The governments of Cyprus and Greece have agreed to update the economic and technical parameters of the Great Sea Interconnector project, a pivotal initiative designed to link the power grids of Cyprus, Greece, and Israel. This decision, announced at a joint summit in Athens, is expected to attract strong, new investment that will enhance the project’s economic benefits and geopolitical influence.

Economic And Geopolitical Implications

Greek Prime Minister Kyriakos Mitsotakis emphasized that the revised parameters will strengthen the project by opening the door to robust investment opportunities. In parallel, Cypriot President Nikos Christodoulides noted that the initiative is a clear indicator of the two nations’ commitment to expanding regional energy cooperation and connectivity, promising tangible economic returns alongside strategic geopolitical positioning.

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Bridging Political Differences

The decision comes amidst ongoing deliberations over financial arrangements, notably the proposed five annual payments of €25 million by Cyprus to Greece’s independent transmission system operator, Admie. These advance payments, intended to finance the early stages of the project and secure stable revenue for Admie, have been a point of contention. Cypriot officials, citing insufficient progress and disagreements over funding methods, have delayed the initial instalment, creating friction between the two administrations.

Regional Energy Integration And Diversification

Despite these challenges, the momentum for regional energy diversification remains strong. Cypriot Energy Minister George Papanastasiou stated that payment would commence only when the project is implemented in its entirety, highlighting the need for comprehensive progress beyond the construction of cables alone. This perspective has fueled further debate among government officials, with disputes over the sustainability of the project and the veracity of submitted studies intensifying political dialogue.

In addition to these domestic challenges, the project recently gained international traction. At a recent 3+1 meeting, energy ministers from Cyprus, Greece, Israel, and the United States reaffirmed their commitment to regional energy integration. The ministers agreed to leverage the interconnector project as part of a broader strategy to reduce dependence on unreliable sources and enhance cooperative connectivity between like-minded partners. They plan to reconvene in Washington, D.C. between April and June next year to advance these discussions.

This updated approach not only promises to catalyze regional infrastructure developments but also reinforces the essential role of strategic energy projects in shaping global economic and geopolitical landscapes.

The final draft for the legislation governing recreational centers now rests with Parliament. Lawmakers are set to present the proposal for approval at an extraordinary session. Despite a two‐week consultation period granted by the Parliamentary Commerce Committee to the government and affected agencies, the discussions have so far failed to yield a unified stance.

Proposed Regulatory Changes

The reintroduced bill, which is once again slated for debate before the Commerce Committee, outlines specific operating hours for various categories of establishments. Among the key provisions are:

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• Restaurants, Taverns, Pizzerias, Cafes, and Snack Bars: Permitted to operate daily from 6:00 a.m. until 1:30 a.m.
• Pubs and Bars: Authorized to operate from 8:00 a.m. until 2:30 a.m.
• Indoor Banquet Halls and Reception Venues: Allowed to function every day from 8:00 a.m. until 5:00 a.m. the next day.
• Outdoor Reception Areas: Authorized operating hours from 8:00 a.m. until 1:30 a.m.
• Nightclubs: Indoor venues can function daily from 8:00 p.m. to 5:00 a.m., while outdoor venues must close by 1:30 a.m.
• Discos and Cabarets: Permitted to operate from 8:00 p.m. until 5:00 a.m. the following day.

Industry Reactions and Concerns

Preliminary submissions to Parliament reveal significant industry dissent. The Pan-Cypriot Association of Recreation Center Owners (ΠΑΣΙΚΑ) rejects the differentiation in operating hours, especially the inclusion of banquet halls under extended operational status. They warn that the bill could trigger cascading effects by reducing revenues for taverns, restaurants, bars, and breweries, thereby jeopardizing small businesses and endangering local employment.

Similarly, the Paphos Recreation Center Owners Association (ΣΙΚΑΠ) has voiced its opposition. According to the group, the proposed legislation favors a narrow segment of large enterprises while threatening the survival of hundreds of neighborhood venues, particularly in non-touristic locales and areas with traditionally modest business scales. The association is urging lawmakers to consider amendments that reduce both the extended hours and associated penalties, calling for a limitation of powers granted to the Deputy Ministry of Tourism and the exclusion of less frequented regions.

