Thursday, December 31, 2009
Iraq hostages: Peter Moore's kidnapping 'masterminded by Iran'
http://www.telegraph.co.uk/news/worldnews/middleeast/iraq/6913907/Iraq-hostages-Peter-Moores-kidnapping-masterminded-by-Iran.html
Since the five men were kidnapped, the bodies of three of the bodyguards, Jason Swindlehurst, 38, Jason Creswell, 39 and Alex MacLachlan have been handed over. The fourth bodyguard, Alan McMenemy, is also believed to be dead.
Since the five men were kidnapped, the bodies of three of the bodyguards, Jason Swindlehurst, 38, Jason Creswell, 39 and Alex MacLachlan have been handed over. The fourth bodyguard, Alan McMenemy, is also believed to be dead.
Wednesday, December 30, 2009
Iran subs get boost from North Korea
http://www.wnd.com/index.php?fa=PAGE.view&pageId=120411
The U.S. Navy, worried by Iran's increasing underwater capability, has revealed for the first time that the rogue nation has acquired its submarine technology largely from North Korea, which has provided both mini-submarines and manufacturing know-how, according to a report from Joseph Farah's G2 Bulletin.
The U.S. Navy, worried by Iran's increasing underwater capability, has revealed for the first time that the rogue nation has acquired its submarine technology largely from North Korea, which has provided both mini-submarines and manufacturing know-how, according to a report from Joseph Farah's G2 Bulletin.
Report: Iran to import uranium
http://www.usatoday.com/news/world/2009-12-29-Iran_N.htm
VIENNA (AP) — Iran is close to clinching a deal to import 1,350 tons of purified uranium ore from Kazakhstan, according to an intelligence report obtained by the Associated Press on Tuesday.
A summary of the report obtained by the AP said the deal could be done within weeks. It said Tehran was willing to pay $450 million for the shipment.
VIENNA (AP) — Iran is close to clinching a deal to import 1,350 tons of purified uranium ore from Kazakhstan, according to an intelligence report obtained by the Associated Press on Tuesday.
A summary of the report obtained by the AP said the deal could be done within weeks. It said Tehran was willing to pay $450 million for the shipment.
Thousands chant for death of government opponents in Iran
http://www.latimes.com/news/nation-and-world/la-fg-iran-protests31-2009dec31,0,6611232.story
Opposition websites said Habibi-Mousavi was buried amid heavy security in Tehran's main cemetery. His body had been taken from the morgue and returned to the family on condition that the funeral would be held out of the public eye, opposition news sources said.
Opposition websites said Habibi-Mousavi was buried amid heavy security in Tehran's main cemetery. His body had been taken from the morgue and returned to the family on condition that the funeral would be held out of the public eye, opposition news sources said.
Tuesday, December 29, 2009
Vietnam Convicts Former Army Officer of Subversion
http://online.wsj.com/article/SB126198225304407203.html
Vietnam's economy has suffered a destabilizing bout of inflation in 2008 and its exports were badly rocked by the impact of the global economic crisis. The government's response has been to uproot dissent to prevent Vietnam's economic problems weakening the Communist Party's hold on power ...
Tran Anh Kim
... accused by authorities of joining Bloc 8406, an organization that promotes multiparty democracy
Vietnam's economy has suffered a destabilizing bout of inflation in 2008 and its exports were badly rocked by the impact of the global economic crisis. The government's response has been to uproot dissent to prevent Vietnam's economic problems weakening the Communist Party's hold on power ...
Tran Anh Kim
... accused by authorities of joining Bloc 8406, an organization that promotes multiparty democracy
Monday, December 28, 2009
US fighting covert war against terror in Yemen
http://www.theaustralian.com.au/news/world/us-fighting-covert-war-against-terror-in-yemen/story-e6frg6so-1225814224061
The Americans have quietly opened a third, largely covert front against the al-Qa'ida terror network in Yemen, to combat a new generation of militants keen on transforming the country into a launching pad for jihad against the US, its Arab allies and Israel.
Yemen became the focus of US attention at the weekend after a Nigerian man, who tried to blow up a Detroit-bound plane on Christmas Day, confessed to training with an al-Qa'ida bombmaker in Yemen.
