EARLY this month, a massive new railway tunnel opened for the first time. It was finished six months early and nearly 10% under budget. So by now you know this didn't happen in America (or Britain, for that matter.) No, this feat of modern engineering (and good government) was completed in the Swedish city of Malmö, just across the Oresund bridge from Copenhagen, Denmark.
The project transformed Malmö Central Station, which is actually in the northern part of the city, from a dead end where trains had to reverse course into a through station. The former terminus is now just a stop on a large circular route that cuts underground through the center of Sweden's third-largest city. The construction of the tunnel was accompanied by the construction of two new stations—one in the actual city centre, and another south of the city, in an area targeted for future development. Here's a map:
Official travel times aren't much reduced, but commuters who work in the city centre will no longer have to disembark at Malmö Central. Instead, they can use the new underground station at Triangeln, cutting a transfer to a bus or cab out of their daily grind. And as the area around the new, southernmost Hyllie Station develops, the benefits of the project should become even more apparent. Railzone's Daniel Sparing explains:
"This new link virtually makes Malmö and Copenhagen a single conurbation, [making] commuting from one city to another even easier. Copenhagen airport is also extremely well connected to central Malmö and the new development area [south of the city]"
When's the last time a rail project of this size was completed ahead of time and under budget in America? And if the Swedes can do it, why can't the Americans? The answer to the second question, at least, was in The Economist earlier this month.
http://www.economist.com/blogs/gulliver/2010/12/malm%C3%B6_rail_tunnel
Nordic countries business
martes, 25 de enero de 2011
miércoles, 19 de enero de 2011
Book released on Innovation in Finland
NOKIA AND FINLAND IN A SEA OF CHANGE 10.05.2010
Ali-Yrkkö, Jyrki (Ed.)
In the 1990s, Nokia became a leader in the global cell phone market. The stellar growth of Nokia contributed significantly to the Finnish national economy, especially to GDP growth, exports and the R&D system.
The first years of the 21st century have witnessed a massive relocation of electronics manufacturing from Europe and the U.S. to Asia and other low-cost regions via the emergence of global supply chains. The Finnish ICT cluster and the national economy as a whole have been influenced by this transformation in many ways.
This book offers four complementary perspectives on the global ICT transformation and the role of Nokia in the Finnish economy:
- What is Nokia’s contribution to the growth and restructuring of the Finnish economy?
- How have the manufacturing supplier networks of Nokia changed during the 2000s?
- Is the innovative dominance of Nokia in Finland a unique phenomenon in international comparison?
- Where is the value added of high-tech products such as mobile phones created, and who captures the value?
2010 108 p.
price: 32 €
ETLA B 244
OnLine orders from:
http://www.etla.fi/eng/julkaisuhaku.php?type=details&id=1748&link=fp
Ali-Yrkkö, Jyrki (Ed.)
In the 1990s, Nokia became a leader in the global cell phone market. The stellar growth of Nokia contributed significantly to the Finnish national economy, especially to GDP growth, exports and the R&D system.
The first years of the 21st century have witnessed a massive relocation of electronics manufacturing from Europe and the U.S. to Asia and other low-cost regions via the emergence of global supply chains. The Finnish ICT cluster and the national economy as a whole have been influenced by this transformation in many ways.
This book offers four complementary perspectives on the global ICT transformation and the role of Nokia in the Finnish economy:
- What is Nokia’s contribution to the growth and restructuring of the Finnish economy?
- How have the manufacturing supplier networks of Nokia changed during the 2000s?
- Is the innovative dominance of Nokia in Finland a unique phenomenon in international comparison?
- Where is the value added of high-tech products such as mobile phones created, and who captures the value?
2010 108 p.
price: 32 €
ETLA B 244
OnLine orders from:
http://www.etla.fi/eng/julkaisuhaku.php?type=details&id=1748&link=fp
Ministry of Employment and the Economy - Enterprises’ financing problems have eased but are still widespread
Enterprises’ financing problems have eased but are still widespread
The availability of financing for enterprises eased substantially in 2010 compared to the recession year 2009. This is shown by the annual Business Finance Survey conducted by the Confederation of Finnish Industries, the Bank of Finland and the Ministry of Employment and the Economy.
