At first glance the official announcement of the appraisal drilling results for the Aphrodite natural gas field may not be the best news to an economy experiencing a severe economic recession.

President Nicos Anastasiades discussed the new round of Cyprus peace talks and regional energy collaboration with Greek Prime Minister Antonis Samaras in Athens.

The Cypriot economy will contract by 8.7% in 2013, the IMF said, reflecting the rapid deterioration of the macroeconomic environment on the island.

Turkey sees a “window of opportunity” to end the decades-old division of Cyprus and expects peace talks between Greek and Turkish Cypriots to resume in November after a lull of almost 18 months, Foreign Minister Ahmet Davutoglu said.

Noble Energy, operators of the Block 12 offshore licence, has reportedly renewed a proposal for piping gas from the Aphrodite well for the purpose of domestic electricity generation.

The undersecretary to the president is currently in Las Vegas to sound out the big five casino companies on possibly investing in a casino resort in Cyprus.

Cyprus plans spending cuts to achieve a primary budget deficit lower than the level targeted by the bailed-out island’s international lenders, the finance minister has said.

President Nicos Anastasiades has completed a two-day official visit to Kuwait during which the two states signed a number of agreements aiming to strengthen ties.

The completion of the recapitalisation and restructuring process of Cypriot banks should improve confidence and contribute to funding stability in the system, Fitch Ratings said on Tuesday, warning however that lenders remained vulnerable to funding and liquidity risks.

Cyprus and Kuwait have signed a series of agreements during a two-day official visit to the Gulf state by President Nicos Anastasiades.