The construction of luxury residential twin towers which will be part of the new Ayia Napa marina will start in late September 2016, Mayor Yiannis Carouses announced recently.

European Investment Bank President Werner Hoyer, in an exclusive interview with the Cyprus News Agency (CNA), gives a positive outlook on his Bank’s future and present involvement in post-program Cyprus and recession- struck Greece.

The European Commission has approved the latest tranche of a €1 billion subsidy that aims to assist European farmers and which includes a €297,165 payment for Cyprus.

Bank of Cyprus’ outstanding emergency liquidity fell in June 2016 to €2.4bn or below compared with €2.8bn in May, after it repaid more than €9bn over the past three years, the Central Bank of Cyprus said.

Cypriot Nobel laureate Christopher Pissarides said that while uncertainty over the impact of Brexit on the Cypriot economy will persist over the next three years, Cyprus should get its act together and pass reforms which will help it benefit from the fallout caused by the decision of British voters to leave the European Union.

The primary goal of the Cyprus Investment Funds Association (CIFA) is the promotion and development of the Cyprus funds and asset management industry in order for Cyprus to become a jurisdiction of choice for international funds.

Cyprus had the lowest annual inflation rate in the EU28, for the month of June 2016, rated at -2.0% according to Eurostat, followed by Bulgaria (-1.9%) and Croatia (-1.2%).

Property transactions rose in June 42% to 657 compared to the respective month of 2015, which is the highest since May 2012, the department of lands and surveys said.

Revenue from tourism rose in April 2016 5.7% to €137.9m compared to the respective month of 2015, the statistical service said.

Cyprus is considered a moderate innovator, along with Croatia, the Czech Republic, Estonia, Greece, Hungary, Italy, Latvia, Lithuania, Malta, Poland, Portugal, Slovakia, and Spain, according to the 2015 innovation scoreboard, published by the European Commission.