Many global exchanges touched two year highs today. Nordic markets were no exception. Some of the gains levelled out toward the end of the session. Optimism that Irish parliament would pass a tough austerity budget, which would allow the country to start tapping to the rescue package led the markets higher.
The continuation of Bush tax-cuts is a political hot potato in the United States. President Obama has cut a deal with Republicans to also extend the cuts for the rich. Many Democrats vow they will not give their support for the plan.
There seems to be more widespread desire to commit to reduction of CO2 emission at the The United Nations Climate Change Conference being held in Cancun, Mexico. Standard & Poor’s raised Latvia’s credit rating. China securities journal wrote that the People’s Bank of China may hike interest rates this weekend. Wikileaks founder Julian Assange was arrested in Great Britain over allegations of sexual assault in Sweden. The new stress tests for European banks are scheduled to take place rather soon. European Commissioner for Economic and Financial Affairs Olli Rehn implies that this time the tests will be done right...
Alfa Laval acquired Olmi S.p.A, an Italian family owned business, which is a manufacturer of shell & tube heat exchangers, separators, gas coolers and steam condensers for petrochemical, power and oil & gas industries. The basis as the intrinsic value of Olmi in the acquisition was around 500 million SEK. The company has annual sales of about 700 million SEK.
Ahlstrom divested its entire Dust Filtration material business by selling both the Wuxi plant in China and three production lines in Bethune, USA to Andrew Industries for approximately 5.3 million Euro. Ahlstrom had concluded that dust filtration units used for example in pollution control do not fit strategically with rest of the company portfolio.
Yara International capital markets day was held today. The company says fertilizer demand has picked up considerably this autumn. Yara presented earnings estimates for different scenarios of development in the event. The company feels it is well positioned to reap the rewards in the changing world.
SAS’s traffic numbers grew by 11.3% in November. The trade unions are increasing their pressure on Finnair as cabin crew personnel strike reaches week two. Finnair is losing 2-2.5 million per day, pushing the company to minus numbers for the year. Munters AB will be delisted from Stockholm NASDAQ OMX after December 23th.
Kongsberg Automotive disputes Bombardier Recreational Products’ motion to institute proceedings against Kongsberg Automotive and Teleflex in Canada. Bombardier Recreational Products’ has made a claim of 15 million against Kongsberg Automotive related to a dynamic power steering problem of the Can-Am Spyder roadster.
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