The Cabinet approved on Wednesday a €300-million package to enhance growth and create jobs, one week prior to the third visit by Troika representatives to Cyprus, comprising the European Commission, the European Central Bank and the International Monetary Fund. Announcing the decision, Government Spokesman Stephanos Stephanou said growth will be funded by a loan concluded
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The Cypriot economy`s cost competitiveness has deteriorated significantly over the past decade, according to a European Commission overview of competitiveness in the 27 EU member states. The Commission notes that labour productivity growth has been offset by the growth of prices and wages. The challenge, it says, is to maintain and increase exports so as
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The new EU Directive on combating late payment in commercial transactions is expected to alleviate liquidity problems, faced by small and medium sized enterprises (SMEs) and boost their competitiveness, at a time of unprecedented economic crisis in the EU. According to the latest figures from the European Payment Index 2012, the written off debt suffered
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Cyprus’ external trade deficit for the period of January – August declined by €392 million reaching €2.93 billion, from €3.32 in the corresponding period of 2011. According to preliminary estimates of the Cyprus Statistical Service, total imports in the first eight months of 2012 dropped by €378 million reaching €3.89 billion, whereas total exports rose
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Wal-Mart Stores Inc shares hit an all-time high on Wednesday, as the world's largest retailer said it is seeing growth in both large and small U.S. stores and has had a strong start to layaway sales ahead of the holiday season. Walmart U.S. has lined up $400 million in U.S. layaway sales in less than
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Cyprus said on Wednesday it wanted to conclude a financial aid package with the European Union and IMF as soon as possible, but would seek the public's backing for any austerity drive first. Seeking to deflect criticism that it is dragging its feet on negotiating for badly needed aid, Nicosia said it wanted as broad
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EADS and BAE Systems called off the world's largest defence and aviation merger on Wednesday, and pinned the blame on Germany for wrecking the $45 billion deal. BAE said it had become clear that the interests of the French, British and German governments could not be reconciled with each other or with the objectives that
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Greek industrial output rose in August for the first time since the country's debt crisis began, led by higher exports, data from statistics agency ELSTAT showed on Wednesday. The indicator rose by 2.5% year-on-year, its first positive reading since April 2008, according to ELSTAT data. Economists attributed the rise to Greece's export industry, which has
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Support for Germany's opposition Social Democrats (SPD) has reached its highest level in six years, helped by the nomination of former finance minister Peer Steinbrueck to fight Chancellor Angela Merkel in next year's election, a poll showed. The Forsa poll published on Wednesday, the third in a week to show gains for the centre-left party,
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Eleven euro zone countries agreed on Tuesday to press ahead with a disputed tax on financial transactions aimed at making traders share the cost of fixing a crisis that has rocked the single currency area. The initiative, pushed hard by Germany and France but strongly opposed by Britain, Sweden and other proponents of free markets,
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