Cyprus has an “elevated risk of default in the medium-term” Moody’s ratings agency said recently, despite the island’s good performance in the bailout adjustment programme.

Delia Velculescu, IMF’s Mission Chief for Cyprus will be moving on to another assignment at the end of September 2014, as part of her regular career progression, the organization said recently.

The government said while it always takes credit rating agencies' announcements under advisement, it wished to point out that Moody's had projected a 12% recession in 2013, which proved much softer at 5.4%.

The general government debt remained stable at €18.56 bln at the end July 2014 (preliminary data) compared with the of December 2013 when it was €18.4 bln., figures released recently by the Finance Ministry show.

Tourism Minister Yiorgos Lakkotrypis says his department is monitoring the latest developments regarding failing Russian tour operators, emphasising the importance of Russian holidaymakers on the Cyprus tourism market.

The number of applications for registration of new companies submitted in July 2014 jumped to the highest level of the past 16 months, according to data of the Department of Registrar of Companies and Official Receiver.

The unemployment rate recorded a drop of 2.7% in July 2014 compared to the same month last year, according to the Statistical Service.

The Cyprus Ports Authority (CPA) will begin assessing the one offer it has received for the commercial operation of the old Limassol port, and expects to reach a decision by the end of August 2014.

In the face of the foreclosures bill, Bank of Cyprus' CEO John Hourican recently assured mortgagers that repossession is not a Bank of Cyprus priority, nor will home auctions money ever be a source of profit for the bank.

The award winning, five-star and first-ever leisure, golf and real estate development in Cyprus, the Aphrodite Hills has won the World Travel Award 2014 for 'Cyprus Leading Suite, Presidential 'Enalia'.