The island’s Cooperative credit societies are set to operate as a unified banking group, following a bailout programme and set of reforms that are restructuring the community based savings banks into a commercial entity.

Cyprus ranks 31st in the Transparency International corruption perception index, dropping two spots from 2011, when it ranked 29th, according to recently published annual index results.

Cyprus and Palestine have signed a Memorandum of Understanding to explore opportunities for cooperation in energy matters, particularly with regard to electricity and renewable energy.

Cyprus and India are a step closer to agreeing on a new double taxation agreement (DTA) after a Cypriot delegation visited New Delhi last week, said the Finance Ministry.

The European Commission has launched an information campaign on consumer credit in Cyprus, to raise awareness amongst young adults of their rights before they sign a credit agreement.

At a time of economic uncertainty for Cyprus, VitaTrace Nutrition Ltd, has successfully been awarded the chance to implement a European research program on animal health issues, which aims to bring liquidity into the country as well as employment opportunities.

Cyprus is ready to fully conform “in record time” with all international transparency requirements to avoid losing double taxation agreements that countries like India and Russia have already brought into doubt.

Over thirty research projects are underway at the Cyprus Institute (CyI), with board chairman Dr Andreas Pittas saying that targeted research could have great benefits for the economy.

Standard & Poor’s, the international rating agency, raised its long-term sovereign debt rating on Cyprus to B- from CCC+ on Friday, saying the immediate risks to its debt repayments appeared to have receded.

The President of the European Commission yesterday said the commission would be supporting Cyprus as it started to put together the pieces of its crumbling economy and as it tried to push forward on peace talks on the Cyprus problem.