2017 marks 80 years of successful business for EY in Cyprus. The origins of EY Cyprus date back to 1937, when the Russel & Company partnership was formed.

Non-performing loans in the Cypriot banking system dropped by €650m in March to €23.2bn, the most spectacular monthly drop since June last year, the Central Bank of Cyprus said.

The number of property transactions rose in June an annual 28% to 843, a new peak this year, driven by activity in Nicosia and Limassol, the Department of Lands and Surveys said.

The inflation rate decelerated for a second consecutive month in June to 0.7% from 1.1% in May and April’s 2%, the statistical service said.

A new modern terminal designed to accommodate the largest operating cruise vessels has opened its gates for the first time, operators DP World said.

The Cyprus Investment Promotion Organisation (Cipa), called on the House to pass without delay the bill for the creation of an undersecretariat for growth and economic development.

During its second year of operation, in 2022, the casino resort to be built in Zakaki, Limassol will contribute some €800 million, or 4% of GDP, to the economy, the Melco Hard Rock consortium said recently.

Greece’s second-largest lender National Bank (NBG) will sell more assets, including its Cyprus operations, to complete a restructuring plan agreed with European authorities, its chief executive said recently.

Hellenic Bank has sold its non-performing loan and real estate management business for €20.6m to a newly established entity APS Debt Servicing Cyprus, which commenced operations recently.

Seasonally adjusted unemployment rate in Cyprus dropped to 11%, or 46,000 individuals in May 2017 from 11.3% in April and 12.8% in May 2016.