Countries around the world cut back on their holdings of euros as a percentage of foreign exchange reserves last year as the sovereign debt crisis kept investors wary, the European Central Bank said on Tuesday.

An announcement by Moody’s rating agency describing Cyprus’ exchange of €1 billion of domestic maturing government bonds as default does not constitute a rating action, the Finance Ministry said Tuesday.

The exchange of €1 billion worth of government bond has been successfully completed, the Public Debt Management Office of the Ministry of Finance has announced.

Cyprus Ship Owners Union has briefed Foreign and Commonwealth officials of the negative effects Turkey’s embargo has on Cyprus shipping.

Noble Energy has reportedly proposed an alternative and faster method for bringing natural gas onshore from its Block 12 concession for domestic electricity production.

Members of the House commerce committee yesterday discussed the electricity authority’s (EAC) need to reduce electricity prices after profits fell to 28 million euros despite estimates they would reach 100 million euros.

Russia appears to be inching closer to gaining a long-coveted military foothold in Cyprus, as the future of their naval port in Syria looks increasingly shaky.

Low cost carrier Ryanair has added seven new destinations to its winter programme, a move welcomed by local tourist officials.

Cyprus and Iran have had their ups and downs in recent times but this month’s election of a new Iranian President has opened the door to the redefining of Iran’s relations not just with Cyprus but the EU bloc, raising prospects of natural gas collaboration, Iran’s Ambassador to Nicosia said yesterday.

Cyprus and Ukraine yesterday signed a protocol on the first session of the Joint Commission for Economic, Scientific, Technical and Industrial Cooperation, as part of efforts to further enhance economic relations between the two countries.