Canada sticks to lending rate April 12, 2011 The Bank of Canada kept its key lending rate at one per cent yesterday while raising the country’s growth outlook in 2011 by 0.5 per cent to 2.9 per cent. The central bank said the global economic recovery would continue at a steady pace. The bank has not raised rates since September 2010.
Swedish inflation remains static April 12, 2011 March CPI data for Sweden remained unchanged as predicted at 2.9 per cent on a year-on-year basis, while inflation worsened in Germany as the CPI was unexpectedly revised up to 2.3 per cent year-on-year, the fastest pace of price increases in 29 months.
Germany hit by surging oil price April 12, 2011 Germany’s ZEW index, an indicator of economic sentiment based on the opinions of almost 300 analysts and fund managers, fell surprisingly from 14.1 down to 7.6 in April, as oil prices surged and the European Central Bank raised interest rates last week. Economists had expected the index to decline to ten per cent.
Sweden and Singapore top in ICT April 12, 2011 Sweden and Singapore are the most competitive countries in the digital economy, according to a study by the World Economic Forum (WEF). Nordic and Asian economies are best at using information and communications technologies (ICT) to boost their growth, the WEF said. Finland is in third place, Switzerland fourth and the United States fifth. The [...]
UBS CHIEF’S MOUNTAIN MISSION IMPOSSIBLE April 12, 2011 IT’S NOT every day The Capitalist finds herself talking to a senior banker as he shelters from the wind halfway up the world’s tallest mountain. But yesterday that was exactly the scenario for an interview with David Tait, managing director of macro directional trading at UBS Investment Bank, as he prepares to embark on his [...]
Allied Irish Bank’s losses soar in 2010 April 12, 2011 ALLIED Irish Bank is to slash more than 2,000 jobs following annual results yesterday showing that it lost a staggering €12bn (£10.6bn) pre-tax last year due to ongoing toxic property loans. The loss is a more than four-fold increase on 2009. The bank reported an impairment rate of 28 per cent in its property and [...]
Nokia fights back with new OS April 12, 2011 EMBATTLED handset manufacturer Nokia began its fightback yesterday, launching two new handsets and an update of its soon-to-be-ditched operating system. The new version of Symbian, codenamed Anna, appears to borrow heavily from popular rival Android, which is the industry’s fastest growing mobile platform. However, analysts are already questioning whether new handsets running Anna will quickly [...]
Saab production still on hold as Spyker seeks deal April 12, 2011 Loss-making Dutch car maker Spyker said production at its Saab unit will remain on hold until it obtains funding to pay suppliers, underlining the tough battle it faces to rescue the ailing Swedish brand. Spyker, which bought loss-making Saab from General Motors last year, has been forced to halt production as it is unable to [...]
Banesto sees profits slump April 12, 2011 SPANISH retail bank Banesto’s net profit slumped 20 per cent in the first-quarter, dragged lower by rising bad loans in a stunted economy and as higher funding costs bit into margins on a yearly basis. Quarterly profit margins improved and the number of loans falling into arrears dropped, providing a bright spot against a background [...]
African Minerals confident April 12, 2011 Iron ore developer African Minerals is confident of starting commercial production in the fourth-quarter from its Tonkolili project in Sierra Leone. Phase I of Tonkolili is fully funded and at full capacity is expected to produce 12m tonnes of iron ore a year, once it ramps up from initial production in the fourth-quarter. Shares in [...]
