Astrobank is very close to taking over USB Bank, in a move that would contribute to the consolidation of the Cyprus’ fragmented banking system, sources told the Cyprus News Agency (CNA).

The Central Bank of Cyprus said it expects the economy to expand 3.8% this year before growth slowed down to 3.4% in 2018.

The state-owned Cyprus Cooperative Bank is increasing its efforts to reduce its delinquent loan portfolio and so maximise the potential inflow from the capital increase scheduled next year as investors maintain a wait-and-see stance, two sources said.

The Public Debt Management Office (PDMO) said recently the government may issue a euro medium-term note (EMTN), or Eurobond, of up to €1bn in 2018.

With the launch of Bitcoin Cash (BCH) by Coinbase and Gdax, the adoption of the cryptocurrency is likely going to accelerate further. To help local users, developers, and investors meet and discuss this, there is going to be a new bitcoin cash community center in Cyprus.

Hourly labour costs rose by1.6% in the euro area (EA19), by 2.1% in the EU28 and by 1.3% in Cyprus in the third quarter of 2017, compared with the same quarter of the previous year.

A fine on the Bank of Cyprus would have an impact on its London Stock Exchange listing, a court heard recently, as lawyers pleaded for leniency after the lender and its former CEO were found guilty for market manipulation.

Cyprus has transferred more than €2.5bn to the European Union and received €1.4bn in grants since it became a member in 2004, the Treasury of the Republic said recently.

The Central Bank of Cyprus said that the balance in the government’s account fell to €870.3m in November 2017 from €1.5bn the month before.

The Saipem 10000 ultra deepwater drillship continues on its course for Cyprus, where later this month it is scheduled to carry out exploratory drilling for natural gas in block 6.