The car sale slump showed no sign of abating in September as registrations of motor vehicles fell over the year earlier by 34.6% to 1,761, compared with 2,692 in September 2011. For the first nine months of 2012 registrations dropped by 26.6% to 20,608 in January – September 2012. from 28,073 vehicles in the same
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Outbound travel continue to rise in September despite the weak economy. According to the Passengers’ Survey the number of residents of Cyprus returning from a trip abroad in September rose over the year earlier by 3.3% to 118,702 in September 2012 compared with 114,911 in September 2011. There was an increase of 15.6% in the
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Lawmakers in indebted European Union member Hungary are waving the prospect of a passport at well-heeled foreign investors. Proposed legislation listed on parliament's website would grant permanent residency and ultimately Hungarian citizenship to outsiders who buy at least 250,000 euros ($322,600) worth of special government bonds. Hungarian passport holders are entitled to live and work
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French Finance Minister Pierre Moscovici urged the euro zone on Tuesday to take a first step to mutualise its short-term debt, stopping short of jointly-issued "Eurobonds" which he recognised German Chancellor Angela Merkel's government flatly rejects. "We are not talking any more about Eurobonds. I know it is a red line here in Germany, for
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UBS unveiled plans on Tuesday to wind down its fixed income business and fire 10,000 bankers, as it adapts to tougher capital rules that make it more difficult for investment banks to turn a profit since the financial crisis. Zurich-based UBS will focus on its private bank and a smaller investment bank, ditching much of
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Top soccer-boot maker Adidas probably shouldn't be worrying about losing its star sponsored player, Lionel Messi, just yet but a rare venture that marries South Korean money with North Korean labour in the Chinese city of Dandong aims to make its mark on the world soccer scene. At a temporary factory in a village on
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The Bank of Japan boosted its monetary stimulus for the second month in a row on Tuesday in response to intense political pressure for action and mounting evidence that the world's third-largest economy was on the cusp of recession. In a well-flagged move, the central bank topped up its asset buying and lending programme, its
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Sandy, one of the biggest storms ever to hit the United States, battered the nation's eastern seaboard on Tuesday, swamping New York City streets with record levels of floodwater, blacking out power to millions of people and bringing transportation to a halt through much of the region. At least 13 people were reported killed in
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Apple CEO Tim Cook on Monday pushed out the powerful head of the company's mobile software products group, sources said, in a major management shake-up that also claimed the recently hired chief of the retail stores division. Scott Forstall, a long-time lieutenant of late co-founder Steve Jobs, was asked to leave following years of friction
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Greek banks will have to issue shares to meet more than half of a 9% capital adequacy requirement to be set as part of their recapitalisation, sources said, in a move that could help them avoid nationalisation. The banks, whose capital base was almost wiped out by a combination of huge bond swap writedowns and
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