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Bank savings reach a new high
Danes are saving their money in the bank like never before. In total, banks currently hold around DKK 819 billion, or an average of DKK 147,000 in savings for every Dane.
Consumer economist for Nykredit, Johan Juul-Jensen, commented on the recent figures from Statistics Denmark:
"These are record savings. We have never seen this amount of money saved up in banks before. The crisis is causing people to take precautions and be more careful with their money, but there's a wide dispersal. Some have a lot of money in the bank, some less so," said Juul-Jensen.
The savings amount to half the Danish gross domestic product (GDP).
Concurrently, while savings run high, interest rates have reached a new low. According to Juul-Jensen, these are grounds for spending more money and promoting consumer growth to benefit economic growth in Denmark.
"It doesn't appear likely, but the retail industry is certainly hoping for Danes to grow less cautious and more willing to spend," said Juul-Jensen.
He perceives the increase in savings as a backlash against the spending spree of previous years. Even the billions cashed from early retirement funds are not being spent in retail.
"The money from cancelled early retirement funds is seemingly not having the desired effect, so I don't think we should expect it to kick-start of the economy," said Juul-Jensen.
The majority of bank savings are held in low-interest accounts.
"Today's numbers show increased deposits into high-interest accounts, but there is still easy money to be made by simply moving part of your savings from a low-interest to a high-interest account," said Juul-Jensen.
Danish government plans to allocate billions more on education
Education and research are two of the main thrusts of the government’s budget proposal which is to be announced this morning.
The government is expected to allocate DKK20.2billion to the research budget – some 4.1 billion more than in 2007. Overall the government wants a research budget at 1.07 per cent of GDP.
Education and the grant system are also to be given a boost with an extra DK2.9billion.
Some of the other initiatives that have been presented in recent days are:
- A test centre for the water industry at DKK16.7million
- An improved effort to prevent work accidents at DKK12million
- A new Storstrøms Bridge at DKK3.9billion
- A package for youth, adult apprenticeships and job rotation at DKK635million
- DKK596million for energy research into the energy systems of the future.
The government is also expected to increase spending on vulnerable groups to the tune of DKK265million in 2013, predominantly to be used on vulnerable children and young people, integration and an increased effort for those on disability pensions and those on flexible labour.
The development aid budget is also to be increased by DKK371million in 2013, and further funds are to be allocated to police efforts to stop speeding.
Financing for the government initiatives is to come, among other things, from savings on business subsidies to the tune of some DKK2billion in 2013, some DKK500million of which is to come from stopping an allocation of some DKK500million in energy renovation.
SAS opens San Francisco - Copenhagen route
Scandinavian Airlines (SAS) is continuing to expand its services and starting Monday, April 8th 2013, SAS will open another nonstop route between the United States and Scandinavia.
North America is an important and growing market for SAS. A large number of International and Scandinavian companies have expressed a strong desire for a direct service between the U.S. West Coast and Scandinavia, and SAS is pleased to offer this new route, with 6 weekly frequencies year-round from San Francisco to Copenhagen.
“SAS is always looking to serve markets where there is high demand from Scandinavian travelers (traveling from and to Scandinavia). We see a favorable market situation in North America and a particularly strong demand in the growth area of San Francisco and Northern California. The new route will benefit business and leisure travelers, Scandinavian imports and exports and has been highly sought after by the Scandinavian business community. “With this new and only direct route from Scandinavia, SAS continues to cater to the customers' wishes,’ says Rickard Gustafson, CEO of SAS Group.
And from the San Francisco Mayor: “Scandinavian Airlines (SAS)’s recent announcement is exciting news that further strengthens and connects the Bay Area with Europe,” said San Francisco Mayor Edwin M. Lee. “This new non-stop flight will connect two innovative areas of the world and foster greater economic trade and job growth in San Francisco."
The San Francisco Airport Director continues: “We are excited that Scandinavian Airlines (SAS) will launch the first ever non-stop service connecting SFO and the Bay Area to Copenhagen, Scandinavia, The Baltic, and beyond,” said San Francisco International Airport Director John L. Martin. “Our European traffic continues to grow and the addition of SAS’s service to Copenhagen will give our customers more choice and greater convenience.”
SAS’s main hub in Copenhagen offers fast and efficient transfers to an extensive SAS and SAS partner route network in Scandinavia, Finland, Russia, the Baltics, Poland and Germany.
SAS is the only airline to fly nonstop between San Francisco and Copenhagen and is expecting approximately 125,000 passengers per year on the route.
SAS will depart from San Francisco to Copenhagen daily, except Tuesdays, at 5:35 pm arriving the next day in Copenhagen at 1:15 pm. Departures from Copenhagen will be daily, except Tuesdays at 12:25 pm, arriving San Francisco at 2:24 pm same day. Flying time will be 11 hours and 20 minutes. These departure times provide the best transfer opportunities to other destinations in Scandinavia and Northern Europe.
To book travel, visit: http://www.flysas.com/en/us/
Currently, SAS operates nonstop service from New York (Newark) to Copenhagen, Oslo and Stockholm, from Chicago to Copenhagen and Stockholm, and from Washington, D.C. to Copenhagen. From its hubs at Copenhagen, Oslo and Stockholm, SAS serves cities throughout Denmark, Norway, Sweden, Finland and the rest of Europe.
On its non-stop transatlantic flights, SAS offers wide-body Airbus A330 and A340 aircraft, audio/video entertainment at every seat and EuroBonus frequent flyer points. For the past 3 years, SAS was ranked Europe’s most punctual airline according to flightstats.com.
Interest rates at historic low
Danmarks Nationalbank - the Danish central bank - has reduced its benchmark interest rate to an historically low 0.2 per cent. This comes after the European Central Bank (ECB) reduced its main rate earlier on Thursday.
As a result, the Danish interest rate is still 0.55 percentage points lower than the euro interest rate.
The banks' deposit rate was also reduced to minus 0.20 per cent, making it negative for the first time ever. This means that the banks will have to pay to deposit money in Danmarks Nationalbank.
"The Celebration" in New York.
The Modern School of Film presents a FILM : STRIPPED masterclass
"The Celebration" (Festen) with the film's star Ulrich Thomsen in person!
DATE/TIME: Thursday, July 5th, 7pm
LOCATION: Theater Lab - 137 West 14th Street
Join The Modern School of Film as they re-visit this first ever Dogme95 film with its lead-actor, Ulrich Thomsen, in a true tour de force performance. The Celebration (Jury Prize at 1998's Cannes Film Festival) moved audiences world-wide both aesthetically and emotionally, re-examining and surpassing how cinema tells its most damaging stories. This is a film not to be missed. And once seen, never forgotten.
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