The co-operation between Cyprus, Greece, and Egypt aims to bring stability in a volatile area and to allow everyone to reap the benefits of the natural wealth, President Nicos Anastasiades said.

The European Commission has approved funding for electricity connection between Hadera of Israel and Vasilikos in Cyprus, in the framework of the programme Connecting Europe Facility (CEF).

The island’s Supreme Court has ruled as unconstitutional four bills passed by opposition parties to limit the scope of a law on foreclosures.

Manufacturing production fell 3.0% year-on-year in August to 54.8 points, as most manufacturing sectors saw their production decline, the statistical service said recently.

Banks saw the highest deposit outflow in September 2014 since the aftermath of the island’s bailout in March 2013, Central Bank (CBC) figures showed.

The central government generated a €207.6 million surplus in the first three quarters of the year on a cash basis or 1.3% of the economy compared with a fiscal deficit of €411.8 million a year before, mainly on reduced spending, the Finance Ministry said recently.

Cyprus ranks 64th out of 189 countries, in the World Bank’s annual ‘Doing Business’ report, published recently.

Christos Hasapis announced recently he will be stepping down as Bank of Cyprus chairman at the upcoming shareholders’ meeting in November 2014.

Egypt, Greece, and Cyprus recently censured Turkey’s actions within the island’s exclusive economic zone (EEZ) and called on the neighbouring country to terminate unauthorised survey operations.

Cyprus tourism officials believe that the number of tourist arrivals from Russia will peak at 650,000 this year, second only to arrivals from the U.K., while Russians are the third best spenders on the island.