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High Occupancy Rates for Cyprus Restaurants in October; Winter Decline Anticipated

Restaurants, cafes, and bars in Cyprus experienced a strong October, with occupancy levels reaching 80 to 90 per cent, according to Neophytos Thrasyvoulou, president of the Federation of Leisure Centre Owners (Osika). He described October as a “very successful month” for the food service industry.

However, with winter approaching, Thrasyvoulou acknowledged potential challenges, especially with the impact of regional instability. “Visitor numbers have seen a slight drop in recent days,” he noted, though he hopes that occupancy levels will remain steady until mid-November. By early November, Thrasyvoulou expects visitor occupancy to hover around 50 to 60 per cent, after which the responsibility will lie with businesses to keep operating, with support from the Labour Ministry’s programme to extend the tourism season.

Reflecting on the earlier summer months of June and July, Thrasyvoulou highlighted that visitor numbers were initially lower than expected, largely due to Middle East tensions. The trend eventually improved, leading to a stronger second half of the season.

Despite rising costs, Thrasyvoulou urged business owners to maintain affordable pricing, aiming to keep dining accessible for both locals and tourists amid economic pressures.

EU Tightens Steel Imports As Overcapacity Hits 721M Tonnes

Robust Regulatory Framework

Cyprus Presidency of the Council of the EU, together with the European Parliament, reached a provisional agreement on measures addressing global steel overcapacity. The regulation targets trade diversion and excess supply while maintaining compliance with international trade rules. The framework also aims to preserve operational flexibility for downstream industries.

Safeguarding Employment And Environmental Commitments

Global steel overcapacity is projected to reach 721 million tonnes by 2027, compared with EU annual consumption levels. The measures are linked to the protection of around 2.5 million jobs. Policy direction also aligns with EU decarbonisation targets within the industrial sector.

Enhanced Trade Controls And Supply Chain Traceability

The regulation introduces tariff-free quotas of 18.3 million tonnes annually. Imports exceeding thresholds will be subject to a 50% duty. Measures cover 30 steel product categories and will replace current safeguards expiring on June 30, 2026. A “melt and pour” requirement is included to improve supply chain traceability.

Diversifying Import Sources And Reducing Dependencies

Rules apply to imports from all countries, excluding European Economic Area members, which remain subject to traceability requirements. The framework also reduces reliance on specific external suppliers, including Russia. Michael Damianos, Energy Minister of Cyprus, said the steel sector remains important for economic activity and energy transition. Bernd Lange, Chair of the European Parliament’s INTA Committee, said the measures address trade practices and market conditions.

Looking Ahead

The agreement introduces a revised tariff-rate quota system with import quotas reduced by approximately 47% compared with 2024. Limited carry-over flexibility will apply in the first year. The European Commission will review the measures in subsequent years. Formal adoption by the European Parliament and the Council is expected before implementation on July 1, 2026.

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