Cyprus and Egypt are set to sign a series of bilateral agreements to enhance their cooperation during an upcoming visit Cyprus President Nicos Anastasiades will pay to Cairo.

A significant drop in imports in the first nine months of 2013 has resulted in a reduction of the trade deficit by €917.5 million compared to the same period of 2012, recently published data by the Cyprus Statistical Service shows.

The Cyprus economy contracted at a slower pace than originally estimated between July - September of 2013, recent figures show.

Texas based Noble Energy, operators of the Block 12 offshore license, have conceded that additional discoveries of natural gas are probably needed to justify a mooted LNG plant in Cyprus.

The Eurogroup has approved theroadmap for the privatisation of semi government organisations (SGOs), a requirement to release the next tranche of the island’s assistance programme.

US energy firm Noble Energy which has a concession in Cyprus' block 12 is planning to proceed with further exploration drilling towards the end of 2014.

Members of parliament are contemplating passing a bill whereby a first home would be exempt from foreclosure by banks, despite lenders' attempts to reign in non-performing loans.

October recorded a 16.6% increase in revenue from tourism, an encouraging development according to the Cyprus Tourism Organisation.

Fitch Ratings says it is maintaining Bank of Cyprus covered bonds - rated 'B' - on Rating Watch Negative (RWN).

There has been a notable rise in applications for residency and citizenship in Cyprus filed by third country nationals, in response to amendments in legislation.