The government has not agreed to a proposal for a private firm to carry out a money-laundering audit of the island’s banking system, Finance Minister Vasos Shiarly reiterated yesterday.

Cyprus banks will not need as much for their recapitalisation as the outgoing government had led us to believe, but would still require anything between 6 to nearly 9 bln euros, according to PIMCO’s final report. The diagnostic test for the capital needs of all financial institutions found that in the baseline scenario, the island’s three main commercial and Cooperative banks would need 5.98 bln euros, of which 5.616 bln would be primarily for Laiki Bank and Bank of Cyprus, as well as Hellenic Bank to a much smaller extent, and some 364 mln for the Cooperative banks, based on the valuation conducted on 65% of all Coops.

Nicos Shacolas put a smile on many desperate peoples’ faces over the weekend when he landed a most welcome bombshell in a near-bankrupt economy, declaring that he is investing in the biggest leisure project ever conceived on the island.

European Union leaders reached agreement on the first ever cut in their common budget yesterday after 24 hours of intense negotiations, seeking to placate millions at home struggling through government cutbacks and recession.

The acquisition is part of MTN Group’s broader strategy to make Cyprus an innovation hub for the development of new products and services for the group.

Cypriots have made their home across the globe, but outer space remains as yet unexplored territory, however a newly launched company hopes to change that and plans to land a robot on the Moon by the end of 2015.

Korea is determined to increase its commercial presence in Cyprus, following the successful deal concluded last month with a consortium of South Korea's KoreaGas Corp and Italy’s Eni (ENI/KOGAS) for hydrocarbon exploration licenses in three offshore blocks.

Cyprus continues to be an excellent export platform for foreign and local investors irrespective of current conditions and the country has every possibility to play a catalytic role in the region’s financial growth, says President of Cyprus Demetris Christofias.

French energy giant Total has been granted a license to carry out hydrocarbon explorations in two offshore blocks in Cyprus’s Exclusive Economic Zone (EEZ).

Rapid changes in the global tourism industry, new prospects for Cyprus, and increasingly intense competition will be in focus at the annual Cyprus Hotels Association (PASYXE) conference in Nicosia next week.