Average employee monthly earnings fell to €2,156 from October to December 2015, a 0.9% drop relative to the respective quarter of 2014 and 0.2% compared with the third quarter to a seasonally adjusted €1,874, which is comparable to 2009, the statistical service said, citing preliminary data.

Constandinos Loizides, the Chairman of Piraeus Bank (Cyprus) Ltd, will take over the helm of the Group’s international operations and business and planning development divisions, effective from 1 April 2016.

Total deposits in Cypriot banks in February 2016 recorded a net increase of €78.4m, compared with a net increase of €234.5m in January 2016, according to data published by the Central Bank of Cyprus (CBC).

Whereas a court ruling in Israel complicating plans to develop that country’s natural gas fields does impact the development of Cyprus’ Aphrodite prospect, the effect is a lateral one, energy analyst Charles Ellinas has told the press.

Non-performing loans (NPLs) in Cyprus fell by €704m in December 2015 compared to November, with total NPLs reaching €26.685m on 31 December 2015.

The detection of carbonate layers in the southern part of Cyprus’ waters was a chief reason behind the government’s decision to launch a third oil and gas licensing round, Energy Minister Giorgos Lakkotrypis said.

The unemployment rate fell sharply in October to December 2015 to 12.8%, from 14.8% the quarter before and 16% in the respective quarter of 2014, the statistical service said.

Low-cost carrier easyJet announced it had launched Mobile Host at both Paphos and Larnaca airport to enhance the travel experience of easyJet passengers departing from Cypriot airports.

The Cyprus Securities and Exchange Commission (CySEC) is at the forefront of efforts to establish Cyprus as a regional hub for investment funds.

Low-cost airline Blue Air announced recently the arrival at Larnaca Airport of a second aircraft.