The government generated a fiscal surplus of €82.5m, or 0.5% of gross domestic product (GDP), last year, against a 1.2% deficit in 2015, the statistical service said citing revised figures.

The US Cato Institute and Canada’s Fraser Institute said that Cyprus was ranked 14th in their co-published 2015 Economic Freedom of the World index with 7.79 points, just ahead of Denmark which scored 7.77 points and behind Lithuania with 7.92 points.

As early as March 2014 the Cyprus Securities and Exchange Commission (“CySEC”) alerted potential investors to the risks associated with investment in virtual currencies or contracts for difference linked to them.

Cypriot private equity firm Nearchi Investment has announced it has acquired Orion Airways (FOH, Larnaca) from Aviation Capital Ventures (ACV) for an undisclosed sum.

Tourist arrivals rose 15% year-on-year in September, to 483,716, which is an all-time high for the month, mainly on a strong increase in incoming tourism from secondary markets, the statistical service said.

Finance Minister Harris Georgiades said that Cyprus’ public debt which stood at 107.8% of economic output last year will fall below the 100% mark within weeks, proving wrong a recent forecast of the International Monetary Fund (IMF), the Cyprus News Agency (CNA) reported recently.

Non-performing loans in the Cypriot banking system fell in June by €610.2m in a month to €22.4bn, the lowest since the introduction of the current methodology, the Central Bank of Cyprus said.

Energy regulators in Cyprus and Greece, have issued a joint decision for the cross-border cost allocation of the electricity interconnection EuroAsia Interconnector between Cyprus and Greece it was announced recently.

IFLR1000, the guide to the world’s leading financial and corporate law firms and lawyers, has today released its listing of leading lawyers. Elias Neocleous & Co LLC continues to lead the Cyprus legal services market, being the only firm awarded the prestigious Tier 1 ranking in Cyprus.

The leading dairy producer DODONI celebrates its first year of operation in Cyprus, already boasting strong presence in the Cyprus market with its modern cheese-making unit.