Swiss retailer Dufry is to buy the duty-free operations of Greek rival Folli Follie , a rare vote of confidence in an economy deserted by other foreign companies concerned over its future in the euro. The 200.5 million-euro ($258.6 million) deal is a bet on tourists continuing to flock to Greece, despite a deep economic
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. The Financial Mirror has reached yet another milestone, publishing our 1000th issue that you hold in your hands today. From our humble beginnings on March 17, 1993, this newspaper has evolved with the times, trying to keep up with technological trends and reporting on continuous and rapid developments in the economy. We printed our
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. By Dr. Jim Leontiades The Cyprus International Institute of Management Dear Troika, Thank you for your concern about our economy and any financial assistance you may decide to provide us. This island has not always been in financial difficulties. Despite the trauma of invasion and occupation, the economy of this island had performed surprisingly
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. By Shavasb Bohdjalian Certified Investment Advisor and CEO of Eurivex Ltd. President Demetris Christofias wants to proceed with another round of tax increases as he struggles to close the budget gap and negotiate a massive loan package from the so-called Troika, the European Central Bank, the European Commission and the IMF, but yet again,
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The European Commission stressed Wednesday that progress towards the normalisation of Turkey’s relations with the Republic of Cyprus is urgent and could provide new momentum to the EU – Turkey accession negotiations. The European Commission, in its enlargement package announced Wednesday, notes that the Positive Agenda, launched to reinvigorate relations with Turkey, is already delivering
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Greece's main public and private sector labour unions will hold a 24-hour strike on Oct. 18 to protest new austerity measures sought by the near-bankrupt country's international lenders, a union official said on Wednesday. The GSEE and ADEDY unions decided to strike with the Greek government locked in talks with the European Union and International
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Italian Prime Minister Mario Monti announced an income tax cut to help low earners, giving a rare lift to struggling households ahead of parliamentary elections next year. The unexpected measure was presented in the early hours of Wednesday following a marathon cabinet meeting, along with a one percentage point increase in value added tax and
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Japan's Toyota Motor Corp announced a massive recall on Wednesday to fix malfunctioning power window switches, saying it will pull back 7.43 million vehicles worldwide in the biggest single recall since 1996, performed by Ford Motor Co. The move comes as Japan's biggest automaker tries to rebuild trust after a series of recalls between 2009
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* Police fire teargas, protesters pelt them with rocks, sticks * Merkel's first trip to Greece since start of debt crisis * Greeks angry over austerity that many blame on Germany Tens of thousands of angry Greek protesters filled the streets of Athens on Tuesday to greet German Chancellor Angela Merkel, who offered sympathy but
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As Greece's privatisation programme resumes this month, nearly half a year behind schedule, at stake is not just the billions of euros it needs to raise, but the credibility of its commitment to reforms demanded by its creditors. Greek politicians are under intense pressure at home to resist foreign calls to sell state assets on
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