The government is to scrap the previous administration’s bill on Immovable Property Tax (IPT) and will prepare a new one, according to Interior Minister Socrates Hasikos.

Casinos on the island could be up and running within two years, getting the ball rolling on an issue the previous administration flatly refused to consider on ideological grounds.

Houston based Noble Energy will start confirmation drilling in the third trimester of 2013 in block 12 of Cyprus’ Exclusive Economic Zone (EEZ), according to the new Energy Minister George Lakkotrypis.

Full national accounts figures have revised down the contraction in the fourth quarter to a seasonally adjusted 3.3% from a previous flash estimate of 3%.

Recessionary conditions pushed down the trade deficit in 2012, which fell to €4,320.0mln (4.3 bln) in January-December 2012 from €4,906.5mln in 2011. The main reason was a sharp fall of imports.

Exploratory drilling in Block 12 is a priority, says new Commerce and Industry Minister Giorgos Lakkotrypis.

Building a costly liquefied natural gas (LNG) terminal is the only way for Cyprus to export its hydrocarbons, says head of Cyprus’ state hydrocarbons company (KRETYK) Charalambos Ellinas.

Former Eurogroup president Jean-Claude Juncker says Cyprus’ financial problems should be addressed with the same care demonstrated in the case of Greece, Ireland and Portugal.

The Lebanese Ministry of Telecommunications (LMoT) and Cyprus Telecommunications Authority (Cyta) will jointly provide a telecommunications bridge between Lebanon and Europe via Cyprus. LMoT and Cyta, a corporate body wholly owned by the Republic of Cyprus, have announced that they have entered into an agreement to cooperate by sharing capacity on Cyta’s ALEXANDROS cable subsystem between Cyprus–Egypt–France, thereby creating reciprocal Eurasia and Eastern Mediterranean business opportunities.

The government’s concession agreement with a private investor on the development and management of Larnaka and Pafos International Airports has been awarded the Best Transport Project award by the World Finance Magazine.