Cabinet has approved the Eastern Mediterranean Gas Forum which is a very important initiative by Egypt, Cyprus Energy Minister Natasa Pilides said on Tuesday.

Cyprus is looking into whether it can throw an €800,000 lifeline to private Cypriot airline TUS Airways after the ailing company requested a state bailout.

The goal of launching the Cyprus-Greece ferry connection in May 2021 is on track, the Cyprus deputy shipping minister Vasilis Demetriades said Tuesday.

The Cyprus Tax Department announced that the bilateral Competent Authority Arrangement (CAA) for the exchange of Country-by-Country (CbC Reports) between Cyprus and the United States of America, which is currently under negotiation, is expected to be effective for Reporting Fiscal Years starting on or after 1 January 2020.  

Health Minister Constantinos Ioannou on Monday said there is no room for complacency over coronavirus, citing Israel, which has entered another general lockdown, as an example.

Cyprus’ economy will fare better than expected from the pandemic fallout as it is expected to contract less than 7% of GDP this year, said Finance Minister Constantinos Petrides.

Non-performing loans (NPLs) in Cyprus rose slightly in April corresponding to 27.7% of total ones, according to latest data released by the Central Bank of Cyprus.

The Cyprus film industry has the cameras rolling again, after a challenging period during lockdown. Adaptation to the new social distancing and hygiene measure has not been easy, Dionysios Manganis, executive producer at the Nicosia-based Green Olive Films told the Cyprus Mail in an interview.

Cyprus’ economic freedom score is 70.1 making its economy the 37th freest in the 2020 Index, according to The Heritage Foundation.

Cyprus and Israel aim to cooperate for the promotion of the Eastern Mediterranean as a top cruise destination despite the temporary lack of progress due to the coronavirus pandemic.