Cyprus saw its revenue from tourism slump 12% in October 2014 compared to a year ago to €217 million, the statistical service said recently.

The government wants to establisha new airline in succession of Cyprus Airways with the same brand name and logo in partnership with private investors.

Cooperative credit institutions in Cyprus have witnessed an influx of deposits totalling €260 million and an increase in their deposit base in the last two months of 2014.

The year 2015 will bring about a reckoning for Cyprus. Set to exit recession and back on international markets, the country is ripe for economic recovery – with tourism, energy and financial services driving growth

Cyprus Airways was shut down after the European Commission ruled that more than €102m in government support given to Cyprus Airways (CY) in 2012 and 2013 constituted illegal state aid and €66m had to be repaid.

Authorities further relaxed restrictions on capital movement citing “important progress” in stabilising the banking system and restoring investor and depositor confidence in the banking system, the Finance Ministry has said.

Cyprus will be showcased at 20 international business forums in 12 countries over the next 12 months, Commerce, Industry, Tourism and Energy Minister Giorgos Lakkotrypis said recently.

Services offered by the Co-op bank will be consolidated island-wide from 12 January 2015, after the network merged its logistics systems.

The European Commission has ruled that €102m in government support given to Cyprus Airways (CY) in 2012 and 2013 constituted illegal state aid, which could herald the end of the national carrier.

New routes to Paphos in Cyprus are to be introduced by Thomson and First Choice from Bristol airport for winter 2015-16.