An article published on the website of Turkmenistan's oil and gas ministry Monday attacked Russia's energy giant Gazprom, calling the company an unreliable partner for the reclusive Central Asian state. 

The article by the state-run Turkmen Institute of Oil and Gas comes shortly after Gazprom's announcement it would be cutting gas imports from the secretive republic by nearly two-thirds, and Turkmenistan's 19 percent devaluation at the New Year of its national currency, the manat.

Japanese household spending in 2014 declined at its fastest pace in eight years, official data showed Tuesday, underscoring the impact of the country's first sales tax hike in nearly two decades.

The figures come a day after the government said Japan's economy limped out of recession in the last quarter of 2014, with a weaker-than-expected 0.6 percent expansion between October and December.

The euro weakened Tuesday after the showdown debt talks between Greece and its creditors collapsed, raising the prospect the country will be dumped out of the eurozone.

However, many equity markets were unfazed by the trouble in Europe as trade begins to wind down in several Asian bourses before the Lunar New Year holiday at the end of the week.

With car sale booming and the spring sales season about to get underway, Japanese and Korean carmakers are feeling the pressure from their resurgent American competitors.

But the Japanese carmakers, counting on the American market for profits, insist they welcome the competition and that opportunities abound.

Cyprus signed an energy deal with Egypt on Monday that could see the island supplying its Mediterranean neighbour with gas.

Cyprus is keen to exploit the Aphrodite field off its southeastern coast but the reserves proven so far are not considered sufficient to make it viable for the island to develop onshore export infrastructure of its own.

Kuwaiti Oil Minister Ali al-Omair said Monday that world crude prices have recovered "faster" than expected and that recent gains will likely hold.

"Oil prices have improved faster than expected," Omair told reporters.

Eurozone ministers handed Greece an ultimatum to request an extension to its bailout program on Monday after crunch talks collapsed, deepening a bitter stand-off that risks seeing Athens bid farewell to the euro.

Eurogroup head Jeroen Dijsselbloem said Greece had the rest of the week to request an extension to the program, which expires at the end of the month, challenging Athens to cave in on a dearly held position.

A 14-year-old currency swap accord between Japan and South Korea will not be renewed when it expires later this month, the Bank of Korea said Monday, amid souring bilateral ties.

The $10 billion agreement, originally set up in 2001 and aimed at helping tide one another over financial crises, will end February 23, the  central bank said in a statement.

Japan's economy limped out of recession in the last quarter of 2014, official data showed Monday, but analysts said the weaker-than-expected growth would likely press the central bank to introduce fresh stimulus measures.

The 0.6 percent expansion in the world's number three economy in October-December -- or 2.2 percent on an annualized basis -- follows two consecutive quarters of contraction that came as an April sales tax rise hammered consumer spending. 

Concerns are growing over the health of the Turkish economy, long seen as a star performer among emerging markets, partly due to unorthodox statements by President Recep Tayyip Erdogan on economic policy that have rattled investors.

Turkey's economic success of the past decade has been one of the pillars of the undefeated electoral success of Erdogan and his Justice and Development Party (AKP), with robust foreign investment and solid growth rates.