Divergent Views Within the Sector

In contrast, the Ammochostos Recreation Center Owners Association (ΣΙΚΑΑ) supports the general direction of the bill, even as it calls for further revisions. The association distances itself from what it describes as sweeping and alarmist criticism. According to ΣΙΚΑΑ, many industry representatives see the bill’s core provisions as beneficial for modernizing and streamlining sector operations, while still acknowledging that certain details, such as the designated operating hours for dining venues, warrant further refinement.

Closing Remarks

During previous debates, the General Director of the Deputy Ministry of Tourism, Kostas Konstantinou, indicated that all avenues for consultation have been exhausted, noting that discussions on the draft have persisted since 2018. With mounting pressure from industry stakeholders, members of the Commerce Committee have already signaled that the forthcoming debate may be held in a closed session, underscoring the high stakes inherent in these proposed changes.

Apple has ushered in a new era for U.S. travelers by enabling Apple Watch and iPhone owners to store a digital copy of their U.S. passport in Apple Wallet. This initiative, part of the Digital ID feature announced with the iOS 26 release, now facilitates a smoother passage through TSA checkpoints across more than 250 U.S. airports for domestic travel.

Robust Authentication and Seamless Integration

The Digital ID feature builds on pre-existing support for government IDs in Apple Wallet, allowing users to present a validated digital passport without a REAL ID-compliant physical document. To add a passport, users can simply launch the Wallet app, tap the “Add” (+) icon, choose “Driver’s License or ID Cards,” and follow the guided procedures—which include scanning the passport’s photo page and embedded chip, taking a live selfie for verification, and confirming additional facial movements for extra security. Although not a replacement for the physical passport, this measure significantly enhances the convenience of identity verification, much like the streamlined process available with Apple Pay.

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Expanding the Digital Wallet Ecosystem

With support for payment cards, loyalty programs, tickets, and more, Apple is closing in on the concept of the iPhone as a comprehensive digital wallet. The addition of Digital ID marks the final frontier in this transition, setting the stage for future enhancements where users can verify their age or identity both in person and online without disclosing additional personal data. For example, event venues, bars, or content-restricted websites could soon adopt this technology to efficiently confirm user eligibility, much like verifying an order through a service such as Uber Eats without compromising privacy.

Security and Privacy at the Forefront

Apple emphasizes that the Digital ID does not replace the physical passport, nor is it intended for international travel. The system is designed with powerful privacy safeguards: no data is tracked about when or where the ID is presented, and users retain full control over the information that is shared during transactions. The authentication process mirrors the security standards established by Apple Pay, utilizing Face ID or Touch ID without the need to unlock the device or hand it over.

Looking Ahead

While still in its beta phase with rollouts limited to certain states and Puerto Rico, the Digital ID feature foreshadows a future where the iPhone and Apple Watch serve as secure, multi-functional substitutes for traditional physical wallets. This move not only redefines the landscape of domestic air travel but also sets a compelling precedent for broader applications in digital identity verification across various industries.

Project Launch Amid Long-Fought Challenges

After years of navigating bureaucratic obstacles and securing critical financial backing, the Cypriot Land Development Authority (KOAG) is set to transform Limassol’s residential landscape with its inaugural affordable housing project. This initiative aims to offer rental prices that are markedly more accessible than those presently prevailing in the market.

Government Funding Paves The Way

The foundation of this ambitious undertaking is scheduled for January 2026, with construction already underway since last June. A decisive government intervention unlocked €16 million in funding—the decisive catalyst for advancing the project. The funding follows significant setbacks after the abolition of the Cypriot Investment Programme (CIP), which had previously supported KOAG’s financial requirements. Without CIP, there was a tangible risk that the project might have remained confined to the drawing board, especially as Limassol faces one of the most severe housing crises in Cyprus.

