Hotel unions SEK and PEO are calling for government action over the use of third-country workers supplied through labour agencies, warning that the practice is weakening employment protections in Cyprus’ hospitality sector.

Unions Seek Inspections

SEK secretary-general Michalis Frangou said some hotels were hiring workers through agencies rather than directly, allowing intermediaries to bypass established employment terms. He described the practice as a “slave market”.

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PEO hotel workers’ secretary-general Neophytos Timinis said similar cases had been reported, particularly in Ayia Napa and Paphos, with workers paid by the hour and without benefits provided under collective agreements.

The unions want targeted inspections of labour-supply companies and hotels, along with sanctions where violations are found. Further action could follow in September if the issue is not addressed.

Wider Concerns

The unions acknowledged staff shortages in hotels but said they did not justify bypassing employment rules. Similar concerns have also emerged in construction and catering.

Police have warned that vulnerable foreign workers face risks of exploitation and trafficking. Foreign nationals make up almost 40% of Cyprus’ hospitality workforce.

The labour ministry says around 8,000 inspections are carried out annually, while anonymous complaints can be submitted over exploitation, illegal employment and breaches of working conditions.

A navtex alert is expected to be issued soon to notify ships about seabed surveys between Cyprus and Crete ahead of cable-laying work for the Great Sea Interconnector.

Survey Plans Take Shape

President Nikos Christodoulides, French President Emmanuel Macron and Greek Prime Minister Kyriakos Mitsotakis have discussed the issue in recent days and agreed that the notice should be issued as soon as possible, according to Phileleftheros.

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The next step depends on an agreement between Meridiam, the interconnector’s majority shareholder, and French cable manufacturer Nexans. They must decide which companies will conduct the remaining surveys and establish a timetable for the work.

Greece’s transmission system operator Admie said around 60% of the seabed surveys have already been completed, leaving 40% in waters claimed by both Greece and Turkey.

Dispute Over Maritime Zones

Previous survey efforts have faced tensions. In 2024, Turkish naval vessels were deployed after the Italian research ship Ievoli Relume entered waters Ankara considers its own, prompting Greece to send naval vessels to the area.

At the centre of the dispute is the status of maritime zones generated by islands. Greece and Cyprus, citing the UN Convention on the Law of the Sea, maintain that islands generate their own exclusive economic zones (EEZs). Turkey, which is not a signatory to the convention, rejects that interpretation.

Turkey considers the waters beyond the 12-nautical-mile territorial limits of Cyprus and Crete to fall within its claims, while Greece and Cyprus argue that their EEZs meet south of Kastellorizo.

A proposed legal framework for implementing EU artificial intelligence rules in Cyprus could introduce fines of up to €35 million for the most serious violations. Public consultation on the legislation will remain open until September 16.

New Rules And AI Oversight

Two bills have been drafted to implement EU Regulation 2024/1689, which establishes harmonised AI rules across the bloc. Cyprus’ Office of the Commissioner for Electronic Communications and Postal Regulation (OCECPR) would become the main AI regulator, notifying authority and central point of contact.

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Feedback can be submitted through the e-consultation platform. A proposed AI Regulatory Sandbox would also give startups and researchers a controlled environment to test innovative AI applications.

For high-risk AI systems, OCECPR would work with authorities responsible for specific sectors. The Personal Data Protection Commissioner would oversee relevant systems involving personal data, while the Central Bank of Cyprus would supervise high-risk AI used by financial institutions.

Inspections And Penalties

Authorised officials could inspect business premises, request information and summon individuals to provide statements. Obstructing an official could become a criminal offence punishable by up to six months in prison, a fine of up to €10,000, or both. Administrative measures could include written warnings, orders to stop violations and the withdrawal or recall of AI systems.

Minor offences could result in fines of up to €30,000, rising to €60,000 for repeat violations. Serious breaches involving prohibited AI practices could carry penalties of up to €35 million or 7% of a company’s global annual turnover, whichever is higher.

Providers, authorised representatives, importers and distributors could face fines of up to €15 million or 3% of global turnover.

Complaints And Cyprus’ AI Strategy

Any individual or legal entity would be able to file a complaint about a suspected violation. Those who believe they have been harmed by an official decision could also appeal to the Administrative Court.

Cyprus recently unveiled its National AI Strategy 2032, which aims to modernise public administration, strengthen economic competitiveness and establish the country as a regional AI hub.

