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Cyprus is carrying out the necessary reforms of its economy with commitment, says EU Commissioner Olli Rehn, as a group set up to provide the island with technical assistance publishes it first report.

Larnaca municipality fully supports the government’s decision to give Zenon Consortium a 45 day extension to conclude a deal that will bankroll the Larnaca port and marina project, according to a recent statement.

President Nicos Anstasiades appoints Christoforos Fokaides as new Defence Minister.

Radius Oceanic Communications, Inc., and Cyta announce testing and commissioning are complete on the Poseidon submarine cable system, a fiber optic network built to serve the oil and gas and scientific markets in the East Med.

Despite expected stabilisation and minor recovery of the economy, the increase in income gap and downturn in the real estate market are likely to continue, according to the latest Cyprus Economy and Real Estate Forecast conducted by Leaf Research.

Revenue from tourism records a slight decrease of 0.5% in January 2014 compared with January 2013, according to the latest figures released by the Statistical Service.

Ryanair kicks off its Paphos summer season, which includes a new route to Athens giving passengers in Cyprus a choice of ten destinations for summer 2014.

Cyprus unemployment rose in February 2014 to 16.7%, from 16.5% in January, according to recently released Eurostat data. The number of unemployed people in Cyprus stands at 74,000.

Fitch Ratings has maintained the 'B' rating of the mortgage covered bonds issued by Bank of Cyprus on Rating Watch Negative (RWN), although the covered bond programme benefits from an IDR uplift of '1'.