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.

The tender for the temporary import of natural gas by Cyprus has been cancelled by the Natural Gas Public Company (DEFA) according to the Jerusalem Post, which said that Cyprus has “nixed” the tender.

Transavia is the first airline to offer direct flights between Larnaca and Amsterdam and does so twice a week, while also flying this route in combination with a stop in Paphos twice a week.

Cyprus’ real estate activity increased by almost a third in the first nine months of 2014 compared with the same period the previous year, as developers cut prices to bargain-basement levels to stimulate the market.