Denmark

Denmark's central bank raised its key interest rate by 0.75 percentage points to 0.65% on Thursday, ending a nearly decade-long experiment of negative interest rates, Reuters reported. "The interest rate increase is a consequence of the increase by the European Central Bank of its main monetary policy rate" the central bank said in a statement. Earlier on Thursday, the ECB raised its benchmark deposit rate by 75 basis points to 0.75% and signaled further hikes.
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Crisis-hit Scandinavian airline SAS sees savings of $200 million through 2026 from a new collective bargaining deal reached with most of its pilots following a crippling two-week strike in July, Reuters reported. The flag carrier, pressured for years by low-cost rivals and ravaged by the pandemic, in February announced a big restructuring plan, and on the second day of the strike sought U.S. bankruptcy protection.
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SAS AB, which is working its way through a chapter 11 restructuring in the U.S., warned that much more needs to be done to persuade stakeholders to invest in the ailing Scandinavian airline, Bloomberg News reported. The airline is also having to overcome the effects of a pilots’ strike and travel disruptions that have hampered its important summer season, just as the price of kerosene has skyrocketed and inflation is accelerating.
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Scandinavian airline SAS said on Saturday it entered into an agreement with Apollo Global Management to raise $700 million of fresh financing it needs to see it through bankruptcy, Reuters reported. The airline filed for bankruptcy protection in the United States in early July to help cut debt after the collapse of wage talks between the airline and its pilots, triggering a 15-day strike that added to travel chaos across Europe. SAS said in a statement it expects to complete the Chapter 11 restructuring process in nine to 12 months.
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Annual inflation in Denmark came at 8.7% last month — rising at the fastest pace since 1983 — while the figure in neighboring Norway reached 6.8%, authorities said Wednesday, the Associated Press reported. Statistics Denmark said the price of goods has increased by an average of 13.2% in the past year, the highest annual increase since February 1982, when the annual increase was the same. Within the goods category, it is to a very large extent price increases on food, electricity, fuel and gas.

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SAS and pilot unions have reached a wage deal, the Scandinavian airline confirmed on Tuesday, ending a 15-day strike over a new collective bargaining agreement that had grounded 3,700 flights and put the carrier's future in doubt, Reuters reported. Shares in SAS jumped 12% in early morning trade, but then steadied and were up around 4% at 1223 GMT. They are still down about 40% since the beginning of the year. The airline, which filed for U.S.

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SAS said today that a pilot strike now in its 11th day threatened the airline's ability to access bridge financing without which it may be forced to radically downsize or could collapse, Reuters reported. SAS and unions were locked in more talks on Thursday to end a strike among most of its pilots at the peak of the holiday travel season, over conditions related to the Scandinavian carrier's rescue plan. "The strikes ...
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Embattled Scandinavian airline SAS and unions representing pilots will resume negotiations on Wednesday to try and agree a new labor deal to end a one-week strike, Reuters reported. SAS has canceled more than 1,200 flights since July 4 when talks with many of its pilots over a new collective bargaining agreement collapsed and they launched the crippling strike. "What has now happened is that we have asked the parties to gather in Stockholm from Wednesday," Swedish mediator Jan Sjolin said.
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A day after its pilots went on strike, SAS, the Scandinavian airline, said on Tuesday that it had filed for chapter 11 bankruptcy protection in the United States, the latest reverberation in a summer of turmoil for European airlines, the New York Times reported. SAS described the filing, made in the U.S. Bankruptcy Court for the Southern District of New York, as the “next step” in a reorganization that would address the money-losing airline’s financial difficulties, including cost reductions of more than $700 million.
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One of the world’s largest aircraft leasing company filed for chapter 11 as it seeks to restructure its finances for the second time since the beginning of the pandemic. Denmark-based Nordic Aviation Capital A/S sought bankruptcy protection to overhaul about $6 billion of debt, Bloomberg News reported. On Sept. 24, the company reached an agreement in principle with creditors to fix its balance sheet. The company listed both assets and debt of between $1 billion and $10 billion, according to court papers filed in U.S. Bankruptcy Court in Richmond, Virginia.
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