The 2014 budget, passed by parliament, features cutbacks across the board as an effectively broke state tightens the belt to meet the debt targets of an international rescue package.

Cyprus is no longer in ‘firefighting’ mode, but has stabilised allowing the country to tackle the most difficult economic crisis it has faced in four decades. Significant progress has been made since March, with a fully recapitalised banking sector and a strict focus on building better foundations for the future.

A directive to all financial institutions licensed to operate in Cyprus for the management of non-performing loans has been issued by the Central Bank.

The Board of Directors of the European Stability Mechanism (ESM) approves the disbursement of €100 million to Cyprus following the updated MoU.

The Cooperative Central Bank will appoint its new CEO in the near future, President of the Committee of the CCB tells the Cyprus News Agency.

Parliament has begun the marathon task of discussing and eventually approving the controversial €6.62 billion 2014 budget, cut by 5.5% compared to the 2013 budget.

Noble Energy seeks to manage expectations on news that its Block 12 concession might hold up to 1.5 billion barrels of oil, reiterating that as things stand development of natural gas takes precedence.

Bank of Cyprus posted a €1.94 billion net loss in the first nine months of the year on the back of losses from discontinued operations and from the disposal of its branches in Greece.

An in principle agreement has been reached to sell The Amathus Beach Hotel in Limassol for €71 million to a new company, according to a recent filing on the Cyprus Stock Exchange.

India has given Cyprus two months to provide information on certain funds flowing from the island before deciding on whether to suspend the Double Tax Avoidance Agreement, according to a top Finance Ministry official.