Bank of Cyprus (BoC) shareholders overwhelmingly approved a €1.0 billion capital raise recently, the biggest foreign direct investment in the island’s history.

The House plenary, scheduled to convene on Monday September 1, 2014 to discuss a series of draft bills on foreclosures, will be postponed until the end of that week, reports the Cyprus News Agency.

Authorities in Cyprus have extended the deadline for submission of non-binding expressions of interest in Cyprus Airways until Sept. 3, 2014, aiming to give possible bidders plenty of time to formulate their offers.

The government reiterated recently that the proposed foreclosures bill provides great opportunities for borrowers to protect themselves and their immovable property.

In the midst of critical deliberations with potential investors nominally interested in taking over Cyprus Airways, former permanent secretary at the Communications and Works ministry Makis Constantinides was confirmed recently as the government’s choice to replace outgoing Tony Antoniou at the helm of the ailing national carrier.

Property prices fell across the board in the second quarter of 2014, with Paphos recording the biggest drop, according to the latest RICS Property Price Index.

Bank of Cyprus announces a six-month net profit of €81m for the first half of 2014, marking the second consecutive profitable quarter following seven loss-making quarters.

The island's largest lender, Bank of Cyprus (BoC) announces extra measures to support customers who are facing difficult times because of the recession.

On the heels of recent announcements by the Bank of Cyprus and the Co-operative Central Bank offering distressed borrowers more favourable repayment terms, Hellenic Bank followed suit with an announcement of its own policies.

Tourism has risen 6.0% between January and July, and revenue by 8.0% compared to the same period last year, Cyprus Tourism Organisation chairman Angelos Loizou said recently.