Contraction in the economy will be at 4% of GDP in 2014, according to the Finance Ministry macroeconomic indicators for May 2014, an improvement over the 4.2% revised prediction by the Troika.

The Statistical Service recently announced that the number of building permits authorised by the municipal authorities and the district administration offices in April 2014 totalled 384, down from 448 recorded in March 2014.

The retail Trade Turnover Value Index was up by 4.0 units or 5.4% in March this year compared to March 2013, according to data released recently by the Cyprus Statistical Service.

The Bank of Cyprus has embarked on a series of roadshows to potential investors, while minority shareholders were blocked out of the upcoming capital increase.

After securing a financial bailout from international lenders in 2013, Cyprus is now on a steady path to recovery. The tough terms of the bailout have hit the economy hard, but the country has beat estimates and is projected to return to growth in 2015.

Cyprus is considering tapping the bond market by September 2014, according to two government officials directly involved in the process.

The European Commission has awarded €1 billion funding to 19 projects to fight climate change under the second call of the so-called NER 300 funding programme.

The Cyprus Investments Funds Association are urging the state to consider issuing Islamic bonds (Sukuk) similar to a 5-year issue by the UK government that raised nearly €200m, while Luxembourg is also planning something similar.

The number of applications filed for registrations of new companies rose for the sixth consecutive month in June 2014, on an annual basis, figures released recently by the Department of Registrar of Companies and Official Receiver show.

The Cyprus Tourism Organisation (CTO) has launched a campaign to promote the Cypriot breakfast as part of wider scheme to strengthen the island’s tourism product.