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A Vision Realized Through Perseverance

KOAG President Elena Kousiou reflected on the project’s evolution, emphasizing that this initiative represents more than a construction venture. “For our organization, the affordable housing project in Limassol symbolizes a vision we have long strived to realize,” she noted. Kousiou highlighted the relentless dedication of KOAG’s team, who, despite challenges including red tape and persistent uncertainties, have maintained their belief in the project’s eventual completion. Her remarks underscore the commitment of the organization’s workforce, whose efforts are driven by the understanding that every element—each brick and beam—lays the groundwork for a meaningful social impact.

Strategic Investment And Residential Blueprint

The total construction cost at Agios Nikolaos is estimated at €22 million, with €16 million coming from government financing. The development will feature 138 residential units, including four six-story apartment buildings comprising:

• 24 one-bedroom apartments
• 72 two-bedroom apartments
• 36 three-bedroom apartments
• 6 four-bedroom apartments

Among these, 94 units will be retained by KOAG, while the remaining 44 will be transferred to the Limassol Municipality. The project represents the initial phase of a broader development plan which aims to build approximately 600 apartments across the Agios Nikolaos and Agios Ioannis areas. These residences are planned to offer rents that are 25% to 30% lower than current market rates, addressing the pressing affordability crisis in the city.

Conclusion

This pioneering project not only signals a strategic investment in Cyprus’s housing infrastructure but also reflects a resilient approach to public sector challenges. By combining visionary planning with robust government support, KOAG is setting a benchmark for urban development that prioritizes both affordability and long-term societal welfare.

Famagusta Province has taken a pioneering step in the Cypriot tourism sector by unveiling an artificial intelligence digital assistant, marking it as the country’s foremost destination for tech-enhanced travel experiences.

Revolutionizing The Tourist Experience

The Famagusta Tourism Development and Promotion Agency, in collaboration with the Deputy Ministry of Tourism, has implemented an AI-powered digital assistant designed to redefine how travelers explore and interact with local attractions. This innovative tool, developed by RevitUp, is accessible through both the official tourism website at visitfamagusta.com.cy and directly via ai.visitfamagusta.com.cy.

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Intelligent Travel Guidance In Real Time

The digital assistant harnesses advanced AI to deliver real-time, location-specific insights. It not only aggregates data from across the internet but also provides reliable, firsthand information about the destination. Travelers can receive tailored recommendations for activities, attractions, beaches, events, and suggested itineraries based on their preferences.

Key Features For A Personalized Journey

• Real-time, trustworthy information directly from the destination.
• Curated suggestions for activities, sightseeing, cultural events, and local routes.
• Practical travel advice, including museum hours, transportation details, and navigational aids via Google Maps.
• Multi-lingual support across 194 languages, functioning as a personal guide around the clock.

Setting A Benchmark In Digital Innovation

This initiative represents a significant digital transformation for tourism in Cyprus. The integration of the AI digital assistant reinforces Famagusta Province’s commitment to enhancing visitor experiences through technological innovation. In addition to offering the digital assistant, the region already features a mobile application and a 360-degree virtual tour of key landmarks, underscoring its leadership in adopting modern solutions for travel and tourism.

With this forward-thinking launch, Famagusta not only elevates the standard of tourist services but also establishes a benchmark for digital innovation across the Cypriot tourism landscape.

In a significant development, the Hellenic Parliament is considering a proposal that would extend the option of financial statement review – instead of a full audit – to a larger cohort of businesses. Currently, from 2023 onward, companies with an annual turnover of up to €200,000 are subject to a review of their financial statements by a certified auditor or audit firm rather than undergoing a full audit, which requires audited financial accounts.

Proposal Details And Expansion Of Thresholds

The proposal, introduced by DISI, seeks to extend this regime to companies with an annual turnover of up to €900,000. The rationale behind the measure is to ease the administrative burden on smaller enterprises and multi-company groups that often struggle to comply with the rigorous demands of international financial reporting standards.

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Tax Authority Concerns And Revenue Implications

However, the proposal has met with resistance from the Tax Department. During a recent debate in the Parliamentary Commerce Committee, the Tax Commissioner, Sotiris Markidis, warned that raising the threshold to €900,000 would result in approximately 66% of companies being subject only to a financial statement review. He argued that as the ceiling increases, the state stands to lose significant revenue – citing a potential revenue risk of €0.5 billion.

