Tesla may keep cutting prices in ‘turbulent times’, Musk says
Tesla (TSLA.O) CEO Elon Musk signalled on Wednesday that he would cut prices again on electric vehicles in “turbulent times”, even as his all-out price war on automaker rivals ...
Made in Russia? Imported kits drive a revival of Russia’s auto factories
The relaunch of a classic Soviet-era car, the Moskvich, by a state-owned company in November was celebrated by Moscow’s mayor as showing the resilience of Russia’s auto industry ...
Move over, bitcoin: El Salvador sovereign bonds not done rallying
Investors in El Salvador international bonds are relishing 60 per cent returns this year alone as debt issued by the Central American country recovers from calls of doom and default, with ...
India’s Tata chooses UK for $5 bln Jaguar Land Rover gigafactory
India’s Tata Group will build an electric vehicle battery plant in Britain to supply its Jaguar Land Rover factories, delivering a major boost for a UK car industry in ...
Cyprus Business Now
The Association for the Protection of Bank Borrowers (Syprodat) this week released a statement expressing its “deep regret” following the rejection of a controversial law proposal that aimed to grant ...
Truck maker Volvo’s quarterly profit surges, beats estimates
Swedish truckmaker AB Volvo (VOLVb.ST) on Wednesday logged a better-than-expected 57 per cent jump in second-quarter adjusted operating profit, helped by price hikes.
“We have been successful in improving margins ...
Inflation dips to near 2-year low in June — drop fueled by energy price reductions
The harmonised inflation rate in Cyprus experienced a significant decline in June 2023 compared to the same period last year, reaching its lowest level in nearly two years, according to a ...
Cyprus economy on positive trajectory, says Finance Minister
Cypriot Finance Minister Makis Keravnos on Wednesday stated that the economy is on a solid path, with the government closely monitoring developments to ensure its sustained progress in the coming ...
Cyprus and Oman sign double tax treaty
The Cabinet gave its approval on Wednesday to an agreement aimed at preventing double taxation and tackling tax evasion related to income taxes.
The agreement, along with its corresponding protocol, ...
Nissan, Renault ready to announce new alliance deal in days
Nissan (7201.T) and Renault (RENA.PA) will make an announcement in the coming days on their restructured alliance and have finalised the deal, three people familiar with the matter said, ...
Tesla lays out steps to building Europe’s biggest car plant
Tesla (TSLA.O) has requested approval from German local authorities to make sweeping changes to its factory near Berlin, a key next step in its ambitious plan to expand the ...
Oil perched between demand concerns and supply strains
Global oil prices were little changed on Wednesday as markets weighed US demand concerns against China’s pledge to support economic growth.
Brent futures were flat at $79.63 a barrel by 0800 ...
UK’s high inflation cools, offering some relief to Bank of England
Britain’s high rate of inflation fell by more than expected in June and was its slowest in over a year at 7.9 per cent, according to data that will ease ...
Cyprus non-performing loans drop to €2.19 billion in April
The total amount of Non-Performing Loans (NPLs) in the Cypriot banking system reached €2.19 billion in April, with the NPL ratio against total loans remaining unchanged at 9 per cent.
According to ...
FC Krasava finds new home in Cyprus — partnership leads to rebrand
Freedom Finance Europe, the European division of Freedom Holding Corp., has signed an exclusive partnership agreement with the football team FC Krasava at its new headquarters in Cyprus, according to ...
Cyprus Business Now
The Bank of Cyprus is issuing a new high-priority bond worth €300 million, capitalising on the positive momentum following the issuance of Additional Tier 1 capital in mid-June, according to a report ...
Long-feared corporate debt woes start to hit home
The spectre of rising corporate debt defaults exacerbating a global economic slowdown has for months been largely brushed aside by resilient credit markets.
Now, long-feared corporate debt woes are starting ...
India’s Infosys signs five-year AI deal with $2 bln target spend
India’s second-largest software services exporter Infosys (INFY.NS) said on Monday it has signed a deal with an existing client to provide artificial intelligence (AI) and automation services that ...
UK consumer group calls for government action on grocery prices
British consumer group Which? has urged the government to take action to support households when the competition watchdog publishes its review of grocery pricing, saying some food prices have jumped ...
Cyprus property market’s largest sales amounted to €79 million in June
The fifty most valuable real estate transactions in the Cypriot property market during the month of June brought in a combined €79 million, according to a report released on Tuesday by ...
Turkish lira hits record low ahead of rate decision
The Turkish lira weakened more than 2 per cent to a fresh record low against the dollar on Tuesday over market concerns that the central bank might raise interest rates this ...
Lebanon’s central bank to phase out Sayrafa exchange platform
Lebanon’s central bank will decommission the controversial exchange platform known as Sayrafa after governor Riad Salameh’s 30-year tenure ends this month, one of the institution’s vice governors ...
Turkey’s cenbank to deliver another substantial rate hike to 20 per cent
Turkey’s central bank is expected to raise its policy rate by 500 basis points to 20 per cent this week, a Reuters poll showed on Monday, making good on its pledge ...
Fitch Ratings: Positive outlook for Cypriot banks in second half of 2023
Fitch Ratings on Monday released a new report stating that the stable quality of Cypriot banks’ assets in the second half of 2023 will be supported by positive prospects for the ...