Cyprus and Lebanon have begun formal discussions on a planned undersea electricity interconnector that could allow Cyprus to export surplus renewable power to Lebanon, former Energy Minister George Papanastasiou said Wednesday.

Cable Could Help Manage Cyprus’ Renewable Power

Cyprus can generate more renewable electricity at peak times than its grid can absorb, forcing temporary curtailment to prevent overload, Papanastasiou told the Cyprus Mail. An export cable could provide an outlet for surplus generation while supplying Lebanon with additional electricity.

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Battery storage would remain essential, however, because the cable alone could not stabilize variable renewable generation, Papanastasiou said.

Lebanon’s Grid Presents A Major Challenge

For Lebanon, the interconnector could improve security of supply and provide more stable electricity, provided Cyprus can maintain reliable generation and transmission.

Much of Lebanon’s power infrastructure remains severely damaged, with many areas relying on standalone systems and generators. That raises questions about whether the existing network could efficiently receive and distribute imported electricity.

Feasibility Study Comes First

The immediate priority is a feasibility study, which could be funded by the World Bank, Papanastasiou said. Any agreement would require approval from regulators in both countries, including the Cyprus Energy Regulatory Authority and Lebanon Electricity Regulatory Authority.

The proposed process would begin with a cost-benefit analysis, followed by a cross-border cost-allocation agreement if the project proves viable. Detailed design would come next.

Regional Politics Could Shape The Project

Turkey could also react to the proposed connection, Papanastasiou said, adding that he did not expect any objection to be based on international law.

The discussions follow a July agreement between Cyprus, Lebanon and the World Bank to prepare a preliminary feasibility study. Lebanon also signed a July 2 agreement with Syria aimed at establishing an electricity interconnection.

Cyprus is meanwhile pursuing the Great Sea Interconnector linking the island with Greece and Israel. A separate proposal backed by Turkey and the Turkish Cypriot authorities to connect Cyprus with Turkey is not included in the European Network of Transmission System Operators for Electricity (ENTSO-E) 10-year plan.

The Cyprus-Lebanon project will depend on the feasibility study, regulatory approvals, financing and the wider regional political environment.

Revolut said hackers obtained personal information belonging to hundreds of European customers after impersonating a government agency in a targeted fraud operation.

How The Attack Unfolded

The digital bank said it detected a “sophisticated external impersonation scam” in which an unauthorized third party used an email address from a legitimate government agency domain to submit fraudulent requests for customer data.

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According to the Financial Times, Italian hackers gained access to a compromised Italian government email account and used it to pose as officials seeking customer information.

Data obtained in the incident included customer addresses, verification photos, identity documents and information related to bitcoin activity.

Hundreds Of Customers Affected

A source familiar with the matter said roughly 680 Revolut customers across several European countries were affected. Revolut did not identify the number of customers involved in its statement.

The British fintech, whose European banking operations are legally based and licensed in Lithuania, said its systems and customer funds were “unaffected.” Affected customers were contacted and offered support, the company said.

“Upon detection, we immediately blocked the address and alerted the relevant government agency as well as enforcement agencies, data protection and financial regulators,” Revolut said.

Regulators Assess The Incident

Britain’s Information Commissioner’s Office confirmed that it had received a report about the incident and was assessing the information provided.

Rather than gaining direct access to Revolut’s systems, the attackers used a compromised government email account to request customer information. The incident highlights the risks financial institutions face when fraudsters exploit trusted communication channels.

Incident Comes Amid Rapid Expansion

Revolut has continued expanding its banking operations since launching as a fintech in 2015. The company was valued at $115 billion in a secondary share sale in July, and it received a UK banking license in March and a full French banking license in August.

Conditional approval for a US banking license followed this month, while Revolut applied for a Swiss banking license on Tuesday. The company says it now has more than 80 million customers globally and is targeting 100 million customers across 100 countries.

Danish pharmaceutical group Novo, formerly Novo Nordisk and best known for Ozempic, has partnered with Anthropic to accelerate drug development using artificial intelligence.

