Providing incentives for businesses to invest in research and innovation holds the key to economic recovery, said president of the Employers’ and Industrialists’ Federation (OEB) Filios Zachariades.

Crucial developments are expected on the lucrative energy front over the coming months as Foreign Minister Ioannis Kasoulides is due to visit Tel Aviv before travelling to Ramallah the following day.

The Austrian airline, part of the airberlin group, will initially offer two weekly services from Vienna to Cyprus and later in May add a third weekly service, opening up the market between the two countries.

The Bank of Cyprus believes there is evidence of improving stability in the lender and generally in the banking sector. Nonetheless, it stipulates that it is fully committed to restoring the confidence of depositors and customers.

Bank of Cyprus (BoC) has reached an agreement to sell its loss-making Ukrainian business for €225 million, it was announced recently.

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.