The economy has absorbed the shock of the Eurogroup decision and is now on a path of improvement, said Nobel prize winner Christopher Pissarides yesterday.

The Central Bank of Cyprus (CBC) has agreed a 47.5% haircut with international lenders on deposits exceeding €100,000 in the Bank of Cyprus in an attempt to recapitalise it.

The Ministry of Finance issued the eighth decree on the international banks exempted from capital controls imposed in Cyprus following the Eurogroup decision lastMarch as part of a 10 bln euro bailout.

A mild recovery in the services, retail and manufacturing sectors help lift the Economic Sentiment Indicator for July by 2.7 points to levels last seen a year ago in September. The index, compiled by the Economic Research Centre of the University of Cyprus, also saw a mild improvement in consumer sentiment, but the construction sector remains in the doldrums.

The creation of a mediation service as a means for conflict resolution was announced yesterday by the Cyprus Chambers of Commerce and Industry (KEVE) The idea is to reduce both the exorbitant costs and time associated with conventional litigation, KEVE said.

The new Limassol Marina is an impressive development, according to tourism minister George Lakkotrypis on his first official visit to the marina yesterday.

Cypriot officials discuss the government’s energy plans with the troika of international lenders, with a special focus on the discovery of natural gas in Cypriot waters.

Saving Bank of Cyprus, restoring confidence in the banking system, providing market liquidity, restructuring loans and balancing the imposition of capital controls are the most urgent issues today.

Cyprus’ ability to earn funding by competing with others across the European Union speaks highly of the level of research the country is capable of, says director general of Cyprus’ Research Promotion Foundation.

Sheikh Tamim Bin Hamad Al Thani, the Emir of the State of Qatar, has expressed the wish that Cyprus and his state will develop bilateral relations in all fields.