Moody`s Investors Service has affirmed the deposit ratings of Bank of Cyprus Public Company Ltd, while it has downgraded its Senior Unsecured Medium-Term Note Program to (P)Caa2, from (P)Caa1.

Limassol’s new luxury residential development project generates positive feedback at global events

Cyprus regained an investment grade rating in 2018 thanks to strong economic growth, a prudent fiscal policy, and a more resilient financial sector, and the winding down of the Co-op Bank (CCB) alleviated a major risk to financial stability by removing a large share of NPLs from outside the banking sector, according the 2018 report by the European Stability Mechanism (ESM).

Addressed to business executives from the financial and business worlds, KPMG in Cyprus organised the launch event of its newly-formed Credit Institute on the 10th of June 2019 at the Royal Hall, Nicosia.

Building permits issued in Cyprus in the first three months to March 2019 increased by an annual 5.01% reaching 1,591 from 1,515 in the same quarter of last year, the Cyprus Statistical Service said.

KPMG in Cyprus delivered a press conference at its premises in Nicosia to officially launch the KPMG Science Shop, an initiative that promotes and implements community-based participatory research while collaborating with universities, research centers and the society.

Foreign direct investment (FDI) projects into Europe dropped 4% (to 6,356 projects) over the year according to the EY European Attractiveness survey. Despite the decline in FDI into Europe for the first time in six years, the level of investment remains the second-highest since EY began compiling this data in 2000. However, investor sentiment is gloomy, with only 37% of surveyed businesses foreseeing an improvement in Europe’s attractiveness in the next three years, down from 50% last year.

An upward trend in credit card transactions continued during May 2019 with an 8% increase, reflecting the recovery in consumption, while tax and other online payments to the state played a significant part in the upswing.

The biggest increase in Russian credit card transactions abroad in the summer of 2019 compared to last year will be observed in Cyprus, Tunisia and Georgia, according to global credit card payment system Visa.

The total number of high-end residential properties sold during 2018 reached 324, recording a 2% annual growth, according to the 2018 PricewaterhouseCoopers (PWC) annual real estate report.