Economy of Europe
The European Central Bank kept its main interest rate on hold at a record low 0.5 per cent yesterday, saying that improved economic data in May confirmed its forecast of a gradual recovery from prolonged recession later this year.Friday, 7 June, 2013, 3:46am
I do not entirely follow the reasoning of this notable hot-air merchant. If the European Union truly has evidence that its citizens, personal or corporate, defraud it of €1 trillion a year, why do its law-enforcement agencies not take action?26 May 2013 - 4:35am 6 comments
The European Central Bank, meeting in the Slovakian capital of Bratislava today, could cut its interest rates from record lows and unveil new measures to kick-start bank lending, analysts say.2 May 2013 - 3:47am
In this age of information, maths errors can lead to disaster. Nasa's Mars Orbiter crashed because engineers forgot to convert to metric measurements; JPMorgan Chase's "London Whale" venture went bad in part because modellers divided by a sum instead of an average. So, did an Excel coding error destroy the Western world's economies?21 Apr 2013 - 4:56am 3 comments
European Central Bank President Mario Draghi said the bank stands ready to cut interest rates if the economy deteriorates further, and officials are considering additional measures to boost growth as the debt crisis enters its fourth year.5 Apr 2013 - 5:10am
What has set Cyprus apart is that it is one of the smallest members of the euro zone, with a failed banking system much bigger than its economy. Likewise, the €10 billion (HK$101 billion) rescue deal with international lenders, though more than half its GDP, is small change compared with the hundreds of billions in bailouts for Greece, Spain, Portugal and Ireland. But it marks a turning point in European leaders' approach to bailouts, with the balance of risk shifted from taxpayers to private investors.27 Mar 2013 - 3:09am
It can have surprised no one that members of the Cypriot parliament voted unanimously against plans to slap a tax on the islanders' bank deposits.21 Mar 2013 - 5:20am 4 comments
Cyprus government agreed to a €10 billion (HK$101 billion) bailout that includes an unprecedented levy on all bank deposits. The debt rescue package, agreed with the euro zone and International Monetary Fund earlier in the day in Brussels, is significantly less than the €17 billion Cyprus had initially sought.18 Mar 2013 - 9:48am
Anaemic growth in the US and little improvement in Europe's economic conditions will make 2013 as "challenging" as last year for Orient Overseas Container Line (OOCL), the financial head of the shipping line's parent company said yesterday.7 Mar 2013 - 6:12am
Answering mounting calls from the European Union to pursue a grand trade pact to spur growth on both sides of the Atlantic, Obama said the proposed treaty would help boost American exports and jobs.14 Feb 2013 - 4:53am
China's economy is "growing rapidly", Persson said, though he declined to give a time frame for when the country will be the Swedish company's top market. Persson also said H&M would consider opening outlets in India, Brazil, Colombia, and Argentina, as European demand struggles to recover.
1 Feb 2013 - 5:22am
German business confidence has increased more than expected this month as hopes rise that Europe’s largest economy will quickly put behind it a weak patch and benefit from an easing in the continent’s financial turmoil, a closely watched survey showed on Friday.26 Jan 2013 - 9:53am
One person's challenge is another's opportunity, or so the saying goes. In the context of property investment, the euro zone's continuing woes seem to augur well for Asia-Pacific markets.
A global research report by real estate services firm DTZ suggests that from an investor's perspective "most Asia-Pacific markets remain attractive", considering the degree of uncertainty elsewhere.23 Jan 2013 - 4:47am
Move aside Mona Lisa. More Chinese visitors are headed to Paris and they are picking luxury stores such as Galeries Lafayette over visits to the Louvre.19 Jan 2013 - 5:12am
Warning that the global economy continues to be fragile, the World Bank yesterday sharply cut the growth outlook for this year.
The multilateral bank forecast global gross domestic product this year would edge up to 2.4 per cent from 2.3 per cent in 2012, revised down from the 3 per cent growth it predicted in June.17 Jan 2013 - 3:22am