Retail trade turnover volume and value indexes were down 7.8% and 6.7% respectively in February 2014, according to the Cyprus Statistical Service.

The government believes its first issue for up to €10m worth of 6-year retail bonds was a success and is continuing with the monthly issues, with the aim of raising some €100m every year, a supplementary amount to its own fiscal needs.

Cyprus is preparing a national action plan for green growth, in line with EU targets, Agriculture minister Nicos Kouyialis said in a speech at a conference about the prospects of environmental tax reform in times of economic crisis.

The government in the context of the new programming period 2014-2020 will allocate "significant resources" from the Structural Funds to support entrepreneurship and innovation, said the Energy Minister recently.

Larnaca and Paphos town officials recently expressed their satisfaction for the preference of new airlines to include them in their routes, boosting the economies of both towns, which rely heavily on tourism.

The Natural Gas Public Company (DEFA) has begun its final phase of assessing the technical tenders for the supply of natural gas, for a potential contract spanning at least seven years and worth upwards of €3bn.

The Securities and Exchange Commission (CySEC) has fined Bank of Cyprus and Laiki Bank, as well as senior former bank officers, an excess of €7m in connection with their purchase of toxic Greek government bonds.

Revenues from Cyprus ship management industry reached €417 million in the second half of 2013, recording an increase of 3.72% compared with €402 million in the first half of the same year.

Mobilising private sector investment will be the main objective of the European Bank of Reconstruction and Development (EBRD), a senior official said recently, as the lender sets up shop in Cyprus.

Marship Investments is set to acquire the share capital of Ahrenkiel Shipmanagement (Cyprus), according to the Cyprus Commission for the Protection of Competition (CPC).