The Cyprus parliament has passed a law amending the Income Tax Law to bring its provisions on taxation of income from the use or sale of intangible assets into line with the “modified nexus” approach.

Cyprus has a bright energy future ahead, and can now become a regional energy hub for Europe, Asia and Africa, said VTT Vasiliko Ltd general manager George Papanastasiou.

On the basis of the results of the Passengers Survey, arrivals of tourists reached 421.201 in September 2016 compared to 360.899 in September 2015, recording an increase of 16,7%.

Cypriot banks delivered a mixed performance in Q2 2016 in restructuring bad loans as they exceeded two benchmark indicators set by the Central Bank of Cyprus and failed the remaining two, the supervisory authority said.

Cyprus’ economy expanded 1.7% in 2015 and experienced a significantly flatter recession the year before, the statistical service said citing “methodological improvements”.

Cyprus is set to have its first casinos by July next year if Melco-Hard Rock is awarded the casino contract.

A total of 7,591,000 passengers travelled by air in Cyprus in 2015, representing growth of 3.6% since 2014.

RCB Bank, the unit of Russia’s state-owned VTB and Otkritie Financial Corporation, has agreed with the European Investment Bank (EIB) and the Cypriot government to pump a further €40m into the Cypriot economy.

The Cooperative is in a race against time to achieve its goals within certain timeframes, as a step towards privatisation has been made to join the Cyprus Stock Exchange.

The official operator of the EuroAsia Interconnector electricity connection announced that work on the 1,520km ‘electricity highway’ that will secure international energy supply will begin in 2017.