AI Expands Into Novo’s R&D

Under the agreement, Novo will use Anthropic’s models and Claude Science across its research and development operations. The company said the tools will support scientific reasoning, improve productivity and help researchers explore new approaches to understanding human biology and drug mechanisms.

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“Joining forces with Anthropic will supercharge our R&D organisation and help us on our mission to bring new, transformative health solutions to people living with chronic diseases,” Novo President and CEO Mike Doustdar said in a press release.

Anthropic CEO Dario Amodei said access to advanced AI models could help researchers shorten research timelines and improve drug discovery.

Novo Builds A Broader AI Strategy

The Anthropic partnership follows Novo’s separate agreement with OpenAI in April to use AI for analyzing complex datasets, identifying potential drugs and reducing the time between research and patient access.

Novo is also involved in Denmark’s AI infrastructure. In 2024, the Novo Nordisk Foundation partnered with Nvidia and the Export and Investment Fund of Denmark to establish the Danish Centre for AI Innovation, which operates the Gefion supercomputer.

Anthropic Expands In Life Sciences

Anthropic has also been expanding its presence in healthcare and pharmaceuticals. In May 2026, it announced a collaboration with Bristol Myers Squibb covering research, clinical development, manufacturing, commercial and corporate functions.

The Novo partnership adds another major pharmaceutical company to Anthropic’s life sciences business as drugmakers increasingly apply AI to research and development.

Revolut has applied for a Swiss banking license and plans to invest more than CHF 150 million in the country over the next five years.

Revolut Expands Its Swiss Offering

The fintech submitted its application to the Swiss Financial Market Supervisory Authority, or FINMA, on Wednesday. If approved, the license would allow Revolut to offer a more localized banking service to its more than 1.3 million Swiss customers.

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Planned services include Swiss IBANs, salary accounts, eBill, merchant acquiring and Swiss deposit protection. Revolut is also evaluating Pillar 3a and TWINT.

From Lithuanian License To Swiss Bank

Swiss customers are currently served through Revolut Bank UAB, which is licensed in Lithuania and has a representative office in Switzerland.

A Swiss license would allow the company to establish a locally regulated banking operation, supported by local infrastructure and staff. Revolut also plans to appoint local executives and create additional jobs as part of its Swiss expansion.

“If approved, we would become a true Swiss bank,” Julian Biegmann, Revolut’s General Manager for Switzerland, said.

Part Of European Expansion

The application follows Revolut Bank S.A.’s full banking license in August after an assessment by the European Central Bank and France’s Autorité de Contrôle Prudentiel et de Résolution.

Revolut said it now serves more than 80 million customers worldwide. If approved, the Swiss license would add another locally regulated banking operation to its European network.

Exposure to polluted air may increase the risk of suicidal ideation and death by suicide, both in the short and long term, adding to evidence that environmental conditions can shape mental health outcomes in measurable ways.

What The New Research Found

A new analysis published in the Journal of Epidemiology & Community Health found that short-term exposure to fine particulate matter (PM2.5 and PM10), as well as long-term exposure to nitrogen dioxide (NO2) and PM2.5, was associated with higher risk of death by suicide, suicide attempts and suicidal ideation.

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Researchers reviewed more than 40 studies spanning different forms of air, noise, light and water pollution and assessed their relationship with suicide deaths, attempts and suicidal thoughts.

The findings come against a sobering global backdrop. More than 720,000 people die by suicide each year worldwide. In the European Union alone, more than 48,000 deaths were recorded as intentional self-harm in 2023, according to the latest Eurostat data.

Why The Environment May Matter

The authors noted that suicide has no single cause. Instead, risk is shaped by a complex mix of individual, biological, cultural and social factors.

Their analysis adds another layer to that picture by suggesting that environmental exposures may also contribute to vulnerability. While the evidence does not prove pollution directly causes suicidal behaviour, it reinforces the idea that mental health does not exist in isolation from the conditions in which people live.

Environmental pollutants may affect the brain through chronic inflammation and neurotoxicity, both of which have been linked to impaired neurological function and changes in mood regulation and stress resilience. Noise and light pollution may also increase stress by disrupting circadian rhythms, the body’s internal clock that helps regulate sleep, alertness and hormonal balance.

