The Co-operative Central Bank is not waiting around for the implementation of foreclosure legislation and instead is taking the initiative to tackle non-performing loans (NPLs) – which are around 55% – a similar ratio to Bank of Cyprus.

Cyprus Trading Corporation Plc, the island's premier retail company headed by the NK Shacolas empire, announced unprecedented profits of €41.7 m for 2014, boosted by the sale of its airport catering and shops division.

The deadlock in the bailout funding caused by the refusal of parliament to approve a package of measures on foreclosures could end soon, with the Cabinet expected to review the final piece of the relevant insolvencies bill on March 3 and then table it in parliament for a final vote two day later.

A handful of prospective buyers are believed to have shown keen interest to invest in the Venus Rock project, the biggest integrated beachfront resort already underway on the island with a market value of €5.7 bn.

President Nicos Anastasiades said recently that Cyprus remains committed to the implementation of the economic adjustment programme.

The Cyprus Tourism Organisation (CTO) and the island’s hotel industry are shifting focus towards specialised tourism markets in the Middle East.

Hellenic Bank recently announced that it will be lowering its interest rates by 1% as of March 1, as soon as the Central Bank of Cyprus’ proposal was issued.

Cyprus will overcome the current foreclosure impasse and fulfil bailout terms agreed with international creditors during the financing period, economists said recently to the press.

Noble Energy predict that it could take between six and eight years for gas to be drilled out of the Aphrodite gas field in Cyprus’ Exclusive Economic Zone (EEZ).

Cyprus’ leading recruitment agency, GRS, has flourished since it was established in 2005 and is Cyprus’ top agency for filling executive and board level positions.