Cyprus' general government fiscal surplus jumped by 68% amounting to €340.5m or 1.7% of GDP in Q1 2018, due to increased revenue given the continuing economic expansion.

The integration of the EU banking union and the association of capital markets were the two main issues on the agenda of the EU's 28 Finance Ministers meeting held in Sofia, Bulgaria, Finance Minister Haris Gerogiades has said, stressing the need to accelerate the pace on both these directions.

Economic sentiment rose marginally in April 2018, driven by stronger business confidence in services and industry, and firmer consumer confidence, the University of Cyprus’ Economic Research Centre (ERC) said.

Further to an announcement released earlier this month in which it confirmed its interest in the Co-op bank, Hellenic Bank said recently it was exploring options in the event it would require additional capital if it were to go through with a binding acquisition proposal.

One of the pillars of the partnership between Cyprus and Russia is their substantial cooperation in the economic field, Russian Ambassador to Cyprus Stanislav Osadchiy said recently.

Ship financing is further developing Cyprus’ already strong maritime sector, Deputy Minister of Shipping Natasa Pilides said recently.

More than 55% of the residential properties in the Eastern Tower of the Ayia Napa marina project, have already been sold, developers of the project said recently in a progress report on the €220 million project.

The deadline for interested parties to submit binding bids for the acquisition of the Co-operative bank or part of it, has been extended to mid-May 2018, it was reported

Amendments made to the agreement between a Russian investor who plans to build a five-star hotel at the Phinikoudes beach and the Larnaca municipality are subject to approval by the cabinet, the town’s mayor said recently.

Cyprus registered a €344m or + 1.8% of GDP total budgetary surplus in 2017 (compared to €59m or + 0.3% of GDP for 2016), according to data released recently by Eurostat, the statistical service of the EU.