According to the strategy, the global AI market could grow from $189 billion in 2023 to $4.8 trillion by 2033, while AI and automation are expected to reshape businesses across a wide range of sectors.

Why Investors Need To Check The Company Behind Their Crypto Platform

Crypto users in Cyprus are being urged to verify exactly which company holds their assets after the EU’s Markets in Crypto-Assets Regulation (MiCA) transition period ended on July 1, 2026.

MiCA rules for crypto-asset service providers have applied since December 2024, but Cyprus allowed companies operating under its previous national framework to continue temporarily. CySEC required providers wishing to remain in the market to apply by February 27, 2026.

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The end of the transition means that appearing on an old national register is no longer enough. Investors must check the specific legal entity providing the service and the activities it is authorised to perform.

Two Regulatory Routes

CySEC maintains separate registers for providers authorised under Article 63 and companies using the Article 60 notification route.

The lists should not simply be treated as a count of licensed crypto exchanges. Providers have different regulatory statuses and may be authorised for different services, including custody, transfers, exchanges or operating trading platforms.

Companies authorised elsewhere in the EU can also serve Cypriot customers through MiCA passporting. Investors should therefore check the wider ESMA register.

Familiar Brands Can Still Be Used In Scams

MiCA authorisation applies to a specific legal entity, not automatically to every website, subsidiary or service using the same brand. Fraudsters can copy a legitimate company’s name, logo and licence number while changing its website or payment details.

The regulatory transition creates another opportunity for scammers. They can imitate legitimate notices about account closures or transfers and claim that customers must urgently move their assets to a new “regulated” platform.

In its July announcement, CySEC warned that customers using unauthorised providers do not receive MiCA protections and advised investors to verify providers through ESMA.

A Wider European Shake-Up

The changes affect the broader European crypto market. VASPnet estimated that more than 1,700 unlicensed crypto companies could face closure, relocation or restructuring after the transition period.

ESMA’s register contained 323 authorised providers at the end of July, while TRM Labs identified 1,343 operating providers in the European Economic Area on July 1, including 281 with MiCA authorisation. The different figures reflect different methodologies, but point to a substantial number of providers operating without the new authorisation.

ESMA instructed unauthorised companies to stop accepting new EU customers, opening accounts and marketing their services, while allowing limited activity needed for an orderly withdrawal.

What Investors Should Check

MiCA introduces common requirements for areas such as governance, disclosures and safeguarding client assets, but it does not make crypto investments risk-free.

For Cyprus users, the key questions are which legal entity provides the service, what it is authorised to do and whether the website or contact details are genuine.

Requests to transfer assets urgently, pay recovery fees, reveal private keys or install remote-access software should be treated as red flags. MiCA may bring greater clarity to the market, but the transition has also created a new opportunity for criminals to exploit a very real regulatory change.

Cyprus recorded 582,754 tourist arrivals in July, just 1.1% fewer than the 589,116 visitors recorded in the same month last year, according to figures from the Statistical Service (Cystat). The latest total was also 5.7% higher than in July 2024.

For the first seven months of 2026, however, arrivals reached 2,238,769, an 8% decline from 2,432,129 a year earlier. The gap has narrowed from 10.1% at the end of June, when the monthly decline stood at 1.7%.

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Israel Becomes A Major Source Of Growth

The UK remained Cyprus’ largest tourism market in July, with 185,981 visitors, accounting for 31.9% of arrivals. British tourism was down 2% year on year.

Israel, meanwhile, recorded a sharp increase. Arrivals rose 55.8% to 119,293, giving the market a 20.5% share and making it the main factor limiting the overall July decline.

Poland remained third despite a 15.6% drop to 36,912 visitors. Germany followed with 21,338, down 9.9%, while arrivals from Sweden and Denmark also declined.

Norway was another exception, with arrivals increasing 10.6% to 14,055. Romania, Greece, Austria, Switzerland, Hungary, the Netherlands and Lebanon all recorded declines.

France saw the steepest fall among the listed markets, with arrivals dropping 46.3% to 6,797.

Uneven Demand Across Tourist Districts

The differences between markets are also being reflected across Cyprus. Famagusta hoteliers reported strong demand from the UK, Israel, Poland, Scandinavia and Central Europe, while Switzerland and the Netherlands were weaker, partly because of reduced summer flight availability.

In Paphos, hotel occupancy is expected to reach 85-90% in August, with Israel potentially becoming the district’s second-largest market after Britain.

