Fitch Ratings has upgraded Bank of Cyprus mortgage covered bonds to `B` from `B-`.

Bank of Cyprus has been named the best private bank on the island by international magazine Global Banking and Finance Review.

Bilateral relations between Cyprus and China, and particularly economic cooperation will be the focus of an upcoming working visit Cyprus President Nicos Anastasiades will pay to China.

A head-to-head comparison of Cyprus and Portugal as options for people wanting to own a second home found that Portugal fares better in cost of living, ease of access, and number of blue-flag beaches, while Cyprus wins on climate, seawater temperature, and citizenship-by-investment rules.

The European Commission said that Cyprus’ success in meeting specific targets set out in its adjustment programme may face a number of internal and exogenous risks.

The European Stability Mechanism (ESM) announced it would be disbursing €500mln to Cyprus following a positive assessment of the seventh review of the island’s macroeconomic adjustment programme

Bank of Cyprus’ vice chairman Wilbur Ross recently acquired a total of 6,363,050 shares of the lender’s share via the WLR Recovery Fund V.L.P., the bank said.

Cyprus and Russian prospects of investment in the primary sector of the island were discussed during the recent two-day visit by Agriculture Minister Nicos Kouyialis to Russia.

The European Commission said economic recovery in Cyprus has started following almost four year of recession, but added that authorities need to continue prudent policies in light of existing risks facing the Cypriot economy.

Low cost carrier Blue Air has announced the launch of more flights from Cyprus to Athens.