Major shareholder in Bank of Cyprus (BoC) Wilbur Ross is confident that the Cypriot economy holds great growth potential.

ENI-KOGAS are continuing their operations normally within offshore Block 9 and do not anticipate that their drilling schedule will in any way be affected by the latest Turkish moves.

Cyprus’ economy will shrink in 2014 by less than first thought, the island’s public debt management agency said recently, revising its forecast to a 3% contraction in output from an earlier estimate of 3.5%.

More than 75 Cypriot businessmen and investors attended the second session of the Ajman Free Zone, (AFZ) of the United Arab Emirates which was completed in Nicosia, as stated in the announcement by the organizers.

The exchange of credit data between Artemis Bank Information Systems Ltd and the Cooperative Central Bank which started on October 2, may help Cypriot lenders improve their credit standards as well as restructure and collect non performing loans, ratings agency Moody’s Investors Service said.

The government aims to boost the Cyprus shipping registry, President Nicos Anastasiades said recently, adding that this requires a continuous upgrade of services offered by the public sector and of security standards on board Cypriot-flag ships.

The Ministry of Agriculture will launch in January 2015 an invitation to Local Authorities to submit proposals for funding their integrated waste management policies, while at the same time, Cyprus is among the member states of the EU with the highest per capita waste production.

Moody's ratings agency said Bank of Cyprus’ (BoC) successful capital raise was a positive step towards the lender’s regeneration, but it continued to face challenges with rising non performing loans (NPLs).

The financial crisis in Cyprus has led to a drastic decrease in the volume of business of local Small and Medium Enterprises (SMEs) and the primary concern of local SMEs during 2013 was to survive, according to the European Commission Annual Report on European SMEs.

A luxury hotel complex worth over €80 million will be built on the coastal front of Finikoudes in Larnaca, following recent approval by the town’s municipal council.