Cypriot banks and cooperatives could face capital needs that exceed by some €1.5 billion the €2.5 billion of EU support funds earmarked for the banking sector, Moody’s ratings agency said on Thursday, as assets deteriorate amid the severe recession.

A Cypriot offshore field holds between 3.6 trillion cubic feet (Tcf) and 6 Tcf of natural gas, US-based oil company Noble Energy said, announcing the results of an appraisal drill.

A conference on the impact of the eurozone crisis and austerity policies on Portugal, Italy, Greece, Cyprus and Spain is being organised by the Friedrich-Ebert-Stiftung (FES) Office in Cyprus next week.

Around 150,000 more tourists are expected to visit Cyprus during the coming winter compared to last year’s, Transport Minister Tasos Mitsopoulos said yesterday.

The president's speech at the UN General Assembly reflected a changing wind in the rhetoric of the Cyprus peace process and was welcomed by Turkey and ruling DISY’s coalition partners, but not the opposition.

The potential of Cyprus to be a leader in efforts to exploit the Eastern Mediterranean’s hydrocarbon resources to benefit all players was discussed yesterday when President Nicos Anastasiades met US Vice President Joe Biden in Washington.

Cyprus plays an important role in global shipping, offering good reputation, a supportive tax system and an efficient maritime administration.

The damage caused by the Eurogroup’s decision on aCyprus ‘bail-in’ bailout in March made this a “difficult” year for tourism, Minister of Tourism Giorgos Lakkotrypis said yesterday.

Banks said yesterday they were all for a reduction in borrowing rates but not without a study into the potential effects of such a move.

Finance Minister Harris Georgiades said on Wednesday that Cyprus was in the process of stabilising following the messy bailout decision last March, which brought the island’s economy to the brink of collapse.