The Eastern Mediterranean region is currently undergoing changes to its energy landscape and the recent discoveries of large hydrocarbon resources have the potential to drastically alter energy supplies and potential in Cyprus, said the Minister of Communications.

The ambitious oil storage terminal project at Vasiliko should be completed very soon, with the first shipments expected soon after, said company officials.

Standard & Poor’s ratings agency recently raised its long-term foreign and local currency sovereign credit ratings on Cyprus to ‘B+’ from ‘B’ on strong budgetary performance.

No bank in Cyprus is set to fail the European Central Bank stress results, insiders said recently, responding to a Reuters reportsaying a Cypriot lender wouldn’t pass the health check.

It seems that things are looking up for the island’s winter tourism for 2014-15, as more inbound flights have been scheduled for the winter, the hoteliers’ association PASYXE said recently.

Of all the obstacles to putting the economy back on track, the IMF recently honed in on the banks’ non-performing loans (NPLs), citing the urgency for Cyprus to implement a foreclosures framework.

Cyprus needs to redouble its efforts to put its adjustment programme back on track after derailment by “heightened political opposition, entrenched vested interests, and reform fatigue”, which were taking a toll, the International Monetary Fund (IMF) said recently.

Five new hotels are expected to operate in Larnaca in 2015, according to the town’s Tourism Development and Promotion Company.

German speaking markets are being targeted by tourism stakeholders as a priority with the aim of boosting arrivals to Paphos, regional tourism board officials said recently.

Minister of Agriculture, Natural Resources and the Environment Nicos Kouyialis has said that the Russian embargo on EU products has cost the Cyprus economy so far €13 million.