The third Annual Cypriot-Greek Oil and Gas 2014 Summit is taking place in Limassol on the weekend of 13-14 June.

The EU Fund for Maritime and Fisheries Policies has granted Cyprus a total of €39.7 million for the years 2014-2020, almost double the amount the EU provided Cyprus with during 2007-2013, the result of intense and hard negotiations with the European Commission.

By unanimous vote, the House passes the budget for the Renewable Energy Sources (RES) fund, but holds back the funds initially earmarked for wind parks.

The tourism sector constitutes the driving force for the Cypriot economy and will greatly contribute to its recovery, said President Nicos Anastasiades at the recent Hoteliers Association AGM.

The Natural Gas Public Company (DEFA) said recently that all four bids for the temporary supply of natural gas have passed muster so far and will continue to be evaluated.

The deal between the shareholders of the Cyprus Development Bank (CDB) and a Russian group for the recapitalisation of the lender has been finalised and existing shareholders’ stakes in the bank will be diluted accordingly.

The Centre for Innovation, Entrepreneurship and Employment (KEA), recently launched an initiative aimed at helping local businesses gain access to business networks, create new jobs, reinforcing their competiveness and offering training opportunities to university graduates.

The Energy Minister has discussed the way forward on hydryocarbons exploration in Cyprus’ Exclusive Economic Zone with three of ENI’s vice chairmen who were on the island recently.

The shipping sector has proven to be a resilient force in Cyprus economy, with the primary ship-management sector growing to 5.1% of GDP and the maritime industry as a whole adding to national output.

Nicosia launches its big push to secure the licence for the island’s first-ever casino resort, and like each of the other main districts, says the capital is the optimum location.