Cyprus plans spending cuts to achieve a primary budget deficit lower than the level targeted by the bailed-out island’s international lenders, the finance minister has said.

President Nicos Anastasiades has completed a two-day official visit to Kuwait during which the two states signed a number of agreements aiming to strengthen ties.

The completion of the recapitalisation and restructuring process of Cypriot banks should improve confidence and contribute to funding stability in the system, Fitch Ratings said on Tuesday, warning however that lenders remained vulnerable to funding and liquidity risks.

Cyprus and Kuwait have signed a series of agreements during a two-day official visit to the Gulf state by President Nicos Anastasiades.

Cyprus and Kuwait have signed a series of agreements, during a two-day official visit to the Gulf state by President Nicos Anastasiades.

President Nicos Anastasiades has appealed to the International Maritime Organisation (IMO) and European Commission to “exert influence and leverage” towards lifting the illegal Turkish embargo on Cypriot shipping.

Sun and the sea are still the key criteria for 95.6% of those who choose Cyprus as a tourist destination, according to a survey published yesterday by PricewaterhouseCoopers (PwC).

Cyprus has many positives that could boost the flagging real estate market, despite the current economic crisis, according to Flavio Gonzaga Nunes, World President of the International Real Estate Federation (FIABCI).

The shipping industry has been one of Cyprus’ most successful export services, as the country enjoys the privilege of being one of the most influential global hubs for ship owning and ship management services, with the island’s maritime capital, Limassol, being home to some of the world’s most important names in shipping, said President Nicos Anastasiades.

The cabinet yesterday approved the establishment of a State Company for the Supply of Aeronautical Services to replace the Civil Aviation Department (CAD).