Stocks ended the next-to-last day of 2009 little changed as welcome news on manufacturing helped offset a drop in commodities prices. Stocks little changed as dollar strengthens.
European shares slipped as commodities weigh in thin early trading on Wednesday. By 0914 GMT, the pan-European FTSEurofirst 300 .FTEU3 index was down 0.2 percent at 1,045.25 points, with volumes on the index about 5 percent of the 90-day daily average.
Shares of JAL tumbled to a record low on growing investor worries that the carrier will be restructured in a bankruptcy court as part of a state bailout. Asian stocks faded on Wednesday as year-end trade dwindled, with profit-taking pulling down shares and bankruptcy worries about Japan Airlines weighing on the Nikkei, while the dollar rose broadly.
Mutual funds see the year off with growth of assets. Net value of the assets managed by Bulgarian collective investment schemes marks an uptake of 5% to BGN 353,6 million. A year ago mutual funds erased 57% of their assets, the Pari Daily informed.
Crisis brings new players to quick loans market. The economic headwinds clogged up lending and lifted the share and volume of defaults but also brought new players to the quick loan market. Terra Credit, Feratum Bulgaria and Cash Credit came into being to capitalize on traditional lenders’ reluctance to provide funding.
According to the latest statistics of the Bulgarian National Bank (BNB), banks issued loans to companies at record low interest in November – 7, 76%. This is the lowest level of interest on corporate credits registered by the central banks since 1994.
Bulgaria is the EU leader in reducing expenses. The Minister of Finance Simeon Dyankov and distinguished economy experts share the opinion that with a minimum budget deficit of BGN 500 million by the end of 2009.
2009 successful for banks regardless of crisis: compared with the years of growth, 2009 was a bad year but in the light of the developments in other countries, the situation in Bulgaria was much better, EIBank CEO Petar Andronov told the Pari daily.
2009 was very difficult in view of the challenges and convulsions, Petar Andronov, CEO of EIBank /part of th KBC Group/ said in an interview with the Pari daily. The crisis influenced strongly the dynamics of interest rates and the quality of portfolios. But the end of the year brings satisfaction. Economy will return to reality in 2010.
The year 2009 was the most difficult one in the past decade and money became the most valuable commodity, MKB Unionbank CEO Maria llieva told the Pari daily in an interview.