Bloomberg The strengthening krona may force Sweden’s central bank to add stimulus again as criticism mounts that its unprecedented policy moves are threatening stability in the largest Nordic economy. While all 20 analysts surveyed by Bloomberg predict that the main rate will be kept unchanged at a record low of minus 0.5 percent, the Riksbank may extend its government ...
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April, 2016
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19 April
Saudi bank Samba Q1 profit dips 1.4pc, meets estimates
Reuters Samba Financial Group, Saudi Arabia’s third-largest bank by assets, reported a 1.4 percent drop in first-quarter net profit on Tuesday, in line with analyst forecasts. The bank made a profit of 1.26 billion riyals ($336.1 million) in the three months to March 31, down from 1.28 billion riyals in the same period a year earlier, it said in ...
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19 April
Citigroup’s Keefe is Asia-Pacific corporate banking head
Bloomberg Citigroup Inc. said it has named Gerald Keefe as its Hong Kong-based head of corporate banking for the Asia-Pacific region, a newly created role. Keefe, currently head of corporate banking for Japan, will take on responsibilities for Citigroup bankers in the region dealing with companies, financial institutions and public-sector entities, according to a press release. Agnes Liew, another ...
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19 April
BRICS bank OKs first loans of $811mn
Moscow / Reuters The New Development Bank (NDB), formed by the BRICS group of emerging nations, has approved its first loans — $811 million for renewable energy projects in Brazil, China, India and South Africa, Russian news agencies reported last week. The BRICS bank, with authorised capital of $100 billion, started work last year on funding initiatives for infrastructure ...
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19 April
Busy skies a tailwind for Asian jet fuel demand
SINGAPORE / Reuters Asian skies are getting busier and the impact is set to be felt in the jet fuel market as brisk demand for air travel, due to rising incomes and more flights, cuts the region’s aviation fuel surplus in 2017 by the most in at least five years. About 100 million new passengers take to the Asian ...
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19 April
Zalando sales on upswing since Easter helped by Beyonce label
BERLIN / Reuters Zalando reported slower first-quarter sales growth after a blistering 2015, but Europe’s biggest dedicated online fashion retailer said sales had accelerated since the Easter holidays in late March and reiterated its annual targets. Fashion retailers such as H&M and Next have reported a weak start to 2016 due to an earlier Easter than last year and ...
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19 April
Spain’s Telepizza plans to raise €550 million from share sale
MADRID / Reuters Fast-food company Telepizza has announced it planned to list on Spain’s stock market on April 27, looking to raise 550 million euros ($621 million) from the share sale, to become one of the first Spanish companies to seek a listing this year. Specialised engineering company Dominion, a unit of car parts company CIE Automotive, is planning ...
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19 April
Saudi flag carrier to launch low-cost offshoot
Riyadh / AFP State-owned Saudi Arabian Airlines plans to launch a low-cost offshoot next year under initiatives to restructure the kingdom’s oil-dependent economy, official media said. Known as “Flyadeal”, the low-cost carrier will begin operations from the middle of next year, Saudi Arabian Airlines chief Saleh al-Jasser said. It will operate independently of its parent firm, Jasser was quoted ...
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19 April
AB Foods profit beats estimates as sugar offsets Primark dip
Bloomberg Associated British (AB) Foods Plc reported first-half earnings that beat analyst estimates as improved results from its sugar business offset a decline in profit at its Primark discount retail chain. Adjusted pretax profit rose 4 percent to 466 million pounds ($667 million), the London-based company said in a statement on Tuesday. Analysts were predicting 454 million pounds, according ...
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19 April
Luxury or bust for foreign automakers in Japan
Tokyo / AFP Tokyo businessman Randal Furudera isn’t about to swap his German-made BMW M5 for a “boring†Japanese car, although he’ll give them some grudging respect for their ho-hum dependability. Deep-pocketed buyers like Furudera are driving sales in Japan of high-end foreign brands, which dominate the niche sector in a car market long seen as all but shuttered to ...
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