Ryanair has said it is one step closer to taking over Cyprus Airways (CY) after getting through to the second round of bidding for the ailing flag carrier at the weekend, the Irish Times reports.

The Finance Minister said recently the downturn on the island appeared to have bottomed out, after the economy showed an improvement over the past four quarters.

The Agriculture Ministry plans to disburse up to €4.2 million in European Union funds towards development and promotion of the domestic wine industry over the next two years, with zivania playing a leading role, Minister Nicos Kouyialis said recently.

Cyprus is expected to record a growth rate of 1.6% in 2016 according to the European Commission's Autumn Economic forecast.

Noble Energy is leaning toward regional pipelines as its favoured option for monetising its Cypriot natural gas finds, with onshore liquefied natural gas (LNG) now relegated to bottom of the list.

Cyprus banks came out with positive results from stress tests carried out by the European banking regulator, marking a final stabilisation of the banking system.

Cyprus is reinventing its tourism sector by offering a wider range of year-round activities and showing a more sustainable approach to tourism.

This short note is dedicated to the test of residency in Cyprus for the purposes of taxation.

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The government is looking at all options in relation to the exploitation of hydrocarbon reserves in Cyprus' Exclusive Economic Zone, Minister of Energy, Commerce, Industry and Tourism Yiorgos Lakkotrypis said recently.