Iceland currency plan

Sedlabanki, Iceland's central bank, struck a deal with peers in Sweden, Norway and Denmark yesterday that allows it to buy euros with Icelandic crowns to boost the island's currency. The deal involves swap arrangements, for up to €500 million (£398 million) each, with the three countries' central banks. The bank may unveil more action on May 22 with its rate decision, economists said. (Reuters)

Carlsberg share issue

Carlsberg, the Danish brewer, has announced a deeply discounted DKr30.5 billion (£3.3 billion) rights issue. The rights issue will repay a bridging loan used to buy Scottish & Newcastle. Carlsberg said the rights issue would allow it to keep its investment-grade credit rating. It said its one-for-one offer at DKr400 was at a 40 per cent discount to Wednesday's closing price of DKr666. (Reuters)

GE drops appliances

General Electric (GE) plans to sell or spin off its appliance business, which has provided refrigerators, ovens and air conditioners for millions of homes. The conglomerate said in a statement that the move is part of a plan to exit “slower growth and more volatile businesses”. GE's 101-year-old appliance business has been hit hard by the housing slump and economic slowdown in the US. (AP)

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