Cyprus' plans for the exploration of hydrocarbon reserves, located off the island's shores, are proceeding without delay, Energy Minister Giorgos Lakkotrypis reiterated recently.

The government says it is making a serious effort to improve the framework for foreign investments, with the Energy Minister being pressured to introduce better facilities if Cyprus wants to attract more investors.

Tourist arrivals rose 11.4% year-on-year in April 2014 reaching 180,998, the island’s statistical service said recently, with revenues also recording a 20.4% rise.

More than a year has passed since the decisions taken by the Eurogroup for our banking sector that led to a massive loss of confidence among investors and depositors (domestic and foreign).

The Cypriot 10-year bond exceeded the 5% mark on July 2, 2014 in the secondary markets, resuming an upward trajectory since the three-year low recorded on June 12, 2014.

Energy Minister Yiorgos Lakkotrypis says the government aims at starting new offshore drilling in the second half of 2014 by ENI/KOGAS and in 2015 by Noble Energy and French Total.

A report commissioned by the international accountants body ACCA points to the need for more funding of small to medium sized businesses (SMEs), providing suggestions of how to divert money from public funds into new entities, but not burden the state with intervening in the private sector.

Governor of the Central Bank of Cyprus Chrystalla Georghadji has turned up the heat on the Bank of Cyprus’ board of directors, setting a three-day ultimatum for the bank to confirm adherence to the originally agreed timeframe for a capital increase.

A bill exempting property valued up to €200,000 from immovable property tax (IPT) was approved by the Cabinet recently.

Cyprus' bailout adjustment programme remains on track, international lenders said recently, but warned the authorities that non-performing loans was an issue and it had to be addressed.