A significant drop in imports in the first nine months of 2013 has resulted in a reduction of the trade deficit by €917.5 million compared to the same period of 2012, recently published data by the Cyprus Statistical Service shows.

The Cyprus economy contracted at a slower pace than originally estimated between July - September of 2013, recent figures show.

Texas based Noble Energy, operators of the Block 12 offshore license, have conceded that additional discoveries of natural gas are probably needed to justify a mooted LNG plant in Cyprus.

The Eurogroup has approved theroadmap for the privatisation of semi government organisations (SGOs), a requirement to release the next tranche of the island’s assistance programme.

US energy firm Noble Energy which has a concession in Cyprus' block 12 is planning to proceed with further exploration drilling towards the end of 2014.

Members of parliament are contemplating passing a bill whereby a first home would be exempt from foreclosure by banks, despite lenders' attempts to reign in non-performing loans.

October recorded a 16.6% increase in revenue from tourism, an encouraging development according to the Cyprus Tourism Organisation.

Fitch Ratings says it is maintaining Bank of Cyprus covered bonds - rated 'B' - on Rating Watch Negative (RWN).

There has been a notable rise in applications for residency and citizenship in Cyprus filed by third country nationals, in response to amendments in legislation.

The 26 international banks operating in Cyprus are showing their trust in the country and have regained the losses they made following the Eurogroup decision earlier this year.