Despite positive performance of main stock indices and a decrease of volatility in many markets, ongoing geopolitical uncertainties and trade issues continue to dampen investor enthusiasm, resulting in the number of IPOs in the first three months of 2019 (YTD 2019) falling to 199 globally and US$13.1b in proceeds.

Minister of Finance Harris Georgiades and new Governor of the Central Bank of Cyprus Constantinos Herodotou (CBC) pledged to set their cooperation on a new footing to further enhance financial stability.

While Cyprus lags behind the rest of the European Union in digital transformation and innovation, the government has appointed Kyriacos Kokkinos as chief Scientist in an effort to improve its game.

Hovering at 1.1%, Cyprus registered one of the lowest annual inflation rates in Europe during March 2019, according to Eurostat.

Tourist arrivals to Cyprus in March 2019 dropped for the first time since June 2015 mainly due to a fall from the island’s main holiday markets Britain, Greece and Germany, official data showed recently

EY Cyprus hosted its Tax Conference, on Recent tax developments: EU Anti-Tax Avoidance Directive, Transfer Pricing, VAT and Personal Taxation, at the Carob Mill in Limassol and Hilton Park Hotel in Nicosia, on Thursday, 11th and Friday 12th April 2019 respectively. The conference brought together Cyprus government tax officials, C-suite executives from leading multinational companies and Russian groups, EY Cyprus and Greece partners and directors. More than 300 delegates attended in total, to hear about the latest updates on the changing tax landscape.

Cyprus is considering early repayment of the remainder of a €2.5 billion Russian loan secured during financial crisis, two government officials told Bloomberg, after yields on its 10-year debt hit a record low.

With Easter traditionally commencing the summer season for Cyprus tourism, stakeholders in the industry are evaluating how the year may turn out, looking at bookings made to date due to Brexit delay.

We are delighted that the latest Legal 500 rankings for Europe, the Middle East & Africa, released on 10 April, confirm Elias Neocleous & Co LLC as the leading firm in Cyprus with the highest overall rankings.

Ratings agency Fitch has affirmed Cyprus’ long-term foreign currency issuer default rating (IDR) at BBB- maintaining a stable outlook.