The Cyprus government has assured that it will not relax its reform drive, as the IMF and the European Commission indicate that despite exiting a 3-year economic adjustment programme the Cypriot economy is still vulnerable.

A settlement of the Cyprus problem would entail tremendous investment opportunities in the long term but would be accompanied by short-term challenges, the European Commission and the IMF have said.

The tallest residential seafront tower in Europe and a restaurant on water, both on the Limassol coast, won major prizes at a recent prestigious awards ceremony in London.

Transport Minister Marios Demetriades is paying a visit to Hong Kong and Shanghai on the occasion of the 'Investment Opportunities in Cyprus' seminars organised there by the Cyprus Chamber of Commerce and Industry.

Stratfor, a leading geopolitical intelligence platform, is reporting that Cyprus is a key part of Russia’s strategy for the region in terms of politics and energy and would prefer the island remained divided.

The chairman of the European Stability Mechanism Klaus Regling, a fund that finances bailouts in the euro area, said that Cyprus needs to go harder on non-performing loans.

The government sold a total of €100m in 13-week treasury bills at an average yield of 0.31%, which is a new historic low, the second in a month, the Public Debt Management Office said.

The government posted a €142.8m budget surplus in January to September 2016, on a cash basis, compared to a €100.8m surplus in the respective period of 2015, the statistical service said.

Germania airline has announced a raft of new services between Paphos and seven German cities scheduled to begin in 2017, fuelling hopes for continued growth in visitor numbers from the northern European country.

As the summer 2016 season ends, efforts to increase tourism for the coming months are being ramped up in Paphos.