Building permits rose in the first four months of 2018 an annual 25% in terms of construction area to 480,385 square metres and 28% in terms of value to €517m, the statistical service said.

The Finance Ministry and the Central Bank of Cyprus (CBC) warned lawmakers recently that possible changes rendering the proposed draft bills on the management of non-performing loans less effective could negatively affect Cypriot lenders in the upcoming stress tests

French energy giant Total has reaffirmed its commitment to its energy plans in Cyprus and reiterated an interest to further expand its presence.

A new mixed-use development occupying 102,637 sq.m. of land is in the works for the area of Aorati in the community of Pyrgos, Limassol.

RCB Bank intends to stay in Cyprus to continue developing its operations and adjusting to stricter anti-money laundering rules even as increasing geopolitical tensions, and subsequent sanctions imposed by the US and the EU targeting Russia, hurt the business environment, its top executive has said.

The government’s deficit rose from January to May 2018 by 70% to €386.9 million compared with the same period the year before on increased revenue, the statistical service said.

Fitch Ratings has placed Hellenic Bank’s long-term issuer default rating (IDR) of ‘B’ and Viability Rating (VR) of ‘b’ on ratings watch positive (RWP). Fitch has also affirmed the lender’s short-term IDR at ‘B’.

The tax department said recently it has upgraded the tax payment section on the JCCsmart website, aiming at making it more user friendly.

The Finance Minister said that Cyprus is under ‘intense pressure’ created by an increasingly strict banking supervisory framework to once more modernise its insolvency and foreclosure legislation, with banks facing potential fresh losses.

Cyprus Casinos (C2), the first authorised casino in the Republic of Cyprus has opened in Limassol.