Members of the House commerce committee yesterday discussed the electricity authority’s (EAC) need to reduce electricity prices after profits fell to 28 million euros despite estimates they would reach 100 million euros.

Russia appears to be inching closer to gaining a long-coveted military foothold in Cyprus, as the future of their naval port in Syria looks increasingly shaky.

Low cost carrier Ryanair has added seven new destinations to its winter programme, a move welcomed by local tourist officials.

Cyprus and Iran have had their ups and downs in recent times but this month’s election of a new Iranian President has opened the door to the redefining of Iran’s relations not just with Cyprus but the EU bloc, raising prospects of natural gas collaboration, Iran’s Ambassador to Nicosia said yesterday.

Cyprus and Ukraine yesterday signed a protocol on the first session of the Joint Commission for Economic, Scientific, Technical and Industrial Cooperation, as part of efforts to further enhance economic relations between the two countries.

A total of 70.000 tourists more than the winter of 2012 are expected to visit Cyprus this coming winter, Tourism Minister George Lakkotrypis has said.

The government yesterday announced it was rolling-over €1.0 billion in debt with the same interest rate to facilitate cash-flow management and to ensure adequate funding.

The European Commission (EC) and the International Monetary Fund (IMF) in a joint statement issued on Thursday welcomed the announcement made by the Cypriot authorities to launch a voluntary debt exchange of Cypriot sovereign bonds.

Deposits in the Cypriot banking system in May registered a monthly drop of 2.51% to €55.92 billion compared with €57.37billion in April.

The Italian-Korean joint venture ENI/Kogas, operator of the natural gas exploration license for three blocks within the Cyprus offshore gasfields, have shown interest to invest in a supply train at the Vasiliko liquefaction plant.