Cyprus’ strategic oil reserves are scheduled to be moved away from Larnaca’s refineries to the Vassilikos area by mid 2015, Energy Minister Yiorgos Lakkotrypis said recently.

French multinational energy company Total S.A. found no spot to drill for hydrocarbons in the two blocks for which it got an exploration and exploitation licence, Energy Minister Yiorgos Lakkotrypis said recently.

Following the recent developments relating to the Swiss franc the Bank of Cyprus Public Company Ltd announced that this development had no material impact on the Bank's financial position.

The Hellenic Bank has issued a press release stressing that it remains unaffected by the changes to the Swiss franc and the recent decision by the Swiss National Bank to no longer cap the franc’s value against the euro.

The Central Bank (CBC) said recently it plans to lean on commercial banks to lower their lending rates, currently the highest in the eurozone.

The stabilising of the global price of Brent crude oil to under $50 a barrel has led to a further fall in the price of fuel in Cyprus.

Gulf Air, Bahrain’s national carrier, has launched a week-long fare promotion from Larnaca giving competitive airfares for travel between now and April 30, 2015 on the airline’s triple weekly services from Larnaca to Bahrain and onwards to Dubai, Abu Dhabi, Bombay and Karachi.

Tourist arrivals rose 3.7% year on year in December 2014, the statistical service said recently, as the year closed with a 1.5% increase.

The European Investment Bank has announced it is considering a proposal from the Cyprus Organisation for Storage and Management of Oil Stocks (KODAP) to fund a new strategic storage terminal in Vasilikos, on the country's southern coast.

Ryanair recently extended its rescue fares for customers affected by the collapse of Cyprus Airways.