The Americans have quietly opened a third, largely covert front against the al-Qa'ida terror network in Yemen, to combat a new generation of militants keen on transforming the country into a launching pad for jihad against the US, its Arab allies and Israel.
Yemen became the focus of US attention at the weekend after a Nigerian man, who tried to blow up a Detroit-bound plane on Christmas Day, confessed to training with an al-Qa'ida bombmaker in Yemen.
Iran struggles to contain protests as nine are killed in clashes
http://www.telegraph.co.uk/news/worldnews/middleeast/iran/6896289/Iran-struggles-to-contain-protests-as-nine-are-killed-in-clashes.html
France last night issued the first international condemnation of the violence. "France condemns the arbitrary arrests and the violent actions committed against simple protesters who came to defend their right to freedom of expression and their desire for democracy," a foreign ministry statement said.
France last night issued the first international condemnation of the violence. "France condemns the arbitrary arrests and the violent actions committed against simple protesters who came to defend their right to freedom of expression and their desire for democracy," a foreign ministry statement said.
Iran opposition figures arrested after protests
http://news.bbc.co.uk/2/hi/middle_east/8432297.stm
Family members say they are being prevented from holding his funeral because his body has been taken from the hospital where it was being kept.
Family members say they are being prevented from holding his funeral because his body has been taken from the hospital where it was being kept.
Four dead in Iran as protesters clash with police
http://www.telegraph.co.uk/news/worldnews/middleeast/iran/6894647/Four-dead-in-Iran-as-protesters-clash-with-police.html
Four protesters have been killed in clashes with security forces in Iran as the opposition used a religious mourning event to stage anti-government protests, it has been claimed.
It has complicated a long-running international dispute over its nuclear programme, which the West believes may have military ends, not just civilian purposes. World powers have set an end-of-year deadline for Iran to agree a U.N.-drafted deal to ship most of its low-enriched uranium abroad in exchange for fuel for a Tehran research reactor.
Four protesters have been killed in clashes with security forces in Iran as the opposition used a religious mourning event to stage anti-government protests, it has been claimed.
It has complicated a long-running international dispute over its nuclear programme, which the West believes may have military ends, not just civilian purposes. World powers have set an end-of-year deadline for Iran to agree a U.N.-drafted deal to ship most of its low-enriched uranium abroad in exchange for fuel for a Tehran research reactor.
U.A.E. Awards $20 Billion Nuclear Contract to Korea (Update3)
http://www.businessweek.com/news/2009-12-27/u-a-e-awards-20-billion-nuclear-contract-to-korea-update3-.html
Korea Power, a state-run utility that supplies almost all the power in South Korea also known as KEPCO, won the U.A.E.’s first nuclear power plant order together with Doosan Heavy Industries & Construction Co., Hyundai Engineering & Construction Co., Samsung C&T Corp. and Westinghouse Electric Co., it said in a statement today.
Korea Power, a state-run utility that supplies almost all the power in South Korea also known as KEPCO, won the U.A.E.’s first nuclear power plant order together with Doosan Heavy Industries & Construction Co., Hyundai Engineering & Construction Co., Samsung C&T Corp. and Westinghouse Electric Co., it said in a statement today.
Sunday, December 27, 2009
EU probing security norms after botched plane bombing
http://newsinfo.inquirer.net/breakingnews/world/view/20091226-244072/EU-probing-security-norms-after-botched-plane-bombing
"I am horrified by the attempted terrorist attack on a flight between Amsterdam and Detroit on Christmas Day," a statement by Jacques Barrot, vice-president of the European Commission in charge of Justice, Freedom and Security, said.
"I am horrified by the attempted terrorist attack on a flight between Amsterdam and Detroit on Christmas Day," a statement by Jacques Barrot, vice-president of the European Commission in charge of Justice, Freedom and Security, said.
S Korea's President Lee Visits UAE To Win Nuclear Deal
http://online.wsj.com/article/BT-CO-20091226-700062.html
"President Lee Myung-bak will have a summit with UAE President Khalifa bin Zayed Al Nahyan (over the weekend). Whether the South Korean consortium will win the project is still unclear, but President Lee's visit to the UAE is part of our diplomatic efforts to win the final ticket to the project," according to the statement.
