Oil prices extended gains above $121 on Friday, a day after their biggest jump in 3 months, as a renewed slump in the U.S. dollar and mounting tension between the United States and Russia rekindled investor appetite. U.S. light crude for October delivery rose 37 cents to $121.55 a barrel by 0757 GMT, after surging

The Cyprus Finance Ministry has assumed responsibility for managing the country’s public debt following a decision by the cabinet, which effectively means the Central Bank of Cyprus has to relocate up to 15 staff to other duties. The shiftover was based on relative legislation passed since 2002 but had not been put into practice pending

Cypriot commercial banks expect to boost their overseas operations following a decision by the Cyprus Central Bank to ease the minimum liquidity reserve requirement in foreign currencies, officials said. In a directive circulated last week, the Central Bank cut the reserve requirement in foreign currencies to 70 percent from 75 percent of total foreign deposits.

International activists departed from Cyprus by boat on Friday in an attempt to run an Israeli sea blockade on 1.4 million Palestinians in Gaza. The 44 activists sailed from the port of Larnaca in two wooden boats at 9:50 a.m. (7:50 a.m. British time). Hailing from 14 countries, they said they expected to reach the

Popular Cypriot composer Achilleas Lymbourides has passed away, at the age of 88. Born in Nicosia in 1920, Lymbourides studied music and violin. He is considered to be a pioneer composer of Cypriot folk songs. Lymbourides’ contribution to the theatre and journalism in Cyprus has been long and significant. He died on Wednesday. Lymbourides composed

Oil rose by more than $6 a barrel to nearly $122 on Thursday, climbing for a third day, as Washington's missile shield deal with Poland angered Russia, adding to international tension. The spat adds to political factors that have supported oil prices in recent months, such as the dispute over Iran's nuclear work. A weaker