The shadow economy in Cyprus is on the rise and certainly much higher than the European Union’s average, according to IMF’s report “Explaining the shadow economy in Europe: size, causes and policy options”.

Non–Performing Exposures (NPEs) in Cyprus’ banking sector fell €27m to €9.68bn in July 2019, compared with the previous month, according to the latest data released by the Central Bank of Cyprus (CBC). The ratio of NPEs on total loans decreased slightly to 29.6%.

The global maritime transport industry has submitted a proposal to form the world’s first collaborative shipping research and development (R&D) programme to help eliminate CO2 emissions from international shipping, according to a statement released by the International Chamber of Shipping (ICS).

Annual quotas of 169 tonnes of bluefin tuna and 54 tonnes of swordfish for 2020, compared to 153 and 55 tonnes respectively in 2019 were approved for Cyprus by the EU Agriculture and Fisheries Council, according to Agriculture Minister Costas Kadis.

More than 89% of Cypriots speak a foreign language, a study by global training company The Knowledge Academy shows.

In the English case AXA EQUITY & LAW LIFE –V- NATIONAL WESTMINISTER BANK (1998) CHC 117 (which has been adopted and followed by Cypriot Courts), the Court refused disclosure on the basis that the claimant had already made out a prima facie case against the accountancy firm they were suing, and did not require Norwich Pharmacal disclosure to determine whether a case could be brought against them. The application therefore infringed the “mere witness rule” as the banks were compellable witness.

We are pleased to announce that SOTERIS PITTAS & CO LLC has been certified as an Accredited Provider of Continuing Professional Development training courses, under the Cyprus Bar Association CPD Scheme.

Greek oil and gas producer Energean seeks to convince Cypriot parliamentary party leaders to pressure the government into accepting its proposal to sell its Israeli gas to Cyprus.

Shipping agents on Tuesday expressed concerns over the government’s goal of privatising Larnaca port, the only one left under full state control, expressing fears for the repetition of the mistakes made with that of Limassol.

Cyprus is working on a charm offensive to attract higher income third age tourists, Phileleftheros reported on Tuesday.