President Nicos Anastasiades has appealed to the International Maritime Organisation (IMO) and European Commission to “exert influence and leverage” towards lifting the illegal Turkish embargo on Cypriot shipping.

Sun and the sea are still the key criteria for 95.6% of those who choose Cyprus as a tourist destination, according to a survey published yesterday by PricewaterhouseCoopers (PwC).

Cyprus has many positives that could boost the flagging real estate market, despite the current economic crisis, according to Flavio Gonzaga Nunes, World President of the International Real Estate Federation (FIABCI).

The shipping industry has been one of Cyprus’ most successful export services, as the country enjoys the privilege of being one of the most influential global hubs for ship owning and ship management services, with the island’s maritime capital, Limassol, being home to some of the world’s most important names in shipping, said President Nicos Anastasiades.

The cabinet yesterday approved the establishment of a State Company for the Supply of Aeronautical Services to replace the Civil Aviation Department (CAD).

Preliminary results from appraisal drilling on Block 12 show about 5 trillion cubic feet (tcf) of natural gas, lying at the lower end of 2011 estimates by US Noble Energy, authorities have said.

Cyprus will be at the centre of international shipping from October 6-9, during the Maritime Cyprus Conference 2013 in Limassol.

Cypriot banks and cooperatives could face capital needs that exceed by some €1.5 billion the €2.5 billion of EU support funds earmarked for the banking sector, Moody’s ratings agency said on Thursday, as assets deteriorate amid the severe recession.

A Cypriot offshore field holds between 3.6 trillion cubic feet (Tcf) and 6 Tcf of natural gas, US-based oil company Noble Energy said, announcing the results of an appraisal drill.

A conference on the impact of the eurozone crisis and austerity policies on Portugal, Italy, Greece, Cyprus and Spain is being organised by the Friedrich-Ebert-Stiftung (FES) Office in Cyprus next week.