Worldwide luxury hotel chain Sofitel is set to build a 5-star resort in Limassol investing some €300m in the island.

Fitch Ratings said that the sale of the Co-op’s operations to Hellenic Bank and the related increase in government debt will not alter the public debt’s reduction over the medium term from 2018.

The number of tourist arrivals in June 2018 rose 8.2% to 511,073 compared to the respective month of 2017 on a strong performance of the UK market amid signs of fatigue shown by secondary markets, the statistical service said.

Paphos is stepping up efforts to promote sports tourism as it seeks to attract more visitors particularly in the low season between November and April.

South Africa’s telecom MTN Group said that it sold its operations in Cyprus to Monaco Telecom S.A.

The Cyprus Investment Promotion Agency (Cipa) presented the Cyprus start-up visa programme at the largest start-up conference in Asia in July 2018, promoting Cyprus as an attractive destination for start-ups in Asia.

Hellenic Bank and the Cyprus Cooperative Bank have launched talks aiming at completing the agreed transfer of the latter’s operations by September 2018, the Cyprus News Agency (CNA) reported recently.

The government issued recently €3.2bn in bonds in favour of the Cyprus Cooperative Bank with a maturity of 5 months to 53 months, the Public Debt Management Office (PDMO) said.

Rating Agency, Moody’s, has described the sale of Bank of Cyprus subsidiary, Bank of Cyprus UK, as credit positive, noting that the sale would place Bank of Cyprus in a better position to focus on reducing its domestic high stock of problematic loans.

Larnaca Municipality has presented plans for the creation of a marine and maritime institute to promote scientific and business excellence in the blue economy sector.