Hellenic Bank on Tuesday released its financial results for the first half of 2022, posting a profit of €55.4 million, compared to a profit of €21 million in the corresponding period of 2021.

The US and Cyprus commemorated on Monday the completion of the Acquisition and Cross Services Agreement (ACSA) between the Republic of Cyprus and the United States of America the Minister of Defence of the Republic of Cyprus Charalambos Petrides and US Ambassador Judith Garber.

A fresh attempt by US private equity firm Lone Star at a fourth takeover bid for Bank of Cyprus will also be shot down by the institution’s shareholders and the island’s financial authorities, according to well-informed media reports.

The government has set the bar high for the revitalisation of rural areas, to attract both residents and businesses to these areas, Interior Minister Nicos Nouris said on Saturday night.

Oil companies operating the Aphrodite gas field have approved a €192 million investment to start drilling, Israeli company NewMed said on Sunday.

The impressive facelift of Larnaca’s Piale Pasia area is set to begin in November with the tender already being awarded to the contractor who best meets the set criteria.

Fitch Ratings has affirmed Cyprus’ Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BBB-‘ with a Stable Outlook saying the rating was underpinned by governance indicators and GDP per capita levels well above the median of its ‘BBB’ category peers.

PwC Cyprus this week announced that it has bolstered its environmental, social and governance (ESG) consulting division through the addition of Chris Angelides, who will take an advisory role, assisting clients on their ESG activities and objectives.

President Nicos Anastasiades and the government on Saturday welcomed the State Department’s announcement that the US would completely lift the arms embargo on Cyprus, imposed in 1987.

Since its official launch, Cypress Park, the island’s pioneering development that is scheduled to revolutionise retirement living in Cyprus, has drawn continued investment interest from individuals over 60 who want to establish permanent ties with the island.