Fitch Ratings upgraded the Bank of Cyprus' Long-Term Issuer Default Rating (IDR) to 'B-' from 'CCC' and Hellenic Bank's Long-Term IDR to 'B' from 'B-'.

The economic climate improved in April 2016 by 2.1 points, the Economics Research Centre of the University of Cyprus said recently.

The government has signed the agreements for the commercialisation of the Limassol port operations, expected to fetch Cyprus €1.9bn over the next 25 years.

Eastern Mediterranean gas reserves, including Cyprus’, could play a significant part in addressing the EU's drive for energy diversification, the European Commission reiterated recently.

Larnaca’s Chamber of Commerce and Industry (EVEL) is formulating a Master Plan towards the best use for the former fuel refineries and storage units on the Larnaca-Dekelia road.

Cyprus showed a deficit of -1% in 2015 (€180 million), the fourth lowest percentage in the EU, according to Eurostat.

189 small and medium-sized enterprises from 26 countries (four of them from Cyprus) have been chosen by the European Commission to participate in the SME Instrument programme Horizon 2020.

Cyprus and Russia further enhanced their business commitments to one another with the opening of a Russian Desk by the Cyprus Russian Business Association (CyRuBA).

Speaking on RIK radio ahead of the signing of the port contracts, Minister of Transport Marios Demetriades called the privatisation of port services a ‘very important deal’ which will benefit the government and the economy.

Rating Agencies remarks should be carefully recorded as they map out the framework of moves Cyprus should take towards restoring confidence in the country, Minister of Finance Harris Georgiades said in a written statement.