The government says it is on track to cover the state’s financing needs for the next three months, pending finalisation of a bailout that is not expected before March, when the new administration takes over.

The Cyprus Telecommunications Authority (Cyta), Radius Oceanic Communications Inc. and CSnet International Inc. have announced their cooperation to link the Poseidon project with the Offshore Communications Backbone, achieving the convergence of oceanography and telecommunications for the offshore hydrocarbons industry in the Eastern Mediterranean.

The Cyprus National Hydrocarbons Company (CNHC) discussed the next steps in Cyprus` offshore block 12 development with a senior team from Noble Energy headquarters.

The government sealed a deal yesterday granting an Italian-Korean joint venture a concession to drill for hydrocarbons in three offshore blocks.

Cyprus yesterday briefed its eurozone counterparts on the progress of an adjustment programme but no decision was expected on the financial assistance programme pending the total amount needed for bank recapitalisation.

An impressive 42% growth in tourist arrivals from Russia led to a 3% increase in Cyprus’ total tourist arrivals in 2012, which amounted in total to 2,464,908 compared to 2,392,228 in 2011, according to data released Monday by the Statistical Service.

The eurozone will review in depth an international rescue package for Cyprus at a later date, since not all necessary data is still available, French Minister of Finance Pierre Moscovici said on Monday upon his arrival to take part at a Eurogroup meeting in Brussels.

The first televised live presidential debate for next month’s elections took place yesterday with the three main contenders focusing on the economy and the responsibilities that a future administration will have to shoulder in the wake of the long-awaited bailout agreement and a forthcoming time of austerity.

MEMBERS of a steering committee tasked with overseeing the due diligence on bank portfolios were expected on the island yesterday to iron out differences with Cypriot authorities over the methodology used. The due diligence will determine the capital needs of the financial sector in line with a preliminary bailout agreement.

Works on the island’s first photovoltaic park are due to start this year within the UN-controlled buffer zone, the university of Cyprus (UCY) has said.