The privatisation process launched by the nationalised Cooperative Cyprus Bank may lead to the creation of an Asset Management Company (AMC) also called as a bad bank which will manage non-performing loans, Harris Georgiades, Cyprus Finance Minister said.

The Cyprus-US Chamber of Commerce, a non-profit organization dedicated to promoting trade and investment between Cyprus and the United States has announced its collaboration with Kinisis Ventures Limited, a business acceleration company, on an upcoming unique event taking place in New York City on Wednesday, May 2, 2018 entitled, 'CYPRUS REALIZED: A Platform for Ingenuity.'

Larnaca-based Cyprus Airways launched its first flight to Beirut, the airline announced recently.

The government recently announced that it has deposited €2.5bn at the co-operative bank in a bid to boost the lender, as a procedure to dispose of its assets continued.

A memorandum of understanding on relocating oil and gas firms from Larnaca by 2020 is expected to be signed after the Easter holidays, it emerged recently.

The government is in talks with the consortium of ENI-Total regarding their timetable for an appraisal, or follow-up drill at the Calypso gas prospect in offshore block 6, Energy Minister Giorgos Lakkotrypis said recently.

Despite the sizable and sustained improvement in the island’s economy, private sector indebtedness remained high, putting pressure on banks and limiting new lending, the International Monetary Fund said.

Former foreign minister Ioannis Kasoulides has joined the EuroAsia Interconnector, the project developer of a 2,000MW electricity connection project between Cyprus, Greece, and mainland Europe, as chairman of the strategic council, it was announced recently.

Cyprus in 2017 generated a current account deficit of €1.3bn, or 6.7% of economic output, compared to a deficit of €888.8m in 2016, or 4.39%, the Central Bank of Cyprus said.

The government generated a fiscal surplus of €250.6m on a cash basis in the first two months of 2018 compared to a surplus of €133m in the respective period of 2017, the Finance Ministry said.