The Cyprus shipping industry is in need of rebranding and restructuring to enhance competitiveness, Communications, Works and Transport Minister Marios Demetriades said recently.

A group of Cypriot businesses with strong presence in Greek markets have engaged the Cyprus Chamber of Commerce and Industry, in a concerted effort to decide on a response to the Greek government’s decision to impose a 26% punitive tax on imports from certain countries.

The lifted controls on the movement of capital that have been in place for the last two years is a positive development for the economy, said President Anastasiades at a recent news conference.

President Anastasiades recently met the Vice President of the European Bank for Restoration and Development (EBRD), PhilBennett, who paid his first visit to Cyprus.

In 2014, average hourly labour costs in the whole economy (excluding agriculture and public administration) were estimated to be €15,7 in Cyprus.

Logicom will distribute Palo Alto Networks in Greece, Cyprus and Malta, providing its specialized reseller network with the full range of products and support encompassing the Palo Alto Networks enterprise security platform.

Bank of Cyprus’s audited results showed the lender made a €261m after tax loss in 2014 and revised upward its unaudited loss by €5m posted on February 25, the lender said.

The price of electricity is to be reduced due to falling oil prices, the Electricity Authority of Cyprus (EAC) announced recently.

Cyprus is to apply to the Mars One project to host one of its simulation locations ahead of the 2024 first-ever mission to the Red Planet, an official at the commerce and tourism ministry said, citing the move as a great boost for the island’s tourism, and its space ambitions.

President Nicos Anastasiades said the departure of the Turkish seismic vessel Barbaros from Cyprus was a positive step but also said it was important that Turkey issued no new navigational telex (NAVTEX) and respected the sovereign rights of the Republic.