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.

The Cyprus Stock Exchange has announced the de-listing of struggling Cyprus Airways’ shares as from January 13, 2015.

The government wants to build up its cash reserves from €200 m at present to about €500 m by the end of 2015, representing half the amount it intends to hold in liquid assets and to reduce the risk factor related to foreign borrowing.

The monthly Economic Sentiment Indicator (ESI) compiled by the Economics and Research Centre of the University of Cyprus saw an improvement of 2.1 points to 105.2 in December 2014, compared to the previous month’s survey.