Bank of Cyprus, the island’s largest bank, said that it generated an after-tax profit of €56m in the first half of 2016, as its profit in the second quarter shrank to €6m, in line with a profit warning issued on July 28.

A natural gas pipeline from the EEZ of Lebanon to Turkey would be much more economically beneficial and viable than a pipeline from Israel say Lebanon official circles, adding that Lebanon has its own natural gas deposits, on par with those of Cyprus, Israel and Egypt.

Legacy Laiki, the holder of assets that remained with the now defunct Laiki bank, reached an agreement with investors to sell its subsidiaries in Serbia, Russia and Ukraine, pending regulatory approval.

Bank deposits recorded a net rise in July 2016 for the fourth consecutive month, increasing by €1.13bn since March 2015, the Central Bank of Cyprus (CBC) said recently.

Economic sentiment in Cyprus improved as the Economic Sentiment Indicator increased by 5.1 points compared to July 2016, as a result of the pickup of business confidence in services, retail trade and industry.

Cyprus’ government decided to buy back up to €258.5m of outstanding domestic government securities maturing between April 20, 2020 and July 1, 2021, the Finance Ministry said recently.

Top quality medical practitioners and state-of-the-art facilities, coupled with 340 days of sunshine and crystal blue seas have established Cyprus as a destination of choice for the growing number of international medical tourists.

Tourism operators in Ayia Napa and Protaras are confident they can maintain the current high levels of hotel capacity until at least the beginning of October 2016.

The Cyprus Statistical Service reports that the total sales of petroleum products in July 2016 recorded an increase of 3.1% compared to the previous month.

Central Bank of Cyprus governor Chrystalla Georghadji said that she expects a substantial drop in non-performing loans, the latest by 2020 after their increase was halted in 2015.