The government estimates that taxable properties are worth a total €155b, aiming to raise about €140m from a levy that owners and parliament want adjusted in order to make it fair to all and to introduce a tiered system instead of the proposed flat tax.

The Board of Directors of the European Stability Mechanism (ESM) recently approved the disbursement of €600 million to Cyprus, following the positive assessment of the island's quarterly economic adjustment programme.

Oil India Limited has completed the acquisition of 50% shareholding in WorldAce Investments Ltd (WorldAce), a Cyprus-based wholly-owned subsidiary of PetroNeft Resources Ltd (PTR), which owns License 61 in Tomsk Oblast region in Western Siberia, Russia.

Upgrading of two Cypriot banks by Fitch rating agency recently is a “positive and important development” in the course of stabilising the economy, says Finance Minister Harris Georgides.

The United States support Cyprus’ sovereign rights to extract and exploit its natural wealth in its Exclusive Economic Zone, Minister of Energy Giorgos Lakkotrypis says.

The hydrocarbons issue has introduced potential for both Cyprus and Israel, and the region, while at the same time, the Eastern Mediterranean has become the focus of more attention, says Ambassador of Israel Michael Harrari.

Interest rates on loans to households recorded a general decrease in May 2014, according to figures released recently by the Central Bank of Cyprus and are included in the 'Interest Rate Statistics of Monetary Financial Institutions in Cyprus' for deposits and loans in euro for the reference month.

Bank of Cyprus (BoC) says it will seek investors for a potential capital increase of about €1b in a bid to expedite restructuring and further strengthen the Group’s financial position.

Fitch Ratings has upgraded Bank of Cyprus’ (BoC) long-term issuer default ratings (IDR) to CC from RD and Hellenic Bank’s (HB) to CCC from RD, according to a recent statement by the rating agency.

The government aims to collect €100 million in Immovable Property Tax (IPT), Interior Minister Socratis Hasikos said recently, adding that a bill reforming IPT must be put to a plenum vote.