Bank of Cyprus (BoC) is looking to cut its staff by 2,500 and radically reduce its branches across the island, as it adjusts to the new reality imposed by the conditions of the island’s €10billion bailout deal.

Cyprus is focused on implementing a bailout agreement and there was never a question of renegotiation, the government said yesterday, after EU officials and paymaster Germany made it clear that it was unlikely for the deal to change.

President Nicos Anastasiades has announced tax breaks for companies to help revive the economy during an address at the 52nd annual meeting of the Institute of Certified Public Accountants ICPA.

The Eurozone crisis interrupted more than three decades of growth for Cyprus as an international business hub. The consequences of the crisis have been harsh for the country, with the two local banks bearing the brunt of a financial assistance package which will see one bank wound down and another recapitalised through depositors bail in.

The island's banking system incurred losses of at least €4.0 billion through the merger of Greek lender Marfin Egnatia with the now defunct Laiki Bank, MPs heard yesterday.

The National Council (NC) will decide “collectively” next month on the appointment of a chief negotiator who will represent the Greek Cypriot community this autumn when peace talks are due to start.

Paphos will be formally presented with a gold quality award today, as one of the top 20 European destinations for sustainable tourism 2013.

Net metering will lower electricity bills and increase the production of energy from renewable energy sources (RES), Environment Commissioner Ioanna Panayiotou told deputies yesterday.

President Nicos Anastasiades on Wednesday appointed a new President of the Supreme Court while also promoting a district court judge to the top court.

New Minister of Energy, Commerce, Industry and Tourism Yiorgos Lakkotrypis talks business, bailout and boom industry.