Macau ‘gambling dragon’ Melco International is placing its bets on the Cyprus casino resort and has informed its shareholders that investment in the island is part of its ‘global expansion vision’.

The January-March 2016 trade deficit reached €730.6 million, an increase of €92.2 million or 14.4% compared to the same period in 2015.

The general government recorded a surplus of €147.2m, in the first quarter of 2016, as compared to a deficit of €19,0m in the corresponding period of the previous year, the Statistical Service said recently.

Finance Minister Harris Georgiades said no extra measures will be necessary to achieve a balanced budget for 2017, in which spending increases by €100m, to €6.15bn.

A significant increase of 12.5% was recorded in income from tourism during the months of January-February 2016, while the yearly increase in February came to 21.7%, according to recent data from the Statistical Service.

Vice President of the European Investment Bank Jonathan Taylor spoke about the economic recovery of Cyprus in a particularly positive light, and focused on the future prospects of the country as a centre of investment and business.

The European Bank for Reconstruction and Development (EBRD) will be holding its next annual meeting in Cyprus.

The Cyprus economy grew by 2.6% in the first quarter of 2016, according to a flash estimate compiled by the Statistical Service.

The Larnaca port and marina project will be put to tender by September 2016, while other infrastructure projects in the pipeline are to be rolled out in the near future, Transport Minister Marios Demetriades said recently.

Energy giants Noble, Delek and BG are poised to return the exploratory rights of Block 12 in the Aphrodite field, following seven years of exploring the reservoir within Cyprus’ Exclusive Economic Zone (EEZ).