Oil reserves have been found below the gas deposits in Block 12 of Cyprus' Exclusive Economic Zone (EEZ) based on Noble Energy's latest findings.

In this year’s The Best Countries for Business survey by Forbes, Cyprus has topped the rankings coming first in the 'personal freedoms' category.

Chrysalis Leap is Cyprus' first and only business accelerator, which has just completed its first comprising round of nurturing clean technology startups, pitching innovative business ideas to investors as part of the recent Demo Day.

The global financial crisis continues to ripple its devastating after-effects, while regional economies, such as the European Union, scramble to find convincing answers to impossible questions.

Major tour operators mainly from Russia have shown strong interest in extending their tourism programme to Cyprus, says the Cyprus Hotel Association ( CHA) chairman.

Christoforos Pissarides, Nobel laureate economist and head of the National Economy Council of Cyprus says the instability in the eurozone means the single currency should either be rescued through growth or be dismantled.

The 2014 state budget is focused on the reduction of expenditures, Finance Minister Harris Georgiades told parliament recently, adding that cuts will reach around 10%.

Central Bank officials recently assured that Cyprus has no plan to sell gold reserves to fund its €10 billion bailout.

Fitch Ratings says that the funding and liquidity profiles of banks in southern Europe have generally stabilised, with the exception mainly of Greece and Cyprus, where funding imbalances persist.

The European Investment Bank (EIB) is putting in place two innovative instruments worth €150 million in support of SMEs in Cyprus.