Hourly labour costs rose by1.6% in the euro area (EA19), by 2.1% in the EU28 and by 1.3% in Cyprus in the third quarter of 2017, compared with the same quarter of the previous year.

A fine on the Bank of Cyprus would have an impact on its London Stock Exchange listing, a court heard recently, as lawyers pleaded for leniency after the lender and its former CEO were found guilty for market manipulation.

Cyprus has transferred more than €2.5bn to the European Union and received €1.4bn in grants since it became a member in 2004, the Treasury of the Republic said recently.

The Central Bank of Cyprus said that the balance in the government’s account fell to €870.3m in November 2017 from €1.5bn the month before.

The Saipem 10000 ultra deepwater drillship continues on its course for Cyprus, where later this month it is scheduled to carry out exploratory drilling for natural gas in block 6.

The Public Debt Management Office (PDMO) said that it selected seven international investment banks to help develop an “efficient” secondary market for Cypriot government securities.

Since August 1 2017, the state-owned Cyprus Cooperative Bank has reduced its non-performing loans by €670m to €6.5bn, an executive was quoted as saying by the Cyprus News Agency (CNA).

Cyprus records the lowest annual inflation rate in Europe at just 0.2%.

The job vacancy rate in the euro area (EA19) was 1.9% in the third quarter of 2017, stable compared with the previous quarter and up from 1.6% in the third quarter of 2016, according to figures published by Eurostat, the statistical office of the European Union.

Hellenic Bank, the third largest in Cyprus, is considering making changes to its salary framework, a source familiar with the matter said recently.