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.

Economic reforms in Cyprus are starting to yield results, the government said recently after one credit-rating agency upgraded its rating and a second its outlook for the bailed-out country.

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.