Possible natural gas reserves located in Cyprus' Exclusive Economic Zone (EEZ) should be incorporated in the initial planning for the use of natural gas for electricity generation, said the Electricity Authority of Cyprus (EAC) General Manager Stelios Stylianou. Under the current planning for the use of natural gas as the main fuel for electricity generation,

All Cypriots who have, to date, expressed their wish to leave Libya have done so, Foreign Minister Marcos Kyprianou said on Sunday. In a statement Kyprianou stated that on Saturday evening 11 Cypriot nationals who were working in Jalo area in Libya were successfully airlifted following an operation involving German military planes, adding that Cypriots

 — Losses reduced in Greece — Hellenic Bank Group announced generally satisfactory results on Friday, with profits reduced to a third, marginal increase in expenses and a steady net income for the past year. Profit before taxation for the year ended 31 December 2010 dropped to EUR 15.3 mln from a pre-tax profit level of

Cyprus Foreign Minister Marcos Kyprianou has said that any sanctions against Libya must be targeted so as not to harm the people of Libya. Speaking after a meeting he had on Friday with EU Commissioner for International Cooperation, Humanitarian Aid and Crisis Response Kristalina Georgieva, Kyprianou said there are some ideas about the sanctions that

Central Bank Governors of South Eastern European countries endorsed today a framework for the exchange of information regarding cross-border banking groups operating in the region, during a meeting in Limassol. According to an announcement, participants at the meeting also noted signs of recovery and gradual growth in most countries of SE Europe, despite the challenging

Cyprus President Demetris Christofias will veto a decision by the House of Representatives requesting membership in NATO’s Partnership for Peace (PfP). Government spokesman Stephanos Stephanou said that the House decision requesting membership in the PfP is an act that violates the Constitution and the separation of powers, adding that “the PfP is neither an international

Cyprus sold 145 mln euros in five year eurobonds yielding 4.75% in a private placement on Friday, the Finance Ministry said. The names of the investors were not disclosed. The placement method is a first for Cyprus, which normally issues bonds domestically through competitive bids or internationally through a syndication. "Subject to market conditions, we

Cyprus's economy is recovering from a recession in 2009, but not strongly enough to halt a rise in unemployment, Cyprus's Central Bank governor Athanasios Orphanides said on Friday. Orphanides, who is also a member of the Governing Council of the European Central Bank, said swift action was needed to correct structural deficiencies in the island's