Building permits fell in January to November 26% in terms of construction area to 0.7 million square metres and 25% in terms of project value to €799.4 million compared to the respective period of 2013, the statistical service said recently.

Technocrats of Cyprus’ Troika of international lenders and head of the Cyprus Securities and Exchange Commission Demetra Kalogirou recently discussed the supervision of companies providing administrative services.

The Cyprus Cooperative sector is considering a reduction in interest rates on home loans, its Chairman said recently.

Hellenic Bank, the recently recapitalised lender that boasts Third Point Hellenic Recovery Fund and online game developers Wargaming.net among its major shareholders, has decided to proceed with a 50:1 reverse stock split, reducing the number of shares listed on the CSE from 9.4 bln shares to 187 mln.

A steady economic environment and combating bureaucracy are the two prerequisites to effectively attracting foreign investment to Cyprus, the House Commerce Committee heard recently.

Russian investors are planning to build a giant hotel overlooking Phinikoudes promenade in Larnaca in what would be a landmark construction project for Cyprus if they get the green light.

The government has sold 13-week treasury bills worth €125 million at an average yield of 2.96%, the Finance Ministry said recently.

Minister of Agriculture and Natural Resources Nicos Kouyialis said the measures taken by the Ministry succeeded in preventing any further decline of the agricultural sector due to the wider economic crisis, the prolonged drought and the Russian embargo on agricultural exports.

The programme for the consolidation and reform of Cyprus' economy yields results and should be continued, Harris Georgiades, the Finance Minister has told the heads of the troika mission.

Leading international recruitment agency, GRS Recruitment, works closely with its Cyprus-based group company, Fairfax Yeaman, to provide a unique service of employing and outsourcing personnel to companies that do not yet have a registered Cyprus entity, or to those that do not intend to register a company in Cyprus but need to have personnel operating in Cyprus.