Some 57 beaches in Cyprus have been given the prestigious Blue Flag this year, rewarding their compliance with a number of criteria on environmental management, water quality, and safety.

Delek Drilling Chairman and CEO for Avner Gydeon Tadmor said on Monday he was is looking forward to accelerating the process of developing hydrocarbon reserves found within Cyprus’ Exclusive Economic Zone (EEZ).

French Total seems to be interested in participating at the construction of a natural gas liquefaction terminal in Cyprus, President Nicos Anastasiades said today, while noting the company’s effort to accelerate the exploration and exploitation process in its two licensed blocks in Cyprus’ exclusive economic zone.

The Bank of Cyprus (BoC) will set up an investment company that will take over the group’s non-banking operations in a bid to rationalise its balance sheet and boost its capital adequacy.

Medical tourism could contribute towards extending the tourist season in Cyprus, bringing in money and providing jobs during these financially trying times for the island, officials heard yesterday.

Appraisal drilling in Cyprus’ Block 12 begins today, the outcome of which will a have significant influence on the development of the hydrocarbons industry in the country.

GDP fell in Cyprus by 1.3% during the first quarter of 2013, compared with the previous quarter, according to second estimates published by Eurostat, the statistical office of the European Union.

Major reforms to the definition of non-performing loans have been announced in a draft directive issued by the Central Bank of Cyprus (CBC) to banks and financial institutions domiciled in Cyprus.

International Monetary Fund (IMF) Managing Director Christine Lagarde says Cyprus will probably need more than two years to get back on its feet after the near-destruction of its banking sector during the island’s messy bailout.

A Ukranian court has frozen the ownership of the local units of two stricken Cypriot banks, making it impossible for them to sell off in the short term more than €240 million of assets held in Ukraine.