Cypriot banks saw their non-performing loans rise in June 2015 to 46.37%, or by €68.2m, from 46.02% the previous month, the Central Bank of Cyprus said.

The relocation of strategic oil reserves from the Larnaca seafront to the Vasilikos Energy Centre has been completed, the Ministry of Energy said recently.

Cabinet has authorised the Energy Minister to negotiate a two-year extension of Italian and South Korean consortium ENI-KOGAS’ licence to explore for hydrocarbons on Cyprus’ exclusive economic zone (EEZ).

Bailed-out Cyprus’ economy is no longer in recession and 2015 will mark real growth, deputy government spokesman Victoras Papadopoulos said recently.

Thirty-fivecompanies have been preselected in the procedure to denationalise the Limassol port and final bids are expected in December 2015, a senior official said recently.

The legislative body of the Republic of Cyprus introduced the Law 131 (I)/2015 referred to as the Law on the Establishment and Operation of an Administrative Court.

Bank of Cyprus will be likely the first lender in Cyprus to seek to foreclose collateralised real property in more than two dozen cases concerning non-performing loans worth around €85m as the relevant legislation comes into force.

Common Reporting Standard (CRS) for the Automatic Exchange of Information (AEOI)

Cyprus and Israel have agreed to form an 'implementation committee' to handle all aspects of bilateral relations and in particular energy and security issues, an insider told the press.

Israel has agreed to a sea route between the Gaza Strip and Cyprus in return for a long-term ceasefire with Hamas, Israel’s Haaretz newspaper reported recently.