Major reforms to the definition of non-performing loans have been announced in a draft directive issued by the Central Bank of Cyprus (CBC) to banks and financial institutions domiciled in Cyprus.

International Monetary Fund (IMF) Managing Director Christine Lagarde says Cyprus will probably need more than two years to get back on its feet after the near-destruction of its banking sector during the island’s messy bailout.

A Ukranian court has frozen the ownership of the local units of two stricken Cypriot banks, making it impossible for them to sell off in the short term more than €240 million of assets held in Ukraine.

Cyprus expects to begin exporting natural gas around 2020 if all goes according to schedule, says trade and energy minister.

The government is set to announce a second package of economic stimulus measures.

US energy firm Noble Energy is due to begin appraisal drilling at a second site in offshore Block 12 this week once the drilling platform has been prepped.

New Chairman of the Cyprus Airways Board of Directors, Tonis Antoniou, has given assurances to the staff of the company that the Board will make every effort to put the company back on track.

Fitch Ratings has downgraded Cyprus`s long-term foreign currency Issuer Default Rating (IDR) to `B-` from `B` with a Negative Outlook, and the local currency IDR to `CCC` from `B`.

Chairman of the Cyprus Hotel Association Charis Loizides on Tuesday expressed his optimism that tourist bookings in the months of July, August and September will cover the losses that were recorded in the tourist industry over the last two months.

The services sector took a hit in the first quarter of 2013, according to the latest figures on turnover.