Bank of Cyprus (BoC) workers will see their salaries cut by up to 30 per cent while allowances will be either scrapped or cut by half, it was announced on Tuesday.

Since the banking system has started to return to normal and stable conditions, we look forward to the Bank of Cyprus, to exit its restructuring process as soon as possible, the goal being that this happens by the end of July, Government Spokesman Christos Stylianides has said.

Building permits were down by 30% at the first quarter of 2013 compared to the same period of 2012, Cyprus Statistical Service data published on Wednesday show.

Some 57 beaches in Cyprus have been given the prestigious Blue Flag this year, rewarding their compliance with a number of criteria on environmental management, water quality, and safety.

Delek Drilling Chairman and CEO for Avner Gydeon Tadmor said on Monday he was is looking forward to accelerating the process of developing hydrocarbon reserves found within Cyprus’ Exclusive Economic Zone (EEZ).

French Total seems to be interested in participating at the construction of a natural gas liquefaction terminal in Cyprus, President Nicos Anastasiades said today, while noting the company’s effort to accelerate the exploration and exploitation process in its two licensed blocks in Cyprus’ exclusive economic zone.

The Bank of Cyprus (BoC) will set up an investment company that will take over the group’s non-banking operations in a bid to rationalise its balance sheet and boost its capital adequacy.

Medical tourism could contribute towards extending the tourist season in Cyprus, bringing in money and providing jobs during these financially trying times for the island, officials heard yesterday.

Appraisal drilling in Cyprus’ Block 12 begins today, the outcome of which will a have significant influence on the development of the hydrocarbons industry in the country.

GDP fell in Cyprus by 1.3% during the first quarter of 2013, compared with the previous quarter, according to second estimates published by Eurostat, the statistical office of the European Union.