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.

Cabinet has authorised the Energy Minister to negotiate a two-year extension of Italian and South Korean consortium ENI-KOGAS’ licence to explore for hydrocarbons on Cyprus’ exclusive economic zone (EEZ).

Bailed-out Cyprus’ economy is no longer in recession and 2015 will mark real growth, deputy government spokesman Victoras Papadopoulos said recently.

Thirty-fivecompanies have been preselected in the procedure to denationalise the Limassol port and final bids are expected in December 2015, a senior official said recently.

The legislative body of the Republic of Cyprus introduced the Law 131 (I)/2015 referred to as the Law on the Establishment and Operation of an Administrative Court.

Bank of Cyprus will be likely the first lender in Cyprus to seek to foreclose collateralised real property in more than two dozen cases concerning non-performing loans worth around €85m as the relevant legislation comes into force.

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