Small companies in Cyprus and in the rest of Europe will benefit from the international trade agreements the EU is currently negotiating, the Spokesman of the European Commissioner for Trade tells the local press.

The island’s economy contracted at a slower pace in the second quarter of 2014 thanks to strong tourism arrivals, official data confirmed recently.

The double tax agreement between Cyprus and Lithuania, which was signed in June 2013, is now in force and will take effect from 1 January 2015.

Bank of Cyprus (BoC) said recently it expected its shares to re-list on the Cypriot and Athens stock exchanges by the end of October 2014, after shares of the bank were suspended from trading in March 2013.

Large-scale projects, privatisations and a burgeoning oil and gas sector are firmly placing Cyprus on the map as a hotspot for investment from the US, Asia, Russia and the Middle East.

Capital Intelligence (CI), the international credit rating agency, affirmed recently Cyprus' Long-Term Foreign Currency Sovereign Rating of 'B-', and its Short-Term Foreign Currency Rating of 'B', with an outlook for the ratings affirmed at 'stable'.

Cyprus citrus farmers will be looking to the United Arab Emirates and other countries in the Gulf region to export their goods, in an attempt to find alternative markets following the Russian food embargo.

Hellenic Bank recently announced €95.5 million in losses for the first half of 2014, due to a spike in provisions by 105% and increased taxation.

Hellenic Bank CEO Makis Keravnos resigns his post, citing his decision to allow new leadership to address the challenges facing the bank, which recently announced half-year losses of €96 million for 2014.

The latest developments on the Cyprus issue as well as the island's economic recession were discussed between President Nicos Anastasiades and the new European Commission President Jean Claude Juncker recently.