The Cyprus economy loses €180 million annually because of counterfeiting and piracy, a new report by the European Union Intellectual Property Office (EUIPO) has said.

Hellas Direct, the next-generation insurance company, and PrimeTel, the fastest-growing telecommunications company in Cyprus, join forces and plan to further promote innovative home insurance solutions for the Cypriot consumer.

Tourism Minister Savvas Perdios recently presented a 10-year plan aimed at boosting the island’s tourism product that includes short, medium, and long-term.

Cyprus has struck a production-sharing deal for the Aphrodite gas reservoir worth over $9 billon (€7.9b) over 18 years with Noble Energy and its partners, it was announced recently.

The European Commission will not open an excessive deficit procedure for Cyprus, despite the increase in the deficit brought about by the state guarantees provided in the sale of certain co-op bank assets to Hellenic Bank.

The state-owned Cyprus Asset Management Company (Kedipes), established to administer whatever assets were not sold to Hellenic Bank after the Co-op Bank was shuttered, reported some €180 million in revenues for the first seven months of operation.

Bank of Cyprus Holdings agreed to sell its entire 49.9% stake in its associate CNP Cyprus Insurance Holdings to CNP Assurances for €97.5m.

The International Monetary Fund (IMF) recently urged Cyprus to vigorously pursue long-delayed structural reforms and maintain strict fiscal discipline, as the economic recovery, though strong, is gradually decelerating.

The Natural Gas Public Company (Defa) recently invited expressions of interest for the supply of liquefied natural gas (LNG) to import facilities currently under development at the Vasilikos area.

The presence of hydrocarbon reserves in the Eastern Mediterranean should represent the opportunity for greater cooperation between all countries of the region, Ambassador of Italy to Cyprus, Andrea Cavallari, said recently, addressing a reception hosted at his residence on the occasion of Italy’s National Day, celebrated on June 2.