The government will set aside almost €299 million to compensate provident and pension funds that had money deposited in Laiki Bank, now in the process of being closed.

Cyprus fiscal deficit reached 2.17% of GDP during the first seven months of 2013, compared to 3.44% during the same period in 2012.

The first production test of natural gas will begin on Thursday at Aphrodite A-2 in Block 12 of Cyprus’ Exclusive Economic Zone.

The Commerce Ministry has found a suitable area where the gas installations on Larnaca’s coast can be moved to, says Interior Minister Socrates Hasikos.

Industrial producer prices increased in July in the EU and the Eurozone, while a drop was recorded in Cyprus, according to data released by Eurostat on Tuesday.

Co-operative banks and the government have agreed on a formula for the sector to buy back its shares, which will go to the state after the sector is recapitalised using public funds.

Eurobank in Cyprus made a profit of €13.2 million after taxes during the first half of this year it announced on Wednesday.

Efforts to explore and exploit hydrocarbon reserves in the Eastern Mediterranean has opened up new opportunities for further enhancing strategic relations between Egypt and Cyprus, said President Nicos Anastasiades yesterday.

Cyprus is successfully carrying out necessary reforms and the next tranche of €1.5bn from the eurozone’s bailout fund will be disbursed, says European Commission draft report.

The ambition of the University of Cyprus is to be among the 200 best universities in the world by 2020.