Cyprus’ third-biggest lender Hellenic Bank Group is looking to use the island’s position as a ‘stepping stone’ between Europe and the Middle East to attract new business.

Residential property prices in Cyprus recorded one of the largest falls in the EU in the fourth quarter of 2014, according to data from the EU’s statistical service Eurostat.

A 16% increase has been recorded in inbound flights from January to March 2015 compared to last year, Tourism minister George Lakkotrypis said recently as he opened the 18th tourism exhibition Taxidi 2015.

A leftist moderate promising to press for a peace deal in ethnically-split Cyprus swept to victory in a Turkish Cypriot presidential election runoff recently.

Fitch Ratings agency has affirmed Cyprus’ long-term foreign and local currency Issuer Default Ratings (IDRs) at 'B-' with a Positive Outlook, according to a recent statement.

Cyprus has secured funding from the European Bank for Reconstruction and Development-EBRD for a study which will finally lead to the launching of Next Generation Access-NGA networks in the island.

Implementation of the foreclosures framework in parliament is credit positive for Cypriot banks because it lays the groundwork for large-scale loan restructurings and improves the banks’ recovery prospects, Moody’s said recently.

Cyprus will soon operate a satellite terrestrial station, enhancing the country’s role as a regional search and rescue centre, Defence minister Christoforos Fokaides revealed recently.

Property owners and buyers have until the end of the year to appeal the government’s valuation of their real estate and correct any other mistakes made in the process of fixing immovable property tax (IPT).

Finance Minister Harris Georgiades told his colleagues at the Eurogroup meeting in Riga recently that the island was “edging out of recession,” while the group’s Chairman Jeroen Dijsselbloem welcomed the news for Cyprus.