Standard & Poor’s, the international rating agency, raised its long-term sovereign debt rating on Cyprus to B- from CCC+ on Friday, saying the immediate risks to its debt repayments appeared to have receded.

The President of the European Commission yesterday said the commission would be supporting Cyprus as it started to put together the pieces of its crumbling economy and as it tried to push forward on peace talks on the Cyprus problem.

Bank of Cyprus (BoC) and the accounts of the now defunct Laiki Bank are expected to be fully integrated by mid 2014, it has emerged, ending months of confusion and inconvenience suffered by customers after the forced merger of the two lenders.

Bank of Cyprus (BoC) on Tuesday reported a €1.8 billion net loss for the first half of the year, impacted by its forced disposal of Greek operations and rising provisions.

The Cyprus Tourism Organisation (CTO) predicts a 25% increase in Russian tourists, with 800,000 expected in 2014.

Work on a new marina in Ayia Napa should begin in April 2014 if new plans to lower costs are accepted, the head of the Famagusta Chamber of Commerce and Industry (FCCI) said yesterday.

The Cyprus banking system has shifted to crisis-resolution phase, according to Isobel von Koeppen Mertes, Advisor in the European Central Bank Market Operations Analysis Division, speaking at the Economist 9th Cyprus Summit, but needs to avoid some of the mistakes seen in Ireland.

Solving the Cyprus problem would be another way to boost the island’s economy and a way to ensure long term stability and prosperity for all, US Ambassador John Koenig has said as he urged the divided communities to resolve the longstanding issue.

European officials did not appear concerned over the performance of Cypriot banks in an upcoming stress test on eurozone lenders.

Faithful implementation of the bailout agreement was the only way to restore confidence in the island’s economy, which had been left to follow an unsustainable course for years, President Nicos Anastasiades has said.