"President Lee Myung-bak will have a summit with UAE President Khalifa bin Zayed Al Nahyan (over the weekend). Whether the South Korean consortium will win the project is still unclear, but President Lee's visit to the UAE is part of our diplomatic efforts to win the final ticket to the project," according to the statement.
Scotland Yard police warns London of Mumbai style terrorist attack in January
http://www.examiner.com/x-26212-Long-Island-Democrat-Examiner~y2009m12d19-Scotland-Yard-police-warns-London-of-Mumbai-style-attack-in-January
It should be extremely concerning to the President of USA and Prime Minister of London that Scotland Yard is reporting increased chatter about a possible Mumbai style terrorist attack in London early next year.
Saturday, December 26, 2009
Terrorist Attempt on Detroit-Bound Plane Puts Airports on Alert
http://www.bloomberg.com/apps/news?pid=20601087&sid=atxFhvuVw1AY
Obama called for “all appropriate measures to be taken to increase security” after the suspected attack, the White House said in a statement. The Department of Homeland Security said passengers may notice additional screening. Security at airports in Asia, Australia, Canada, continental Europe and the U.K. was increased today, and a European Commission statement said the authorities are in contact with Dutch and U.S. officials.
Representative Hoekstra said administration officials and officials with access to law-enforcement information told him the plane bombing suspect may have had contact with Anwar Al Awlaki, an anti-American imam linked to al-Qaeda, and with ties to Nidal Hasan, the suspected Fort Hood shooter.
Obama called for “all appropriate measures to be taken to increase security” after the suspected attack, the White House said in a statement. The Department of Homeland Security said passengers may notice additional screening. Security at airports in Asia, Australia, Canada, continental Europe and the U.K. was increased today, and a European Commission statement said the authorities are in contact with Dutch and U.S. officials.
Representative Hoekstra said administration officials and officials with access to law-enforcement information told him the plane bombing suspect may have had contact with Anwar Al Awlaki, an anti-American imam linked to al-Qaeda, and with ties to Nidal Hasan, the suspected Fort Hood shooter.
South Korea eyes UAE nuclear deal
http://australianetworknews.com/stories/200912/2780905.htm?desktop
Industry sources say the UAE is expected to award the contract to build several nuclear reactors, estimated to be worth 40 billion dollars, early next week.
Industry sources say the UAE is expected to award the contract to build several nuclear reactors, estimated to be worth 40 billion dollars, early next week.
Passenger From Nigeria Tries To Blow Up Jet Near Detroit
http://www.cnbc.com/id/34592431
A Northwest Airlines passenger from Nigeria, who said he was acting on al-Qaida's instructions, tried to blow up the plane Friday as it was landing in Detroit, law enforcement and national security officials said.
Representative Peter King, who sits on the House Homeland Security Committee, said the explosive device was "fairly sophisticated," and the suspect was Abdul Mudallad, a 23-year-old Nigerian.
A Northwest Airlines passenger from Nigeria, who said he was acting on al-Qaida's instructions, tried to blow up the plane Friday as it was landing in Detroit, law enforcement and national security officials said.
Representative Peter King, who sits on the House Homeland Security Committee, said the explosive device was "fairly sophisticated," and the suspect was Abdul Mudallad, a 23-year-old Nigerian.
Friday, December 25, 2009
5th UPDATE: Venezuela's Chavez May Expropriate Toyota Unit
http://money.cnn.com/news/newsfeeds/articles/djf500/200912250350DOWJONESDJONLINE000321_FORTUNE5.htm
While Chavez directed most of his criticism at Toyota, he said other auto assemblers, including Fiat SpA (F.MI) of Italy and General Motors Co. (GM.XX)of the U.S., are also guilty of not sharing technology with their Venezuelan units.
While Chavez directed most of his criticism at Toyota, he said other auto assemblers, including Fiat SpA (F.MI) of Italy and General Motors Co. (GM.XX)of the U.S., are also guilty of not sharing technology with their Venezuelan units.
Venezuela's Chavez Threatens to Oust Toyota
http://www.cnbc.com/id/34589578
The fiery socialist, in a speech late on Wednesday, also said he would not hesitate to expel and expropriate plants from other Asian and U.S. automobile companies operating in Venezuela if they failed to share technology with locals.
