The global economic doldrums may have weighed on businesses around the world, but in Malaysia a luxury hand-crafted carmaker struggles to keep up with demand as orders pour in from China and the Middle East. Some customers are willing to wait nearly two years for their Bufori vehicle, which costs anywhere from $150,000-$350,000 and can
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The IMF prodded the world's rich countries for swifter action on Thursday as Europe's debt crisis drags on while the United States and Japan show scant progress handling their budget deficits. Christine Lagarde, managing director of the International Monetary Fund, said political wrangling added to economic uncertainty, slowing growth in both advanced and emerging economies.
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Asian shares tracked Wall Street lower on Thursday as weak forecasts from U.S. corporate bellwethers underscored concern over global demand, particularly from China, while rising tensions in the Middle East pulled oil prices off lows. European stock index futures also pointed to a weaker start, with shares seen falling for a fourth straight session. At
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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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