A Social And Biological Risk Context

Susana Al-Halabí, a psychology professor at the University of Oviedo in Spain, who was not involved in the study, said the central value of the research is not to establish pollution as a sole cause of suicidal behaviour, but to underscore that psychological suffering unfolds within a broader context.

She added that pollutants may also be markers of more vulnerable social environments, including neighbourhoods with poorer living conditions, lower environmental quality, more daily stress and higher levels of inequality.

That framing matters for policymakers. If environmental exposures amplify existing risks, then prevention strategies should account for more than clinical care alone. Public health, urban planning and social policy all have a role to play.

What Comes Next

The authors called for further research into the cumulative effects of environmental exposures to better understand how they shape suicide risk over time.

“These findings bring to attention the critical importance of recognising environmental exposures as modifiable risk factors within suicide prevention efforts,” they wrote.

If you are contemplating suicide and need to talk, please reach out to Befrienders Worldwide, an international organisation with helplines in 32 countries. Visit befrienders.org to find the telephone number for your location.

Hourly labor costs in Cyprus rose 3.8% year on year in the second quarter of 2026, faster than the euro area and EU averages, according to Eurostat and the Cyprus Statistical Service (Cystat).

Labor Costs Rise Faster Than Regional Benchmarks

The 3.8% increase in Cyprus compared with 3.1% in the euro area and 3.2% across the EU. Both wage and non-wage costs contributed to the increase.

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Hourly wages and salaries rose 3.9% from the second quarter of 2025, while non-wage labor costs increased 3.6%, according to Cystat.

Growth Accelerates From The First Quarter

The annual increase also accelerated from 3.4% in the first quarter of 2026 and was slightly above the 3.7% recorded a year earlier.

Wage growth rose from 3.4% in the first quarter, while non-wage costs increased at a faster pace than the 3% recorded during the same period.

Labor Cost Index Continues To Rise

Cyprus’ unadjusted total labor cost index reached 121.87 in the second quarter, up from 119.43 in the previous quarter and 117.38 a year earlier. The index for wages and salaries rose to 122.20, compared with 119.79 in the first quarter and 117.64 in the second quarter of 2025.

The non-wage labor cost index stood at 120.48, up from 117.92 in the first quarter and 116.33 a year earlier. Cystat uses 2020 as the reference year, with an index value of 100.

Seasonally Adjusted Costs Rise 1%

On a seasonally adjusted quarter-on-quarter basis, total hourly labor costs increased 1% in the second quarter. Wages and salaries also rose 1%, while non-wage costs increased 0.9%.

The quarterly increases were stronger than those recorded in the second quarter of 2025, when total labor costs and wages and salaries each rose 0.6%, while non-wage costs increased 0.5%.

Business Economy Labor Costs Remain Elevated

Eurostat data also showed relatively strong labor-cost growth in Cyprus’ business economy. Annual growth reached 4.3% in the second quarter, compared with 4.4% in the first quarter and 4.1% a year earlier.

Across the euro area, business-economy labor costs increased 3% year on year, down from 3.3% in the first quarter and 4.5% a year earlier. Wage costs rose 3%, while non-wage costs increased 3.2%.

EU business-economy labor costs rose 3.1%, compared with 3.5% in the first quarter and 4.8% in the second quarter of 2025. Wage costs increased 3.1%, while non-wage costs rose 3.2%.

Construction Records Fastest Growth Across Main Sectors

Across the wider economy, hourly labor costs rose 3.1% in the euro area and 3.2% in the EU during the second quarter.

Construction recorded the fastest growth among the three main sectors in both regions. Costs increased 3.9% in euro-area construction, compared with 2.9% in industry and 3% in services, while the EU recorded increases of 3.9%, 3% and 3.1%, respectively.

Wage Growth Varies Across EU Economies

The largest annual increases in hourly wage costs were recorded in Bulgaria at 9.9%, Lithuania at 9.6% and Croatia at 8.9%. Luxembourg and Romania recorded the lowest increases at 1.8%, followed by France and Italy at 2.1%.

