Cyprus' trade deficit for the first ten months of 2013 recorded a significant drop of €900 million, according to Eurostat data.

The Cyprus Index of Production in Construction for Q3 2013 declined by 32.9% year-on-year, figures released recently by the Statistical Service show.

Lawsuits are expected to be lodged against 32 developers and hotels for €10.6 million outstanding in property tax.

The importance of research and innovation in the efforts to restart the Cypriot economy is underlined by the Director General of the Research Promotion Foundation, in an interview he gave to the Cyprus News Agency (CNA).

The European Commission announced that 17 member states, including Cyprus, have already submitted their final plans to implement the Youth Guarantee, the EU-wide reform aiming to help all jobless people under 25 find employment, continue education, an apprenticeship or traineeship within four months of becoming unemployed or leaving formal education.

The Chairman of the Medical Services Promotion Agency of Cyprus has urged the government to help and finance the field of medical tourism, saying it will bring economic benefits and warning that otherwise the country will “miss the train”.

The European Research Council (ERC) has selected 312 top scientists in its first Consolidator Grant competition, among them the young Cypriot scientist Dr Constantinos Skordis, based at Nottingham University.

The government is looking into legalising hemp cultivation, with plans by the Agriculture Ministry to subsidise hemp farmers so that the byproduct could be used in various industries.

After meeting British PM David Cameron, President Anastasiades hailed the 'historic development' with regard to enabling property development within the non-military areas of the British Sovereign Base Areas (SBA).

The building of two marinas in the coastal towns of Ayia Napa and Protaras is expected to go ahead in the first half of 2014, pending cabinet approval.