Shares struggled but the euro recovered on Thursday, as markets were left without a clear direction after Greek political leaders failed again to conclude a deal for a bailout package, which Athens needs to avoid a messy debt default. Talks would continue with one issue left to be resolved, so a deal could be concluded
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Greek leaders failed to agree on a reform and austerity programme, the price of a financial bailout to avoid a messy default, forcing Finance Minister Evangelos Venizelos to go to the country's financial backers with an incomplete deal. Venizelos will travel to Brussels later on Thursday, where his fellow euro zone finance ministers had hoped
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Value Added Tax will increase from 15% to 17% on March 1 this year, the Ministry of Finance reiterated today, to remind consumers of the 2% rise on the standard VAT rate. In an announcement issued here today, VAT Service notes that the increase does not affect the products and services that fall under the
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The government aims to raise the share capital of state-owned carrier Cyprus Airways, said here Wednesday Government Spokesman Stephanos Stephanou after a Cabinet meeting. ''In the context of government policy to support Cyprus Airways, given its role especially for the Cypriot economy, the Cabinet reaffirmed today its decision of January 2011 to raise the share
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Nissan broke its own sales record for Europe in 2011, achieving ‘best ever' market share in the region and surpassing 2010 by more than 140,000 units. In the 2011 calendar year Nissan posted European sales of 695,702 units – 25% up on the previous record of 2010. This resulted in an average market share of
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By Fiona Mullen Eurostat announced last week that the unemployment rate in Cyprus had reached a record 9.3% in December, up from 6.5% in January. But this is just one of three competing figures produced for unemployment in Cyprus, which makes working out the real unemployment rate a little bit tricky. The first and most
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Greek parties will try again on Wednesday to agree a reform deal in return for a new international rescue to avoid a chaotic default, after delays prompted some EU leaders to warn that the euro zone can live without Athens. One deadline after another has come and gone. Leaders of the three parties in the
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Amazon.com Inc is about to announce a Web video deal with Viacom Inc in what sources said was one of the last steps in a plan to launch a standalone subscription service to compete with Netflix Inc. The online retailer will unveil the deal as soon as this week, according to two people familiar with
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When it comes to China, Facebook should consider itself forewarned. Cracking the world's biggest internet population might seem an obvious ambition for the social networking giant as it trumpets its global growth before a $5 billion initial public offering, but the chances it will succeed look slim. Facebook said last week it was contemplating re-entering
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Samsung Electronics Co, the world's top television manufacturer, has seen TV sales firming up so far this year and plans to introduce cheaper TVs, as demand for lower-end models increase, the head of its TV business said on Wednesday. Demand for lower-end TVs has been on the rise in recent months as major South Korean
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