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.

The consortium with a concession on offshore Block 12 will submit their development plan for the Aphrodite gas prospect to the government, Energy Minister Giorgos Lakkotrypis said recently.

The CSE Council has approved 'SMC MED Trustees (CY) Ltd' as nominated advisor of the Emerging Companies Market of the Cyprus Stock Exchange.

Coop banks recently announced a €41.2 million net profit for 2014 despite the rise in provisions for bad debts with total provisions reaching €2.97 billion.

The Eastern Mediterranean Pipeline (EastMed) would strengthen the security of natural gas supplies for Cyprus, Greece and other south east EU countries by adding a new cross-border entry point in the region, according to Dimitrios Manolis, deputy development director of the pipeline’s backer IGI Poseidon.

Standard and Poor’s (S&P) has revised the Cypriot economy’s outlook to ‘positive’ from ‘stable’, a decision welcome by the government.

The Council of Ministers of the Republic of Cyprus, on 19 March, 2014, revised the criteria for providing Cypriot citizenship to high-net worth individuals.

ENI’s failure to locate commercially exploitable natural gas reserves in the Amathusa prospect was always the more probable scenario, but regardless, the latest setback should not discourage Cyprus from pressing ahead with its offshore exploration plans.