Holidays accounted for 85.2% of July arrivals, while 11.7% visited friends or relatives and 3% travelled for business.

Airport Traffic And Outbound Travel

The trend was also visible in airport traffic, which fell just 1% in July. More than 1.63 million passengers passed through Larnaca and Paphos airports, bringing the seven-month decline to 3.7%.

At the same time, more Cypriot residents travelled abroad. A total of 210,047 returned from overseas trips in July, up 12.3% from a year earlier.

Greece remained the leading destination, accounting for 38.5% of returning residents, followed by the UK at 7.1% and Italy at 6%. Poland and Germany each accounted for about 3.5%.

Holidays made up 75.2% of residents’ trips, followed by business travel at 13.7% and studies at 10.3%.

Most people in Cyprus remain unfamiliar with the digital euro, while concerns about privacy and the future of cash could limit its adoption. A new survey by the Central Bank of Cyprus (CBC) found that 61% of respondents had little or no knowledge of the project, while only 1% considered themselves fully informed.

The digital euro is being developed by the European Central Bank as a digital form of money that could be used across the euro area both online and offline. Its launch is currently targeted for 2029.

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Cash Still Dominates

Despite the growth of digital payments, cash remains the most widely used payment method in Cyprus. At the same time, 63% of respondents said they use debit or credit cards in physical shops every week, while 23% make online payments or transfers through banking apps.

The survey also found a clear divide in payment habits. Daily cash users were more likely to be older, unemployed or retired and have lower incomes or levels of education. Digital payment users were more often women under 45, university graduates and people with higher incomes living in urban areas.

Only 35% Ready To Use It

When asked whether they would adopt the digital euro, 35% said they were willing to use it in their daily lives, while 28% considered adoption unlikely.

Among potential users, 41% would use the currency for purchases in shops and 40% for online shopping. Another 33% would use it to send money to other people.

However, 56% said they did not expect the digital euro to offer anything genuinely different from existing payment methods, compared with 19% who believed it would.

Privacy Is The Biggest Concern

Privacy emerged as the main obstacle to adoption. Some 53% of respondents worried that their transactions could be monitored and that the digital euro could eventually replace cash. Security was another concern for 38%, while 25% were worried about managing their spending.

Reservations were strongest among older people, women, lower-income respondents and those without higher education. Businesses appear somewhat more receptive. Among business owners, managers and self-employed respondents, 54% said they would accept digital-euro payments without reservations, while 27% said they would not.

The CBC said it will continue raising awareness of the digital euro through media, conferences and seminars as preparations for the project continue.

The television industry is changing rapidly as cable subscriptions decline, streaming growth slows and media companies rethink their strategies. Deals such as Paramount Skydance’s planned acquisition of Warner Bros. Discovery and Fox’s $22 billion Roku deal reflect that shift.

Cable TV Will Keep Shrinking

Media executives largely agree that traditional pay TV will continue losing viewers over the next three years, although they differ on how quickly. Sports are expected to remain one of the main reasons consumers continue paying for cable, while more programming moves to streaming platforms and larger bundles.

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Personalization And AI Take Center Stage

By 2029, personalization could become standard across television. ESPN chairman Jimmy Pitaro expects platforms to tailor both recommendations and content to individual viewers, while Tubi CEO Anjali Sud predicts more relevant, highly personalized advertising.

AI could also make television more global by allowing viewers to watch content in their preferred language without traditional dubbing or subtitles. At the same time, immersive sports experiences, including 8K and virtual-reality viewing, could create new ways to watch live events from home.

A More Fragmented TV Industry

The future may also bring more partnerships between traditional networks, streaming platforms and creators. Executives expect podcasters and livestreamers to increasingly find their way onto television, while major media companies continue reshaping their businesses around changing viewing habits.

Overall, the industry’s direction appears clear: less traditional cable, more streaming, greater personalization and deeper integration of AI and commerce.

Nvidia has built its dominance in artificial intelligence on its powerful chips, but growing competition from AMD and Google is pushing the company to rely on another major advantage: its financial strength.

The strategy became clearer last week when Nvidia announced plans with major Wall Street firms to help finance up to $500 billion worth of its AI systems. On Monday, the company also committed up to $105 billion to support OpenAI’s planned data center in Ohio.

