Here are the top business stories in Cyprus from the week starting September 22:<\/strong><\/p>\n The government will continue to back the Larnaca local district organisation (EOA) as it seeks to become a modern and efficient body serving residents\u2019 needs, Interior Minister Constantinos Ioannou said on Sunday evening.<\/strong><\/p>\n Speaking in Zouhouri Square at an event marking the organisation\u2019s first year of operation, Ioannou said the local government reform that came into force last year had been \u201cimperative,\u201d with broad agreement across political parties, the state, local authorities and society.\u00a0\u00a0<\/p>\n He stressed that the five district organisations face a major challenge as they take on key responsibilities affecting daily life, including water supply, sanitation, development licensing and, from next year, waste management. <\/p>\n The Bank employees\u2019 union Etyk Welfare Fund (TEtyk) is moving ahead with the construction of four apartment buildings in the Platy area of Aglandjia in Nicosia, offering members priority access at preferential prices until Sunday, November 30.<\/strong><\/p>\n According to a union circular, the development covers a plot already owned by Etyk and will consist of 40 one- and two-bedroom apartments designed to meet different housing needs.\u00a0\u00a0<\/p>\n The properties will be sold with the dual aim of supporting members and strengthening the fund\u2019s reserves to continue providing assistance to employees and their families.\u00a0<\/p>\n Each member will be entitled to purchase one apartment at a special price, ensuring what the organisation described as \u201ca substantial benefit compared with current market values.\u201d <\/p>\n Larnaca mayor Andreas Vyras has said that projects worth around \u20ac30 million are either under way or set to begin soon in the fast-growing municipal districts of Livadia and Oroklini.<\/strong><\/p>\n Speaking to\u00a0Philenews<\/em>, Vyras explained that the municipality is prioritising projects that are already mature while preparing new ones to secure \u201ca substantial development intervention\u201d in Livadia and Oroklini, which he described as the city\u2019s \u201cmost dynamic districts\u201d.<\/p>\n Although key infrastructure schemes remain stagnant, he said, several projects are moving forward to improve the areas\u2019 image.<\/p>\n Oroklini, home to residents from 33 nationalities, is pressing ahead with the regeneration of its historic core, a \u20ac3.5m project co-financed by the European Agricultural Fund for Rural Development (EAFRD).\u00a0\u00a0<\/p>\n Tenders will be announced in the coming days, Oroklini deputy mayor Neophytos Fakontis said, with work expected to begin in 2026. The restoration will cover several streets in the traditional centre, already known for its taverns, galleries and tourist accommodation. <\/p>\n Limassol Mayor Yiannis Armeftis has outlined a wide-ranging plan to modernise the city centre and coastal front, setting out proposals to Interior Minister Constantinos Ioannou for projects aimed at reshaping public space and boosting university, cultural and green development. <\/strong><\/p>\n According to Philenews the package includes the regeneration of Aktaia Odos, the relocation of Karnagio, and the use of key state-owned plots such as the Old Hospital, the Central Police Station and the old Post Office.\u00a0\u00a0<\/p>\n Armeftis said the municipality\u2019s goal is to create a more accessible, sustainable urban environment that unites the port with the city centre and strengthens public-private cooperation.\u00a0<\/p>\n On Aktaia Odos, he explained that progress depends on moving Karnagio, which still plays an important role in ship repair and maintenance as demand rises across Cyprus\u2019 five marinas.<\/p>\n At the same time, the municipality is pressing for an architectural competition to design the new coastal front. <\/p>\n Deputy Shipping Minister Marina Hadjimanolis on Monday said that the welfare of seafarers is at the top of the ministry\u2019s priorities.<\/strong><\/p>\n She explained that during the Cypriot Presidency of the Council of the European Union, a declaration on seafarers\u2019 training and the promotion and\u00a0strengthening of women\u2019s inclusion in the maritime industry\u00a0<\/strong>is expected to be adopted.<\/p>\n Hadjimanolis\u2019 comments were delivered during a welcoming speech at the the\u00a0International Transport Workers\u2019 Federation (ITF) Worldwide Inspectors Seminar<\/strong>, taking place in Limassol.<\/p>\n She said that more than\u00a0150 inspectors<\/strong>, working in\u00a0over 100 ports\u00a0<\/strong>around the world, are taking part in the seminar to implement collective agreements and defend seafarers\u2019 rights.<\/p>\n In her speech, the Deputy Minister said that hosting this meeting for Cyprus, \u201ca maritime state with a long tradition at sea<\/strong>, is not only an honour but also a strong reminder of the central role seafarers play in our daily lives\u201d.<\/p>\n Freedom24, the European subsidiary of global financial services group Freedom Holding Corp., on Monday announced that it recently opened its second flagship office in Limassol.<\/strong><\/p>\n The new building, Freedom Tower II, located at 26 Christaki Kranou Street, was officially inaugurated on Friday, September 19, 2025, during a ceremony attended by local officials, business leaders, and other guests.<\/p>\n \u201cThis expansion marks an important step in the company\u2019s European growth and further strengthens its role as a leading fintech provider,\u201d the company said in a statement.<\/p>\n \u201cThe launch of Freedom Tower II highlights Freedom24\u2019s dynamic growth across Europe, where the investment platform now serves more than 500,000 customers,\u201d it added.<\/p>\n What is more, the company explained that \u201cLimassol has long been the centre of the company\u2019s European operations and home to its headquarters, which currently employs over 500 professionals supporting Freedom24\u2019s mission to deliver innovative financial and technology-driven solutions\u201d.<\/p>\n Civil servants who declare they are working from home but are found in coffeeshops or other locations will face disciplinary action under a bill extending remote work in the public sector, parliament\u2019s finance committee heard on Tuesday.<\/strong><\/p>\n A representative of the department of public administration and personnel\u00a0 explained that staff will only be allowed to telework from their residence and must declare their workplace in writing.\u00a0\u00a0<\/p>\n At the same time, the committee turned its attention to cybersecurity, with the Deputy Ministry of Research and Innovation stressing that there can be no absolute guarantee of safety.\u00a0\u00a0<\/p>\n Nevertheless, it said protection levels will be broadly similar to those in offices, since all required software will be installed on employees\u2019 computers.\u00a0<\/p>\n In addition, the labour inspection department noted that it had agreed with the department of public administration and personnel on minimum criteria for teleworking spaces to ensure safety and avoid accidents. <\/p>\n Cyprus-based owners are accelerating investments in dual-fuel and energy-efficient ships, backed by government incentives, as global fleet control remains concentrated among a handful of players led by Mediterranean Shipping Company (MSC), according to new data from VesselsValue. <\/strong><\/p>\n To begin with, Limassol-headquartered\u00a0Lemissoler Navigation<\/strong><\/a>\u00a0has ordered up to eight methanol dual-fuel Ultramax bulkers, marking a first for that ship size in China\u2019s yards.\u00a0\u00a0<\/p>\n Building on this,\u00a0Columbia Group<\/strong><\/a>\u00a0expects such vessels to dominate. \u201cBy the end of 2025, dual-fuel ships will account for about half of global new-build orders, with LNG propulsion powering nearly 70 per cent of those vessels,\u201d the company said.\u00a0\u00a0<\/p>\n Technical director Duncan McLennan added that \u201cIt is not just about building ships, but about ensuring they are run safely, efficiently, and in full compliance.\u201d\u00a0<\/p>\n
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