Without legislation to recoup non-performing loans, it will take ten years to deal with the extent of bad loans at the island’s banks, according to a report in the Financial Times (FT).

The Finance Ministry said it further relaxed capital controls introduced following the March 2013 banking crisis.

The economy shrank for the 14th consecutive quarter between October and December 2014, albeit at a slower pace, compared to the same quarter in 2013, suggesting that the recession would be lower than Troika's estimates for 2014.

Eurobank Cyprus Ltd, the wholly-owned subsidiary of one of the big four banks in Greece, recorded a 10% rise in profits to €38.6 mln in 2014, up from €35 mln the previous year, defying the negative economic climate in both countries.

The harmonised deflation rate accelerated to 0.8% in February 2015 compared to 0.7% in January, mainly on reduced energy prices, the statistical service said recently.

Private telecoms provider MTN officially launched its 4G network recently, which promises high internet speeds and cutting edge browsing experience.

A new incentives package to entice more airlines to Cyprus was signed recently between airports’ operator Hermes and the Ministry of Communications, Works and Transport.

British Airways is increasing its Larnaca-London Heathrow services as of 29 March 2015, the official start of the summer period for airlines.

Several developments in the hydrocarbons sector are expected in the coming weeks, Energy Minister Giorgos Lakkotrypis said on the sidelines of an investment forum in New York recently.

Cyprus GDP decreased by 0.7% in the last quarter of 2014, compared to a decrease of 0.3% in the third quarter of last year, according to the EU statistical office Eurostat.