About 15–25% of all businesses seeking new finance found it difficult to tap external sources, as compared to 25–35% in 2009. Financing problems eased most in respect of microenterprises with less than ten employees. Despite the easing, it is clear that financing problems are still more widespread than in the years prior to the recession.
Interest rate margins on new corporate loans widened
Interest rate margins on new loans widened for almost every second medium and large business, but only for a fifth of the microenterprises. Interest rate margins on new loans to medium and large businesses also increased relatively more than those on loans to smaller enterprises.
Caution in seeking finance
Aggregate business demand for funding does not appear to be increasing. Compared to the survey for 2009, a slightly larger portion of micro and small enterprises intend to seek new funding. Medium and large businesses plan to acquire less funding than before.
Interest in securities-based and venture capital funding is increasing
Medium and large businesses are increasingly seeking funding via securities market instruments, such as commercial paper and other bonds. Securities issuance is gaining in importance as a source of funding for large enterprises, also as measured by intentions to seek funding.
Interest in venture capital funding has also increased slightly for businesses of all sizes, even though the portion of enterprises that received funding from venture capital investors was smaller than in the previous survey.
Efficiency gains from electronic billing
Very few enterprises use electronic billing extensively, even in business-to-business invoicing. Slightly less than 5% of enterprises pay the majority (over 60%) of their bills via electronic invoices and just over 5% send the vast majority of their bills as electronic invoices.
The Business Finance Survey gives a comprehensive picture of enterprises’ financing situation. The survey conducted in September 2010 drew responses from 997 enterprises from different provinces and industrial classification groups. The survey has been conducted since 1994. The survey was carried out by Statistics Finland on behalf of the Confederation of Finnish Industries, Bank of Finland and Ministry of Employment and the Economy.
See original link:
Ministry of Employment and the Economy - Enterprises’ financing problems have eased but are still widespread
The availability of financing for enterprises eased substantially in 2010 compared to the recession year 2009. This is shown by the annual Business Finance Survey conducted by the Confederation of Finnish Industries, the Bank of Finland and the Ministry of Employment and the Economy.
About 15–25% of all businesses seeking new finance found it difficult to tap external sources, as compared to 25–35% in 2009. Financing problems eased most in respect of microenterprises with less than ten employees. Despite the easing, it is clear that financing problems are still more widespread than in the years prior to the recession.
Interest rate margins on new corporate loans widened
Interest rate margins on new loans widened for almost every second medium and large business, but only for a fifth of the microenterprises. Interest rate margins on new loans to medium and large businesses also increased relatively more than those on loans to smaller enterprises.
Caution in seeking finance
Aggregate business demand for funding does not appear to be increasing. Compared to the survey for 2009, a slightly larger portion of micro and small enterprises intend to seek new funding. Medium and large businesses plan to acquire less funding than before.
Interest in securities-based and venture capital funding is increasing
Medium and large businesses are increasingly seeking funding via securities market instruments, such as commercial paper and other bonds. Securities issuance is gaining in importance as a source of funding for large enterprises, also as measured by intentions to seek funding.
Interest in venture capital funding has also increased slightly for businesses of all sizes, even though the portion of enterprises that received funding from venture capital investors was smaller than in the previous survey.
Efficiency gains from electronic billing
Very few enterprises use electronic billing extensively, even in business-to-business invoicing. Slightly less than 5% of enterprises pay the majority (over 60%) of their bills via electronic invoices and just over 5% send the vast majority of their bills as electronic invoices.
The Business Finance Survey gives a comprehensive picture of enterprises’ financing situation. The survey conducted in September 2010 drew responses from 997 enterprises from different provinces and industrial classification groups. The survey has been conducted since 1994. The survey was carried out by Statistics Finland on behalf of the Confederation of Finnish Industries, Bank of Finland and Ministry of Employment and the Economy.
See original link:
Ministry of Employment and the Economy - Enterprises’ financing problems have eased but are still widespread
jueves, 9 de septiembre de 2010
Analysts: BA and Iberia looking into buying Finnair
British Airways and the Spanish airline Iberia said during the weekend that they are looking for new airline acquisitions, even though their own merger talks are still incomplete.
The Finnish national airline Finnair has come up in discussions on the merger.
BA’s CEO Willie Walsh says that BA-Iberia has drawn up a list of 12 possible acquisition targets. He would not say which airlines are on the list, but analysts immediately saw Finnair as a possible merger partner.
