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Cyprus Solution Overdue, Regionally Important Amid Conflicts

ban ki-moon eide cyprusA solution to the political and community splits in Cyprus is long overdue and more important than ever amid increasing conflicts in the region, said UN Secretary-General Ban Ki-moon ahead of new envoy Espen Barth Eide's visit to the island on September 5th.

"Mr. Eide’s appointment illustrated the United Nations determination to continue supporting the parties to arrive at concrete results in the coming phase," said Ban Ki-moon.

According to the UN chief, it is a promising time in the peace process due to "fresh momentum having been generated by the Joint Declaration adopted by the Greek Cypriot and Turkish Cypriot leaders on 11 February 2014."

E. Med Oil & Gas Conference in Paphos

2nd East Mediterranean Oil & Gas Conference 9 - 10 September 2014 Paphos, Cyprus

There are approximately 60 billion barrels of offshore hydrocarbons, most of which remain unexplored or under-explored in the East Mediterranean region. This is equivalent to Europe's energy needs for the next 30 years, making the region a highly important crossroad for the global energy markets.

ENI-KOGAS Close To Drilling in Blocks 2,3 and 9

The ENI-KOGAS joint venture is about to start drilling for hydrocarbons in Blocks 2, 3 and 9 of Cyprus' Exclusive Economic Zone, said Energy Minister George Lakkotrypis.

Aegean, Ryanair, Arkia Submit Bids for Cyprus Airways

Nine companies, including Aegean, Ryanair, and Israeli company Arkia, have all submitted non-binding bids for struggling airline Cyprus Airways, said Communications and Works Minister Marios Demetriades.

In the next phase, the companies will be asked to submit binding bids, he said.

Stronger NATO in Chaotic World - NATO Chief

NATO summit wales(Edited) Today's NATO summit is to forge a stronger NATO in a chaotic world, said Anders Fogh Rasmussen, as over 60 world leaders gather in Newport, Wales to discuss the crisis in Ukraine and the latest terrorist threat in Syria.

Speculation is rising that US airstrikes currently being carried out in northern Iraq will be extended to areas in Syria that are controlled by ISIS - the Islamic State of Iraq and Syria, a group of militant, extremist Islamists.

Recession Continues in Second Quarter, 2014

The recession continued in the second quarter, with the economy contracting by minus 2.2 percent on an annual basis, said the Cyprus Statistical Service (CySTAT).

In seasonally-adjusted terms, GDP contracted by minus 2.5 percent.

Second US Journalist Beheaded by ISIS in Syria - Report

steven sotloff beheaded(Edited) A second US journalist, Steven Sotloff, has reportedly been beheaded by ISIS, a terrorist group active in Syria and Iraq. In the latest development, White House spokeswoman Caitlin Hayden made a statement saying the video was authentic. President Barack Obama said that justice will be done.

The video was released on the Internet via a website used by jihadist groups to publicise their atrocities. ISIS carried out the killings in reaction to US bombings in north Iraq, following the mass displacement of refugees fleeing ISIS' extremist attacks on communities in the region.

Electricity Authority Is Not A Bank - MP

george varnavaThe Electricity Authority of Cyprus (EAC) is a semi-government organisation and not a bank, said EDEK MP George Varnava, in comments about the electricity supplier's decision to impose a 4.5 percent interest rate on overdue bills.

Electricity is a social benefit and should be offered at affordable prices, said the MP, adding that the EAC should show greater social sensitivity and stop profiteering. An organisation with profits of tens of millions of euros should not threaten Cypriot citizens who cannot afford to pay their high bills on time, he said.

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