Cyprus unemployment further dropped to 6.5% in May 2019 from 6.8% in April and 8.3% in May 2018, recording the second biggest annual decrease in the EU, according to Eurostat.

Deposits in monetary credit institutions recorded an increase of 1.7% on an annual basis, data released by the Central Bank of Cyprus show.

Hellenic Bank said recently it has generated a first-quarter net profit of €14.9m on the acquisition of the co-op bank and de-risking its balance sheet.

The island’s economy has entered a new, promising period and the hardship suffered in previous years is history, Finance Minister Harris Georgiades said recently, addressing over 150 foreign entrepreneurs and investors in Limassol.

Bank of Cyprus announced recently the completion of the sale of €2.7b non-performing loans known as Project Helix for €2.1b.

Standing by their commitment of Building a Better Working World, which requires the support of exceptional people, EY Cyprus announces the appointment of Nicolas Pavlou as Partner and Katerina Mina, Sakis Moyseos and Panayiotis Thrasyvoulou as Associate Partners. The new Partners are expected to take up their new role as of July 1st, 2019.

Cyprus companies, active or start-ups, now have the opportunity to raise funding from three new programs, aiming to boost innovative entrepreneurship and help globalize innovative products and services.

Local energy giant Petrolina’s new fuel storage facilities at the Vassiliko hub will be ready by the end of 2019, with the company’s main shareholders hoping to utilise the vacated land on the Dhekelia road for commercial and property development.

A bill creating a Deputy Ministry for Digital Strategy, Research and Innovation will be tabled to the cabinet for approval soon, President Nicos Anastasiades said.

The Central Bank of Cyprus (CBC) has revised its forecast for GDP growth for 2019 downward to 3.5% from 3.7% it estimated in December 2018.