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By Peter Stevenson MEMBERS of Volunteer Doctors Cyprus have treated around 350 people at their free clinic in Nicosia since it opened three months ago, while two more, one in Paphos and one in Polis are due to open today. Limassol also has a free clinic, which was opened only last month, and plans have been drawn ...
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SOME 10 days ago, foreign minister Ioannis Kasoulides raised expectations by announcing the possibility of a deal with Turkey for the opening of the fenced off area of Famagusta, for the return of its inhabitants. In exchange the Cyprus government would agree to the opening of Tymbou airport to direct flights. ...
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By George Psyllides PRIVATE auditors have expressed doubt the electricity authority (EAC) could be considered a going concern and have asked its board to draft a credible plan to tackle the problem, according to the auditor-general’s 2012 report on the semi-state company. Among other issues, ...
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Cyprus Internet Directory [ Global carmakers may be on road to recovery ]

Global carmakers may be on road to recovery

Global carmakers may be on road to recovery
October 22, 2009 -

The sharp reduction in light vehicle production in the global automotive industry has started to moderate and very modest growth trends may be starting to emerge, Moody's Investors Service said in a six-month update of its Industry Outlook.
The trend toward a firming of business fundamentals among automotive manufacturers accounts for Moody's recent change in outlook on the sector to ‘stable’ from ‘negative’.
Moody's expects 59.4 mln light vehicles to be sold globally in 2009, a decline of about 8% from 2008. For 2010, Moody's looks for modest growth of about 2% globally due to a lower comparative base and the stabilising trend in global demand.
Although fundamentals for car makers are firming, Moody's does not expect the recovery to be particularly robust. Low capacity utilisation, pressure on prices, rising costs to meet stricter emissions requirements and tight credit availability for some consumers will continue to hamper auto makers' recovery.
"Those hurdles, combined with a long-term trend towards smaller, more fuel-efficient cars that are in general less profitable for the manufacturer, will continue to challenge their operations," said Falk Frey, co-author of the report.
There also remain distinct differences between markets. Sales in Western Europe were supported by government incentive schemes in 2009 and the effect may translate into a lower demand in 2010. "We estimate that about half of the sales supported by scrapping programs would have taken place during coming quarters anyway," said Frey.
In North America, the Car Allowance Rebate System (CARS), better known as Cash for Clunkers, provided a one-time sales boost in September.
"However, it did not fundamentally alter demand or the credit quality of original equipment manufacturers and suppliers," said J. Bruce Clark, Senior Vice President in the Corporate Finance Group. The Detroit-3 face three main operating challenges in the next 18 months, said Clark: "holding on to market share; developing new products that meet evolving consumer tastes and pricing those products competitively."

(Source: Financial Mirror,

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