Fitch Ratings has upgraded Cyprus’ sovereign rating to investment grade, ‘BBB-‘ from ‘BB+’, with a stable outlook as the island expects a 2.7% fiscal surplus this year and continuous growth that will boost receipts.

A new initiative launched by the ministry of energy, commerce, industry and tourism (MECIT) and the European Bank for Reconstruction and Development (EBRD) aims to facilitate access to advisory services by providing grants to 30 small and medium-sized businesses (SMEs) registered and operating in the Republic of Cyprus.

Kinisis Ventures, a Cyprus-based company that operates as a business accelerator for start-ups, this month held a seminar focused on building ties with the American market for Cypriot innovative ventures.

The increase of residential property prices remains moderate the Central Bank of Cyprus (CBC) has said as the residential property price index in the second quarter of 2018 marked eight consecutive quarters of growth.

The impressive, luxury cruise liner Silversea Muse docked at Limassol port earlier this month, its first visit to Cyprus.

Low-cost carrier Ryanair recently announced a new route from Paphos to Berlin, with a twice-weekly service commencing in April 2019.

The state will be covering the cost of repatriation of passengers who were left stranded after Cypriot carrier Cobalt Air terminated its operations late on Wednesday 17 October, Transport Minister Vasiliki Anastasiadou said.

Low-cost airline Ryanair announced it has launched rescue fares on a number of its Paphos routes to accommodate stranded Cobalt customers.

The occupancy rate at Paphos hotels is expected to reach 95% in October 2018, president of the local Hotels Association Thanos Michaelides said.

A court in Guernsey has appointed two administrators to oversee the winding up of construction company J&P Overseas Limited, which went into administration last week after its lenders rejected its restructuring proposal.