Saipem’s pipelayer Castoro Sei (Beaver Six) was fully ensconced at Limassol port on Sunday before starting work on underwater pipelines for Egypt’s giant Zohr gas field.

Moody’s ratings agency has changed its outlook on the Cypriot banking system to positive from stable, reflecting that the country’s economic recovery will restore banks to profitability and improve weak asset quality.

Nicosia could shift to a new economic model and develop to become an innovative regional research centre according to the Nicosia Chamber of Commerce and Industry (EVEL).

Industrial production and manufacturing in Cyprus were up in May 2016, according to data released by Cystat.

Cyprus’ future strategy in developing its hydrocarbon industry will depend on the quantities that exploratory drilling in its exclusive economic zone will reveal over the next years, Energy Minister Yiorgos Lakkotrypissaid.

The regulation of online betting along with the other measures promoted concerning the betting industry will create a new significant prospect for the economy, says Finance Minister Harris Georgiades.

Energy Minister Yiorgos Lakkotrypis said that Cyprus received three bids for block 10 in its EEZ, from a consortium consisting of ExxonMobil and Qatar Petroleum, ENI and Total, and from Norway’s Statoil.

In a mid-September 2016 four day visit to Cyprus, the Troika will face outstanding obligations on the part of Cyprus on several big issues, mostly in the field of reforms and Non-Performing Loans (NPLs).

The government generated a fiscal deficit of €43.7m on a cash basis in the first six months of 2016, compared to a €31.2m deficit in the respective period last year, the Finance Ministry said recently.

The economic sentiment indicator rose by 1.6 units to 109.6 units in July 2016, compared to the previous month, in defiance of the British voters’ decision in June to exit the European Union, causing global financial turmoil and a 10% plunge of the currency of the UK, Cyprus’ largest source of incoming tourism, the University of Cyprus said.