American billionaire investor Wilbur Ross and hedge fund Tyrus Capital, who control a combined 22% of the Bank of Cyprus, teamed up to propose a list of 10 individuals to replace the lender’s current board, much to the dismay of opposition parties which accused the government of trying to control the bank, but fell short of evaluating the proposed board on merit.

Thomas Kazakos, Director General of the Cyprus Shipping Chamber (CSC), has been appointed Chairman of the European Community Ship Owners' Associations (ESCA) Committee on State Aid to Maritime Transport.

The Cabinet has decided to include local citrus producers affected by Russia’s embargo on European food products allocating EU emergency support funds for farmers.

The economy's prospects are expected to continue to gradually improve though substantial risks still exist, mostly related to the banking sector whose prospects are crucial to recovery, the Finance Ministry said in a report to the House recently.

The European Bank for Reconstruction and Development (EBRD) has expressed its willingness to invest around €800m into the Cypriot economy.

The economy is showing positive prospects and tangible results, Finance Minister Harris Georgiades said recently, but added that efforts to turn it around had to continue.

Direct tax revenue in the first eight months of the year fell 2% to €1.17 billion compared to the same period in 2013, the tax department said recently.

Cyprus’ trade deficit in the first seven months of 2014 increased by €137 million or 7.6%, reaching around €1.9 billion compared with €1.8 billion in the corresponding period of 2013.

The first fuel tanker is expected to dock at VTT Vasiliko Terminal in mid November 2014, marking the operation of a project that aspires to place Cyprus at the centre of the fuel transport routes.

Property sales displayed a new increase in September 2014, albeit in the shadow of concerns of the repossessions bill.