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• A little more than three weeks ago, the Internal Revenue Service (IRS) began the transfer of USD 106bn in tax rebates to US consumers. Currently almost a quarter of the rebate payments have reached consumers; the remaining transfers should be completed by mid-July. • With the rebates being paid...
If you think the credit crunch is hitting the UK hard, spare a thought for Iceland. Banks all over the world have spent much of the few years bingeing on cheap money, but Iceland's taken the whole thing to quite an extreme. The stock market has tanked, inflation has soared and the Icelandic Krona...
As widely expected Bank of Japan (BoJ) left its leading interest O/N target rate unchanged at 0.5% in a unani-mous decision. In addition, BoJ left its view of the economy broadly unchanged in the Monthly Economic Report published in connection with today’s monetary meeting (see page 2). Overall...
• Overall speculative positions were reduced significantly in the week from 6 May to 13 May, as net short USD positions fell by USD 3.3bn to USD 5.7bn – the lowest level since June last year. • As a result of the past week’s movements in positions, the AUD, JPY, MXN and CAD are now the only...
UK BRITISH ENERGY Up GBP0.36 to GBP7.16... Receives takeover offers at a premium - FRANCE SANOFI-AVENTIS Down EUR 1.04 to EUR 47.46... Unveils successful Multaq study / Exane ups target - Exane BNP Paribas ups target to EUR 60 from EUR 58, keeps outperform. ITALY BANCO POPOLARE Up EUR 1.04 to EUR...
What was inconceivable just a couple of years ago is now everyday reality. Oil is trading at around USD 125/bbl. Prices have doubled in the last year – and we have not necessarily seen the end of it! High energy and food prices are already a headache for the world’s central banks, coming as they...
REYKJAVIK, Iceland, May 17 (UPI) -- Iceland officials were hoping Saturday the Scandinavian country's financial crisis would be stemmed after three neighbors bolstered its free-falling currency. Norway, Sweden and Denmark banded together this week to offer Iceland a credit line of $2.4 billion in...
LONDON (MarketWatch) - Nordic central banks acted in concert Friday to shore up Iceland's beleaguered currency and economy, giving the nation's central bank access to up to 1.5 billion euros ($2.3 billion) in emergency funds. The announcement sent the heavily pressured Icelandic krona soaring,...
• • Danmarks Nationalbank (DN) has with effect from 16 May decided to raise the lending rate and the interest rate for certificates of deposits to 4.35% from 4.25%. The discount rate and the interest rate on banks' current accounts with DN remain unchanged at 4.0 per cent. • This interest hike...
The Turkish central bank (TCMB) has announced that it has raised its key policy rate by 50bp to 15.75% - in line with the consensus expectation, but less than our expectation of 100bp. The TCMB has finally realised the need for a tighter monetary stance following its aggressive easing during H2...
