The Institute of Certified Public Accountants of Cyprus (ICPAC) said that action is needed to mitigate the impact on the local financial services sector from a recent Russian law cracking down on Russian offshore business.

The viability of Cyprus Airways (CY) is key for the EU to approve the ailing airline’s restructuring plan, the state aid commissioner’s office said recently, but as things stand it will not be given the green light.

President Nicos Anastasiades said recently he would resign if a probe found that he was in any way involved in the procedure to sell national carrier Cyprus Airways.

Co-op banks recorded a €109.5 million nine-month net profit in 2014, the Cooperative Central Bank (CCB) said recently, as it pledged to continue to support Cypriot households and small businesses.

Revenue from tourism decreased 23% to €273.4 million in September 2014 compared with the respective month a year ago, the statistical service said recently.

Preliminary interest in the licensing of the island’s first casino-resort has been immense, particularly from foreign investors from the US and Asia, according torecent media reports.

The Hellenic Bank believes that Cyprus' economy could return to positive growth in 2015, under the appropriate conditions and with the right moves and initiatives.

Business and consumer confidence rose in November 2014 by 3.11 points compared to the month before and reached its highest level since the fourth quarter of 2008, the University of Cyprus said.

Cyprus must make the most of its mild winter climate during winter by enhancing niche sectors of tourism, a survey conducted by PwC released recently said.

The discovery of hydrocarbon reserves in the Eastern Mediterranean can and should work as a tool for peace, stability, and cooperation in the region, Cyprus and Lebanon said recently.