Bank of Cyprus, the island’s largest lender, is preparing to sell up to €7bn in non-performing loans and is setting up four subsidiaries to facilitate the process, the press reports.

French energy giant Total, wants to expand its presence into block 8 of Cyprus’ exclusive economic zone (EEZ) Energy Minister Yiorgos Lakkotrypis said recently.

Hellenic Bank said it would inform its shareholders about its intention to buy out the assets of the Cyprus Cooperative Bank at an extraordinary meeting on July 11, 2018.

Cyprus is progressing slowly in its digitisation, ranking 21st out of 28 EU member states in the Digital Economy and Society Index (DESI) for 2018, published recently.

Cyprus, Greece and Malta recently enhanced already-close cooperation on shipping matters, at their 6th trilateral meeting, in Nicosia, aiming to strengthen their collective voice in the EU and the International Maritime Organisation (IMO).

Cyprus and Andorra have signed a double taxation avoidance during the 128th session of the Ministers of Foreign Affairs of the Council of Europe.

B2Kapital Cyprus Ltd, the first company licensed to buy loans, aims at helping affected borrowers get rid of the stigma of not repaying their loans via consensual solutions, its chief executive said.

The harmonised consumer price index dropped in April 0.3% compared to the respective month of 2017 mainly on cheaper industrial products, the statistical service said.

The Insurance Companies Control Service (ICCS) said that it temporarily suspended the licence of Olympic Insurance Co. Ltd to enter new business and renew existing contracts citing capital adequacy issues.

The Cypriot economy expanded 3.8% in the first quarter of 2018 compared to the respective period last year, the statistical service said, citing a flash estimate.