Hellenic Bank, one of four Cyprus systemic banks participating in the European Central Bank’s asset quality review this month, will examine a possible increase in capital on October 25 and 26, 2014, the lender said recently.

Despite the ongoing dip in Greek bonds, President Nicos Anastasiades told business news site Bloomberg that Cyprusplans to issue sovereign debt before the year-end as part of a strategy to exit the economic adjustment programme ahead of schedule.

President Anastasiades met a host of foreign leaders on the sidelines of the Asia-Europe Meeting (ASEM) in Milan, briefing them on progress in the Cyprus peace talks as well as the latest Turkish provocations in Cyprus’ Exclusive Economic Zone (EEZ).

The Co-operative Central Bank said recently it had made a net profit of €85.6m in the first half of the year.

ENI company, currently prospecting for natural gas in Cyprus waters, signed recently a cooperation agreement with Korea Gas Corporation (KOGAS) to further strengthen their relationship in a number of areas, particularly in the upstream and LNG sectors.

As a result GDP for 2014 is expected to contract by 2.4%, according to the Economic Research Centre (ERC) of the University of Cyprus.

The fiscal deficit is projected to be lower in 2014 than the 3% threshold set by the EU and closer to 2.5%, said the Finance Minister recently.

The Cooperative Central Bank (CCB) is receiving encouraging signs from its restructuring operations, its chairman said a day after the bank posted profits of €85.6m for the first half of 2014.

The European Bank for Reconstruction and Development (EBRD) has not ruled out the possibility of buying a stake in Cyprus' banks, EBRD Cyprus office head said recently.

Cyprus will submit candidacy for the leadership of the International Maritime Organization (IMO) of the United Nations in the upcoming elections in June 2015.