Moody’s Investors Service has upgraded Hellenic Bank Public Company Ltd’s long-term deposit rating to Caa2 from Caa3 due to the bank’s large volume of deposits and has affirmed the bank’s caa3 baseline credit assessment (BCA).

The Minister of Transport, Communications and Works Marios Demetriades has said that Cyprus has finally passed through the "rough paths" of recession and has moved to investment growth with significant prospects especially for the construction industry.

The drop in house prices slowed down during the first quarter of 2015, which recorded a fall of 1%, the smallest since the fourth quarter of 2012, data published recently by the Central Bank of Cyprus shows.

The Cyprus Airways logos and trademarks are on the market, with the government seeking expressions of interest.

Bank of Cyprus and the CIIM Business School have set up a start-up programme to provide innovative business ideas with seed money, facilities and support services.

The Cyprus government will go to tender by the end of the week of June 20, 2015 to invite bidders for the three services at Limassol port, the island’s main port of call that accounts for 80% of passenger traffic and 70% of all commercial activity.

President Nicos Anastasaides’ visit to Jerusalem was hailed by both countries as another step in growing ties between Cyprus and Israel.

RCB Bank, the Limassol-based private bank that passed the ECB’s stringent stress tests in October 2014, plans to expand its presence on the island by providing more corporate lending.

Cyta Hellas, the wholly-owned subsidiary of the state telco Cyta that is slated for privatisation, reported a turnover of €90.49 mln for 2014, with gross profits at €29.44 mln, up from €26.28 mln the year before.

The Public Debt Management Office of the Ministry of Finance announced that the recent auction of €50 mln 30-day Treasury Bills was oversubscribed by about 1.24 times, with the yield dropping to 1.75%, compared to 1.81% in the May auction.