The number of companies registered in June rose 11% to 1,016 compared with the respective month of 2015, after rising 24% the month before, the Department of Company Registrar and Official Receiver said.

Orion Airways (Larnaca) is planning to commence operations in September 2016, using B737-300 and B737-800 aircraft.

Cyprus raised €120 million in revenue so far in 2016 from civil marriages that took place on the island, with couples mainly arriving from the UK, Israel, Lebanon, Russia, and other Eastern European countries.

The current account recorded a significant improvement in Q1 2016, as its deficit fell to €39.1 million compared with a deficit of €643.7 million in Q1 2015, according to the latest provisional balance of payments data.

The government saw its borrowing cost drop recently when it sold a total of €100m in 13-week treasury bills at an average yield of 0.72%, the Public Debt Management Office said.

The government generated a fiscal surplus on a cash basis totalling €23.1m in the first five months of 2016, compared to a surplus of €94.8m in the respective period of 2015.

Senior executives of two energy companies with hydrocarbons concessions in the island’s Exclusive Economic Zone (EEZ) reiterated their commitment to their Cypriot operations.

Cyprus had the largest decrease in unemployment rates in the EU year-on-year in May 2016, down from 15.3% to 12.0%.

Commsoft, a world leader in aviation engineering and maintenance systems, announced that its industry-leading MRO IT system, OASES, has been selected by new Cyprus-based Orion Airways to support a fleet of Boeing 737-300 and 800 aircraft.

The Association of Cyprus Banks says it is cautiously optimistic on the future of the banking sector and the economy in 2016, urging at the same time the government and parliament to continue the necessary reforms and legislative changes in the economy.