The Maritime Labour Convention 2006 has entered into force, after being ratified by the largest shipping nations.

Cyprus is actively pursuing an Open Skies policy on aviation, according to Communications and Works minister Tasos Mitsopoulos, who said that after a relevant agreement with Ukraine, the government was making efforts to start the dialogue with Russia.

The Cypriot ship owning and maritime investment company FrontMarine, and the associated Lemissoler Navigation, have placed an order for four environmentally friendly bulk carriers to be built in one of the leading privately owned Chinese shipyards and delivered by mid-2015.

A new haircut on unsecured deposits at the Cooperative banking sector has been averted, according to Finance Minster Harris Georgiades, who added that the Coop sector, that will undergo restructuring and benefit from a 1.5 bln euro bailout from international lenders, will be enhanced.

The finance ministry on Thursday published a roadmap agreed with international lenders for the gradual removal of capital controls, imposed in March to prevent a bank run following the European Union’s decision to grant Cyprus financial assistance.

The head of the Central Co-operative Bank (CCB) has reiterated that co-operatives will regain ownership of their shares within a reasonable time, as the list of the 18 entities that will result from the merger of 93 banks was made public yesterday.

On the 8th August the energy ministers of Cyprus, Greece and Israel signed in Nicosia a first-ever Memorandum of Understanding (MoU) between the three countries on cooperation in the fields of energy and water.

Cyprus Cooperative Central Bank released on Thursday a list of the new 18 Cooperative Credit Institutions to be established on the island, after the merger of 93 existing institutions.

As last reported on 4 July 2013 a Double Tax Treaty (DTT) was signed between Cyprus and Portugal.

Cyprus’ fifth desalination plant, with a capacity to produce up to 40,000 cubic metres of desalinated potable water daily, has been inaugurated by President Nicos Anastasiades in Limassol.