By Reuters Staff
2 Min Read
FILE PHOTO: European Central Bank (ECB) headquarters building is seen in Frankfurt, Germany, March 7, 2018. REUTERS/Ralph Orlowski/File Photo
FRANKFURT (Reuters) - Bad loans at euro zone banks fell to a new low in the last quarter of 2020, fresh data showed on Monday, underscoring warnings from the European Central Bank that lenders are not preparing for a deluge of soured credit after the pandemic.
The ratio of non-performing loans at banks supervised by the ECB fell to 2.63%, the lowest level since the start of supervision in 2015, despite a deep and scarring recession that will likely weigh on the economy for years to come.
Global stock markets slid off record highs on Monday as investors waited to see whether U.S. earnings would justify sky-high valuations, while a rally in bonds could be tested by what should be strong readings for U.S. inflation and retail sales this week.
By Reuters Staff
1 Min Read
OSLO, April 12 (Reuters) - Creditors have voted in favour of Norwegian Air’s restructuring proposal in Norway, the company said on Monday, clearing yet another hurdle for the airline on its path to emerge from bankruptcy protection. (Reporting by Victoria Klesty, editing by Gwladys Fouche and Terje Solsvik)
By Reuters Staff
2 Min Read
OTTAWA, April 12 (Reuters) - Business sentiment in Canada continues to improve and many firms consider the impacts of the COVID-19 pandemic behind them, though the outlook remains challenging for high-contact services, a Bank of Canada survey showed on Monday.
The survey, conducted before new restrictions came into effect earlier this month to tackle a third wave, found sales were at or above pre-pandemic levels for 64% of businesses.
“With uncertainty having receded and vaccination rollouts continuing, firms’ indicators of future sales have strengthened again,” the central bank said in its spring Business Outlook Survey. The BOS indicator hit its highest level since mid-2018.
By Reuters Staff
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OSLO, April 12 (Reuters) - Norwegian Air has won approval from creditors in Norway to restructure its debt and an Oslo court has approved the plan, the airline said on Monday, clearing the way for it to raise new capital and emerge from bankruptcy next month.
Financed largely by debt, Norwegian Air grew rapidly, serving routes across Europe and flying to North and South America, Southeast Asia and the Middle East before the COVID-19 pandemic plunged the airline into crisis.
Its survival plan announced last year brings an end to its long-haul business, leaving a slimmed-down carrier focusing on Nordic and European routes.