The economic recovery of Cyprus will ultimately be driven by private initiative and entrepreneurship said the Finance Minister recently.

Niki, the Austria-based airline part of the Airberlin group, will start twice weekly flights from Vienna to Paphos as of March 2015, adding an annual capacity of 12,000 seats to Cyprus.

Cap. 113, Cyprus Companies Law, provides that every private company must have at least one director and every public company must have at least two directors (s.170). There must also be a company secretary who cannot be the same person as a sole director (s.171) except in the case of a private company where the sole shareholder can be the sole director and also the secretary.

Cyprus-based CommexFX, launches its version of Dukascopy Bank's JForex platform in Jordan, which was attended by many retail brokerages with a client base in the Middle East, including FXCM, CitiFX, ADS Securities, Merex, ICM Capital, Merex and Noor.

Zagrosjet Airlines has launched flights to Cyprus from the Iraqi town of Erbil. The Larnaca-Erbil route will be carried out once a week and will be operated with Airbus 320 and 321 aircraft.

Lawmakers have preliminarily approved the Renewable Energy Sources (RES) budget for 2014, with expenditures estimated at €38 million.

Cyprus’ economic adjustment programme remains on track and progress has been made in all key objectives, the European Commission said recently, though challenges still exist.

New York-based hedge fund Third Point, a major shareholder in Hellenic Bank, has moved to strengthen its position in the lender by purchasing convertible bonds held by the Archbishopric.

The Cyprus Securities and Exchange Commission (CySEC) decided to grant a Cyprus Investment Firm authorization (CIF) to 13 companies on the island.

Thirty-five Cypriot companies are participating in the world’s most prestigious shipping exhibition, Posidonia 2014, which opened recently at the Athens Metropolitan Expo.