As a way of introduction, please be informed that the Central Bank of Cyprus (‘CBC’) has revoked the licence granted to FBME Bank Ltd, Tanzania, on 8/9/2003 to operate a branch in Cyprus, as of 21/12/2015.

A new oversight authority will be set up by the government in order to monitor insurance companies and provident funds, Finance Minister Harris Georgiades told lawmakers recently.

TUS airways, a new airline based in Larnaca, is starting regular flights to Tel Aviv and Haifa on February 14 2016, according to the company’s statement.

Overall loans in the Cypriot banking system rose by a monthly €307.7m to almost €62.8bn in December 2015, outstripping deposits which rose a monthly €203m to almost €46bn, the Central Bank of Cyprus said recently.

The non-performing loan ratio in the Cypriot banking system fell in November2015 to below 46.1% from 48% the month before, which is the lowest since January 2015, the Central Bank of Cyprus said.

The Larnaca municipal council is set to decide whether to grant a six-month extension to a company that provides logistics for oil and gas exploration.

The Minister of Energy George Lakkotrypis presented the Cypriot government’s energy strategy at the prestigious ‘Middle East and North Africa Energy’ conference, an annual event organised in London by Chatham House, the Royal Institute of International Relations.

Cyprus, Israel, and Greece held a historic summit recently, during which they agreed to strengthen co-operation between the three countries and invited others to join them in promoting co-operation and peace in the region.

Industrial production rose 7.4% in November 2015 compared to a year before mainly on a strong rise in manufacturing output, the statistical service said recently.

The recovery of the economic activity in Cyprus is projected to continue in the coming months of 2016 as GDP is expected to reach 2,7%