Cyprus’ outgoing Deputy Shipping Minister Natasa Pilides said on Monday that the goal to establish a ferry connection between Cyprus and Greece is moving forward, noting that following consultations which began a year ago, the EU Competition Directorate-General has approved a state subsidy for the project valued of at a maximum of €6 million per year.

Parliament unanimously passed the third supplementary budget for 2020, worth just over €231 million on Friday.

A new date for opening flights to incoming passengers from Britain has been tentatively set for August 1 in the Republic of Cyprus, with health officials warning that the decision is conditional on the United Kingdom keeping a firm grip on containing the virus.

Eighteen flights were scheduled at Paphos Airport today, ten arriving from European destinations, including Dublin, Stansted, Bucharest (2), Budapest, Riga, Bournemouth, Bratislava, Mykonos and Thessaloniki.

The Double Tax Treaty (DTT) between Kazakhstan and Cyprus was ratified on January 17th, 2020. The DTT Convention on income tax will enter into full force from 1st January 2021 and the main amendments of the Convention cover the taxation of dividends, interest, capital gains and royalties. These provisions aim to create unique opportunities for both countries’ businesses and entrepreneurs in the long-term.

The European Commission on Thursday approved a €6.3 million incentive scheme aiming to boost Cyprus air connectivity and tourism through incentivizing airlines affected by the coronavirus outbreak to re-establish air routes to and from the island.

The Cyprus Composite Leading Economic Index (CCLEI) marked its highest annual dip in May affected by the two-month lockdown measures to contain the spread of the coronavirus, while the June flash estimate point to economic recovery in the third quarter.

Still suffering from Covid-19 lockdown measures, Cyprus unemployment rose to 10.2% in May, higher than the 7.3% average across the EU, official figures showed on Thursday.

Property sales island-wide are back to February levels in June following the lockdown brought about by the Coronavirus outbreak, Insider reports.

Moody’s anticipates the spike in Cyprus public debt will be transitory and will return to a sustained downward path after the coronavirus crisis wanes, Moody’s rating agency said in its report, noting however that it would consider upgrading Cyprus credit rating following reduction in banking sector risks.