Energy Minister Yiorgos Lakkotrypis says the government aims at starting new offshore drilling in the second half of 2014 by ENI/KOGAS and in 2015 by Noble Energy and French Total.

A report commissioned by the international accountants body ACCA points to the need for more funding of small to medium sized businesses (SMEs), providing suggestions of how to divert money from public funds into new entities, but not burden the state with intervening in the private sector.

Governor of the Central Bank of Cyprus Chrystalla Georghadji has turned up the heat on the Bank of Cyprus’ board of directors, setting a three-day ultimatum for the bank to confirm adherence to the originally agreed timeframe for a capital increase.

A bill exempting property valued up to €200,000 from immovable property tax (IPT) was approved by the Cabinet recently.

Cyprus' bailout adjustment programme remains on track, international lenders said recently, but warned the authorities that non-performing loans was an issue and it had to be addressed.

The government has welcomed the positive statement of Moody’s credit rating agency on Cyprus’ return to the international financial markets.

Bad cheques worth around €1.5 million were issued in the first six months of the year, Central Bank (CBC) data showed.

Recognising the rising number of adventure-seeking divers from around the world, the Cyprus Tourism Organisation (CTO) is focusing on shaping the island’s diving scene into one of the best in the Mediterranean.

Finance Minister Harris Georgiades argues that the recent favourable investor sentiment towards Cyprus’ economic prospects represented an opportunity that should not be missed by Bank of Cyprus, while stressing that banks and bankers cannot be left unchecked by the oversight authority.

The expression of intent by Israeli companies to give natural gas to Egypt does not affect Cyprus' strategic plans, and were expected, Energy Minister Giorgos Lakkotrypis said recently.