The cost of constructing infrastructure at Paphos harbour to cater for cruise ships could cost around €7m, a study has found.

Cyprus is “sufficiently protected” from developments in Greece, Finance Minister Harris Georgiades said recently, just hours before a bank holiday was imposed on banks in Greece.

Subsidiaries of Greek banks in Cyprus operated on Monday, 29th June as usual and without any limitations, the Central Bank of Cyprus has said.

The Economic Sentiment Indicator (ESI) remained unchanged at 104.2 points in June 2015, due to a marginal drop in consumer confidence and an equal improvement in business confidence in retail, construction and manufacturing.

The head of the Paphos hoteliers union (PASYXE) Themis Phillipides has confirmed that there is an increase in the number of British holidaymakers at hotels in the district.

Over 50,000 mariners are employed on board the ships operated by the member companies of the Cyprus Shipping Chamber (CSC).

A project of huge importance for the development of the innovation, research and technology – the Microsoft Innovation Centre (MIC) – was recently officially inaugurated by Minister of Transport, Communications and Works Marios Demetriades.

The Finance Ministry sold government bonds worth €31m in its monthly offer, the second highest in the programme since 2014, suggesting investors were unaffected by the move to lower interest rates on the retail bonds.

Nicosia is closely monitoring developments in Greece, and believes firmly that the country must stay in the Eurozone, the government spokesman said recently.

A deterioration of the economy in Greece and a potential Greek exit (Grexit) from the eurozone, could have a negative impact on Cyprus banks, despite the fact that the island’s lenders have little or no exposure to the Greek market, according to Moody’s.