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.

Israel’s national carrier EL AL has restarted flights to Cyprus after around six years, with the first aircraft arriving at Larnaca airport.

Out of a total of 23 countries worldwide, the 2013 Knight Frank Global Lifestyle Review puts Cyprus in fifth place as the best relocation destination in the world.

Hellenic Bank avoids Cyprus state bailout, raising €100 million through private funds from three major investors taking 75% of the share capital.

Alpha Bank Cyprus has announced it is issuing new shares and convertible securities worth €129 million to strengthen its capital in line with a diagnostic assessment.

Co-operative bank authorities appear optimistic that international lenders could approve a restructuring plan involving the shedding of 700 jobs through early retirement.

Cyprus recorded one of the highest year-on-year unemployment increases in September, reaching 17.1% or 76,000 people, says the European statistical service Eurostat

The Cyprus cabinet has approved a bill to define the criminal responsibility for the way government ministers act or fail to act during terms in office.

For decades, Cyprus has been successful at attracting investors and with the tough economic climate of today, both the need and opportunities for foreign direct investment are ever increasing.