by Ancoria Bank at 2.94%.

Business Lending

The Central Bank data also highlighted differences in business lending. For loans of up to €1 million to non-financial companies, with a floating interest rate and an initial rate fixation period of up to one year, the highest average rate was 7.04% offered by Banque SBA.

The Cyprus Development Bank Public Company Ltd followed with 6.09%. Alpha Bank offered the lowest rate in this category at 3.95%.

Deposits

In terms of deposits, the highest average interest rate for household time deposits in eurozone currencies with terms of up to one year was 2.00% offered by the Arab Jordan Investment Bank SA. Eurobank Cyprus Ltd followed with 1.88%. Astrobank offered the lowest household deposit rate at 0.92%.

For corporate time deposits of up to one year, Astrobank recorded the highest average interest rate at 2.15%. The Bank of Cyprus offered the lowest corporate deposit rate at 0.90%.

Larnaca has broken ground on a landmark €30 million Art and Design Centre, set to be completed by 2030. Designed by world-renowned British firm Foster and Partners, the project will also feature the Museum of People and serve as the flagship of the city’s European Capital of Culture bid.

A Cultural Hub for the Future

The complex will be built on a 4,000-square-metre seaside plot, granted by the Petrolina Group as compensation. The site, located next to the American University of Cyprus, forms part of the wider ‘Larnaca – Land of Tomorrow’ regeneration zone.

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The aim is for the centre to become a landmark for both the new district and the city as a whole, and for that reason, Foster, who also designed the area’s masterplan, was chosen to lead the project.

A World-Class Cultural Institution

The centre will consist of three core structures: the Art Centre, the Design Centre, and the Museum of People. According to Kelly Diapouli, artistic director of Larnaca 2030, the initiative is “a cultural centre that does not exist in Cyprus” and will serve as the organisation’s main operational base.

The Art Centre will feature two performance spaces, including one reconfigurable hall with a capacity of 1,000 to 1,500 people. The Design Centre, meanwhile, will focus on creative innovation by combining local tradition with modern production methods.

The third component is the Museum of People, developed by Joseph Hadjikyriakos as an evolution of the Larnaca Archives, Phoebus Stavridis. Described as an ‘anti-museum’, it will turn everyday objects into stories through curated art and technology.

Visitors will be able to experience the space interactively through an app that personalises their journey. As previously reported, the Museum of People will give the substance of the point where identities are defined, importance is given to memory, but also the possibility of creating the future.

Breaking News: In a significant development, OpenAI and Microsoft are renegotiating the terms of their massive partnership, as reported by the Financial Times. This move might pave the way for an OpenAI IPO in the near future.

Background Insight: OpenAI has set its sights on becoming a for-profit public benefit corporation, a transformative shift that requires Microsoft’s affirmation—considering Microsoft’s staggering $13 billion investment since 2019.

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What’s at Stake: Microsoft may opt for a reduced equity stake in the new entity, in return for longer access to OpenAI’s cutting-edge technology, benefiting its endeavors like Microsoft Copilot.

• Extended access to OpenAI tech could redefine Microsoft’s competitive edge in AI.
• The revised partnership terms might see OpenAI reducing Microsoft’s revenue share.
• This restructuring holds the potential for OpenAI’s initial public offering, signaling a new era for AI advancements.

Berkshire Hathaway, renowned for its market resilience and disciplined leadership, remains a stalwart in the investing world. With 94-year-old CEO Warren Buffett stepping down, we’re witnessing the close of an impactful era.

Under Buffett’s direction since 1965, the company evolved from a textile manufacturer into a conglomerate valued at $1.2 trillion, with acquisitions spanning diverse sectors such as railroads, insurance, and more specialized industries. While marking impressive gains, there have been recent dips; for instance, a 14% drop in Q1 2025 earnings, attributed to insurance underwriting shortcomings.

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Remarkable Stock Performance

Berkshire Hathaway’s stock has delivered a remarkable 5,502,284% growth, outperforming the S&P 500, which saw a 39,054% increase since Buffett’s reign. Despite its success, financial experts advocate for diverse stock investments through broad-based index funds over single company stocks.

