The Central Bank of Cyprus said that the European Central Bank (ECB) has now revoked the Cyprus Co-operative Bank’s banking licence which allowed it to operate as a credit institution, after the state-owned bank gave it up voluntarily.

Eurobank Cyprus Ltd, the Cypriot subsidiary of Greece’s Eurobank, generated an after-tax profit of €24.1m in the first half of the year compared to a €41.1m profit in the entire financial year 2017, the bank said recently.

Industrial producer prices in Cyprus rose by 1.9% in July 2018, compared to the previous month, according to figures released by Eurostat, the statistical office of the European Union.

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.