ENI-KOGAS has not found enough commercially exploitable natural gas reserves in its first exploratory drill at the offshore Onasagoras field, the Energy Ministry said recently.

With the pace of decline in economic activity slowing in 2014, Ernts & Young (EY) believes Cyprus remains on track for a return to growth in 2015, with tourism and the services sector as the main driving forces.

Energy Minister Giorgos Lakkotrypis said the government will focus on the commercial exploitation of natural gas in the Aphrodite field offshore Cyprus.

The Research Promotion Foundation (RPF) will disburse funds amounting to €800,000 in the framework of the proclamation of four new international calls for research and technological development.

The House of Representatives has suspended until January 30, 2015 the implementation of the controversial bill on foreclosures of mortgaged property.

Bank of Cyprus CEO John Hourican told Forbes Magazine that raising the share capital of the island’s biggest lender which almost collapsed in 2013 has moved the debate from survival to value.

Ukraine’s cabinet is to approve a bill to dissolve a convention made with Cyprus on the avoidance of double taxation, Ukrainian Prime Minister Arseniy Yatseniuk reportedly said recently.

After heavy selling on the first day it was re-listed on the Cyprus and Athens stock markets, Bank of Cyprus (BOCY) eased up a bit and was headed to close with a minimal gain at just above 18c where it sank to after a 21-month absence from the bourses.

The 2015 budget aims at creating the conditions that will allow the government to lighten the tax burden, Finance Minister Harris Georgiades said recently, as he welcomed its approval by parliament.

The drilling in Block 9 of the Cyprus’ exclusive economic zone (EEZ) will proceed as planned Foreign Minister Ioannis Kassoulides said in Athens recently after the first joint meeting with his Greek counterpart Eleftherios Venizelos and the Energy Ministers of both countries.