During a decade in power, Chavez has nationalized large swathes of the Venezuela economy -- including the oil and power sectors -- as part of his "21st century revolution" but has so far left car manufacturing relatively untouched.
Following Chavez's speech, Toyota has asked the Japanese government to verify the true intentions of his remarks as he has not contacted the company on the issue, Toyota's Tokyo-based spokesman Yuta Kaga said on Friday.
The fiery socialist, in a speech late on Wednesday, also said he would not hesitate to expel and expropriate plants from other Asian and U.S. automobile companies operating in Venezuela if they failed to share technology with locals.
During a decade in power, Chavez has nationalized large swathes of the Venezuela economy -- including the oil and power sectors -- as part of his "21st century revolution" but has so far left car manufacturing relatively untouched.
Following Chavez's speech, Toyota has asked the Japanese government to verify the true intentions of his remarks as he has not contacted the company on the issue, Toyota's Tokyo-based spokesman Yuta Kaga said on Friday.
North Korea: Soldiers Commended for Detaining American Journalists
http://www.nytimes.com/2009/12/25/world/asia/25briefs-KoreaBrf.html
The program’s anchor said Mr. Kim, North Korea’s leader, had given them an award for seizing Ms. Ling and Ms. Lee, and had also granted them special leave, ...
The program’s anchor said Mr. Kim, North Korea’s leader, had given them an award for seizing Ms. Ling and Ms. Lee, and had also granted them special leave, ...
Thursday, December 24, 2009
Iran warns that it will deal 'fiercely' with protesters
http://www.washingtonpost.com/wp-dyn/content/article/2009/12/23/AR2009122300442.html
The protests and clashes in the provincial towns of Isfahan, Qom, and Najafabad have been the fiercest outside of Tehran since the unrest that followed Ahmadinejad's disputed election victory in June.
The protests and clashes in the provincial towns of Isfahan, Qom, and Najafabad have been the fiercest outside of Tehran since the unrest that followed Ahmadinejad's disputed election victory in June.
Dollar Falls Versus Euro on Weaker Prospects for Rate Increase
http://www.bloomberg.com/apps/news?pid=20601087&sid=azY.KUo3mMd8&pos=1
“The market has gone too fast and too far pricing in prospects for an increase in U.S. rates,” said Akio Yoshino, chief economist in Tokyo at Societe Generale Asset Management (Japan) Co., a unit of France’s third-largest bank. “The dollar may succumb to selling pressure as the excessive optimism about interest rates in the U.S. weakens.”
“The big picture hasn’t changed, and the Federal Reserve has been pretty clear about its intentions to keep rates low, so we expect the dollar to come under pressure again,” said Simon Derrick, the London-based chief currency strategist at Bank of New York Mellon Corp., the world’s largest custodian of assets.
“The big picture hasn’t changed, and the Federal Reserve has been pretty clear about its intentions to keep rates low, so we expect the dollar to come under pressure again,” said Simon Derrick, the London-based chief currency strategist at Bank of New York Mellon Corp., the world’s largest custodian of assets.
Wednesday, December 23, 2009
Existing U.S. Home Sales Rose in November to 6.54 Million Pace
http://www.bloomberg.com/apps/news?pid=20601087&sid=aag8dx.36lBQ&pos=1
Dec. 22 (Bloomberg) -- Sales of existing U.S. homes rose more than forecast in November, to the highest level in more than two years, a sign housing is gaining strength along with the broader economy entering 2010.
Dec. 22 (Bloomberg) -- Sales of existing U.S. homes rose more than forecast in November, to the highest level in more than two years, a sign housing is gaining strength along with the broader economy entering 2010.
Tuesday, December 22, 2009
Farewell to Nuclear Nonproliferation
http://www.khaleejtimes.com/DisplayArticle.asp?xfile=data/opinion/2009/December/opinion_December136.xml§ion=opinion&col=
Bennett Ramberg served in the Bureau of Politico-Military Affairs in the George H.W. Bush administration
Bennett Ramberg served in the Bureau of Politico-Military Affairs in the George H.W. Bush administration
Sakakibara Says Yen Could Rise to About 80 to Dollar Next Year
http://www.bloomberg.com/apps/news?pid=20601080&sid=awiapN3Tj80o
Sakakibara became known as “Mr. Yen” during his 1997-1999 tenure at the Ministry of Finance for his efforts to influence the yen rate through verbal and actual intervention in the currency markets.
