A €77 million contract has been signed between Pafilia, J & P and ACC for the construction of a huge residential ‘One’ tower on October Avenue in Limassol.

The University of Cyprus and Imperial College London are joining forces to build a €40m centre of excellence for research and innovation, starting in March 2017, with a focus on improving the local power system and the water, transportation and communication networks.

The Cooperative Central Bank said that it generated €62m in net profit in the first nine months of the year, compared with a net loss of €228m in the respective period of 2015, mainly on reduced provisions for loan impairments.

The first Cyprus Airways aircraft arrived in Larnaca, bearing the new airline’s livery which represents the island’s colours and symbols.

The Cyprus Securities and Exchange Commission (CySEC) has approvedthe prospectus of the Ireland-based Bank of Cyprus Holdings Plc Ltd Co, which aims at enabling the bank's listing on the London Stock Exchange (LSE).

Euro area annual inflation is expected to be 0.6% in November 2016, up from 0.5% in October 2016, according to a flash estimate from Eurostat, the statistical office of the European Union.

Cyprus is close to receiving financing from the €315b European Fund for Strategic Investments (EFSI), the so-called Juncker Plan, as projects are in the pipeline for evaluation, the European Commission Vice President, responsible for Jobs, Growth, Investment and Competitiveness, Jyrki Katainen has said.

Both tourist arrivals and tourist-related revenue in 2016 were up on 2015 figures in Cyprus.

On the 18 November 2016, Cyprus and India signed a revised double tax agreement to replace the one which was signed between the two countries in 1994.

The Public Debt Management Office announced that during the recent 13 Week Treasury Bills Auction, tenders for a total amount of approximately €397 million were submitted, out of which, €100 million total nominal value have been accepted with a weighted average yield of 0.17%.