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.

Spain was counting on rich Russians to help revive its stricken property market by buying homes on its sunny coasts -- until the ruble collapsed on falling oil prices and the Ukraine crisis.

The sharp fall of the Russian currency, driven by slumping oil prices and sanctions over Moscow's backing for separatists in Ukraine, knocked some Spanish estate agents back down just as they were staggering to their feet.

Greece intends to review a 1.2 billion euro ($1.36 billion) deal with Germany's Fraport to run 14 Greek airports, with a government minister saying Saturday the contract would be put on ice.

"The contract hasn't been ratified yet, and we have asked it be freezed in order to review its content," Alekos Flambouraris told Mega TV.

The euro dipped against other major currencies Friday despite improved growth numbers in the ailing eurozone, as the market worries about Greece's debt crisis.

"The euro is mildly softer despite slightly better-than-expected data, and with comments from Greek and German officials signaling willingness to compromise with respect to Greece's reform, budget and debt plans," said Eric Viloria, currency strategist at Wells Fargo Securities.