Website creator Wix raises 2023 estimates after large Q2 beat
Wix.com (WIX.O), which helps small businesses build and operate websites, swung to a net profit in the second quarter that was more than double forecasts and raised estimates ...
New tech for old buildings means gains for the wallet and climate
“Smart” technologies in homes reduce energy use and bills, prompting stepped-up European research in the field.
By Helen Massy-Beresford
They may lack the environmental wow factor of switching to an ...
Companies double down on AI in June-quarter analyst calls
It’s a high bar, but companies reporting second-quarter earnings in recent weeks have talked up artificial intelligence even more than in the previous quarter.
S&P 500 (.SPX) companies ...
PayPal stock drops as weak margins fan growth fears
Shares of PayPal Holdings (PYPL.O) fell more than 8 per cent in premarket trading earlier this week as weak second-quarter margins at the digital payments firm overshadowed a strong forecast.
...
Cyprus sees record increase in deposit rates
In June, the interest rates on deposits in the Cypriot banking system experienced the largest monthly increase since the European Central Bank (ECB) began its efforts to raise key interest ...
Cyprus inflation continues to abate, hits 1.5 per cent in July 2023
The Consumer Price Index (CPI) in Cyprus experienced a 1.5 per cent increase in July 2023, marking the slowest rate of inflation since March 2021, according to a report released this week by ...
Cyprus Business Now
The National Bank of Greece (Cyprus) this week released a statement in which it announced the appointment of Philippos Mannaris as an Independent Non-Executive Member and Chairman of the Board ...
Unemployment rate drops by 6.8 per cent in July 2023
There was a decrease of 6.8 per cent, totalling 958 individuals, recorded among the registered unemployed in Cyprus during July 2023, according to a report released this week by the state’s statistical ...
Meta releases AudioCraft AI tool to create music from text
Meta Platforms (META.O) this week introduced its open-source AI tool called AudioCraft that will help users to create music and audio based on text prompts.
The AI tool is ...
Taiwanese giant Foxconn’s growing interest in India
Foxconn (2317.TW) has rapidly expanded its presence in India by investing in locations in the south of the country for its manufacturing facilities, as the Taiwanese giant seeks to move ...
Bankers’ union welcomes management changes at Hellenic Bank
Cyprus bankers’ union Etyk this week released a statement conveying their positive outlook on the recent changes in the administration of Hellenic Bank, congratulating the interim Chief Executive Officer Antonis ...
EV startups burn through more cash as demand falters
US electric vehicle startups are expected to show the impact of Tesla’s price war when they report quarterly results over the next few days, with investors awaiting details on ...
British Airways staff to receive 13 per cent pay rise
Around 24,000 British Airways (ICAG.L) staff are set to receive a pay rise of 13.1 per cent over 18 months, the Unite trade union said on Friday, with the award reflecting the ...
Oil prices set for sixth weekly gain on more supply cuts
Oil prices were on track for a sixth week of gains after Saudi Arabia and Russia, the world’s second and third-largest crude producers, pledged to cut output through September.
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Neocleous Tower: a striking new business hub in Limassol
Neocleous Tower invites corporations to discover the future of the workplace, with the launch of forward-thinking offices in central Limassol. Redefining the work lifestyle paradigm and setting a new standard ...
Cyprus Business Now
National flag carrier Cyprus Airways this week announced the appointment of Christos Limnatitis as the company’s new Chief Commercial Officer (CCO).
According to the announcement, Limnatitis has previously worked ...
EU banks face liquidity checks next year after 2023 crises
European Union banks’ plans for surviving a major crisis without having to tap central bank money will undergo intense scrutiny next year, the bloc’s banking watchdog said.
The need ...
Yeezy destocking helps lift Adidas sales outlook
Adidas (ADSGn.DE) sales should fall only slightly in 2023, a better outcome than previously expected, the sportswear giant said on Thursday, confirming strong demand for its remaining Yeezy shoes would ...
UK retailer Next raises annual profit guidance
British fashion retailer Next (NXT.L) raised its guidance for annual profit by 10 million pounds ($12.7 million) to 845 million pounds on Thursday, after full price sales and the end-of-season summer sale ...
ECB’s Panetta backs keeping rates high over more hikes
European Central Bank board member Fabio Panetta made the case on Thursday for keeping the ECB’s interest rates at their current high level for longer, rather than raising them ...
Tesla faces California class action on its EV range claims
Three Tesla (TSLA.O) owners in California on Wednesday sued the automaker in a proposed class action that accuses the company of falsely advertising the estimated driving ranges of its ...
Lufthansa upbeat as leisure travel demand remains high
German airline group Deutsche Lufthansa (LHAG.DE) on Thursday said it expected high demand for travel, especially in premium classes, to continue for the rest of the year as it ...
Sluggish return of business travelers forces US airlines to rejig their networks
US airlines are enjoying strong leisure travel demand, but corporate travelers are still not back in full force, compelling airlines to restructure their networks to account for fewer people flying ...
Microsoft says Russia-linked hackers behind dozens of Teams phishing attacks
A Russian government-linked hacking group took aim at dozens of global organizations with a campaign to steal login credentials by engaging users in Microsoft Teams chats pretending to be from ...