Three contracts on the privatisation of Limassol port services were signed on Monday 25 April at the Presidential Palace, by which the container terminal is now under the management of the Eurogate/Interorient/East Med Holdings joint venture, while DP World/GP Vasilopoulos will manage marine services and the multi-purpose terminal. The government will take in €10 million...Read More

Applications for the registration of new companies in Cyprus accelerated by 38% year on year in February, figures released by the Companies Registrar show. Applications reached 1,104 last month compared with 798 in February 2015. This is the sixth consecutive monthly increase in applications. Compared with January 2016, new company registrations increased by 19%. Total...Read More

Cyprus will conclude its bailout programme successfully at the end of this month and is able to fund itself after three years of financial aid and reforms, the chairman of the eurozone finance ministers said on Monday. His announcement was echoed by President Nicos Anastasiades, who tweeted the conclusion of “the last Eurogroup bailout meeting...Read More

The Cyprus cabinet has given the green light for the opening of the third hydrocarbon exploration licensing round inside Cyprus’ Exclusive Economic Zone (EEZ). Energy Minister Giorgos Lakkotrypis was authorized to table before the cabinet, the soonest possible, all necessary proposals towards implementation of the decision, the government spokesman announced on Tuesday. Last week, Lakkotrypis...Read More

The Council of Ministers has given the green light to an Energy ministry proposal to include the BG Group (British Gas) in the consortium for Block 12 of Cyprus’ Exclusive Economic Zone (EEZ). Speaking after the cabinet meeting, Energy Minister Yiorgos Lakkotrypis described the move as an important development in the block’s exploitation. US Noble...Read More

The House of Representatives approved the state budget for 2016 by a narrow majority on Thursday 17 December. The budget forecasts a 1.4% increase in state revenue to €5.9 billion, while total expenditure is estimated to fall by 0.4% to €7.4bn. The overall budget deficit including other items is projected at just 0.1% of GDP,...Read More

The Cyprus Statistical Service has confirmed that GDP grew in real terms by a seasonally adjusted 2.2% compared with the same period of the previous year in the third quarter—its strongest pace of growth since 2010. On a non-seasonally adjusted basis, real GDP grew by 2.3%, compared with 0.6% in the second quarter. Both of...Read More

Cyprus, Greece and Egypt agreed on Wednesday 9 December to speed up talks to demarcate sea boundaries in the Eastern Mediterranean, as part of efforts to turn the region into an offshore natural gas hub. Egyptian President Abdel Fattah al-Sisi, Greek Prime Minister Alexis Tsipras and Cyprus President Nicos Anastasiades met in Athens to discuss...Read More

The Bank of Cyprus has announced profits after tax of €73 million for the nine months ended 30 September 2015. Profit after tax from continuing operations were €115 million. The island’s biggest lender said it has managed to reduce its loans in arrears for more than 90 days by €649 mn or 5% in the...Read More

Moody’s, the international rating agency, has upgraded RCB Bank’s deposit ratings to B3 from Caa1, elevating it to the highest rated bank in Cyprus. According to a press release by RCB Bank, “this important upgrade… reflects RCB Bank’s new capital structure, the diversification that characterizes its earnings, the Bank’s solid capitalization and the fact that...Read More