• Tue
  • Sep 16, 2014
  • Updated: 11:33am

Economy of Europe

Euro rate stays at 0.5 per cent

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

EU fails to adapt to borderless world

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

Euro-zone rate cut unlikely to boost lending

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

Austerity frenzy proven to be wrong. So will it be halted?

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

ECB stands ready to ease policy if needed, says Draghi

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

Cyprus' bailout marks a turning point

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

Thank the Cypriot parliament for averting euro-catastrophe

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

Cypriots shocked as euro bail out includes 10pc tax on bank accounts

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

Weak Western growth to hit cargo demand

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

US to launch free trade talks with EU

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