Walsh emphasised that no negotiations are underway yet about the matter. He added that the focus now is on setting goals.
However, on Tuesday Walsh said in The Australian Financial Review that BA would like to start talks with the Australian airline Quantas.
Previous talks on a merger fell apart two years ago over disagreements over the valuation of the two companies.
Quantas has been seen by some analysts as a first choice as a partner of BA-Iberia, as its dense network in the Far East would considerably strengthen the British-Spanish carrier’s activities in the world’s fastest-growing market.
However, Finnair would also provide such an advantage. The Finnish airline’s extensive network in Europe could feed passengers between Asia and Europe via Helsinki-Vantaa Airport.
BA would be able to collect passengers to Asia only from the British Isles, while Iberia, lacking the routes, could do even less.
Finnair’s strategy of flying European passengers to Asia has worked magnificently.
The company said on Tuesday this week that its traffic on Asian routes grew in August by nearly nine per cent over the same period last year. The growth has been almost uninterrupted.
Finnair carries many passengers from both Britain and Spain to Asia, which has not gone unnoticed by BA-Iberia.
British Airways flies to six destinations in the Far East, while Finnair serves nine.
Nagoya and Osaka in Japan, as well as the South Korean capital Seoul are destinations of Finnair, but not of BA. The other destinations are the same.
However, Finnair’s biggest attraction is its European feeder network. With it, BA-Iberia-Finnair could seriously challenge its main rivals, Lufthansa and Air France-KLM.
The blow could be quite strong, as it would allow the merged company to gather passengers from the back yards of its competitors.
Another question is whether or not the Finnish state would be willing to sell Finnair, which has been classified as a strategic national asset.
Although Finnair’s foreign routes would be a golden egg for BA-Iberia, the situation can always change.
Finnair is quite capable of operating independently, in spite of recent losses. Previous failures of possible mergers with Lufthansa and the Scandinavian SAS have proven to be blessings.
For a merger to take place, the price would have to be lucrative.
Membership in the Oneworld Alliance is probably enough for Finnair for now.
BA, Iberia, and Quantas are all part of the same alliance, whose other leading members are American Airlines, the Japanese JAL, and the Hong Kong carrier Cathay Pacific.
BA-Iberia may have to make do with smaller fish. The Indian Kingfisher and the German airline Air Berlin have been mentioned as options.
Analysts say nevertheless that there is a need for mergers, as there are still too many airlines in the world.
--------------------------------------------------------------------------------
Helsingin Sanomat
Internation Edition
Thursday 9.9.2010
The Finnish national airline Finnair has come up in discussions on the merger.
BA’s CEO Willie Walsh says that BA-Iberia has drawn up a list of 12 possible acquisition targets. He would not say which airlines are on the list, but analysts immediately saw Finnair as a possible merger partner.
Walsh emphasised that no negotiations are underway yet about the matter. He added that the focus now is on setting goals.
However, on Tuesday Walsh said in The Australian Financial Review that BA would like to start talks with the Australian airline Quantas.
Previous talks on a merger fell apart two years ago over disagreements over the valuation of the two companies.
Quantas has been seen by some analysts as a first choice as a partner of BA-Iberia, as its dense network in the Far East would considerably strengthen the British-Spanish carrier’s activities in the world’s fastest-growing market.
However, Finnair would also provide such an advantage. The Finnish airline’s extensive network in Europe could feed passengers between Asia and Europe via Helsinki-Vantaa Airport.
BA would be able to collect passengers to Asia only from the British Isles, while Iberia, lacking the routes, could do even less.
Finnair’s strategy of flying European passengers to Asia has worked magnificently.
The company said on Tuesday this week that its traffic on Asian routes grew in August by nearly nine per cent over the same period last year. The growth has been almost uninterrupted.
Finnair carries many passengers from both Britain and Spain to Asia, which has not gone unnoticed by BA-Iberia.
British Airways flies to six destinations in the Far East, while Finnair serves nine.
Nagoya and Osaka in Japan, as well as the South Korean capital Seoul are destinations of Finnair, but not of BA. The other destinations are the same.
However, Finnair’s biggest attraction is its European feeder network. With it, BA-Iberia-Finnair could seriously challenge its main rivals, Lufthansa and Air France-KLM.
The blow could be quite strong, as it would allow the merged company to gather passengers from the back yards of its competitors.
