The Cyprus economy will continue to grow, fiscal performance is solid, but external headwinds are increasing and significant domestic vulnerabilities remain, while key reforms, including justice have been delayed, according to the Post Program Surveillance report on Cyprus released recently in Brussels.

A contract paving the way for the construction works for the EuroAsia Interconnector, which will connect the electricity networks of Cyprus, Israel, Crete and Attica in Greece has been signed at the Energy Ministry, it was announced recently.

The Cyprus economy loses €180 million annually because of counterfeiting and piracy, a new report by the European Union Intellectual Property Office (EUIPO) has said.

Hellas Direct, the next-generation insurance company, and PrimeTel, the fastest-growing telecommunications company in Cyprus, join forces and plan to further promote innovative home insurance solutions for the Cypriot consumer.

Tourism Minister Savvas Perdios recently presented a 10-year plan aimed at boosting the island’s tourism product that includes short, medium, and long-term.

Cyprus has struck a production-sharing deal for the Aphrodite gas reservoir worth over $9 billon (€7.9b) over 18 years with Noble Energy and its partners, it was announced recently.

The European Commission will not open an excessive deficit procedure for Cyprus, despite the increase in the deficit brought about by the state guarantees provided in the sale of certain co-op bank assets to Hellenic Bank.

The state-owned Cyprus Asset Management Company (Kedipes), established to administer whatever assets were not sold to Hellenic Bank after the Co-op Bank was shuttered, reported some €180 million in revenues for the first seven months of operation.

Bank of Cyprus Holdings agreed to sell its entire 49.9% stake in its associate CNP Cyprus Insurance Holdings to CNP Assurances for €97.5m.

The International Monetary Fund (IMF) recently urged Cyprus to vigorously pursue long-delayed structural reforms and maintain strict fiscal discipline, as the economic recovery, though strong, is gradually decelerating.