Tourism Minister Yiorgos Lakkotrypis says his department is monitoring the latest developments regarding failing Russian tour operators, emphasising the importance of Russian holidaymakers on the Cyprus tourism market.

The number of applications for registration of new companies submitted in July 2014 jumped to the highest level of the past 16 months, according to data of the Department of Registrar of Companies and Official Receiver.

The unemployment rate recorded a drop of 2.7% in July 2014 compared to the same month last year, according to the Statistical Service.

The Cyprus Ports Authority (CPA) will begin assessing the one offer it has received for the commercial operation of the old Limassol port, and expects to reach a decision by the end of August 2014.

In the face of the foreclosures bill, Bank of Cyprus' CEO John Hourican recently assured mortgagers that repossession is not a Bank of Cyprus priority, nor will home auctions money ever be a source of profit for the bank.

The award winning, five-star and first-ever leisure, golf and real estate development in Cyprus, the Aphrodite Hills has won the World Travel Award 2014 for 'Cyprus Leading Suite, Presidential 'Enalia'.

The Institute of International Finance (IIF) believes that the adoption and effective implementation of the foreclosure law is “critical” for the economy of Cyprus, noting at the same time that this is “subject to heightened uncertainty”.

Larnaca port will not host energy or industrial facilities, the cabinet has decided, and facilities currently operating there will be moved to Limassol when their contract expires.

Government Spokesman Nicos Christodoulides has welcomed an announcement by international credit rating agency Moody's on the completion of the first phase of the Bank of Cyprus' capital increase.

The process of restructuring of non-performing loans (NPLs) in the Cooperative Credit Institutions is fully on track said sources from the sector recently.