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.

Economic sentiment fell in October by 0.5 points compared to the month before mainly on a deterioration of investor confidence in all economic sectors to 100.5 points compared to 85 points a year ago, the University of Cyprus said.

Chinese investors have shown an interest to invest in Paphos and are particularly keen to look at the potential of the town hosting a casino resort.

The results of the recent stress tests on Cypriot banks confirm the final stabilization and restoration of confidence in the financial system of Cyprus and the positive outlook, says the Finance Minister.

According to the results announced recently, the Cooperative Bank, Bank of Cyprus and Russian Commercial Bank (RCB) all recorded a surplus of funds while Hellenic Bank registered a deficit.

The Association of Cyprus Banks (ACB) has expressed satisfaction with the positive results of the Comprehensive Assessment of four Cypriot banks by the European Central Bank and the European Banking Authority.

Three Cypriot banks completed with a capital surplus the European Central Bank's comprehensive assessment, whereas one bank completed the exercise with a manageable shortfall.

Rating Agency Fitch has upgraded Cyprus' Outlook to positive from stable citing better than expected public finances performance and smaller budget deficits.

Cyprus Public Debt Management Office (PDMO) announced it approved applications amounting to €7.14 million for the purchase of sixth series of six-year government bonds for physical persons.

The industrial sector in Cyprus registered in 2013 a negative growth rate in real terms for a third year in a row.