The economy is projected to have shrank 2.2% in 2014 and shrink a further 0.4% this year while downside risks may further delay economic recovery, the University of Cyprus said recently.

Total fuel sales fell 3.8% in 2014 to 1.3 million tonnes compared to 2013 mainly on a slump in the diesel sales, the statistical service said recently.

Construction of the Ayia Napa marina project will start as soon as building permits have been issued and tenders have been invited for contractor work, local development powerhouse Caramondani Bros’ Yerasimos Caramondanis said recently.

The privatisation of several state and semi-state organisations, including the Cyprus Telecommunications Authority (CyTA), is scheduled to take place in 2015, according to the Finance Ministry.

A Troika technical mission has begun contacts in Nicosia to review the implementation of Cyprus’ bailout adjustment programme.

Looking ahead to another busy summer, British Airways has announced its ‘Summer 2015’ flight schedule from London Heathrow Terminal 5 to Larnaca, with an increase in the number of flights from 7 to 13 per week.

Consensus has been reached between the government and political parties regarding the issue with French energy company TOTAL.

An Egyptian businessman, Naguib Sawiris, will invest some €220 million in the construction of the marina in Ayia Napa, it emerged recently.

The government may still have a small window to get oil major Total not to call off a search for oil and gas, after the company let it be known it had identified no drilling targets in its two offshore concessions.

The Chairman of the Egyptian Exchange, Mohamed Omran, recently visited the Cyprus Stock Exchange with a view to discuss ways to further enhance existing cooperation between the two Exchanges.