The European Commission has again asked Cyprus to reduce the non-performing loans in the banking system, overhaul its public service, its judicial system, reform its economy, education system and healthcare by 2019.

The Central Bank of Cyprus fined the Cyprus Development Bank (CDB) €715,000 for failing to comply with the provisions of legislation for the prevention and suppression of money laundering.

The licensing by the Central Bank of Cyprus for the selling of loans to B2Kapital Cyprus Ltd. is credit positive for Cypriot banks, Moody’s rating agency has said.

The weighted average maturity of the general government debt, which in December 2017 fell to €18.7bn, dropped to 7 years at the end of 2017 from 7.5 years in 2016, the Public Debt Management Office (PDMO) said.

Bank of Cyprus, the island’s largest lender, is preparing to sell up to €7bn in non-performing loans and is setting up four subsidiaries to facilitate the process, the press reports.

French energy giant Total, wants to expand its presence into block 8 of Cyprus’ exclusive economic zone (EEZ) Energy Minister Yiorgos Lakkotrypis said recently.

Hellenic Bank said it would inform its shareholders about its intention to buy out the assets of the Cyprus Cooperative Bank at an extraordinary meeting on July 11, 2018.

Cyprus is progressing slowly in its digitisation, ranking 21st out of 28 EU member states in the Digital Economy and Society Index (DESI) for 2018, published recently.

Cyprus, Greece and Malta recently enhanced already-close cooperation on shipping matters, at their 6th trilateral meeting, in Nicosia, aiming to strengthen their collective voice in the EU and the International Maritime Organisation (IMO).

Cyprus and Andorra have signed a double taxation avoidance during the 128th session of the Ministers of Foreign Affairs of the Council of Europe.