The time has come for the Cypriot banks to offload their bad loans and start dealing with core banking business of taking deposits and lending, Hellenic Bank Chairwoman Irena Georgiadou told the press recently.

Cyprus should return to its traditional markets of Germany and the United Kingdom, without ignoring new arrivals from Russia in recent years and the rise in the number of new tourists from other ‘emerging’ markets, the island’s tourism board chairman Angelos Loizou said recently.

Offshore driller Noble Corporation (also active in Cyprus' waters)has signed up three of its rigs for work in the Middle East, inking a pair of contract extensions and a fresh deal for a previously idle unit worth $179 mln.

Ever since Cyprus realised the political, economic and social importance of shipping, as early as 1963, the island’s registry has boomed and today ranks tenth among international merchant fleets.

HELLAS Sat Consortium Ltd is operating the largest solar park in Cyprus, the company announced recently.

The increased use of plastic money in March 2015 was insufficient to completely offset lost ground in the first three months of the year, JCC Payment Systems Ltd, the card-possessing joint venture of local banks, said.

Bank of Cyprus said it entered an agreement with the European Investment Fund, which will allow it to offer up to €60m in loans to small and medium size enterprises at favourable terms.

The better than expected fiscal developments in 2014 will allow the government to reduce its outstanding short term debt by €200m to €500m, the public debt management office said recently.

The construction sector saw its output drop almost 19% in the fourth quarter of 2014 compared to a year ago, accompanied by a marginal 0.1% increase in producer prices, the statistical service said.

Low-cost carrier Ryanair has announced its winter 2015 Paphos schedule with a seat sale.