Companies that filed for bankruptcy in Cyprus reached 139 by the end of November 2014, a number significantly lower than the 189 companies that filed for bankruptcy in 2013.

Investors should invest in Bank of Cyprus because its attractive share value and its board of directors, which guarantees world class governance, John Hourican, chief executive officer of the lender said recently.

Cyprus Airways has sold its moufflon logo and airline branding for €1.2m to the government.

Authorities relaxed restrictions on capital movement concerning domestic banks by doubling the ceiling of transactions within the ordinary business activity not subject to approval to €2 million.

Cyprus is listed in 64th place among 189 countries worldwide for doing business.

Cypriots spent €179,6 million for purchases in Cyprus in November 2014, 4% more compared to the respective month a year before, JCC Payment Systems said.

The number of property transactions fell in November 2014 by 6% island-wide to 370 compared to the year before.

The European Stability Mechanism (ESM) is expected to ratify the disbursement of the €350 million sixth tranche of Cyprus' bailout programme, at the next Eurogroup in Brussels.

Building permits fell in January to September 2014 27% in terms of construction area and 26% in terms of value compared to a year before to 573,756 square meters and €641.3 million mainly on a decline in new housing projects, the statistical service said.

Addressing non-performing loans, changing the business model, the need for transparency, and the removal of the remaining capital controls were the main challenges facing the sector, according to senior bankers at the 2nd Cyprus Banking Forum in Nicosia recently.