Italy is currently Cyprus’ third largest trade partner with energy being the sector with the most significant potential, Foreign Minister Nikos Christodoulides has said

The groundbreaking ceremony for the new casino resort took place recently in Limassol attended by President Nicos Anastasiades who described it an “historic day” and a “major milestone” for Cyprus.

A delegation from US energy giant ExxonMobil led by the company’s vice-president for Europe, Russia, Asia, the Pacific and the Middle East, Tristan Asprey was in Cyprus for talks with the government recently.

Cyprus’ economy expanded 4% in the first quarter of 2018 compared to the respective three-month period last year and 1% compared to the quarter before, the statistical service said recently.

Third Point LLC, the US hedge fund which is Hellenic Bank’s largest shareholder is in talks with prospective investors to sell its 26.2% stake in the Cypriot lender, Bloomberg reported recently.

The reduction of non-performing loans (NPLs) by Cypriot banks has picked up pace, international ratings agency DBRS has said adding that it expected to see further progress.

Inflation was up by 1.3% in Cyprus this May on an annual basis, data released by the Cyprus Statistical Service show.

The Cyprus Cooperative Bank and Hellenic Bank have made progress in their negotiations for the acquisition of the Co-op’s operations and the two sides are likely to reach an agreement in principle within the next days, the Cyprus News Agency (CNA) reported recently.

The US and Cyprus have entered a new level of relations in the field of energy, especially after the third licensing round with ExxonMobil signing an exploration and production sharing contract for block 10 of the island’s EEZ, Disy leader Averof Neophytou said

The Finance Ministry and the Central Bank of Cyprus recently presented political parties with proposals to resolve the non-performing loans problem by improving the current legislative framework as banks are running out of time, participants said.