Government Spokesman Nicos Christodoulides has welcomed an announcement by international credit rating agency Moody's on the completion of the first phase of the Bank of Cyprus' capital increase.

The process of restructuring of non-performing loans (NPLs) in the Cooperative Credit Institutions is fully on track said sources from the sector recently.

The Ministry of Finance has issued the twenty-third decree imposing restrictive measures on transactions of foreign banks in case of emergency.

The government wants any potential strategic investor in Cyprus Airways (CY) to keep the airline’s name, maintain the company base in Cyprus and some air routes considered of key importance to Cypriots, it transpired at a meeting to evaluate expressions of interest.

The government recently released the 'integrated casino resort policy outline', with the view to fast-tracking licensing the first casino resort complex in Cyprus is to attractforeign investment.

Due to its recent capital increase Bank of Cyprus now seems to be far better capitalised than many of its peers that will be subjected to excruciating EU wide stress tests in October, 2014.

The rights of vulnerable groups were fully secured by a bill on foreclosures approved by the cabinet, President Nicos Anastasiades says, and announces additional measures to protect primary residences.

The two weeks between August 11 and 24, 2014 are expected to see some 470,000 people move through the island’s two airports on a total of 2,900 flights, it emerged recently.

Under the foreclosures bill drafted by the government, mortgagors will have around six months at their disposal to challenge or block repossession proceedings on a property, with recourse to the courts and mediation agencies available every step of the way.

The operations of Russian subsidiary banks in Cyprus will not be affected “at all” by the sanctions imposed by the EU and the US against Moscow over the Ukraine crisis.