For non-wage costs, the largest increases were reported in other service activities at 5.7%, real estate activities at 4.9% and administrative and support services at 4.8%. Mining and quarrying recorded the smallest increase at 0.7%, followed by professional, scientific and technical activities at 1.6% and electricity, gas, steam and air conditioning supply at 1.7%.

Cyprus therefore entered the second half of 2026 with annual labor-cost growth above both regional benchmarks, while wage and non-wage costs continued to increase domestically.

Young people in Cyprus have a relatively high employment rate, but they leave the parental home later than the EU average, according to Eurostat data.

Cypriots left home at an average age of 27 in 2025, compared with 26.3 years across the EU. At the same time, 72.3% of people aged 20 to 29 in Cyprus were employed, well above the EU average of 65.5%.

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Strong Employment Does Not Mean Early Independence

Only nine countries recorded higher youth employment rates than Cyprus. Iceland led at 85.3%, followed by the Netherlands at 84%, Malta at 82.1%, Switzerland at 78.3% and Germany at 77%.

Norway recorded 76.5%, Ireland 76.1%, Denmark 74.8% and Austria 74.6%. Eurostat said countries where young people leave home earlier generally tend to have higher youth employment rates.

Southern Europe Sees Later Moves

Finland had the lowest average age for leaving the parental home at 21.4 years, followed by Denmark at 21.8 and Estonia and Lithuania at 22.7. Croatia recorded the highest average at 31.5 years, followed by Greece and Slovakia at 30.9. Spain and Italy both stood at 30.2 years.

Across the EU, the average has remained close to 26 since 2002, rising only slightly from 26.2 years in 2024 to 26.3 years in 2025.

Cyprus Labour Market Is Cooling

The figures come as Cyprus’ labor market shows some signs of easing, although demand for workers remains relatively strong by European standards.

Separate Eurostat data showed Cyprus had the EU’s largest annual decline in its job vacancy rate in the second quarter of 2026. The rate fell to 2.6% from 3.3% a year earlier, but remained above the EU average of 2.0% and the euro area average of 2.1%.

Cost Of Living Remains A Factor

Housing and other living costs can also affect how quickly young workers establish independent households. Eurostat reported that Cyprus’ household consumption price level was 89.2% of the EU average in 2025.

A relatively lower overall price level does not eliminate affordability pressures for people on modest incomes. For younger workers, the issue can be whether wages are sufficient to cover rent, utilities, food and other basic expenses.

Cyprus therefore combines relatively high youth employment with a later transition to independent living, suggesting that access to work and the ability to afford a separate household do not always move together.

Cyprus’ job vacancy rate fell to 2.6% of total employment and vacancies in the second quarter of 2026, down from 2.8% in the previous quarter and 3.3% a year earlier, according to the Statistical Service of Cyprus. The decline points to some easing in demand for workers after a period of tighter labor market conditions.

Hospitality Leads The Market For Open Positions

Accommodation and food service activities recorded the highest vacancy rate at 4.6%, with open positions accounting for that share of total employment and vacancies. Strong demand for workers in the sector reflects the importance of staffing to Cyprus’ tourism and hospitality industry.

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Transportation and storage and administrative and support service activities followed, each with a vacancy rate of 3.5%. Relatively high rates in these sectors indicate that demand for workers remains elevated despite the broader decline.

What The Numbers Suggest

A lower vacancy rate may signal a gradual cooling in hiring demand, potentially easing recruitment pressure for employers. For policymakers, the figures also provide a useful measure of how demand for workers is changing across different parts of the economy.

Sector differences remain significant, particularly in hospitality and logistics, where staffing needs are closely linked to seasonal activity and broader economic conditions. Despite the overall decline, relatively high vacancy rates suggest that finding workers remains a challenge in parts of the labor market.

Logicom’s distribution sales rose 0.4% in the first half of 2026, supported by stronger activity in Cyprus, Greece and Jordan. This was partly offset by a 14% decline in software and integrated IT solutions, mainly due to weaker sales in Cyprus and Greece.

