Parliament has begun the marathon task of discussing and eventually approving the controversial €6.62 billion 2014 budget, cut by 5.5% compared to the 2013 budget.

Noble Energy seeks to manage expectations on news that its Block 12 concession might hold up to 1.5 billion barrels of oil, reiterating that as things stand development of natural gas takes precedence.

Bank of Cyprus posted a €1.94 billion net loss in the first nine months of the year on the back of losses from discontinued operations and from the disposal of its branches in Greece.

An in principle agreement has been reached to sell The Amathus Beach Hotel in Limassol for €71 million to a new company, according to a recent filing on the Cyprus Stock Exchange.

India has given Cyprus two months to provide information on certain funds flowing from the island before deciding on whether to suspend the Double Tax Avoidance Agreement, according to a top Finance Ministry official.

Despite Fitch Rating's expectation for a downward pressure on covered bond ratings to ease in 2014 due to the stabilisation of sovereign ratings outlooks, most covered bond ratings in Cyprus have a Negative Outlook.

Cyprus and Greece are the only countries in the Eurozone, which recorded a negative inflation in November, according to recent figures by Eurostat.

The Central Bank of Cyprus announced recently that credit institutions are obliged to inform and explain adequately to borrowers experiencing financial difficulties, their rights and duties during the procedure of management of delays and loan restructuring.

Hourly labour costs in Cyprus dropped 7.6% year-on-year in the third quarter of the year, said Eurostat recently.

Cyprus may have hit the jackpot after Noble Energy announces that some 1.5 billion barrels of oil could lie in deep-water strata off the island’s southern coast.