The government needs to give priority to attracting more investment to the shipping industry, with or without a solution to Turkey’s ban on Cypriot-flagged ships entering its ports, according to the head of the Cyprus Shipping Chamber.

One of the primary goals of his visit to Russia will be to promote tourism, Energy, Commerce, Industry and Tourism Ministry Giorgos Lakkotrypis said recently, ahead of the departure of President Nicos Anastasiades' and his delegation.

The University of Cyprus aims to become completely energy self-sufficient through two solar panel parks, Rector Constantinos Christofides said recently during the launch of the ‘Phaethon’ photovoltaic park.

The Co-operative Central Bank is not waiting around for the implementation of foreclosure legislation and instead is taking the initiative to tackle non-performing loans (NPLs) – which are around 55% – a similar ratio to Bank of Cyprus.

Cyprus Trading Corporation Plc, the island's premier retail company headed by the NK Shacolas empire, announced unprecedented profits of €41.7 m for 2014, boosted by the sale of its airport catering and shops division.

The deadlock in the bailout funding caused by the refusal of parliament to approve a package of measures on foreclosures could end soon, with the Cabinet expected to review the final piece of the relevant insolvencies bill on March 3 and then table it in parliament for a final vote two day later.

A handful of prospective buyers are believed to have shown keen interest to invest in the Venus Rock project, the biggest integrated beachfront resort already underway on the island with a market value of €5.7 bn.

President Nicos Anastasiades said recently that Cyprus remains committed to the implementation of the economic adjustment programme.

The Cyprus Tourism Organisation (CTO) and the island’s hotel industry are shifting focus towards specialised tourism markets in the Middle East.

Hellenic Bank recently announced that it will be lowering its interest rates by 1% as of March 1, as soon as the Central Bank of Cyprus’ proposal was issued.