Troika officials who are monitoring cutbacks and reforms to reduce the runaway fiscal deficit of Cyprus, say the programme is on track, but the biggest challenge ahead is the privatisation of SGOs.

Organic olive oil, pharmaceuticals, tech and postal services win awards for initiatives that marked innovative firsts for the island.

Hellenic Bank is lowering its interest rates on certain categories of loans, following similar plans by Bank of Cyprus and Alpha Bank.

Cyprus’ GDP is expected to contract in both 2013 and 2014, with the recession coming to an end in 2015, says the autumn forecast of the European Commission.

Israel’s national carrier EL AL has restarted flights to Cyprus after around six years, with the first aircraft arriving at Larnaca airport.

Out of a total of 23 countries worldwide, the 2013 Knight Frank Global Lifestyle Review puts Cyprus in fifth place as the best relocation destination in the world.

Hellenic Bank avoids Cyprus state bailout, raising €100 million through private funds from three major investors taking 75% of the share capital.

Alpha Bank Cyprus has announced it is issuing new shares and convertible securities worth €129 million to strengthen its capital in line with a diagnostic assessment.

Co-operative bank authorities appear optimistic that international lenders could approve a restructuring plan involving the shedding of 700 jobs through early retirement.

Cyprus recorded one of the highest year-on-year unemployment increases in September, reaching 17.1% or 76,000 people, says the European statistical service Eurostat