Hellenic Bank said that it generated a net loss attributable to shareholders of €10.5m in the first quarter of 2017, against a €64m loss in the last quarter of 2016 and a marginal net profit in the respective quarter last year.

Cyprus Airways recently announced the launch of ticket sales for flights from/to Larnaca International Airport to/from Tel Aviv and St Petersburg, the latest addition to the airline’s schedule for this summer.

Egypt’s minister of trade and industry has given the green light for its end of a Cyprus-Egypt business association to go ahead even though an agreement to set it up was made in 2001.

Cyprus is increasingly ranked on the shortlist of decision makers when it comes to choosing the right location to establish international and regional headquarters, thanks to its rapidly growing economy and cost-effective business environment.

Leading leisure airline and package holiday specialist Jet2.com and Jet2holidays recently announced new routes between Paphos and Belfast International and between Larnaca and Birmingham.

Paphos has been named the ninth best European destination in Lonely Planet’s top ten places for international travellers to visit this summer.

Efforts are underway by Chinese investors to build a huge industrial park in Paphos with the search already underway according to the Paphos Chamber of Commerce and Industry (PCCI).

The International Monetary Fund said recently it welcomes Cyprus’ economic recovery and the prudent macroeconomic policies, as the island seeks consent for early repayment of part of the bailout loan it received from the IMF.

Cyprus has introduced attractive incentives for expatriates and high-net-worth individuals to adopt non-domiciled (non-dom) tax resident status in Cyprus.

Cyprus’ strong GDP growth is credit positive for Cypriot banks because it will strengthen their clients’ capacity to restructure and service their high levels of distressed debt, according to Moody’s credit outlook.