Cyprus has confirmed that the National Hydrocarbons Company (KRETYK) will be “the commercial arm of the government” and that it will have a “substantial role” to play in the future development of oil and gas discoveries and exports.

The eurozone does not intend to change the terms of Cyprus’ bailout as requested by President Nicos Anastasiades in a letter sent to eurozone leaders and its lenders, three senior eurozone officials said on Wednesday.

The cabinet yesterday approved a decision to shut down two more minor semi-government organisations (SGOs), the Licensing Authority, and Reviewing Licensing Authority, said deputy government spokesman Victoras Papadopoulos.

Bank of Cyprus (BoC) is looking to cut its staff by 2,500 and radically reduce its branches across the island, as it adjusts to the new reality imposed by the conditions of the island’s €10billion bailout deal.

Cyprus is focused on implementing a bailout agreement and there was never a question of renegotiation, the government said yesterday, after EU officials and paymaster Germany made it clear that it was unlikely for the deal to change.

President Nicos Anastasiades has announced tax breaks for companies to help revive the economy during an address at the 52nd annual meeting of the Institute of Certified Public Accountants ICPA.

The Eurozone crisis interrupted more than three decades of growth for Cyprus as an international business hub. The consequences of the crisis have been harsh for the country, with the two local banks bearing the brunt of a financial assistance package which will see one bank wound down and another recapitalised through depositors bail in.

The island's banking system incurred losses of at least €4.0 billion through the merger of Greek lender Marfin Egnatia with the now defunct Laiki Bank, MPs heard yesterday.

The National Council (NC) will decide “collectively” next month on the appointment of a chief negotiator who will represent the Greek Cypriot community this autumn when peace talks are due to start.

Paphos will be formally presented with a gold quality award today, as one of the top 20 European destinations for sustainable tourism 2013.