Apple took a fresh bruising on Thursday after a gloomy forecast accompanying its record quarterly profits prompted pessimism over the tech giant's slowing growth trajectory.

Apple shares tumbled 12.35 percent to close at $450.50, extending their decline from record highs above $700 last year.

The Arab world takes center stage at the World Economic Forum in Davos on Friday with Jordan's King Abdullah II set to address global political and business leaders.

The premiers of Egypt, Lebanon, Libya, Tunisia and the Palestinian Territories will discuss transformations in Arab countries, while U.S. Senator John McCain is taking part in a panel on the future of conflict-torn Syria.

Cyprus on Thursday signed licence agreements with Italy's ENI and South Korea's Kogas for exploratory drilling aimed at exploiting offshore oil and gas deposits.

Commerce Minister Neoclis Sylikiotis called it a "very significant step" for the recession-hit east Mediterranean island's future prosperity.

Spain announced Thursday that its unemployment rate surged to a modern-day record of 26 percent in the final quarter of 2012 as nearly six million people searched in vain for work in a biting recession.

The jobless rate climbed from a rate of 25.02 percent the previous quarter, reaching the highest level since Spain returned to democracy after the death in 1975 of General Francisco Franco.

British Prime Minister David Cameron faced a frosty reception from the global elite at the annual Davos meeting on Thursday after his vow to hold a referendum on Britain's membership of the EU.

The World Economic Forum in the snowy Swiss ski resort will see top politicians and business leaders pursue talks on whether they have seen the back of the global financial crisis.

Commerzbank, Germany's second-biggest bank, said on Thursday it is looking to axe 4,000-6,000 jobs -- or about 10 percent of its workforce -- by 2016.

"As part of our strategic agenda announced in November, Commerzbank is planning to invest more than 2.0 billion euros ($2.7 billion) in core operations, as well as cost savings," a bank spokeswoman told Agence France Presse.

Problems which have grounded all Boeing 787 Dreamliner aircraft will not affect programs by EADS, the parent company of Airbus which is developing its A350 airliner, EADS director of strategy Marwan Lahoud said on Wednesday.

Lahoud, questioned on Radio Classique about possible knock-on effects of Dreamliner problems, said that "they will not have an impact on our programs" and that the first examples of the Airbus A350 long-range airliner would be made as planned at the end of 2014.

Portugal launched on Wednesday its first medium-term debt issue since receiving an international bailout in May 2011, making the critical step of returning to the borrowing markets much quicker than expected.

According to several business media, the five-year bond issue, the first since February 2011, began early on Wednesday with the target of raising 2.0 billion euros ($2.7 billion).

The world's political and business elite gather in the snow-covered resort of Davos from Wednesday, aiming to instill some confidence in the global economy amid tentative signs of recovery.

Some 45 world leaders will rub shoulders with around 2,500 lobbyists, journalists, captains of industry and economists in the picture-postcard Swiss ski resort for the five-day annual meeting of the World Economic Forum (WEF).

Google eked out slightly higher earnings in the fourth quarter, despite a financial drag caused by the Internet search leader's expansion into device manufacturing and a decline in digital ad prices as more people gaze into the smaller screens of smartphones.

The results announced Tuesday pleased investors, helping to lift Google's stock by nearly 5 percent in extended trading.