The House Communications Committee recently convened to discuss the €1.3million in funding for the development of the Larnaca port and marina, which was controversially halted, effectively stunting development in the coastal town.

Hourly labor costs rose by 0.2% in Cyprus, by 1.5% in the euro area (EA19) and by 1.9% in the EU28 in the third quarter of 2016, compared with the same quarter of the previous year, according to Eurostat. The increase in Cyprus was the smallest in EU.

Cyprus will on December 23 2016 sign its first agreement with the European Fund for Strategic Investments, also known as the Juncker Fund, aiming at encouraging lending to small and medium-sized enterprises in Cyprus.

Neighbouring Israel is poised to begin development of its massive Leviathan natural gas reservoir, according to reports in the Israeli media.

The number of tourist arrivals in Cyprus rose 15% in November 2016 to 124,192 compared with the respective month of 2015, pushing the cumulative number of visitors this year for the very first time ever beyond the 3 million mark, the statistical service said.

Cyprus is back in the top 10 of the November 2016 edition of the property portal TheMoveChannel.com’s Top of the Props chart, which records the most searched for overseas destinations to buy property.

The total amount of non-performing loans held by all Cypriot banks decreased by €430m in September 2016, according to data released by the Central Bank of Cyprus (CBC).

The government of the Republic of Cyprus is about to introduce a new legislation which “will introduce an improved and more credible, effective and competitive framework in collective investments,” said Minister of Finance Mr. Harris Georgiades during his speech at the Cyprus Investment Funds Agency (CIFA) annual general meeting.

The government is due to announce the successful bidders for the third offshore natural gas licensing round in the final week of December 2016, while the Norwegian firm Petroleum Geo-Services (PGS) has prepared a detailed 3D seismic survey for Block 10.

The Turnover Value Index of Wholesale and Retail Trade and Repair of Motor Vehicles for the period July-September 2016 increased by 13.6% to 76.6 units (base 2010=100), compared to 67.4 units during the same period of 2015.