Recession in the Cyprus economy is expected to deepen this year and the next, with the European Commission’s Autumn European Economic Forecast expecting to see growth again in 2015. According to the quarterly report based on data up to July, the economy “will continue to face several headwinds.” Domestic demand will continue to fall, amid
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* Eurozone turns corner, but pace slows * The European Union economy has started growing again and following a slow expansion of economic activity during the remainder of 2013, growth is set to become more robust in 2014 and 2015, according to the European Commission’s economic forecast Autumn review. However, the report said that the
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In what seemed like a nail-biting thriller, Hellenic Bank, the island's second biggest lender, was rescued by three strategic investors on Friday, barely within a deadline for its recapitalisation set by the Troika of international lenders, sending the stock to year highs on Monday and Tuesday. New York-based hedge fund Third Point LLC, online gaming
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Startup Weekend Cyprus, the local edition of a global initiative encouraging entrepreneurship, will take place in Nicosia on December 6-8 where participants will have one minute to pitch their idea and the audience will vote on it. If the concept has merit, the potential entrepreneurs will set up teams and work over the next 54
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Emirates SkyCargo has added a new Boeing 777 Freighter aircraft to its fleet, expanding its capabilities and capacity to meet current needs and long-term growth. This latest delivery brings Emirates SkyCargo's B777F fleet to 10, and comes ahead of the move of its freighter operations to Dubai World Central’s Al Maktoum International Airport in May
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Samsung Electronics Co Ltd vowed to double its dividend yield, invest in new technology and boost marketing as it sought to topple Apple Inc in the mobile devices segment and ease investor concerns over its sagging share price. The world's leading maker of smartphones, memory chips and televisions outlined its strategy on Wednesday at a
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Meetings with UK tour operators and airlines on the occasion of the World Travel Market (WTM) in London have left Cyprus’s tourism officials “cautiously optimistic” about prospects for 2014, the Minister for Energy, Commerce, Industry and Tourism Giorgos Lakkotrypis said. Speaking at a press conference at the ExCel centre in east London, Lakkotrypis expressed his
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Microsoft Corp released an emergency software fix on Tuesday after it learned that hackers had exploited a previously undiscovered security flaw in its widely used Office software to infect the PCs of its customers with tainted Word documents. The software maker said on its website that it had released the software, known as a "Fix
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Greek schools shut and flights were disrupted as workers held a general strike on Wednesday to protest austerity imposed by foreign lenders, whose inspectors were in Athens to review the country's performance under its bailout. The 24-hour walkout by Greece's largest public and private sector unions brought much of the crisis-hit country to a standstill
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Toyota Motor Corp raised its annual profit forecast on Wednesday, closing in on records set before the Lehman crisis as the weaker yen and growing sales in a healthy U.S. market sharply boost earnings. The world's best-selling carmaker now expects 1.67 trillion yen ($16.95 billion) in net profit for the year ending in March 2014,
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