A new investment club has been formed in London with the aim of becoming active in Greece and Cyprus. The official announcement is expected in the coming summer.

The potential for further cooperation in the area of health between Cyprus and Israel was discussed between Minister of Health Petros Petrides and Israel’s Ambassador to Cyprus Michael Harari.

Holiday bookings from the UK to Cyprus appear to be recovering after a sharp drop during the economic turmoil the island went through in March.

Eurozone finance ministers will on Monday politically ratify the agreement reached at the technical level for the disbursement of Cyprus’ first tranche of €3 billion out of the €10 billion EU-IMF bailout loan.

Cooperative banks are looking to issue special shares in a bid to raise some one billion euros that may be needed to recapitalise in the coming years.

President Nicos Anastasiades has described his three-day working visit to Israel as the “start of a new era in bilateral relations,” saying he is “absolutely satisfied” with the talks he had on Sunday with Prime Minister Benjamin Netanyahu.

Russia has agreed to extended the maturity and reduce the interest on its loan to Cyprus, a document prepared by international lenders showed, providing additional but expected financial relief to the island on top of an EU-IMF bailout.

The protection of offshore gas facilities within the exploration areas between Cyprus and Israel is a top priority between the two countries, with their ministers of defence agreeing this week to raise their military cooperation to new levels.

The European Union, led by Germany, has made Cyprus pay dearly for its alleged money laundering transgressions but one leading anti-money laundering expert questions how the EU will ever repay Cyprus if those charges are proved wrong.

President Nicos Anastasiades has invited the shipping sector to play a leading role in the recovery of the economy.