Several developments in the hydrocarbons sector are expected in the coming weeks, Energy Minister Giorgos Lakkotrypis said on the sidelines of an investment forum in New York recently.

Cyprus GDP decreased by 0.7% in the last quarter of 2014, compared to a decrease of 0.3% in the third quarter of last year, according to the EU statistical office Eurostat.

With household incomes dwindling and banks still not fully injecting money into the economy, consumers seem to be holding back on their spending habits, with credit card payments recording a cumulative 12% fall in the first two months of 2015.

The mayors of Ayia Napa and Paralimni have said they are optimistic that tourists from Germany, Switzerland and Holland will offset declining arrivals from Russia in 2015.

With correct planning, Cyprus could quickly have a Gross Domestic Product of €30 billion, the CEO of Bank of Cyprus John Hourican said recently.

France’s Total is close to extending an offshore natural gas exploration programme in Cyprus after coming up empty in prior surveys, Energy Minister Giorgos Lakkotrypis said recently.

The Central Bank of Cyprus said that the resolution authority decided to strengthen governance levels in the administrative team of the legacy of Cyprus Popular Bank, after reports emerged in the press that investor interest in acquiring its Bank of Cyprus stake remained unanswered.

Hellenic Bank will pay 1.579% interest on its Bonds 2016 (HBDF) for the period 1 January 2015 to 31 March 2015 on 31 March 2015, the bank said in a statement on the Cyprus Stock Exchange.

The guarantor’s obligation to repay any amount outstanding after considering the value of any collateral posted by borrowers is included in the fifth and final insolvency bill, which was approved by the cabinet recently.

Finance Minister Harris Georgiades expressed recently his optimism that Parliament would pass the five bills pertaining to the insolvency framework and that it would allow for the implementation of a foreclosures legislation soon.