Greek shipping companies are looking into moving to Cyprus due to the instability and uncertainty in Greece, it emerged recently.

The Zenobia shipwreck off Larnaca contributed over €14m to the economy annually, officials said recently, calling on the government to ban fishing in the area, which has become an important artificial reef.

President Nicos Anastasiades recently announced tax incentives, including a 50% cut in property transfer fees, to boost economic activity as Cyprus moves to attract rich foreign nationals.

Cypriot authorities can prevent a contagion of the Greek crisis to Cyprus by continuing to implement the economic and financial reform programme, says economist Michalis Florentiades.

The Cyprus Stock Exchange announced that €340m worth of Government Registered Development Stock would be placed on the Cyprus Stock Exchange for trading from July 1, 2015.

The unemployment rate in Cyprus in May 2015 remained stable at 16,0%, compared to April 2015.

In an atmosphere fitting for the thriving new destination, Limassol Marinacelebrated a year of operation on the weekend of Saturday 27th and Sunday 28th of June, 2015 with live music and activities for the visitors along the promenade.

Finance Minister Harris Georgiades said the decision of the Greek government to request from international creditors a new two-year programme worth €30bn was a “politically difficult but necessary choice".

PricewaterhouseCoopers is collaborating with educational and business organisations in a bid to support and promote entrepreneurship.

The Council of Ministers has approved Dutch company Vitol as the temporary supplier of natural gas to the country, the press has learned.