Struggling national carrier Cyprus Airways (CY) will start turning a profit by 2015 if the latest restructuring plan prepared for the airline is given the thumbs up in Brussels.

Bank of Cyprus has officially exited from administration status, ending a period of uncertainty.

The government has excluded National Hydrocarbons Company KRETYK from any negotiations regarding Cyprus’ natural gas in its attempts to dissolve the company according to former commerce Minister Neoclis Sylikiotis.

The economy has absorbed the shock of the Eurogroup decision and is now on a path of improvement, said Nobel prize winner Christopher Pissarides yesterday.

The Central Bank of Cyprus (CBC) has agreed a 47.5% haircut with international lenders on deposits exceeding €100,000 in the Bank of Cyprus in an attempt to recapitalise it.

The Ministry of Finance issued the eighth decree on the international banks exempted from capital controls imposed in Cyprus following the Eurogroup decision lastMarch as part of a 10 bln euro bailout.

A mild recovery in the services, retail and manufacturing sectors help lift the Economic Sentiment Indicator for July by 2.7 points to levels last seen a year ago in September. The index, compiled by the Economic Research Centre of the University of Cyprus, also saw a mild improvement in consumer sentiment, but the construction sector remains in the doldrums.

The creation of a mediation service as a means for conflict resolution was announced yesterday by the Cyprus Chambers of Commerce and Industry (KEVE) The idea is to reduce both the exorbitant costs and time associated with conventional litigation, KEVE said.

The new Limassol Marina is an impressive development, according to tourism minister George Lakkotrypis on his first official visit to the marina yesterday.

Cypriot officials discuss the government’s energy plans with the troika of international lenders, with a special focus on the discovery of natural gas in Cypriot waters.