The Eurozone crisis interrupted more than three decades of growth for Cyprus as an international business hub. The consequences of the crisis have been harsh for the country, with the two local banks bearing the brunt of a financial assistance package which will see one bank wound down and another recapitalised through depositors bail in.

The island's banking system incurred losses of at least €4.0 billion through the merger of Greek lender Marfin Egnatia with the now defunct Laiki Bank, MPs heard yesterday.

The National Council (NC) will decide “collectively” next month on the appointment of a chief negotiator who will represent the Greek Cypriot community this autumn when peace talks are due to start.

Paphos will be formally presented with a gold quality award today, as one of the top 20 European destinations for sustainable tourism 2013.

Net metering will lower electricity bills and increase the production of energy from renewable energy sources (RES), Environment Commissioner Ioanna Panayiotou told deputies yesterday.

President Nicos Anastasiades on Wednesday appointed a new President of the Supreme Court while also promoting a district court judge to the top court.

New Minister of Energy, Commerce, Industry and Tourism Yiorgos Lakkotrypis talks business, bailout and boom industry.

Bank of Cyprus (BoC) workers will see their salaries cut by up to 30 per cent while allowances will be either scrapped or cut by half, it was announced on Tuesday.

Since the banking system has started to return to normal and stable conditions, we look forward to the Bank of Cyprus, to exit its restructuring process as soon as possible, the goal being that this happens by the end of July, Government Spokesman Christos Stylianides has said.

Building permits were down by 30% at the first quarter of 2013 compared to the same period of 2012, Cyprus Statistical Service data published on Wednesday show.