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Nvidia Uses Capital To Sustain AI Growth

Nvidia is trying to keep AI infrastructure spending growing, particularly as a small group of hyperscalers accounts for a large share of chip demand. Its quarterly free cash flow has increased 18-fold over three years to $48.5 billion, giving the company significant resources to invest across the AI ecosystem.

The chipmaker has also been buying stakes in AI companies. Its marketable equity securities reached $30.2 billion in the latest quarter, up from $12.9 billion a year earlier. Nvidia invested $30 billion in OpenAI in February, while its latest Ohio agreement includes a $1.5 billion investment in SB Energy.

Making Nvidia Systems Easier To Finance

CEO Jensen Huang says many AI companies are growing faster than their balance sheets can support. Nvidia is therefore working with financial institutions to make its GPUs easier to finance as long-term assets.

Last week, the company signed a memorandum of understanding with Goldman Sachs, Apollo Global Management, Blackstone and BlackRock to develop financing for Nvidia systems.

The move could help maintain demand for Nvidia technology as rivals gain ground. Google has begun generating revenue from its TPU systems, while AMD reported more than 100% growth in its data-center business.

Competition Pushes Nvidia To Diversify

Increasing competition is putting pressure on Nvidia’s exceptionally high margins and encouraging it to expand beyond selling GPUs.

“Part of their thinking is, let’s broaden our reach,” said Paul Meeks of Freedom Capital Markets. “We just can’t ride this one horse, which is GPUs.”

Still, analysts say the company’s financial strategy reflects strong underlying demand for AI infrastructure. Anthropic said its annualized revenue run rate reached $65 billion in July, seven times higher than a year earlier, while OpenAI’s recently reached $40 billion.

For Nvidia, the AI advantage is increasingly about more than chips. Its ability to finance the infrastructure around them could become an equally important competitive edge.

YouTube is changing how views are counted, with a view now registering as soon as a video starts playing or a viewer joins a live stream. The update takes effect Aug. 24 and brings regular videos in line with the approach already used for Shorts, TikTok and Instagram.

Although YouTube has not publicly explained exactly how views were previously calculated, the industry generally understood that a viewer had to watch at least 30 seconds for a view to count.

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Creators Will Still See Engaged Views

The company said the change is intended to simplify its different view-counting systems and give creators a clearer picture of their exposure. Public view counts could rise significantly, particularly for videos that attract viewers for only a few seconds, making the metric less useful on its own for judging audience interest.

To provide more context, YouTube will keep the previous measurement under the name “Engaged views” in YouTube Analytics. Creators can use it to see how many viewers continued watching after a video began.

YouTube also confirmed that the change will not affect creator earnings or eligibility for the YouTube Partner Program.

Higher Monetization Thresholds Are Coming

The update follows another creator-focused change announced last week. Starting next year, new creators will face higher requirements to begin earning money from ads and subscriptions.

Under the new rules, creators will need 8,000 qualified watch hours over the previous year or 20 million qualified Shorts views within 90 days. At present, the thresholds are 4,000 watch hours or 10 million Shorts views, along with 1,000 subscribers.

The changes have drawn criticism from users on Reddit, with some arguing that the new requirements could make it harder for creators to enter or remain in YouTube’s monetization program.

Only 3% of teachers in Cyprus are under 30, putting the country alongside Portugal for the lowest share of young teachers in the European Union, according to a European Commission report. The figure is well below the EU average of 8%, while Malta has the highest proportion at 17%, followed by Belgium and Luxembourg at around 15%.

Cyprus is also the only EU member state identified in the report as having a surplus of teachers, despite the workforce being relatively old.

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Older Teachers Remain Highly Satisfied

The teaching profession appears to remain attractive to those already working in it. In 2024, 73% of Cypriot teachers said they were satisfied with their salaries, compared with just 37.3% across the EU. Job satisfaction was also high, reaching 93% in Cyprus versus 90% across the bloc.

The age gap is particularly visible in secondary education, where teachers in Cyprus averaged 46 years old in 2024, compared with 45 across OECD member states. Only 4% were under 30, while 33% were aged 50 or older.

Reform Could Change The System

The findings come as Cyprus moves toward the final stage of its teacher evaluation reform. Until August next year, vacancies will continue to be divided between the old appointment list and the newer system introduced in 2015.

From next September, first-appointment vacancies will be filled exclusively through the new list. The European Commission has meanwhile called for stronger efforts to attract and retain younger teachers, including through better working conditions and greater support for people entering the profession.