Fitch Ratings has upgraded Cyprus by one notch from ‘B+’ to ‘BB-’ with a positive outlook on continuing strong progress in its adjustment following the 2013 banking crisis.

A large-scale development which includes stores, offices, appartments, a spa-gym for residents, three pools and parking space will take place on Amathountos Street in Limassol.

The University of Cyprus said that accelerated economic growth in 2016 will result in a 2.9% growth rate for the entire year, matching the Finance Ministry’s updated forecast, before growth accelerates further, to 3.2% next year.

The Cyprus parliament has passed a law amending the Income Tax Law to bring its provisions on taxation of income from the use or sale of intangible assets into line with the “modified nexus” approach.

Cyprus has a bright energy future ahead, and can now become a regional energy hub for Europe, Asia and Africa, said VTT Vasiliko Ltd general manager George Papanastasiou.

On the basis of the results of the Passengers Survey, arrivals of tourists reached 421.201 in September 2016 compared to 360.899 in September 2015, recording an increase of 16,7%.

Cypriot banks delivered a mixed performance in Q2 2016 in restructuring bad loans as they exceeded two benchmark indicators set by the Central Bank of Cyprus and failed the remaining two, the supervisory authority said.

Cyprus’ economy expanded 1.7% in 2015 and experienced a significantly flatter recession the year before, the statistical service said citing “methodological improvements”.

Cyprus is set to have its first casinos by July next year if Melco-Hard Rock is awarded the casino contract.

A total of 7,591,000 passengers travelled by air in Cyprus in 2015, representing growth of 3.6% since 2014.