In a recent decision of the English Supreme Court inFHR EUROPEAN VENTURES LLP –V- CEDAR CAPITAL HOLDINGS LLC (2015) it has been held that, where an agent acquires a benefit, which came to his notice, as a result of his fiduciary or trustee position (including a business opportunity), the equitable rule is that the agent shall be treated as having acquired the benefit, or opportunity on behalf and for the account of his principal. The principal is considered as the beneficial owner of such benefit, and has a proprietary remedy to trace and recover such benefits, in addition to his personal remedy against his agent. The principal can elect between the two remedies.

Registered unemployed in Cyprus fell to the lowest level in 34 months on the basis of seasonally adjusted data released by the Cyprus Statistical Service.

Seasonally adjusted GDP rose in Cyprus by 0.4% during Q4 of 2015 compared to the previous quarter and by 2.7% compared to the same quarter of 2014, according to data released recently by Eurostat.

Members of the public will have until the end of April 2016 to submit proposals on developments for the Larnaca seafront where strategic oil reserves were stored until they were transferred to Vasilikos.

Confident of better ratings and cheaper funding as it exits a eurozone bailout, Cyprus is wary of planning new borrowing to help fund any reunification and may not need it, Finance Minister Harris Georgiades said.

Cyprus might soon be excluded from the European Central Bank’s bond-buying programme because its credit rating is below investment grade and it is likely to exit its bailout programme at the end of March 2016, an ECB spokesman said recently.

A subsidiary of the Russian airline Siberia 7 is set to open in Cyprus by the end of 2016, according to news reports.

The strong increase in property transactions reported recently by the department of lands and surveys is the result of tax breaks offered to buyers as well as special incentives to foreign purchasers, professionals said.

Eurogroup Finance Ministers are soon expected to seal the completion of Cyprus’ adjustment programme, three years after its chaotic bailout in 2013.

Projects worth more than €300 million will be carried out for 2016–2018, Transport Minister Marios Demetriades said recently.