Unemployment in Cyprus reached 17.5% of the active workforce, and in absolute numbers 78,000 people were jobless in December, data released recently by Eurostat showed.

Total E&P Cyprus Ltd has been granted a licence for seismic exploration for oil and gas in block 10 and in parts of blocks 6, 7 and 11 of Cyprus’ Exclusive Economic Zone.

The Cabinet has announced the institution of steering and implementation committees to undertake adopting the conclusions of a report by an independent commission on the future of the Cyprus banking industry.

The Qatari Investment Authority (QIA) has shown interest in investing in property in the Limassol area, says head of the Cyprus Investment Promotion Agency (CIPA).

Barclays bank plans to downsize worldwide and its two branches in Cyprus are also affected with only about 20 out of about 45 employees keeping their jobs.

The Cyprus Hotel Association appears cautiously optimistic about the tourist industry, saying that tourist arrivals in 2014 will be equal or even somewhat better than 2013 figures,which stood at 2.5 million.

Cyprus international lenders appeared satisfied over the progress made in the consolidation of the island`s Cooperative Sector, which has been nationalized as the government will inject €1.5 billion to cover its capital shortfall.

The two official visits of the President last October in Kuwait and recently in Qatar show that Cyprus maintains many of its competitive advantages, establishing it as an attractive investment destination, says CIPA.

Private sector deposits in Cypriot banks declined slightly in December, offsetting the November rise in a sign of stabilisation after 17 months of falls, according to the European Central Bank data.

Inspectors from the troika of international lenders start contacts with Cypriot authorities as part of the island’s third review following the bailout in March 2013.