Investment Returns

• 1-Year Investment: $1,263 with a 26.3% gain
• 10-Year Investment: $3,461 with a 246.1% gain
• 20-Year Investment: $9,178 with an 817.8% gain

The Bank of Cyprus has reported a successful first quarter in 2025, boasting a €117 million profit after tax, a 9% rise from the previous quarter.

Key performance metrics indicated resiliency, with the Return on Tangible Equity (ROTE) at 18.3%, outpacing the bank’s yearly goals.

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CEO Panicos Nicolaou highlighted the bank’s consistent strong performance, citing a cost-to-income ratio of 34% and maintaining credit quality with non-performing exposures under 2%.

Bank of Cyprus saw new lending rise to a historic €842 million, marking a remarkable 16% increase compared to the previous quarter.

In strategic moves to diversify, the bank has acquired Ethniki Insurance Cyprus, enhancing its position in the Life and Non-Life sectors.

The Cypriot economy, growing by 3.4% in 2024, continues to outpace the Eurozone average, strengthening the bank’s outlook amidst global economic uncertainties.

With a plan to pay a €211 million cash dividend, Bank of Cyprus remains confident in meeting its targets and supporting the nation’s economy.

The humble beginnings of the first Woolworth department store in 1971, strategically located at the bustling intersection of Makariou and Diogenis Akritas streets in Nicosia, marked the dawn of an expansive retail journey for the CTC Group.

Fast forward over five decades, and this journey reaches a new milestone with the sale of the iconic ERA department stores in 2025. This transition signifies not only the closing of one chapter but the beginning of another in Cyprus’ retail industry.

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The Evolution of Retail Giants

Since its inception by the Ermes Department Stores Plc, Woolworths saw major developments including key openings like Woolworth Apollo in Limassol in 1987, and the country’s largest, Woolworth Olympia, in 1992.

Spanning several cities, Woolworths became synonymous with a robust retail experience. As times changed, so did the brand, evolving into ERA Department Stores after ending ties with Debenhams in 2020.

A Bold New Future for ERA

In a strategic move, Ermes Department Stores Plc has transferred its ERA stores to Gencom Ltd for a symbolic €1, despite operating losses mounting to €1.3 million in 2024.

What’s next for ERA under Gencom Ltd? Speculation suggests that this bold acquisition by a prominent retail player could redefine the shopping landscape. With no immediate rebranding plans, the ERA name stays, ensuring continuity for its loyal customer base.

Today, the President of the European Parliament, Roberta Metsola, reaffirmed her support for Cyprus during a meeting with the nation’s President, Nikos Christodoulides, at the Presidential Palace. The dialogue emphasized the ambition to make 2026 a hallmark year for Cyprus’ Schengen integration.

A Step Toward Greater EU Integration

Emphasizing strong ties with EU partners, President Christodoulides welcomed Metsola, who was visiting for a singular day of work and collaboration. He expressed gratitude to her for joining the celebration of Europe Day, aiming to spark discussions with Cyprus’ youth about their visions for the European Union.

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Strategic Goals for 2026: Schengen Membership

Highlighting the approaching EU Council Presidency, President Christodoulides stated, “We are diligently working towards an ambitious presidency that will bring us closer to achieving significant EU autonomy.” The aspiration is clear: to mark 2026 with Cyprus’ triumph as a Schengen member, which coincides with the 40th anniversary of the Schengen Agreement.

In her fourth visit to Cyprus, Metsola elucidated her frequent presence on the island as a testament to her commitment to supporting Cyprus’ objectives. Reflecting on Cyprus’s active participation in EU elections, Metsola praised the Cypriot electorate’s dedication to the European cause.

Working Together for a Unified Future

The discussion encompassed various facets, including the Cyprus Problem and efforts to rejuvenate negotiations. Metsola assured that the European Parliament stands firmly with Cyprus, advocating for a resolution under UN guidance that supports a bi-communal federation.

As Cyprus aims for reforms and enhancements in opportunities for its youth, the discussions held promise for the island’s progressive journey in the European landscape. Cyprus’ 21 years as an EU member and the impending presidency signify a period of renewal and strategic positioning.