The European Commission said that it will propose that the European Council terminate the excessive deficit procedure for Cyprus, Ireland and Slovenia, after the three countries took effective action to reduce their fiscal deficits.

Cobalt is officially Cyprus’ new airline with its Air Operator Certificate issued after successfully completing a test flight from Larnaca to Heraklion, a press release from the low-cost carrier said.

In cooperation with the US private equity firm KKR and the European Bank for Reconstruction and Development (EBRD), Eurobank and Alpha Bank have created a joint company for managing troubled loans from large businesses.

The government will pass on to taxpayers any benefits deriving from the recovery of the economy, Finance Minister Harris Georgiades said recently.

The number of tourist arrivals in April 2016 rose 12% to 225,575 compared to the respective month of 2015 boosted by positive news from all major markets except Greece and Germany, the statistical service said.

The Housing Finance Corporation (HFC) has unveiled its new housing loans scheme, primarily targeted at young couples and providing long-term loans of up to €450,000.

The government is working to prepare a study on the restructuring of the commercial shipping sector in Cyprus, Transport Minister Marios Demetriades said recently.

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.