According to the Cyprus Statistical Service, the trade deficit was up €648 million in January-May 2016 year-on-year.

The sale of luxury apartments in the Ayia Napa marina has begun, with the first buyers being from abroad.

Former Chief Executive Officer (CEO) of the Cyprus Development Bank, Takis Taoushanis, has been appointed as the new chairman of the Cooperative Central Bank (CCB) according to an announcement by the CCB.

Building permits were up in the first five months of the year, according to figures released recently by the Statistical Service.

Energy cooperation between Cairo and Nicosia, developments on the Cyprus issue and the promotion of business projects were the focal point of recent discussions between Foreign Minister Ioannis Kasoulides and Egypt’s political leadership.

Credit institutions are set to announce their fiscal results for the first half of 2016, with all managing boards hoping for a break from the results of the past five years.

Cyprus is now well into its third year of deflation. According to the EU-harmonised consumer price index, prices fell by 0.4% in 2014, 1.5% in 2015 and by 1.9% in the first half of 2016.

Cyprus is moving ahead with oil exploration in its Exclusive Economic Zone, despite recent threats by Turkey.

The University of Nicosia recently announced the operation of the Cyprus Maritime Academy at the Bernhard Schulte Shipmanagement Centre for Nautical Education, where the academy’s facilities are housed.

Airports operator Hermes expects that by the end of 2016 some 8.5 million passengers will travel through Larnaca and Paphos, a new record.