A new company providing air navigation services will be set up by 2015, Communications and Works Minister Marios Demetriades revealed recently.

The government has pledged a €4m cash boost for the provident funds of Cyprus Airways (CY) staff that have been made redundant, as a restructure plan foresees more layoffs in a bid to keep the carrier afloat.

Cyprus international lenders believe the rise in non performing loans (NPLs) was not justified by the economic developments on the island and are considering bringing forward the timeframe regarding reforms in a bid to contain strategic defaults.

A tripartite agreement on environmental issues, focusing on offshore research and hydrocarbon extraction and on oil pollution has been agreed by environment ministers from Cyprus, Greece and Israel, which is expected to be signed by June 2014.

Cyprus Natural Gas Public Company DEFA is examining the technical proposals, after which it will open the sealed dossiers containing the second component of the bids – the financial offers for the supply of natural gas to Cyprus.

Officials from the Cuban Embassy in Cyprus recently toured the Skouriotissas mine, one of the oldest open pit copper mines worldwide and currently part of a new investment programme.

The government will proceed with the road map and the existing planning to implement the National Health System (NHS) by mid 2015, after discussing the issue with the Troika.

The Louis Group announces that its subsidiary LGS Handling has struck a deal to provide ground handling services to Russia’s Globus airline, now flying to Larnaca and Paphos airports.

Cypriots appear more optimistic over their personal finances than they did in the autumn 0f 2013, according to the latest Eurobarometer survey.

International lenders, during meetings with developers, expressed their conviction that the real estate sector will rebound and could show a difference in the next three years, with a growing interest from foreign investors.