EON SE, Germany’s biggest utility, reduced losses from buying and selling energy for its own account in 2013 as it recovered from lower earnings in gas, oil and eastern European power markets a year earlier.
Linde AG’s incoming Chief Executive Officer Wolfgang Buechele said a key lesson from his two years overseeing Finnish paper-chemical maker Kemira Oyj is the need for frequent reviews to keep up with changing markets.
Following is a roundup of how countries around the world have reacted to Russia’s military intervention in Ukraine’s Crimea region. The responses are grouped under the headings “Pro-Russia,” “Anti-Putin” and “On the Fence.”
Hungarian inflation rate compares with 0.4% median est. in Bloomberg poll of 15 economists. * Consumer prices rose 0.l% from Jan., stats office says * Household energy prices plunged 10.3% y/y as govt reduced utility prices ahead of April 6 elections * First round utility price-cut in Jan. 2013 to no longer impact y/y CPI data, second round in Nov. 2013 to still affect data through Dec: statistician Borbala Minary * Car fuel prices dropped 4.6% y/y in Feb.; alcohol and tobacco prices jumped 8.1%, costs of services climbed 2.1%; * Govt-mandating cash withdrawals from ATMs free of charge this yr reduced CPI by 0.15 percentage points y/y and m/m: Minary * NOTE: Hungary Rate-Cut Cycle’s End Is Moving Target, Palotai Says NSN N1NMZ86K50XY <GO>
Emerging-market stocks declined for a second day after a report showing the biggest plunge in Chinese exports since 2009 spurred concern the global economy will falter. Brazil’s Ibovespa approached a bear market.
OTP Bank Nyrt., Hungary’s largest bank, expects lending to expand this year after its net income unexpectedly plunged in the fourth quarter, while its Ukraine operations may swing to loss if the turmoil there is protracted.
Emerging-market stocks dropped, almost erasing a weekly gain, as China’s first onshore default sparked concern that swelling bad debt will weigh on global growth. Vale SA led a slide in commodity shares as metals fell.
The euro rallied to a two-month high against the dollar after European Central Bank President Mario Draghi said inflation is expected to rise gradually, damping bets policy makers will introduce further monetary stimulus.