* ‘Tonnage Tax’ system seems to be paying off * Following years of fluctuations in the size of the Cyprus-registered or Cyprus-owned maritime fleet, due to a major facelift and infrastructure change, whereby in the last decade there has been a decrease in the number of vessels flying the Cyprus flag, but there has been

 * But 4% of world shipping fleet controlled from Cyprus * The Cyprus Registry currently ranks as the tenth largest merchant fleet worldwide and the third largest fleet in the European Union with 1,000 ocean-going vessels of a gross tonnage exceeding 20 mln. However, comparing the statistics of the last 15 years, one can easily

 * ELA reduced to €1.5 bln as Irish Holding set up * Bank of Cyprus announced EUR 56 mln in first half profits, saying in a statement that the “positive momentum continued in 2Q2016”.   The bank said that its problem loans (90+ DPD) were reduced by EUR 1 bln, deposits were up by EUR

Hellenic Bank announced that it had a “marginally profitable” first half of 2016, realising a profit of €1.1 mln, approving €152 mln in new and with further restructurings of €334 mln.   “Overall, the bank is on the right track, given the challenging economic environment both in Cyprus and internationally,” it said in an announcement.

Former Central Bank Governor Athanasios Orphanides is back in town, giving testimony in parliament over the banking crisis, saying that the Christofias administration could have averted the haircut on deposits and that important facts were withheld from the successor government.   Orphanides drew the ire of the opposition AKEL party that grilled the former centralbanker

Economic sentiment in Cyprus improved in August as the Economic Sentiment Indicator (ESI) of the University of Cyprus Economics Research Centre increased by 5.1 points to 115 points compared to July’s 109.9, as a result of the pickup of business confidence in services, retail trade and industry. But construction remained in the doldrums, while consumer

Industrial production was up in June, as well as in the first half of the year, according to the Statistical Service Cystat. The Index of Industrial Production for June reached 89.3 units, a year-on-year increase of 11.3% from June 2015. For the January–June period, the index increased 9.9% compared to the same period last year.