The Federation of Associations of Building Contractors Cyprus (OSEOK) has issued a desperate plea for support to the President, saying local contactors were 'pinning their last hopes' on his intervention.

Consumer and company deposits rose in Cypriot banks in November, the first increase in 17 months on the island where big account holders in the two largest lenders were forced to take a hit as part of an international bailout in 2013.

The year 2013 saw a significant reduction in the price of electricity according to the Cyprus Energy Regulatory Authority (CERA) chief, with the average cost falling by 17.5% for regular consumers.

A preliminary agreement between the management and the employees of state-owned co-operative financial institutions to reduce payroll costs and introduce a voluntary redundancy scheme has been reached.

A Chinese frigate which will help escort Syria’s stockpile of chemical weapons out of the country docks in Cyprus as part of a delayed international mission.

Cyprus recorded a rate of deflation in 2013 of -0.4% for the first year since 1964, according to recent data published by the Cyprus Statistical Service.

Deposits in the Cyprus banking system declined by €138.5 mln in November 2013 to €46.17 bln, figures released by the Central Bank of Cyprus show.

By mid-2015, thirty-three Green Points for the collection of prunings and bulky refuse will have been set up across Cyprus, according to the Minister of the Interior.

Cyprus’ Limassol Port is set to undergo further expansion with the 500-metre extension of its western basin quay as part of a €60 million expansion project.

A report by the Association of British Travel Agents (ABTA) heralds the recovery of Cyprus as a tourist destination, following the disruption caused by last spring’s decisions of the Eurogroup regarding the island’s economy.