The competition process to develop Larnaca’s marina and port as a single project has been pushed back yet again, with the town’s mayor warning that the interested foreign investors may walk away entirely should the government insist on certain unreasonable terms.

Moody’s investor service said Bank of Cyprus’ sale of nonperforming exposures (NPEs) to Apollo Global Management LLC, is credit positive in its recent Credit Outlook.

The number of property transactions rose in August 2018 an annual 14% to 653 mainly on a strong performance of the property market in Limassol, the Department of Lands and Surveys said

Hellenic Bank has officially taken control of the operations of the state-owned Cyprus Cooperative Bank (CCB), with officials saying the transition went without a glitch.

Unemployment rates in Cyprus dropped further to 7.7% in July 2018, from 7.9% in June 2018, according to Eurostat, the statistical office of the European Union.

Standard and Poor’s rating agency upgraded Bank of Cyprus’ long-term credit rating to B+ from B citing the sale of non-performing exposures (NPEs) amounting to €2.7 billion and the pricing of a €220 million Additional Tier 1 Capital amounting to €220 million.

The end of the workday on Friday 31 August 2018 will see the end of the island’s Co-operative sector after more than a century and the birth of the cooperative asset management company (Kedipes) which will be tasked with handling the billions in non-performing loans, which caused the Co-op bank’s failure.

The 2018 Cyprus Country Report features interviews, detailed sector profiles and cutting edge insights from Cyprus’ most influential political, economic and business leaders.

The government generated a fiscal surplus of €514.7m on a cash basis in the first seven months of 2018, compared with €217.2m a year before, the statistical service said.

The amount on deposit in the Cypriot banking system rose by €796.4m in July 2018 in a month to €50.9bn, the highest since March 2013, amid an ongoing deleveraging which reduced total credit by €74.7m to €46.2bn, the lowest in more than ten years, the Central Bank of Cyprus said.