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.

The gap separating overall loans and deposits in the Cypriot banking system shrank in June 2016 to €7,6b, its smallest value following the March 2013 bail-in, as depositors show increased trust to Cypriot banks, which in turn continue to deleverage, the Central Bank of Cyprus said.

The government has approved a package of tax incentives to boost the start-up sector and innovation in Cyprus, undersecretary to the president Constantinos Petrides announced recently.

Software developer Logicom said that it generated in the first six months of 2016 an after tax profit attributable to the shareholders of less than €5.6m, 8.8% more compared to the respective six-month period of 2015.

Cobalt has now been allocated traffic rights to operate scheduled services on the route Larnaca-Odessa-Larnaca, a press release from the low-cost carrier said recently.

Home prices fell a quarterly 0.8% in January to March 2016, as a 0.6% increase in the price of apartments was unable to offset a 1.3% drop in house prices, the Central Bank of Cyprus said.

Five Cypriot companies are among the one thousand companies listed by the London Stock Exchange as being exceptional and inspirational.

Cyprus’ economy is projected to expand 2.9%, which is the fastest pace since 2008, and beats the 2.2% and 2.7% updated forecasts by the Finance Ministry and the central bank respectively, even as Brexit and the political and economic uncertainty the June 23 referendum triggeredpose a downside risk, the University of Cyprus said.

Israeli Delek Group Ltd announced that its gas and oil exploration units Avner Oil and Gas LP and Delek Drilling LP have bid for Cyprus’ EEZ third licensing round, for hydrocarbon exploration in blocks 6, 8 and 10.

The Cyprus Tourism Organisation (CTO) is seeking to beef up its promotion and advertising campaign for 2017 by asking for the government to cough up a further €12 million to add to its €48m budget.