The European Bank for Reconstruction and Development (EBRD) said on Thursday it had doubled the trade finance limit to Bank of Cyprus by €50 million to €100 million.

As Cyprus is named the best-improved country in the IMD World Competitiveness Centre 2020 report after rising 11 places, George Campanellas, the Chief Executive of Invest Cyprus, the national investment promotion agency, highlighted the country’s successful handling of the coronavirus pandemic and its new strategy to improve its economic competitiveness.

In the recent Appellate case of VTB BANK -V- TARUTA, the Appellate Court decided that Cypriot Courts do not have jurisdiction under Law 121 (1)/2000 for the enforcement and recognition of foreign judgment or foreign arbitral awards, when both the judgment creditor, and judgment debtor, reside outside Cyprus.

It is generally understood that the insurance coverage of a luxurious Yacht can be a headache for her owner, not having the necessary knowledge and sufficient information to make an educated decision with confidence, especially in a changing and challenging international insurance market.

The European Commission approved on Wednesday a €1.8 million Cypriot scheme to support farmers active in the primary agricultural production affected by the coronavirus outbreak.

Larnaca Airport saw a lowly 7,000 passengers flying in and out in the first week since it reopened on 9 June when the lockdown was lifted on commercial flights.

Cyprus this year can only anticipate welcoming 30% of the four million tourists that came last year, deputy tourism minister Savvas Perdios has told a tourism conference.

The five new economic support measures budgeted at €150 million that aim to cushion the blow of the coronavirus pandemic as Cyprus enters the stage of recovery were submitted before the cabinet on Tuesday.

The rapid spread of COVID-19 pandemic has caused an unprecedented global shock, both on a humanitarian and an economic level. As most countries are relaxing lockdown measures, uncertainty on navigating the impact of the pandemic on the economy is apparent. EY Cyprus in an effort to support the local community navigate the effects of COVID-19, has prepared a new Industry Pulse report on the Retail sector, adding to the series of Industry Pulse Reports on Banking, Tourism and Real Estate. The Retail Industry Pulse Report is the fourth and final Pulse report to be issued and it provides a sector-specific perspective on the COVID-19 impact, fiscal and monetary policy, recovery scenarios, trends and recommendations.

The European Commission has recently launched ‘Re-open EU’, a web platform to support a safe relaunch of travelling and tourism across Europe. It provides real-time information on borders and available means of transport and tourism services in EU Member States.