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.

Europe’s technology sector is booming according to the EY European Attractiveness survey – Technology, with the number of new foreign direct investments (FDI) surging to a record high of 1,227 in 2018 (up 5% year-on-year). Overall, FDI projects more than doubled from 510 to 1,227 in the last five years. The survey also finds that digital is the top sector driving Europe’s future growth (39% of investors), followed by cleantech (25%) and energy and utilities (21%).

CNP CYPRUS INSURANCE HOLDINGS announces that its majority shareholder CNP ASSURANCES, which owns 50.1% of its share capital, came to an agreement with Bank of Cyprus to acquire the remaining 49.9% stake in CNP CYPRUS INSURANCE HOLDINGS.

Chairman of International Chamber of Shipping (ICS) Esben Poulsson, has praised the Cyprus Shipping Chamber (CSC) as a “model member. Mr. Poulsson will attend the Cyprus Shipping Chamber’s annual meeting and 30th anniversary on May 30th 2019.

The Cyprus shipping sector, accounting for about 7% of GDP output with annual earnings of more than €1b, is just as concerned with world trade developments and new sulphur emission controls as any other maritime cluster, head of the shipowners said.