The Technical School of Avgorou were the overall winners of the solar power challenge which was held in Paphos at the weekend, with the Best Design Award going to the Philadelphia University Jordan. Third place went to the St. Lazarus technical school.

Ratings agency Standard & Poor’s on Wednesday upgraded the sovereign foreign credit rating on Cyprus to CCC-plus from selective default.

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.