Bank of Cyprus will make further progress in reducing the level of its non-performing loans before selling new debt, Chief Executive Officer John Hourican said recently.

The European Bank for Reconstruction and Development announced the launch of a Small Business Support (SBS) Programme in Cyprus, as part of its effort to support small businesses and help them improve their performance.

Cyprus is entering a new era of growth and prosperity due to the hard work of the people and the responsibility exhibited by the political parties, President of the Republic Nicos Anastasiades said recently.

Selling loans is not part of the cooperative credit institutions' (CCI's) strategic planning, said Nicholas Hadjiyiannis, the Cooperative Central Bank (CCB) Committee Chairman, recently.

The Natural Gas Public Company (DEFA), tasked with reaching agreement with a supplier for the so-called ‘interim solution’ to replace oil as the state power company’s (EAC) electricity-generation fuel with imported gas at lower cost, resumed work after its new board was appointed.

Cyprus and the EU are economies of micro enterprises, with over 90% of businesses employing fewer than 10 people, according to the latest data from Eurostat.

An Israeli delegation will be visiting the island shortly to discuss with their Cypriot counterparts the matter concerning the extension of the Aphrodite gas field into Israeli waters.

New tax measures will strengthen Cyprus’ international competitiveness as a location of choice for multinational companies focusing on the EMEA region, says EY Managing Partner Stavros Pantzaris.

According to JCC statistics the use of credit cards in October 2015 has increased both by locals as well as foreigners.

President Nicos Anastasiades will meet with banking representatives to tell them to concentrate on clawing back money from big debtors rather than small ones.