Hellenic Bank, Cyprus’ third largest lender, said that it generated an after-tax profit of €0.3m in January to March 2016 as conditions remain challenging and volatile, against €6m profit the previous quarter and €12m profit in the first quarter last year.

Transport Minister Marios Demetriades has disclosed that a study on the restructuring of Cyprus’ commercial shipping sector is under way, while also calling on young people to take the ‘sea career path’.

As part of ongoing efforts to increase visitor numbers to Paphos, the district will be promoted at a number of tourism workshops and presentations in the capital cities of Lithuania, Estonia and Latvia in May 2016.

2016 will be a record-breaking year for tourist arrivals and revenue, Tourism Minister Yiorgos Lakkotrypis said recently.

Delegates from Cyprus will attend the International Festival for Business 2016 (IFB2016), which has secured an exceptional collection of thinkers, innovators, statesmen and business leaders to share their experiences.

Minister of Transport, Communications and Works Marios Demetriades has said that there has been an increase of more than 12% in air traffic in the first four months of 2016.

The contract for building and operating the Paralimni marina has been awarded to PMV Maritime Holdings Ltd.

Cyprus had the third lowest yearly inflation in the EU for April 2016, recording a -2.1% rate of inflation according to Eurostat.

RCB Bank recently said it supports the Cyprus Olympic team and that it has become a major sponsor for the Cyprus National Olympic Committee.

The European Commission said that it will propose that the European Council terminate the excessive deficit procedure for Cyprus, Ireland and Slovenia, after the three countries took effective action to reduce their fiscal deficits.