Ratings agency Standard & Poor’s has raised its foreign and local currency long-term sovereign credit ratings on the Republic of Cyprus to ‘BB+’ from ‘BB’ and has affirmed its ‘B’ foreign and local currency short-term sovereign credit ratings.
The Paphos Grand Marina project, which has already been delayed by more than a decade, may face yet another delay following a decision by the authorities to refer the matter to the attorney-general.
Ambitious plans for the Larnaca marina and port project are edging forward with Transport Minister Marios Demetriades announcing that the target to sign contracts is the end of 2017, depending on progress.
A new, ambitious plan for the Larnaca port has been unveiled by the Transport Ministry, which includes a marina to hold 750 50-metre yachts, 50-60 mega and Giga yachts and a 300m cruise ship.
Cyprus is back in the top 10 of the November edition of the property portal TheMoveChannel.com’s Top of the Props chart, which records the most searched for overseas destinations to buy property.
A 40 million Euro residential construction and development project is planned on the coastline of a prime area in Limassol by Russian businesswoman and philanthropist Yelena Baturinam.
The European Central Bank made the case on Tuesday for having state-backed ‘bad banks’ buy part of the 1 trillion euros of non-performing loans (NPLs) that are curbing lending and economic growth in parts of the euro zone.
Britons buying homes abroad have fallen by a quarter compared to a year ago since the EU referendum said Moneycorp’s chief executive Mark Horgan in an interview with Reuters news agency.
Fitch Ratings has upgraded Cyprus by one notch from ‘B+’ to ‘BB-’ with a positive outlook on continuing strong progress in its adjustment following the 2013 banking crisis but warns that banks remain weak due to the high level of NPLs.
Non-performing loans (NPLs) in the Cypriot banking system fell to a post December 2014 low in August according to statistics released by the Central Bank of Cyprus to stand at €24.55 billion.