The official budget deficit (accruals basis) in 2011 has been officially recorded at EUR 1,118.9 mln or 6.3% of GDP, according to the latest figures from the Statistical Service, compared with 5.3% in 2010. The deficit on a cash basis was reported earlier this year at 6% of GDP. Total public-sector expenditure increased by 4.5%
More
Hackers broke into the servers of Greece's Finance Ministry, police officials said on Tuesday, in protest at government plans to fight tax evasion by tapping into citizens' bank data. The incident marks the third attack by hackers on Greek government websites since February as anger grows over spending cuts the country has pledged to implement
More
At the 2012 Beijing Motor Show, Automobili Lamborghini presents the ultimate super athlete in the SUV segment. With the Urus concept car, Lamborghini is completely redefining dynamics and design in this category. The Urus, which offers the lowest CO2 figure of all comparable vehicles, combines unique design, a fascinating interior and outstanding performance with versatility
More
Cyprus finance minister Vassos Shiarly said about 1.5 bln euros ($2 bln) may be needed to recapitalise the island's banking system, and this was likely to be restricted to just one bank. Shiarly told journalists on Monday he was optimistic the bank, which he did not name, could recapitalise on its own but that the
More
Turkish Cypriot newspaper Havadis reported on Monday that Turkey’s exports to the southern part of Cyprus rose by 400% in the first three months of the year to USD 2.7 mln, from USD 666,000 in the same period of 2011. Exports to northern Cyprus reached USD 229.5 mln in the same period. Havadis said that
More
The budget deficit stabilised in the first two months of the year, reaching EUR 202.6 mln, or 1.1% of (presumably) quarterly GDP according to the Ministry of Finance, compared with EUR 199.8 mln in the first two months of 2011. However, the figures suggest that there is still a long way to go to meet
More
The decline in construction output moderated in the fourth quarter of 2011, dropping by 12.6% compared with the same period of the previous year, after a fall of 16.2% in the third quarter. One reason for the slower decline was doubtless the effect of the Mari blast in July 2011, which knocked out the main
More
The slump in retail sales moderated in January, according to provisional data from the Statistical Service. The volume of retail sales is provisionally estimated to have declined by 1.6% compared with the year earlier, having declined by 6.6% in December (revised down from 6.5%). There was a turnaround in sales of food, beverages and tobacco
More
As Europe's first privately owned high-speed train hit 300 kph just outside Naples, Ferrari chairman Luca Cordero di Montezemolo smiled at the suggestion that he was addicted to risk and velocity. "Yes," he said. "Yes, speed and risk, risk in terms of economic risk. I think an entrepreneur has to risk, if not, he
More
British fashion designer Victoria Beckham had her soccer-superstar husband "David in mind" when helping create a new special edition of Range Rover's off-road vehicle, the "Evoque". "I've stayed very true to myself. I've designed a car that I want to drive, a car that I think David wants to drive," the former Spice Girl
More