Co-operative banks and the government have agreed on a formula for the sector to buy back its shares, which will go to the state after the sector is recapitalised using public funds.

Eurobank in Cyprus made a profit of €13.2 million after taxes during the first half of this year it announced on Wednesday.

Efforts to explore and exploit hydrocarbon reserves in the Eastern Mediterranean has opened up new opportunities for further enhancing strategic relations between Egypt and Cyprus, said President Nicos Anastasiades yesterday.

Cyprus is successfully carrying out necessary reforms and the next tranche of €1.5bn from the eurozone’s bailout fund will be disbursed, says European Commission draft report.

The ambition of the University of Cyprus is to be among the 200 best universities in the world by 2020.

Pavlos Loizou Managing Partner of Real Estate & Investments at Leaf Research explains the Cyprus IPT.

President Anastasiades tells German press Cyprus will return to financial markets before programme-end in 2016 and require no more funds from international lenders.

Consumers and companies continued to withdraw deposits from banks in Cyprus in July, where big account holders in the two largest lenders were forced to take a hit as part of an international bailout.

The CSE is planning to introduce a market for derivatives by the end of 2013 or early-2014 to boost revenue-earning capabilities and diversify the tools and services offered to investors.

The Natural Gas Public Company (DEFA) has wrapped up talks with Russia’s Itera on the potential interim supply to Cyprus of natural gas, and is now set to deliver a report to the government.