The Stena Icemax drillship has arrived on location in Cyprus’ offshore block 10 and is preparing to bore down into the seabed, Energy Minister Giorgos Lakkotrypis said recently.

By the end of 2018, the Cyprus economy will have grown by 16% of GDP, which more than covers lost ground, and if all goes well, growth is expected to remain above 3% annually for the next three years, Finance Minister Harris Georgiades said recently.

The Central Bank’s (CBC) new directive on shell companies is credit positive for Cypriot banks, because the specific definitions of shell companies will help eliminate suspicious transactions and further strengthen banks’ anti-money-laundering (AML) practices, Moody’s rating agency said recently in its Credit Outlook.

Despite having had its operating license revoked, grounded Cobalt Air remains a going concern and has retained its air operator’s certificate (AOC), the press has learned.

Prof. Dr. Ben J. M. Terra, arguably Europe’s top authority on Value Added Tax (VAT), will join local expert, Alexis Tsielepis, to present the implications of VAT in the Financial Services industry at a high-level seminar in November 2018.

Building permits authorized by the municipal authorities and the district administration offices increase by 342 during the period January – August 2018, according to data released by the Statistical Service of Cyprus.

The Minister for Energy Yiorgos Lakkotrypis has held meetings in London with international energy firms that are involved in gas production at the Republic of Cyprus’ Exclusive Economic Zone, according to recent press reports.

The Cypriot economy is expected to maintain its strong growth rates in the next couple of years though risks linked with the banking sector remain, the European Commission’s autumn forecasts project.

Banks’ Non-performing facilities (NPFs) decreased by €24 million in July 2018 to €16.61 billion from €16.63 billion in the previous month, according to figures released recently by the Central Bank of Cyprus.

Industrial production followed an upward trend and increased by 11.2% in 2017, according to provisional estimates released by the Cyprus Statistical Service recently.