Russia is prepared to contribute towards Cyprus’ bailout, along with the European Union, President Demetris Christofias said yesterday, as reports also suggested that German objections had weakened.

A Cyprus Tourism Organisation (CTO) delegation discussed developments in the German tourist market with the country`s main travel agents, during a visit to Frankfurt last week.

The total numbers of visitors to Cyprus from abroad for sports tourism recorded an increase of 19% compared to 2010, generating approximately 20 million euros in revenues, according to a survey on sports tourism in Cyprus for the year 2011 presented Tuesday by the Cyprus Tourism Organisation

Allegations that Cyprus is a tax haven and money laundering centre for Russians are “unfounded” and “unjust”, says House Speaker Yiannakis Omirou.

Issues related to Cyprus economy and the accusation against the country for money laundering, were discussed during meetings in Brussels of a delegation from the Cyprus Parliament with the Vice President of the European Commission Olli Rehn, and with political groups of the European Parliament.

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.