Texas based Noble Energy, operators of the Block 12 offshore license, have conceded that additional discoveries of natural gas are probably needed to justify a mooted LNG plant in Cyprus.

The Eurogroup has approved theroadmap for the privatisation of semi government organisations (SGOs), a requirement to release the next tranche of the island’s assistance programme.

US energy firm Noble Energy which has a concession in Cyprus' block 12 is planning to proceed with further exploration drilling towards the end of 2014.

Members of parliament are contemplating passing a bill whereby a first home would be exempt from foreclosure by banks, despite lenders' attempts to reign in non-performing loans.

October recorded a 16.6% increase in revenue from tourism, an encouraging development according to the Cyprus Tourism Organisation.

Fitch Ratings says it is maintaining Bank of Cyprus covered bonds - rated 'B' - on Rating Watch Negative (RWN).

There has been a notable rise in applications for residency and citizenship in Cyprus filed by third country nationals, in response to amendments in legislation.

The 26 international banks operating in Cyprus are showing their trust in the country and have regained the losses they made following the Eurogroup decision earlier this year.

Parliament has passed into law a raft of measures that are a condition for the release of the next tranche of bailout aid to Cyprus, including the contentious exemption of Central Bank employees from public-sector pay cuts and a freeze on promotions and new hiring.

Cyprus shipping remains strong, despite the shock caused to the country’s economy by the financial crisis, says Communications and Works Minister.