The Insurance Companies Control Service (ICCS) said that it temporarily suspended the licence of Olympic Insurance Co. Ltd to enter new business and renew existing contracts citing capital adequacy issues.

The Cypriot economy expanded 3.8% in the first quarter of 2018 compared to the respective period last year, the statistical service said, citing a flash estimate.

The government generated a fiscal surplus of €297.3m in the first three months 2018, compared to a surplus of €166.3m in the respective quarter of 2017, the statistical service said.

Cyprus will forge ahead with natural gas plans, having international law and the international community on its side, government spokesman Prodromos Prodromou said recently.

Government spokesman Prodromos Prodromou said he expects the economy will expand in 2018 by around 4% before returning to full employment conditions in “two or three years”.

Travel agents from the Baltic states of Lithuania, Latvia and Estonia have expressed great interest in Paphos, the town’s tourism board said recently.

B2Kapital Cyprus Ltd, which entered an agreement with Hellenic Bank to acquire €145m of loans more than four months ago, said that it received green light from the supervisor.

A groundbreaking ceremony for Cyprus’ new casino-resort will be held on June 8, 2018, according to the Melco Resorts and Entertainment CEO Lawrence Ho.

The number of company registrations rose in April 2018 by 16% to 1,168 compared to April 2017, the Department of Company Registrar and Official Receiver said.

Non-performing loans in the Cypriot banking system rose by more than €1.5bn in January 2018 compared to the month before to €22.1bn, the highest since July last year, as a result of the introductions of new reporting standards, the Central Bank of Cyprus said.