The Kimon project designed to have a luxury hotel, flats, shops and offices on Larnaca’s Phoinikoudes beachfront promenade has been sold to Russian developers Lanomex.

A new scheme worth €45m aimed at funding energy upgrades to existing buildings in the wider public sector, houses and commercial and industrial premises is being prepared by the Energy Ministry.

The Cyprus Ports Authority (CPA) recently invited tenders for the commercial operation of the old Limassol port, open for business following its extensive revamping.

A group of 250 volunteers are developing a comprehensive and innovative plan for the revival of the derelict and abandoned commercial section of the Fysko Lotus Plaza complex in the Naafi area of Limassol to create collaborative space with free services for young merchants and entrepreneurs.

A high-ranking Eurozone official said recently that the Eurogroup will approve the next tranche of funding for Cyprus, which will be disbursed in July 2014, during its upcoming meeting Luxembourg.

On the basis of the results of the Passengers Survey, tourist arrivals reached 293,181 in May 2014 compared to 276,244 in May 2013, recording an increase of 6.1%.

State carrier Cyprus Airways officially announces the sale of its remaining time-slot at London’s Heathrow Airport, but assures it will still fly to London, with Standsted airport as the destination.

ENI-KOGAS, which holds concessions on offshore blocks 2, 3 and 9 says their exploratory schedule will span 12 to 18 months, beginning likely at the end of the summer 2014.

As the Finance Ministry prepares for the €500 million public bond issue it has planned, analysts report growing international appetite for Cypriot public debt.

Bulgaria and Cyprus are discussing ways to enhance cooperation in the energy sector, said Foreign Minister Ioannis Kasoulides after a recent meeting with his Bulgarian counterpart Kristian Vigenin in Nicosia.