The government faces €713m in debt maturities this year, including the second payment of €312.5m to the Russian Federation against a €2.5bn negotiated seven years ago, the Public Debt Management Office (PDMO) said.

Cyprus’ competition watchdog approved Hellenic Bank’s agreement with the Cyprus Cooperative Bank, lifting one more obstacle for the acquisition of the latter’s operations, Hellenic Bank said, hours before the government agreed to offer more compensation to Co-op workers affected by the deal.

Since the start of the new millennium, prices in Cyprus have increased by a total of 32.8% on average, with alcohol and tobacco rising a whopping 66% and almost 92% respectively, and food by over 60%.

Deposits in the Cypriot banking system fell last month by €745.2m compared to the month before to €50.2bn, as total loans rose by €305.2m to €46.7bn, the central bank said recently.

Bank of Cyprus, the island’s largest lender, said that the European Central Bank approved recently the appointment of Maria Philippou as member of its board of directors.

The University of Cyprus said that the economy is forecast to expand 3.9% in 2018 before growth slows down to 3.3% in 2019, amid a favourable external environment that may change, ongoing turbulence in the banking sector and deteriorating competitiveness.

President Nicos Anastasiades said that the opening of the Japanese embassy in Cyprus marks a historic milestone in the relations of the two countries and announced that a Cypriot embassy would open in Tokyo by the end of 2018.

Three US financial asset management companies are considering buying up to €5bn in non-performing loans from Bank of Cyprus as part of the bank’s project next month, Bloomberg reported recently citing unnamed sources.

The consortium Exxon Mobil-Qatar Petroleum is expected to receive the necessary offshore drilling licences in the coming days, reports said recently.

Hermes Airports Ltd and Integrated Casino Resorts Cyprus Ltd (ICR Cyprus) announced the signing of a commercial agreement with which the airport operating company provides ICR Cyprus with two specific locations in the terminal building of Larnaca Airport in order to create a 'satellite casino' in the coastal town.