Oil companies operating the Aphrodite gas field have approved a €192 million investment to start drilling, Israeli company NewMed said on Sunday.

The impressive facelift of Larnaca’s Piale Pasia area is set to begin in November with the tender already being awarded to the contractor who best meets the set criteria.

Fitch Ratings has affirmed Cyprus’ Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BBB-‘ with a Stable Outlook saying the rating was underpinned by governance indicators and GDP per capita levels well above the median of its ‘BBB’ category peers.

PwC Cyprus this week announced that it has bolstered its environmental, social and governance (ESG) consulting division through the addition of Chris Angelides, who will take an advisory role, assisting clients on their ESG activities and objectives.

President Nicos Anastasiades and the government on Saturday welcomed the State Department’s announcement that the US would completely lift the arms embargo on Cyprus, imposed in 1987.

Since its official launch, Cypress Park, the island’s pioneering development that is scheduled to revolutionise retirement living in Cyprus, has drawn continued investment interest from individuals over 60 who want to establish permanent ties with the island.

Cypriot wine exports are up over 60%, Commerce Minister Natasa Pilides said on Saturday night opening the annual Wine Festival in Limassol.

Dherynia municipality has been awarded as the Green Town of Cyprus for the initiatives it has taken for the environment, it announced on Sunday.

President of the Larnaca Chamber of Commerce (Evel) Stavros Stavrou on Friday attended the opening of the Metropolis Mall in Larnaca, where he delivered an address during the opening ceremony.

Cyprus’ annual EU-harmonised inflation decelerated to 9.6% in August from 10.6% in July but remained close to its highest level in decades, according to official data Friday.