After a short, 18-month stint at the Co-operative Central Bank’s helm, executive head Marios Clerides resigned his post recently.

Recent figures show a total of 103 applications for the registration of new companies were filed in the Companies Registrar in May 2015 marking a reduction of 10.6% compared with the corresponding period of 2014.

Cyprus annual inflation remained steady in May 2015 at -1,7%, compared to April 2015, while Euro area annual inflation was 0.3% in May 2015 , up from 0.0% in April.

As part of its new summer schedule, the Kingdom of Bahrain’s national carrier Gulf Air will increase its flights to and from Frankfurt, Larnaca and Paris during the upcoming peak summer travel period and until September 2015, due to growing passenger numbers.

President Nicos Anastasiades recently announced new infrastructure projects for Nicosia worth some €174 million.

Greek bank subsidiaries in Cyprus are ring-fenced and face no risks from the instability in Greece, a senior Central Bank (CBC) official said recently.

The creation of a government body that will facilitate the absorption by the hotel industry in Cyprus of funds from the ‘Juncker package’ – a €315bn investment plan to spur growth across the European Union – and the improvement and upgrade of the tourist product, was announced by President Nicos Anastasiades recently.

The International Monetary Fund (IMF) recently approved the disbursement of €278m to Cyprus after completing the fifth, sixth and seventh progress reviews of the country’s economic adjustment programme.

With in-depth knowledge and expertise of the Cyprus and Malta market, GRS remains the agency of choice when it comes to hiring high-level finance positions.

President Nicos Anastasiades said that his decision to appoint a resident Ambassador to the Kingdom of Saudi Arabia was a step which reflects Cyprus' desire to deepen political, economic and diplomatic ties with the country.