Morning business round-up: Russian rates to rise


What made the business news in Asia and Europe this morning? Here's our daily business round-up:

Russia is to raise its key interest rates for the second time this year as it attempts to control inflation. The Russian Central Bank will increase the refinancing rate from 8% to 8.25% and the deposit rate from 3% to 3.25% on Tuesday.

Unemployment in Spain has risen to a 14-year high, with 4.9 million people out of work. The rate in the first three months of the year was 21.3%, up from 20.3% in the previous quarter. Spain has the highest unemployment rate in the European Union.

Luxury carmaker Daimler has unveiled a first-quarter net profit of 1.18bn euros ($1.75bn; £1.05bn) compared with 612m euros at the same time a year ago. Strong sales of its Mercedes-Benz luxury cars and SUVs in China helped boost earnings.

Media caption,
Biz Heads

Meanwhile, Dutch carmaker Spyker Cars, troubled owner of Saab, has announced a net loss of 72m euros ($106m; £64m) for the first quarter. The company also warned it was unlikely to meet its 2011 production target.

Samsung Electronics has said its profits for the first three months of the year have fallen by 30%. The electronics maker has been hit hard by weak demand and falling prices of TVs and LCD panels.

Finally, investors in Foster's have voted for an amicable divorce at the Australian drinks company. At a meeting in Melbourne, more than 99% of votes were cast in favour of a demerger, creating two stand-alone companies.

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