Industry Reactions And Comparative Analysis

Markidis further cautioned that the streamlined review process lacks the detail of a full audit, potentially facilitating tax evasion among small enterprises – a concern that has precedent in the market. Representatives from the Small and Medium Enterprises Association (SELK) and the Banks Association have argued that the measure should target only very small companies. Additionally, a spokesperson for the Central Bank has recommended against the proposal in its current form, suggesting instead a hybrid review system for businesses with turnovers up to €900,000.

Establishment Of A Financial Reporting Standards Council

In a related legislative effort, the Commerce Committee also reviewed a second proposal by DISI, which would establish a Council for the Determination of Financial Reporting Standards. This council would be responsible for setting, monitoring, and evaluating the financial reporting standards applied by small companies, aiming to reduce administrative burdens while ensuring compliance with international practices.

Future Directions And Administrative Considerations

Industry insiders, including SELK and banking representatives, maintain that the measure should only encompass the very smallest enterprises. Meanwhile, the Tax Department and other stakeholders continue to emphasize the potential fiscal risks associated with broadening the turnover threshold. Furthermore, a representative from the Central Bank noted that the new financial standards council should ideally operate independently of the Ministry of Energy and the Department of Company Registrations, suggesting a reassignment of its oversight to either the Ministry of Finance or SEM’s regulatory framework. The final decision now rests with the council of the respective associations.

Cash App, a flagship service from Cash App, has unveiled its latest fall update, driving a new era in digital financial management. The update introduces Moneybot, an AI-powered chatbot designed to offer personalized insights into users’ spending habits, income trends, and savings strategies. This innovative tool represents the next step in transforming raw financial data into actionable advice tailored to individual consumer journeys.

Moneybot: Transforming Data Into Actionable Insights

Moneybot is engineered to deliver real-time answers about account balances, monthly income, expenses, and spending patterns. Users can ask questions like, “Can you show me my monthly income, expenses, and spending patterns?” and receive detailed reports on their financial activity. Additionally, the assistant offers timely suggestions such as splitting a bill, checking a Bitcoin balance, or requesting money from a contact. As Cash App‘s product design head Cameron Worboys explains, Moneybot leverages customer-specific data to curate personalized recommendations, ensuring that each financial journey receives bespoke attention.

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Advancing Bitcoin Transactions And Digital Payments

In a strategic move to bolster cryptocurrency adoption, Cash App has integrated features that enable users to discover merchants accepting Bitcoin and to execute Bitcoin payments using USD. This functionality is powered by the Lightning Network, a second-layer technology built atop Bitcoin, which facilitates swift transactions through QR code scanning. Furthermore, Cash App’s parent company, Block—led by Jack Dorsey—continues to champion Bitcoin innovations, recently launching a dedicated Bitcoin solution designed to simplify cryptocurrency acceptance for merchants.

Enhanced Customer Benefits And Expanded Offerings

The update extends beyond the AI assistant, introducing a revamped benefits program known as Cash App Green. Under the new plan, customers who either spend $500 or more monthly using the Cash App Card or Cash App Pay or receive a minimum monthly deposit of $300 become eligible for an array of enhanced perks. These include higher borrowing limits (up to $400 for first-time borrowers and additional increases for others), free overdraft coverage for Cash App Card transactions, complimentary in-network ATM withdrawals, up to 3.5% annual percentage yield (APY) on savings, and a series of personalized weekly offers at various retail outlets.

Expanding Access And Product Integration

In addition to the introduction of Moneybot and the Cash App Green initiative, the latest update broadens access to other features. The Cash App Borrow product now operates in 48 states, while select teen accounts benefit from a 3.5% APY without any balance limitations. Moreover, users can now enjoy certain buy-now-pay-later (BNPL) services, such as Afterpay integrations, directly within the app—a move that underscores Cash App’s commitment to providing a seamless, all-in-one financial experience.

Conclusion

Cash App’s recent rollouts underscore its strategic focus on leveraging artificial intelligence to enhance personal finance and facilitate cryptocurrency transactions. With a clear emphasis on personalized insights and an integrated ecosystem of banking and payment features, Cash App is setting a new benchmark for digital financial services, paving the way for a more informed and empowered consumer base.

