Cyprus -followed by Germany, The Netherlands and Russia - is the biggest investor in the Ukrainian economy, according to data for the first half of 2010.

Investment influx has been increasing and during the same period investments from Cyprus increased to 486 million dollars whereas investments from Russia rose to 200 million.

Cyprus business sentiment improved in August in line with an increase in economic sentiment, a survey showed on Tuesday.

The economic sentiment indicator (ESI) rose 2 points to 73 units in August compared with July's reading.

Cyprus President: We will continue efforts for the implementation of our proposals

Cyprus President Demetris Christofias has stressed that despite the Turkish side’s denial to accept proposals put forward by him, in the framework of the ongoing negotiations aiming to solve the Cyprus problem, the Greek Cypriot side will continue, in coordination with Greece, to work for their implementation.

Government revenue rose faster than expenditure in the second quarter of 2010, according to preliminary data on the General Government accounts for the period April-June 2010.

Total revenue amounted to EUR 1,656.0 mln (EUR 1.7 bln), marking a 2.7% increase over the corresponding period of 2009.

The 49th Wine Festival, held annually in the southern coastal town of Limassol, the main winegrowing region of Cyprus, will open its doors on Friday. The Wine Festival, to last until September 5, is hosted at the Limassol Municipal Park, as every year, with the participation of the four wineries of Limassol. Thousands of local and foreign visitors are expected to enjoy the festival.

Bank of Cyprus (BOCY) said it would proceed with a 2-for-7 rights issue at 2 euros a share to raise 345 million euros and boost its equity capital.
The cash call, which will be completed by October, will strengthen the lender's capital adequacy ratio by 1.3 percentage points. The bank's Tier 1 ratio stood at 8.4 percent at the end of March, it said.