Cyprus Tourism Organisation (CTO) has taken an initiative with the aim of reducing airport taxes imposed by Hermes, the company managing the operations of Larnaca and Pafos airports, CTO Director General Marios Hannides said recently.

Larnaca Port’s development as a hydrocarbon sector service provider was at the centre of discussions between Communications Minister Marios Demetriades and Akel General Secretary Andros Kyprianou recently.

Minister of Energy Yiorgos Lakkotrypis has pointed out the necessity to modernise Cypriot businesses, so that they may become competitive and survive.

On the last day for expressions of interest, Aegean Airlines submitted its intention to bid for the sale of Cyprus Airways (CY) or its assets to new investors.

The Kanika Group has sold The Alexander the Great Beach Hotel in Paphos and the Kanika International Business Center in Limassol in two separate multimillion-euro deals involving Russian investors.

Cyprus Airways (CY) has signed a strategic agreement with PHI Air Europe, a leading company in the provision of helicopter support to offshore oil and gas operations.

The foreclosures bill will not be submitted to the Cabinet for approval as it was originally scheduled as government legal services couldn’t review it on time, sources told the press.

Larnaca municipality has tasked Lloyd’s Register Energy with carrying out an independent study into the potential effects to the environment and public health from the operation of companies that provide support services to the natural gas and oil industry.

Cyprus has the highest increase in government debt to GDP ratio in the euro zone for the first quarter of 2014, with a registered 24.6% jump from 87.6% to 112.2%, according to recent figures issued by Eurostat.

Ryanair will probably submit an expression of interest in troubled Cyprus Airways which is up for sale, Chief Executive Michael O’Leary said recently.