The Cyprus Telecommunications Authority (Cyta) has embarked on a transformative journey by launching its search for a new chief executive officer. This move signals the beginning of what the authority describes as a ‘new era’ that aims at fortifying its strategic direction, operational efficiency, and its pivotal role in driving technological progress within Cyprus’s vibrant digital economy.

Defining the Future of Leadership

In its recent announcement, Cyta outlined that the incoming CEO will be charged with guiding the organization through a rapidly evolving telecommunications landscape. The successful candidate is expected to exhibit a blend of vision, strategic thinking, and formidable leadership skills. As the industry navigates unprecedented challenges and opportunities, the role is central to reinforcing Cyta’s commitment to innovation and digital transformation.

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Context and Governance Considerations

The search for a new leader follows the departure of former CEO Andreas Neocleous, whose resignation on September 12, 2025, left a significant leadership void. This leadership transition comes amid ongoing debates about restructuring Cyta’s governance model. The Cypriot telecommunications trade union, Epoet, has notably called for the appointment of an executive chairman with reduced CEO powers to ensure a balanced interplay between executive leadership and board oversight.

A Call for Transparent and Meritocratic Processes

In its call for applications, Cyta emphasized the importance of transparent recruitment practices and competitive remuneration aligned with performance metrics. The union has been vocal about the need to fill the CEO position only after legislating the role of an executive chairman—an initiative aimed at preventing past conflicts between the board and leadership. Advocates argue that such reforms are critical for sustaining Cyta’s robust performance and its substantial annual turnover of nearly half a billion euros, along with a workforce of approximately 2,100 employees.

Looking Ahead

This leadership search represents more than a routine executive appointment; it is a definitive stride towards recalibrating a legacy organization for future challenges. With an eye on fostering both strategic innovation and prudent governance, Cyta appears well-positioned to navigate the competitive telecommunications landscape and contribute decisively to Cyprus’s ongoing digital evolution.

Cyprus stands at a crossroads as its economy endures the dual burdens of soaring non-performing loans and an escalating housing crisis, a scenario that experts warn could undermine both financial stability and social cohesion.

Economic Vulnerabilities And Systemic Risks

The Cyprus Borrowers Association, known as Syprodat, has issued a stark reminder of the significant threat posed by an estimated €19 billion in bad loans. Although these liabilities have been transferred off bank balance sheets to credit-acquiring companies, they continue to cast a long shadow over the country’s financial system. International rating agencies such as Moody’s, Fitch, and Standard & Poor’s have cautioned that an overreliance on fleeting profitability coupled with high operating costs may jeopardize long-term financial stability.

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Housing Affordability And Social Equity

Parallel to financial concerns, Cyprus is wrestling with a severe housing crisis marked by relentless increases in rents and property prices. Eurostat data reveals a 16 percent surge in rents from 2018 to 2024, with nearly 15 percent of households with dependents experiencing difficulty in paying rent. Syprodat characterizes this housing challenge as more than just an economic inconvenience—it is a pressing issue of social justice and equality of opportunity, particularly for the nation’s younger generations.

Urgent Policy Reforms And Strategic Initiatives

In response to these intertwined challenges, Syprodat is calling on the Finance Ministry to develop a coordinated national strategy that addresses both the mounting bad loans and the precarious state of housing access. The proposed strategy includes robust reforms aimed at mitigating loan-related risks alongside comprehensive housing policies that may encompass social housing programmes, rental subsidies, and tax incentives for first-time buyers.

Moreover, the association has highlighted the counterproductive caution exercised by Cypriot banks in lending practices—even in the face of substantial liquidity—which, they argue, necessitates a more flexible and targeted lending framework to foster economic growth while safeguarding household stability.

With both financial vulnerability and housing insecurity fueling economic inequality, the imperative for prompt, decisive action has never been clearer. The path forward must balance stability with growth, ensuring that Cyprus not only navigates its current challenges but also secures a prosperous and equitable future for all its citizens.