The President of the Paphos Chamber of Commerce and Industry Andreas Demetriades will visit China, accompanied by the President and General Manager of the CTO between May 14-19 2016, aiming to increase the tourist market from the Asian country.

Bank of Cyprus (BoC) is expected to report a significant reduction of non-performing loans (NPLs) and Emergency Liquidity Assistance (ELA) for the first quarter of 2016 according to a trading update issued recently.

Permasteelisa Group, the worldwide leading contractor in engineering, project management, manufacturing and installation of architectural envelopes and interior systems, announced the geographic expansion of the company to new territories including Cyprus.

The trade deficit for the period January-February 2016 was €465.7 million, compared to €368.4 million during the same period in 2015, according to data published recently by the Statistical Service of Cyprus.

In March 2016 compared with February 2016, the seasonally adjusted volume of retail trade fell by 0.5% in the euro area (EA19) and by 0.7% in the EU28, according to estimates from Eurostat.

BY 2020, Cyprus wants to have the digital world become integral in the public’s use of government services making more available to citizens online.

Finance Μinister Harris Georgiades said Cyprus should remain on the course of economic reforms and fiscal prudence to help it regain its investment grade sovereign rating and reduce its borrowing costs.

Building permits fell almost 20% year-on-year in terms of construction area and 17% in terms of volume in the first two months of 2016, suggesting a possible slow down in construction activity, the statistical service said recently.

European digital or electronic signature is coming to Cyprus, as experts from Estonia are helping the government make decisions in setting up a digital platform that would enable different transactions between agencies, companies and individuals in fast and secure networks.

Initial financial reports for Q1 2016 at Bank of Cyprus are positive, showing a €1b decrease of non-performing loans (NPLs), along with a €50 million profit.