EM Island Bitumen Ltd has submitted plans for the construction of an asphalt storage plant in Mari. The value of the ambitious project is estimated at over €1.5 million.

Russian investors have submitted a successful bid to buy the old Sodap factory in Limassol for €32 million — satisfying the minimum price of €30 million set by current owners Altamira, the Limassol Chamber of Commerce said on its website.

Egyptian Petroleum Minister Tarek El Molla hailed the signing of the East Med Gas Forum foundation charter by Egypt, Cyprus, Greece, Israel, Italy, Jordan and Palestine as a “historic moment” for Mediterranean cooperation.

Cyprus has paid off early an International Monetary Fund loan that was part of a €10 billion rescue package in 2013 from lenders to save the island’s banking system.

Financial crisis survivors Cyprus and Greece are the only two EU countries where house prices and rents have remained in negative territory between 2007 and Q3 2019, according to Eurostat data.

After months of prevarication, MPs on Thursday agreed to invite Central Bank Governor Constantinos Herodotou before the House watchdog committee to inform them about a list of non-performing loans (NPLs) held by Politically Exposed Persons – a matter that has been memory-holed since July last year.

Managing risk over the next decade could prove more challenging due to 10 key risk factors, according to the new EY and Institute of International Finance (IIF) bank risk management survey titled, An endurance course: surviving and thriving through 10 major risks over the next decade. The key risks, which started primarily as financial, have evolved into today’s nonfinancial risks, such as cybersecurity, geopolitics and climate change.

The business outlook in Limassol remains generally positive, according to the final findings of the Limassol Chamber of Commerce and Industry Business Barometer for Autumn 2019, a fact highlighted by, among other things, the majority of participating enterprises that are going to proceed with new investments and hiring new staff. 

CySEC, the Cyprus Securities and Exchange Commission, has issued a Policy Statement to outline its finalised rules for investment-based crowdfunding.

The Cyprus Shipping Chamber (CSC) welcomes with satisfaction the arrival of a new P&I Club among its Member-Companies, Steamship Mutual Underwriting Association (Europe) Limited, which has decided to underwrite all of its European business through its Cypriot entity.