Integrated Casino Resort Cyprus (ICR) announced recently that it had awarded the tender for construction of Limassol’s City of Dreams Mediterranean Integrated Casino Resort to Avax – Terna JV – formerly known as J&P Avax – Terna JV)- a joint venture which is 60% owned by AVAX SA and 40% owned by Terna SA.

Between 2016-2017, the number of high-growth enterprises increased by more than the EU average in 16 EU Member States, the spike was highest in Cyprus (57%).

In 2018, the state handed out €6.7 million as sponsorship to parliamentary parties, while the cost of parliamentary associates’ wages was €3,750,000, according to data made public by the Audit Office.

Hellenic Bank said the completion of its €150m share capital increase and the listing of new ordinary shares on the Cyprus Stock Exchange marks “an important milestone for the acquisition of ex-Cyprus Cooperative Bank business”.

Companies are now divesting businesses to gain competitive advantage, especially in the face of changing technology, customer tastes and shareholder pressure, according to EY Global Corporate Divestment Study 2019.

Media and entertainment companies must adopt a multigeneration strategy and challenge perceptions around the behaviors of older generations, or risk conceding huge growth potential. This is according to EY study, Ten opportunities and threats for media and entertainment companies | 2019, which shortlists the most pertinent risks and opportunities facing the industry in the next 12 months.

In a written statement, Government Spokesman Prodromos Prodromou said that important conclusions can be drawn from the 6th Post-Programme Surveillance (PPS) assessment report which refers to the huge progress of the Cypriot economy. “As it is noted, despite some signs of fatigue in the international economic environment, Cyprus stands out in 2019 with a strong growth of 4%”.

THE BEST OF THE BEST… AGAIN

The number of millionaires living in Cyprus with assets of $30m and above is rapidly rising, according to a survey conducted by Knight Frank.

The University of Cyprus (UCY) has acquired a building permit for a photovoltaic park and is proceeding into a call for tenders for its construction.