The shipping industry has been one of Cyprus’ most successful export services, as the country enjoys the privilege of being one of the most influential global hubs for ship owning and ship management services, with the island’s maritime capital, Limassol, being home to some of the world’s most important names in shipping, said President Nicos Anastasiades.

The cabinet yesterday approved the establishment of a State Company for the Supply of Aeronautical Services to replace the Civil Aviation Department (CAD).

Preliminary results from appraisal drilling on Block 12 show about 5 trillion cubic feet (tcf) of natural gas, lying at the lower end of 2011 estimates by US Noble Energy, authorities have said.

Cyprus will be at the centre of international shipping from October 6-9, during the Maritime Cyprus Conference 2013 in Limassol.

Cypriot banks and cooperatives could face capital needs that exceed by some €1.5 billion the €2.5 billion of EU support funds earmarked for the banking sector, Moody’s ratings agency said on Thursday, as assets deteriorate amid the severe recession.

A Cypriot offshore field holds between 3.6 trillion cubic feet (Tcf) and 6 Tcf of natural gas, US-based oil company Noble Energy said, announcing the results of an appraisal drill.

A conference on the impact of the eurozone crisis and austerity policies on Portugal, Italy, Greece, Cyprus and Spain is being organised by the Friedrich-Ebert-Stiftung (FES) Office in Cyprus next week.

Around 150,000 more tourists are expected to visit Cyprus during the coming winter compared to last year’s, Transport Minister Tasos Mitsopoulos said yesterday.

The president's speech at the UN General Assembly reflected a changing wind in the rhetoric of the Cyprus peace process and was welcomed by Turkey and ruling DISY’s coalition partners, but not the opposition.

The potential of Cyprus to be a leader in efforts to exploit the Eastern Mediterranean’s hydrocarbon resources to benefit all players was discussed yesterday when President Nicos Anastasiades met US Vice President Joe Biden in Washington.