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The Cyprus cabinet has given the green light for the opening of the third hydrocarbon exploration licensing round inside Cyprus’ Exclusive Economic Zone (EEZ). Energy Minister Giorgos Lakkotrypis was authorized to table before the cabinet, the soonest possible, all necessary proposals towards implementation of the decision, the government spokesman announced on Tuesday. Last week, Lakkotrypis said numerous energy companies had … Read more

The Council of Ministers has given the green light to an Energy ministry proposal to include the BG Group (British Gas) in the consortium for Block 12 of Cyprus’ Exclusive Economic Zone (EEZ). Speaking after the cabinet meeting, Energy Minister Yiorgos Lakkotrypis described the move as an important development in the block’s exploitation. US Noble Energy will remain the main … Read more

The House of Representatives approved the state budget for 2016 by a narrow majority on Thursday 17 December. The budget forecasts a 1.4% increase in state revenue to €5.9 billion, while total expenditure is estimated to fall by 0.4% to €7.4bn. The overall budget deficit including other items is projected at just 0.1% of GDP, while the primary surplus (budget … Read more

The Cyprus Statistical Service has confirmed that GDP grew in real terms by a seasonally adjusted 2.2% compared with the same period of the previous year in the third quarter—its strongest pace of growth since 2010. On a non-seasonally adjusted basis, real GDP grew by 2.3%, compared with 0.6% in the second quarter. Both of these growth rates were the … Read more

Cyprus, Greece and Egypt agreed on Wednesday 9 December to speed up talks to demarcate sea boundaries in the Eastern Mediterranean, as part of efforts to turn the region into an offshore natural gas hub. Egyptian President Abdel Fattah al-Sisi, Greek Prime Minister Alexis Tsipras and Cyprus President Nicos Anastasiades met in Athens to discuss how they could take advantage … Read more

The Bank of Cyprus has announced profits after tax of €73 million for the nine months ended 30 September 2015. Profit after tax from continuing operations were €115 million. The island’s biggest lender said it has managed to reduce its loans in arrears for more than 90 days by €649 mn or 5% in the third quarter of 2015, with … Read more

Moody’s, the international rating agency, has upgraded RCB Bank’s deposit ratings to B3 from Caa1, elevating it to the highest rated bank in Cyprus. According to a press release by RCB Bank, “this important upgrade… reflects RCB Bank’s new capital structure, the diversification that characterizes its earnings, the Bank’s solid capitalization and the fact that it is largely not affected … Read more

Noble Energy has submitted a request to the Republic of Cyprus seeking the approval of the island`s government to include Britain`s BG Group in a consortium holding rights over a gas field of Cyprus` drilling block 12 in the eastern Mediterranean, Energy Minister Yiorgos Lakkotrypis has said. The Minister told the media that according to the proposal, Noble will remain … Read more

Moody’s Investors Service upgraded Cyprus’s sovereign credit rating by two notches to B1 on Friday 13 November and placed it on stable outlook, citing the faster than expected economic recovery and the outperformance of fiscal targets. The new rating came on the day international creditors completed the last review of Cyprus’s adjustment programme. “The first driver of Moody’s decision to … Read more

Cyprus` economy recorded a growth rate of 2.2% in the 3rd quarter of 2015, according to a flash estimate by the Statistical Service of Cyprus. This is the third consecutive quarter of growth after 14 quarters of recession since the third quarter of 2011. GDP growth rate in real terms during the third quarter of 2015 is positive and estimated … Read more