Cyprus continues to be a highly competitive centre for international businesses, despite the economic difficulties the country faced in the last few years, President of Cyprus Nicos Anastasiades has said.

Finance Minister Harris Georgiades said the Cypriot economy will expand 4% this year, up from a previous forecast of 3.5%, and will continue growing an average 3% over the next three-year period.

Bank of Cyprus said recently it will outsource the management of up to €800 million in non-performing loans to Australia’s Pepper Europe (UK) Ltd as part of a ‘strategically important’ agreement after it got the go-ahead from its board of directors and its workers’ union, Etyk.

The Central Bank of Cyprus said it fined RCB Bank €800,000 citing the Russian-owned lender’s failure to comply with provisions of anti-money laundering legislation.

The euro area (EA19) seasonally-adjusted unemployment rate was 8.8% in October 2017, down from 8.9% in September 2017 and from 9.8% in October 2016.

From the 7th till 16th of November 2017, young researchers from eight countries, from Europe, the Middle East and even Chile and Australia, attended the Annual School in Solar Thermal Energy (STE).

Hellenic Bank, the third-largest Cypriot lender, announced an after-tax loss of €17.8m in the first nine-months of 2017 compared to a €5m profit in the respective period of last year.

The general government generated in the first ten months of the year a fiscal surplus on a cash basis of €498m compared to a €138.9m surplus in the respective period of 2016, the Finance Ministry said.

Russian companies are attracted to Cyprus mainly because of its tax regime, including double taxation treaties, European Union membership, and Russian-friendliness, a survey published by accounting firm EY has showed.

Revenue from tourism rose 10% in September compared to the respective month of 2016 to €483.7m against a 15% increase in arrivals, as British tourists cut back on spending, the statistical service said.