In the leading Appellate case, Attorney General of The Republic of Kenya -v- Bank Fur Arbeit & Wirtschaft AG (1999), the Supreme Court of Cyprus held inter alia, that Cypriot Courts do have inherent jurisdiction to stay or suspend the enforcement proceedings of an arbitral award, provided that there are strong grounds for granting such stay, in order to prevent injustice.

In June 2019 Cyprus registered the EU’s second lowest annual inflation rate of 0.3% behind Greece with 0.2%, compared to a year earlier when the rate was 1.7%, according to Eurostat.

Tourist arrivals fell to 509,662 in June 2019 compared with 511,073 in the same month of 2018, a decrease of 0.3%, according to the passengers survey published recently by the statistical service.

Cyprus’ economy is in a position to weather worsening international macroeconomics and the shrinking of the tourist flow to the island as predictions over the country’s GDP growth remain high.

Nicosia municipality recently laid out its plans to become the first integrated smart city in Cyprus with everything from ‘intelligent lighting’ to air sensors around the capital.

Two class-action suits have been filed with the administrative court aiming to stop in its tracks the government’s recent decision to award an Israeli consortium a contract for developing the Larnaca marina and port.

Following the success of last year’s programme, KPMG in Cyprus welcomed on the 15th of July 2019 at its premises in Nicosia this year’s Chinese students, for the implementation of the high-calibre training and practice programme titled “Future Business Leader”.

The renewable energy sector is entering a new phase of subsidy-free growth across the world, according to the 53rd EY Renewable Energy Country Attractiveness Index (RECAI). Mainland China and the US remain at first and second positions respectively on the top 40 ranking, while France moves up two positions to third from fifth, led by a new focus on floating offshore wind capacity and doubling of its annual targets for onshore wind capacity additions.

Savvas Hadjigiorkis and Sons Ltd has become a leading player in the island’s flour manufacturing market following recent approval by the Commission for the Protection of Competition for the acquisition of Commercial & Industrial Wheat Companies Ltd.

With tourist arrivals and bookings this summer down on 2018, tourism stakeholders are looking to revamp Cyprus as a travel destination by plugging it into other regional holiday hotspots.