After seven quarters of losses and a severe restructuring plan imposed as part of a national bailout, the island’s biggest lender Bank of Cyprus has turned a profit of €31 million after tax for the first quarter of 2014.

The government has lifted all restrictions in domestic banking, with the final hindrance of opening local accounts now removed, due to a satisfactory rate of local liquidity and a reduced risk of capital flight.

The Cyprus Association of Large Scale Development Projects and the Qatar Islamic Bank recently discussed the large development projects and the investment opportunities offered by the private sector in Cyprus.

Cyprus ranks first in the world in the use of solar energy for water heating and has achieved significant progress in renewable electricity generation in a short period of time.

An underwater museum, similar to Cancun Mexico’s famous site, is in the pipeline, said Ayia Napa Mayor Yiannis Karousos recently, in a bid to attract more tourists to the island.

Ermes Department Stores, part of the Shacolas Group of Companies, has sold its 50% share in CTC-ARI, the company operating retail shops at Larnaca and Paphos airports, to the ARI Group for €54 million.

A feasibility study for the Eastern Mediterranean Pipeline will soon start, the Greek Minister for the Environment and Energy Yiannis Maniatis said recently in Athens.

The government has formally informed parliament of its selection of a commissioner for privatisations, Constantinos Herodotou, a graduate of the London Business School.

Cyprus’ 10-year bond yields resumed their downward course — almost reaching 5.0% — after the upward trend in the cost of borrowing registered mid May 2014 due to the turbulence in international markets.

Exploratory drilling offshore Cyprus is expected to begin sooner than originally scheduled as more natural gas reserves must be found to facilitate a LNG terminal, said the Energy Minister recently.