The chairman of the Paphos Commerce and Industry Chamber, Andreas Demetriades, said that the development of the Paphos marina will have a positive multiplier effect on all other sectors of the local economy.

In an effort to improve their financial status and increase their liquidity, major banks in Cyprus place the restructuring of non-performing loans (NPLs) as a priority for the new year, especially now after the government has recently passed the respective law on NPLs.

Should Chinese shipping company COSCO be successful in getting the concession of Cyprus' Limassol port, it would help promote the 'Belt and Road' Initiative, according to leading economics professor, Sofronis Clerides.

Finance Minister Harris Georgiades said recently that as Cyprus would soon be exiting its bailout programme, it was time for a sober assessment to avoid a repeat situation.

The European Bank for Reconstruction and Development (EBRD) is providing Bank of Cyprus (BoC) with a €50 million trade facility under its Trade Facilitation Programme (TFP).

A well-established bank from the Middle East is on the verge of buying Legacy Laiki asset Marfin Bank Romania, according to press sources.

Retail trade volumes rose by 3% over the year earlier in October 2015, down from 4.6% in September, according to the latest figures form the Statistical Service Cystat.

The government generated a fiscal deficit on a cash basis of €174.1m in January to November 2015, roughly 1% of the economy, compared to a €225.4m surplus a year before mainly on decreased revenue, the Finance Ministry said.

Romanian budget airline Blue Air has announced new flights from Luton to Larnaca from summer 2016.

Paphos hotels and tourist apartments in full operation over the winter months in 2015/16 are showing a good occupancy rate, with a significant number of local visitors, encouraged by the mild weather.