Labour Minister Zeta Emilianides says enough funds have been set aside to ensure the guaranteed minimum income, expected to enter into force in July 2014.

Russia has given the green light for additional flights to Cyprus during the winter season, following a decision to liberalise the air routes between the two countries.

Cyprus and Lebanon will begin negotiations for a unitisation agreement to regulate ownership issues if hydrocarbons are found in the area between the two countries’ EEZ.

The European Investment Bank (EIB) has approved a new financing instrument for Cyprus, paving the way for trade finance support worth up to €150m, which will be made available by the end of 2013.

Cyprus is looking into the possibility of transferring water from Lebanon, either by ship or pipeline, to lower the cost of agricultural production, says Agriculture Minister Nicos Kouyialis.

Cyprus and energy giant Total have signed a memorandum of understanding (MoU) for the development of a natural gas liquefaction facility.

Troika officials who are monitoring cutbacks and reforms to reduce the runaway fiscal deficit of Cyprus, say the programme is on track, but the biggest challenge ahead is the privatisation of SGOs.

Organic olive oil, pharmaceuticals, tech and postal services win awards for initiatives that marked innovative firsts for the island.

Hellenic Bank is lowering its interest rates on certain categories of loans, following similar plans by Bank of Cyprus and Alpha Bank.

Cyprus’ GDP is expected to contract in both 2013 and 2014, with the recession coming to an end in 2015, says the autumn forecast of the European Commission.