Despite economic growth, Cyprus' financial system is still facing six risks and vulnerabilities, Cyprus Central Bank said recently.

The Odin Finder, a research and survey vessel that in January 2016 began a reconnaissance study for the optimum route for a proposed high-voltage subsea power cable connecting Israel and Cyprus to the European mainland, has finished the first phase, reports said recently.

The Cyprus banking system’s exposure to ECB’s emergency liquidity assistance (ELA) declined by €300 million to €3.5 billion, in January 2016 from €3.8 billion in December 2015, according to a Central Bank’s balance sheet.

The Cyprus Tourism Organisation (CTO) has clinched a deal with Austrian tour operator Seniorenreisen in a move that could see up to 14,000 tourists arrive from Austria.

Energy Minister Giorgos Lakkotrypis said Bulgaria could serve as a transit country for natural gas produced in the eastern Mediterranean as part of plans to create a natural gas corridor in the region.

Cypriot banks expect demand for housing loans will accelerate further in the first quarter of 2016, according to a bank lending survey issued by the Central Bank of Cyprus (CBC).

The presidents of Cyprus and Bulgaria recently discussed how the two countries could cooperate in ensuring Europe’s energy security by helping bring natural gas from the Mediterranean to countries in northern Europe.

Construction activity in Cyprus accelerated in 2015 with building permits reaching 5,014 in the period of January–December 2015, marking an increase of 1.64% year on year.

In the recent case of Ukrainian Vodka Company Ltd v Nemiroff International Limited,the Applicant requested an order of the Court permitting the enforcement of two Arbitral Awards issued in favor of the Applicant and against Nemiroff International Limited. It was highlighted by the District Court of Nicosia amongst others that during its submission of the application, the Applicant should provide (i) a duly authenticated original or certified copy of the arbitral award; and (ii) a duly certified original or certified copy of the arbitration agreement. Furthermore pursuant to the New York Convention, if the Arbitral Award is drafted in a language which is not the official language of the country where the award will be enforced, the documents must be translated into the official language of that country and certified by an official, sworn translator or a diplomatic or consular agent.

The Co-op bank will announce a series of financial products aimed at supporting small and medium-sized enterprises (SMEs).