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The Deputy Ministry of Tourism recently launched a public consultation on Cyprus’ National Strategy for the Development of Diving Tourism, inviting stakeholders and the public to submit feedback before the strategy is finalised.
The Bank of Cyprus is expected to deliver another strong quarter, with analysts forecasting robust profitability and the potential for generous shareholder distributions, as Greek and Cypriot banks continue to benefit from credit expansion, resilient interest income and rising fee revenue.
Aircraft maintenance firm Bird Aviation announced on Wednesday that it has signed a long-term agreement with low-cost airline easyJet to provide scheduled aircraft maintenance services at its facilities in Larnaca, strengthening Cyprus’ position as a regional aviation maintenance hub.
Tourist arrivals to Cyprus surged in November, according to the state statistical service (Cystat), highlighting the sector’s continued strength a ...
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.
The International Monetary Fund (IMF) said that it expects economic growth in Cyprus to pick up at 4% this year and 4.2% next year even as risks related to the high-stock of NPLs undermine the economy’s prospects.
Building permits increased an annual 27% in the first quarter of 2018 and 30% in terms of construction area and value, to 378,933 square meters and €410.4m respectively, driven by investment in commercial projects, the statistical service said.
The number of property transactions rose an annual 10% in May, to 828, the highest in 2018, on a strong increase in Nicosia and Famagusta, the land department said.
Hellenic Bank said that it completed the sale of a €144m non-performing loans portfolio to B2Kapital Cyprus Ltd, a unit of Norway’s B2Holding, at an unspecified consideration.
Revenue from tourism rose 28%, to €110m, year-on-year in March, far below the overall 36% increase in arrivals, as Cyprus continued to attract more tourists with smaller travel budgets, the statistical service said.
RCB Bank said recently it recorded a net profit of €97.2m in 2017, up 19% from 2016, on increased non-interest income and domestic operations and improved efficiency.
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