Reported sales fell 16.5% to €409.11 million from €489.95 million. Under IFRS 15, Logicom acts as an agent in some software license and cloud transactions, meaning only gross profit is recognized as sales.

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Despite lower reported sales, gross profit increased to €45.12 million from €43.83 million. Gross margin on reported sales improved to 11.0% from 8.9%, reflecting a stronger sales mix.

Lower Costs Support Results

Administrative expenses fell 5.2% to €29.51 million, while expected credit losses declined to €80,818 from €164,454. Finance costs dropped 41.2% to €2.84 million, mainly due to lower borrowing and reduced dollar and euro borrowing rates.

Other income fell to €4.42 million from €5.82 million, partly because the previous year included €762,462 in insurance compensation received by Logicom Italia. Foreign exchange movements also resulted in a €710,123 loss, compared with a €2.43 million gain a year earlier.

Acquisition Adds €8.88 Million In Negative Goodwill

The first-half results included €8.88 million in negative goodwill from Logicom’s acquisition of AGI-Cypre Property 45 Limited on Jan. 29, 2026.

Logicom acquired a 31.8% stake through Najada Holdings Limited and a further 26.3% through Demetra Holdings Plc. The negative goodwill reflects the difference between the purchase price and the fair value of the acquired company’s net assets.

Debt Declines As Outlook Remains Focused On Growth

Cash and cash equivalents, after bank overdrafts, stood at €417.77 million at the end of June, compared with €443.19 million at the end of 2025. Short-term loans fell to €66.77 million from €78.43 million, while long-term loans declined to €5.62 million from €17.23 million.

Logicom said ongoing conflicts in the Middle East and Europe continued to create uncertainty. Still, profitability from ordinary activities improved, supported by higher gross profit, lower administrative and credit costs, and lower taxation.

Management said its 2026 priorities remain expanding in existing and new markets while maintaining the group’s financial position. The company said first-half results were in line with board expectations.

Cyprus and the United Kingdom have agreed on the next phase of maritime cooperation following talks in London between Cyprus Shipping Deputy Minister Marina Hadjimanolis and her British counterpart, Keir Mather, according to the Cyprus News Agency.

From Agreement To Implementation

The talks focused on implementing the Memorandum of Understanding signed in February 2023 between the Cyprus Shipping Deputy Ministry and the UK Department for Transport. Discussions covered practical cooperation as well as broader challenges facing global shipping and opportunities to strengthen bilateral ties.

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The agreement covers maritime safety and security, decarbonization, ship-source pollution, seafarers’ employment and welfare, maritime education and training, research and innovation, digitalization and cybersecurity.

Cooperation Across Key Maritime Priorities

The framework also provides for cooperation on piracy, fraudulent ship registrations and shipping-related sanctions, as well as engagement through international bodies such as the International Maritime Organization.

Potential measures include expert exchanges, technical workshops, training, technical assistance and sharing best practices. The private sector could also play a larger role in developing cooperation between the two maritime industries.

Seafarer welfare and safety and the green transition were identified as initial priorities. A UK government review published in December 2024 also referred to plans to exchange expertise on implementing the Maritime Labour Convention 2006.

Shipping In A Wider Economic Context

Mather, Parliamentary Under-Secretary of State for Aviation, Maritime and Logistics, oversees maritime policy, freight and borders, international transport, security and resilience.

Hadjimanolis and Mather also took part in the 18th Annual Capital Link Shipping & Marine Services Forum alongside TEN founder and CEO Nikolas Tsakos. The roundtable covered trade, regulation and maritime competitiveness, including tariffs, sanctions, supply-chain resilience and the role of regulators.

Cyprus Seeks Deeper Industry Links

During her London visit, Hadjimanolis also met Foresight Group founder and chairman Ravi K. Mehrotra to discuss opportunities for greater cooperation in maritime and shipping activities.

Founded by Mehrotra in 1984 as a shipping company, Foresight has since expanded into offshore drilling and infrastructure. Its shipping business is now focused on LPG transportation, with a target of 25 modern very large gas carriers by 2034.