Another question is whether or not the Finnish state would be willing to sell Finnair, which has been classified as a strategic national asset.
Although Finnair’s foreign routes would be a golden egg for BA-Iberia, the situation can always change.
Finnair is quite capable of operating independently, in spite of recent losses. Previous failures of possible mergers with Lufthansa and the Scandinavian SAS have proven to be blessings.
For a merger to take place, the price would have to be lucrative.
Membership in the Oneworld Alliance is probably enough for Finnair for now.
BA, Iberia, and Quantas are all part of the same alliance, whose other leading members are American Airlines, the Japanese JAL, and the Hong Kong carrier Cathay Pacific.
BA-Iberia may have to make do with smaller fish. The Indian Kingfisher and the German airline Air Berlin have been mentioned as options.
Analysts say nevertheless that there is a need for mergers, as there are still too many airlines in the world.
--------------------------------------------------------------------------------
Helsingin Sanomat
Internation Edition
Thursday 9.9.2010
lunes, 17 de mayo de 2010
1000 New Wind Turbines Planned for Finland
Plans are being made to construct up to 1000 new wind turbines north of the Gulf of Bothnia in an area between the Pyhäjoki and Tornio rivers. Total electricity generation may be twice the target for wind power set by the Finnish government.
When plans are implemented, the northern end of the Gulf of Bothnia will become home to a near-forest of wind power turbines. Including those to be constructed on the Swedish side of the border, the area could in future boast over 2000 of the electricity-generating facilities.
According to Erkki Kunnari, who heads wind power affairs for the state enterprise that administers state-owned land and water areas, the general plan will be carried out, even though some projects will be modified in practice.
Currently, the Centre for Economic Development, Transport and the Environment of Northern Finland is evaluating the environmental impact of the envisaged wind farms. One key issue is the possible threat posed to migrating birds.
Kunnari says that the turbines should not be a major problem to wildlife. Estimates are that on average one bird a year will meet its end on the blades of each of the new turbines.
YLE
When plans are implemented, the northern end of the Gulf of Bothnia will become home to a near-forest of wind power turbines. Including those to be constructed on the Swedish side of the border, the area could in future boast over 2000 of the electricity-generating facilities.
According to Erkki Kunnari, who heads wind power affairs for the state enterprise that administers state-owned land and water areas, the general plan will be carried out, even though some projects will be modified in practice.
Currently, the Centre for Economic Development, Transport and the Environment of Northern Finland is evaluating the environmental impact of the envisaged wind farms. One key issue is the possible threat posed to migrating birds.
Kunnari says that the turbines should not be a major problem to wildlife. Estimates are that on average one bird a year will meet its end on the blades of each of the new turbines.
YLE
jueves, 6 de mayo de 2010
Sweden falls back into recession
STOCKHOLM March 1 - Sweden unexpectedly fell back into recession in the fourth quarter, figures showed, tracking a growth blip suffered by several European economies and casting further doubt on the durability of the continent’s recovery.
Gross domestic product contracted 0.6 per cent in the fourth quarter from the third compared with expectations for growth of 0.3 per cent, statistics office data showed on Monday. The third-quarter figure was revised to a 0.1 per cent quarterly decline from an original 0.2 per cent gain.
”All of a sudden Sweden went from being best in test to worst in class,” said Henrik Mitelman, chief strategist at SEB.
”But I wouldn’t be too alarmed by today’s GDP report, because most indicators show we’re moving toward growth.
”What we’re witnessing right now is a pretty lacklustre trade environment around Europe.”
Inside the eurozone, German economic growth unexpectedly halted in the fourth quarter while Italy went into reverse and Spain stayed in recession, according to figures released last month.
The Swedish crown dropped to 9.77 a euro at in early afternoon from 9.707 before the number.
Sweden’s central bank said last month it expected to raise rates from an ultra-low 0.25 per cent in the summer or early autumn, sooner than laid out in a previous timetable.
The Riksbank had cited an improving economic picture as the rationale for tweaking its rate path, and many analysts have taken a bullish view of the recovery based on upbeat retail sales and improving consumer sentiment.
Analysts were divided over the GDP data, with some saying it would make the Riksbank more cautious about raising interest rates, while others said it made no real difference to Sweden’s economic outlook.
