The government recently announced a €10 million grant scheme earmarked for businesses investing in research and innovation.

Vasiliko Terminal Services (VTS) announced recently the launch of its operations at the jetty of VTT Vasiliko (VTTV) oil storage terminal, in the south-eastern coast of Cyprus.

The Cypriot government is monitoring the issue that has arisen with energy companies Noble and Delek in Israel, a government source told the press recently.

Non-performing loans in Cyprus’s banking system continued to rise in October 2014 to €28.2 billion or almost 49% of total loans, the Central Bank of Cyprus said recently.

Economic sentiment improved in Cyprus in December 2014 on a better economic outlook in the retail and services sector, a survey co-funded by the European Union said recently.

Minister of Communications and Works Marios Demetriades said that low cost airline Ryanair and Greece’s Aegean Airlines applied for a local airline licence.

The cabinet has approved fuel subsidies for the agricultural and fisheries sector to help boost competitiveness and sustainability in the sector, and to offset a new tax on coloured fuel.

President Nicos Anastasiades is ready to hold a dialogue with the island’s political leadership in a bid to form a consensus government early in 2015.

Barbaros, the Turkish vessel which carried out exploration activities for hydrocarbons in Cyprus’ EEZ since 20 October 2014, sales off Eastern Mediterranean on the 30 December, Turkish media reports.

Finance Minister Harris Georgiades is pleased that 20 months after the bailed-out island’s near meltdown, the economy and banking sector is stable with every quarter improving on the previous one.