Non- Performing Loans (NPLs) in the Cyprus banking system dropped by €132 million continuing their downward trajectory, assisted by disposals as well as the debt repayment moratorium in place since March until end-December, as part of the measures to tackle the impact of the coronavirus pandemic.

Capital Intelligence Ratings has affirmed the long-term foreign currency rating (LT FCR) and short-term foreign currency rating (ST FCR) of Hellenic Bank at ‘BB-’ and ‘B’, respectively, as well as a ‘stable’ outlook, based on its funding and liquidity strengths.

The European Bank for Reconstruction and Development (EBRD) will end its engagement in Cyprus at the end of 2020 after completing a six-year mandate in which it invested about €600 million.

Q3 2020 bucked the traditionally slow IPO period as travel slowed, work from home and the markets were awash in liquidity resulting in the most active third quarter in the last 20 years by proceeds, and the second highest third quarter by deal numbers. Globally, YTD IPO activity accelerated, resulting in a 14% increase in total IPOs to 872, and an impressive 43% rise in proceeds of US$165.3b.

On 7 October 2020 the Council of Ministers of the Republic of Cyprus revised the framework relating to the issuance of temporary residence and employment permits to employees of existing and new companies of foreign interests registered in the Republic of Cyprus, as well as companies that have joined the Fast-Track Business Activation Mechanism.

Healthcare officials are mulling a revised contingency plan to ensure hospitals can cope with rising admissions of Covid-19 patients so to keep providing adequate care for other inpatients.

The Hadassah University Hospital in Jerusalem, Israel will be accepting patients with serious and life-threating medical conditions from Cyprus in an attempt to relieve hospitals under strain from Covid-19, it was announced on Thursday.

Retailers are turning to online sales to make the most of the few opportunities left, unable to lure consumers to brick and mortar shops, especially after the coronavirus has almost cancelled Christmas this year.

Economic sentiment in Cyprus deteriorated slightly in November, a business survey by the Economics Research Centre of the University of Cyprus, published on Thursday, shows. A drop which is attributed to a deterioration in the construction sector confidence as well as consumer confidence.

Unemployment in the third quarter reached 8.2% compared to 6.7% in the same quarter of 2019, official data showed Thursday.