”This probably won’t influence the Riksbank as they look at the picture ahead and we can see that there is going to be stronger growth,” said Bengt Rostrom, economist at Nordea.
However, Swedbank economist Knut Hallberg said the data was more likely to reinforce the cautious view on recovery taken so far by the Riksbank.
”These figures are not a trigger for the Riksbank to raise rates,” he said. ”The recovery in Sweden is going to take time.”
Nordea’s Rostrom said he had expected a small rise in GDP in the fourth quarter.
”It was mainly private consumption and inventories which did not help the figure in the way we had hoped. Net exports were not much different from expectations.”
The downbeat GDP figures were somewhat offset by other data on Monday.
Sweden’s seasonally adjusted purchasing managers’ index fell marginally to 61.5 points in February from 61.7 points in the previous month, data compilers Silf and Swedbank said.
Analysts said the figure remained strong and pointed to robust growth in the current quarter and in the months ahead.
(Financial Times / FT.com / Europe)
Gross domestic product contracted 0.6 per cent in the fourth quarter from the third compared with expectations for growth of 0.3 per cent, statistics office data showed on Monday. The third-quarter figure was revised to a 0.1 per cent quarterly decline from an original 0.2 per cent gain.
”All of a sudden Sweden went from being best in test to worst in class,” said Henrik Mitelman, chief strategist at SEB.
”But I wouldn’t be too alarmed by today’s GDP report, because most indicators show we’re moving toward growth.
”What we’re witnessing right now is a pretty lacklustre trade environment around Europe.”
Inside the eurozone, German economic growth unexpectedly halted in the fourth quarter while Italy went into reverse and Spain stayed in recession, according to figures released last month.
The Swedish crown dropped to 9.77 a euro at in early afternoon from 9.707 before the number.
Sweden’s central bank said last month it expected to raise rates from an ultra-low 0.25 per cent in the summer or early autumn, sooner than laid out in a previous timetable.
The Riksbank had cited an improving economic picture as the rationale for tweaking its rate path, and many analysts have taken a bullish view of the recovery based on upbeat retail sales and improving consumer sentiment.
Analysts were divided over the GDP data, with some saying it would make the Riksbank more cautious about raising interest rates, while others said it made no real difference to Sweden’s economic outlook.
”This probably won’t influence the Riksbank as they look at the picture ahead and we can see that there is going to be stronger growth,” said Bengt Rostrom, economist at Nordea.
However, Swedbank economist Knut Hallberg said the data was more likely to reinforce the cautious view on recovery taken so far by the Riksbank.
”These figures are not a trigger for the Riksbank to raise rates,” he said. ”The recovery in Sweden is going to take time.”
Nordea’s Rostrom said he had expected a small rise in GDP in the fourth quarter.
”It was mainly private consumption and inventories which did not help the figure in the way we had hoped. Net exports were not much different from expectations.”
The downbeat GDP figures were somewhat offset by other data on Monday.
Sweden’s seasonally adjusted purchasing managers’ index fell marginally to 61.5 points in February from 61.7 points in the previous month, data compilers Silf and Swedbank said.
Analysts said the figure remained strong and pointed to robust growth in the current quarter and in the months ahead.
(Financial Times / FT.com / Europe)
jueves, 29 de abril de 2010
Improved economic outlook for industry - technology industry still at low ebb
Unemployment marginally down at 9.1% in March
Economic prospects for Finnish industry are improving. While the Confederation of Finnish Industry (EK) reports that confidence among industry as a whole has improved significantly, the technology branch continues to lament its poor situation.
According to the EK, industrial confidence was nearly at the long-term normal level. There has been considerable improvement since March.
In addition to manufacturing, the construction industry is also showing greater confidence, and slight improvements are being seen in the service sector and commerce.
“The continued positive trend shows that demand, which has been been something that companies have been waiting for, is now being reflected in rising orders”, says EK economist Penna Urrila.
As if to confirm the trend, the steel manufacturer Outokumpu, which announced its first quarter result on Tuesday, said that demand for stainless steel had grown in the early part of the year.
However, in technology, the spirit has not quite become flesh, in that orders have not yet started to grow.
In fact, a slow recovery in orders took another dip in the early part of the year.
In monetary terms, companies earned 18 per cent less from orders in the first quarter than in the last three months of 2009.
“Our message is that the situation is not over”, says Jorma Turunen, managing director of the Federation of Finnish Technology Industries.
