Marios Clerides, a well respected banker and economist and former chairman of the Cyprus Securities and Exchange Commission has been appointed the new chief executive officer of the recently nationalised Cooperative Central Bank.

Bank of Cyprus recently announced a scheme that offers its unemployed customers the option to pay only a nominal €10 per month instead of paying their regular home installments for a year.

Over the course of the next seven years (2014 to 2020), Cyprus may raise some €80m from the auctioning off of carbon credits, says the minister of agriculture and the environment.

Cyprus is in the process of improving cooperation and information sharing with Russia in order to meet the new standards, says Cyprus Ambassador in Moscow.

Cyprus signs a contract with Israel for the purchase of two patrol boats to boost the island’s coastal defence capabilities.

Cyprus’ institutional framework for attracting and facilitating foreign investments must improve, said the Energy Minister at a recent meeting with UK investors.

Wizz Air, the largest low-cost, low-fare airline in central and Eastern Europe will be flying from Larnaca to both Kiev and Belgrade, with ticket prices as low as €24.99 one way.

The 2014 budget, passed by parliament, features cutbacks across the board as an effectively broke state tightens the belt to meet the debt targets of an international rescue package.

Cyprus is no longer in ‘firefighting’ mode, but has stabilised allowing the country to tackle the most difficult economic crisis it has faced in four decades. Significant progress has been made since March, with a fully recapitalised banking sector and a strict focus on building better foundations for the future.

A directive to all financial institutions licensed to operate in Cyprus for the management of non-performing loans has been issued by the Central Bank.