Bank of Cyprus, the island’s largest lender, said that it agreed to sell its subsidiary bank, Bank of Cyprus UK, and unit Bank of Cyprus Financial Services Ltd, to Cynergy Capital Limited, a UK-based group, for a total of GBP £103m (€116.6m).

Home prices fell 1.8% in the first quarter of the year compared to October to December in 2017, the first quarterly drop in four quarters, the statistical service said.

Minister of Energy, Commerce and Tourism Giorgos Lakkotrypis and a team of ministry officials visited the site of the Ayia Napa marina recently to monitor the progress of the construction works.

The House plenum has approved a bill providing for a state guarantee needed for the acquisition of certain parts of the Co-op bank by Hellenic to go through.

In a convoluted bid process which has seen the highly anticipated new marina in Paphos being passed from developer to developer, a final decision has given the project to Pafilia.

The Central Bank of Cyprus significantly revised its 2018 economic growth forecast upward to 4.1% from a previous 3.4% citing strong exports and domestic demand.

Fiscal risks to Cyprus’ outlook have increased considerably due to the uncertainties surrounding the sale of the Cyprus Cooperative Bank and the associated government bond issuance, the European Commission said in its post-programme surveillance report.

The number of property transactions rose 2% year-on-year in June 2018, to 858, which is the lowest rate of increase in 14 months, the land registry said.

The annual inflation rose last month to 2.3% from 1.3% the month before mainly on more expensive energy products, the statistical service said.

Casino operator Melco International Development has opened the first temporary casino in Limassol, Cyprus, the C2, on Thursday, 28 June 2018.