However, if the number of orders in January-March this year is compared to that of the same period last year, there was a slight increase. However, orders are nearly 50 per cent below what they were in the boom period of July-September 2008.
Turunen notes that there are companies in the technology industry that are doing quite well, but most are not.
The end of the year is usually the best of times for the technology industry, while the early months of the year tend to be more quiet. However, Turunen does not want to ascribe the situation to mere seasonal variation.
“This information involves current facts from the companies, and facts are facts”, Turunen says.
The technology sector is a major employer in Finland.
About 250,000 people worked for a technology company in March. During the current slump, about 27,000 people in the sector have lost their jobs, and about 37,000 are currently on temporary layoffs.
“A good thing is that most of the temporary redundancies have ended in continued work instead of permanent dismissals”, Turunen says.
This is borne out to some extent by the unemployment figures. The jobless rate did not climb from February to March, but actually declined marginally.
In March, 9.1% of the workforce were unemployed, down from 9.2% in February.
There is nevertheless little cause for throwing hats in the air and cheering, as the March figures do show 18,000 more people out of work than a year ago, and 240,000 unemployed. The unemployment rate has gone up by 0.8%-points in the past 12 months.
The EK’s perception of a general belief in improvements in the current situation, and recovery from the recession, is shared by the Finnish people.
Statistics Finland says that consumer confidence grew in April from the previous month. Confidence in the economy is significantly better than it was a year ago, and stronger than the long-term average.
Consumer confidence improved, especially expectations for employment and the Finnish economy in general. Faith in economic prospects was the strongest that it has been since 1994.
(HS International Edition Thursday 29.4.2010)
Economic prospects for Finnish industry are improving. While the Confederation of Finnish Industry (EK) reports that confidence among industry as a whole has improved significantly, the technology branch continues to lament its poor situation.
According to the EK, industrial confidence was nearly at the long-term normal level. There has been considerable improvement since March.
In addition to manufacturing, the construction industry is also showing greater confidence, and slight improvements are being seen in the service sector and commerce.
“The continued positive trend shows that demand, which has been been something that companies have been waiting for, is now being reflected in rising orders”, says EK economist Penna Urrila.
As if to confirm the trend, the steel manufacturer Outokumpu, which announced its first quarter result on Tuesday, said that demand for stainless steel had grown in the early part of the year.
However, in technology, the spirit has not quite become flesh, in that orders have not yet started to grow.
In fact, a slow recovery in orders took another dip in the early part of the year.
In monetary terms, companies earned 18 per cent less from orders in the first quarter than in the last three months of 2009.
“Our message is that the situation is not over”, says Jorma Turunen, managing director of the Federation of Finnish Technology Industries.
However, if the number of orders in January-March this year is compared to that of the same period last year, there was a slight increase. However, orders are nearly 50 per cent below what they were in the boom period of July-September 2008.
Turunen notes that there are companies in the technology industry that are doing quite well, but most are not.
The end of the year is usually the best of times for the technology industry, while the early months of the year tend to be more quiet. However, Turunen does not want to ascribe the situation to mere seasonal variation.
“This information involves current facts from the companies, and facts are facts”, Turunen says.
The technology sector is a major employer in Finland.
About 250,000 people worked for a technology company in March. During the current slump, about 27,000 people in the sector have lost their jobs, and about 37,000 are currently on temporary layoffs.
“A good thing is that most of the temporary redundancies have ended in continued work instead of permanent dismissals”, Turunen says.
This is borne out to some extent by the unemployment figures. The jobless rate did not climb from February to March, but actually declined marginally.
In March, 9.1% of the workforce were unemployed, down from 9.2% in February.
There is nevertheless little cause for throwing hats in the air and cheering, as the March figures do show 18,000 more people out of work than a year ago, and 240,000 unemployed. The unemployment rate has gone up by 0.8%-points in the past 12 months.
The EK’s perception of a general belief in improvements in the current situation, and recovery from the recession, is shared by the Finnish people.
Statistics Finland says that consumer confidence grew in April from the previous month. Confidence in the economy is significantly better than it was a year ago, and stronger than the long-term average.
Consumer confidence improved, especially expectations for employment and the Finnish economy in general. Faith in economic prospects was the strongest that it has been since 1994.
(HS International Edition Thursday 29.4.2010)
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