President Nicos Anastasiades has said interest rates in Cyprus must be reduced further to converge with the European standards.

The Natural Gas Public Company (DEFA) has until the end of July 2015 to conclude a deal for the purchase of natural gas to be used for generating electricity.

The government’s negotiations with the Zenon consortium over the development of the Larnaca port and marina have been ended definitively, the government has announced.

The total spent by manufacturing industry on environmental protection in Cyprus in 2013 totaled €30.5 million, or 0.17% of GDP, the statistical service Cystat said recently.

Cyprus’ revenue from tourism increased 1.4% to €254.8mn from January – April 2015 compared with €251.4mn during the same period last year, according to the Statistical Service of Cyprus.

Total Research and Development (R&D) expenditure in Cyprus in 2013 is estimated at €83.8 million, which corresponds to 0.46% of the Gross Domestic Product, compared to €83.3 million or 0.43% of the GDP in 2012.

President Nicos Anastasiades said recently that Cyprus would stand with Greece in its efforts to achieve the restructuring of its bailout terms in order to make the debt more sustainable.

Large shipping organisations have expressed interest in the commercial activities of Limassol Port, Minister of Transport, Communications and Works Marios Demetriades said recently.

High employee turnover is expensive and damaging to a company’s bottom line. Finding and training a replacement employee is estimated to cost almost twice an employee’s salary, not to mention the lasting damage it leaves on remaining employees’ morale.

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