A company that says it has helped changed the face of Limassol is now in the midst of constructing a trio of towers in the heart of the city.

Hellenic Bank, the island’s third largest lender said that it generated in the first three months of the year an after-tax profit of €28.6m compared to a net loss of €10.1m a year before mainly on reduced provisions.

The economic sentiment index fell in May 2018 by 2.9 points, to 116.1, in a month on worsening confidence in the sectors of services, industry, and among consumers, the University of Cyprus said.

Cyprus’ unemployment rate dropped below 9% in April 2018, the first time since December 2011, slightly above the euro area’s average, the European Commission’s statistical office said.

Fnance Minister Harris Georgiades said recently the government will do everything necessary to safeguard financial stability on the island.

Uncertainty, energy costs, regulation, skills, and access to finance are the major impediments for future investments in Cyprus according to a European Investment Bank (EIB) survey on investment and investment finance for Cyprus in 2017.

The European Investment Bank (EIB) recently confirmed €35 million in new financing for the expansion of strategic oil reserves in Cyprus.

Austrian airline Laudamotion is about to start flights from Vienna to Paphos, a move welcomed by the Paphos regional tourism board recently.

While demand of both households and corporations for lending rose in the first three months of the year and is expected to continue to do so in the second quarter, banks are likely to keep their lending standards unchanged, the central bank said.

Residential property prices rose in the fourth quarter of 2017 a quarterly 0.8% for houses and 1.4% for flats, the Cyprus branch of the Royal Institute of Chartered Surveyors (RICS) said.