Bank of Cyprus, the island’s biggest lender, has reported two quarters of profits, improved its funding structure, boosted capital and lowered its reliance on EU emergency funds.

Emergency Liquidity Assistance for Bank of Cyprus (BoC) has dropped below half its peak level for the first time according to data from the Central Bank of Cyprus.

A rise in confidence in the services sector and among consumers helped boost the monthly Economic Sentiment Indicator (ESI) by 6.6 points in August 2015 to 106.9, the highest level since the index started to take a downturn in late-2008.

Finance Minister Harris Georgiades said that the current turmoil in China is not impacting Cyprus in any way adding that demand for Cypriot government bonds could increase.

Income tax revenues dropped year on year by 6.7% in the second quarter, pointing to a still weak employment market.

The government will press ahead with plans to create a technology park in Pentakomo, Limassol by launching incentives international research and development companies, according to Commerce Ministry permanent undersecretary Stelios Chimonas.

The deal by the Israeli government to allow Noble and Delek to develop the giant Leviathan field is seen as a positive development for the Aphrodite field in Cyprus’ offshore Block 12.

Tourism arrivals by the end of July 2015 were the highest since 2002 and the third best on record after 2000 and 2001, Cyprus Tourism Organisation chairman Angelos Loizou said recently.

Cypriot banks saw their non-performing loans rise in June 2015 to 46.37%, or by €68.2m, from 46.02% the previous month, the Central Bank of Cyprus said.

The relocation of strategic oil reserves from the Larnaca seafront to the Vasilikos Energy Centre has been completed, the Ministry of Energy said recently.