Sakakibara became known as “Mr. Yen” during his 1997-1999 tenure at the Ministry of Finance for his efforts to influence the yen rate through verbal and actual intervention in the currency markets.
Treasury 10-Year Yields Reach 4-Month High on Inflation Bets
http://www.bloomberg.com/apps/news?pid=20601068&sid=aCgRlfk_oKlI
Dec. 22 (Bloomberg) -- Treasuries dropped, pushing 10-year yields to the highest level in four months, on prospects the U.S. government’s final figure for third-quarter gross domestic product will signal accelerating inflation.
Dec. 22 (Bloomberg) -- Treasuries dropped, pushing 10-year yields to the highest level in four months, on prospects the U.S. government’s final figure for third-quarter gross domestic product will signal accelerating inflation.
Monday, December 21, 2009
European banks face capital crisis
Europe’s biggest banks may have to raise as much as £400 billion over the next two years to meet stringent new capital rules being imposed on the sector, according to banking sources.
Japan’s Exports Fall at Slowest Pace in 14 Months
http://www.bloomberg.com/apps/news?pid=20601087&sid=aceEbWoru62s&pos=2
Export Revival
The export revival has yet to spread to the domestic economy. Large companies plan to cut spending 13.8 percent in the year ending March 2010, the second-worst projection on record, the Bank of Japan’s Tankan survey showed last week. Economic growth slowed to an annualized 1.3 percent in the third quarter, about half the pace of the previous three months.
Household confidence fell in November for the first time this year and wages have slumped for 17 months.
“Even though exports are strong, domestic demand is weaker than people expected earlier this year as employment has worsened rapidly,” said Junko Nishioka, chief economist at RBS Securities Japan Ltd. in Tokyo. “That signals the recovery in external demand and the stimulus effects won’t be enough to sustain growth.”
Export Revival
The export revival has yet to spread to the domestic economy. Large companies plan to cut spending 13.8 percent in the year ending March 2010, the second-worst projection on record, the Bank of Japan’s Tankan survey showed last week. Economic growth slowed to an annualized 1.3 percent in the third quarter, about half the pace of the previous three months.
Household confidence fell in November for the first time this year and wages have slumped for 17 months.
“Even though exports are strong, domestic demand is weaker than people expected earlier this year as employment has worsened rapidly,” said Junko Nishioka, chief economist at RBS Securities Japan Ltd. in Tokyo. “That signals the recovery in external demand and the stimulus effects won’t be enough to sustain growth.”
Sunday, December 20, 2009
Australia Still Needs Stimulus Aid to Grow, Swan Says
http://www.bloomberg.com/apps/news?pid=20601110&sid=aHlQ1GlE_5cY
“The government’s fiscal stimulus was vital in preventing the economy going backwards, with Treasury estimating that our stimulus measures added 0.4 percentage points to gross domestic product growth in the quarter,” Swan said in a statement.
Without the stimulus, Australia’s economy would have shrunk by 2 percent during the past year, instead of embarking on its 19th consecutive year of growth, Swan said.
“The government’s fiscal stimulus was vital in preventing the economy going backwards, with Treasury estimating that our stimulus measures added 0.4 percentage points to gross domestic product growth in the quarter,” Swan said in a statement.
Without the stimulus, Australia’s economy would have shrunk by 2 percent during the past year, instead of embarking on its 19th consecutive year of growth, Swan said.
Dollar ETF Issuing More Shares as Demand Soars
The US dollar, seen as a safe haven by investors, is now at a 3-1/2 month high to a basket of currencies after having slumped 12.6 percent since hitting a peak in early March when aversion to riskier assets was at a high.
"There has been a pretty good uptick (in the fund's volume) lately," said Tom Lydon, President of Global Investment Trends in Newport Beach, California. "There are many thinking that the dollar may have hit a low."
"There has been a pretty good uptick (in the fund's volume) lately," said Tom Lydon, President of Global Investment Trends in Newport Beach, California. "There are many thinking that the dollar may have hit a low."
Saturday, December 19, 2009
ECB Raises Forecast for Euro-Region Writedowns by $268 Billion
http://www.bloomberg.com/apps/news?pid=20601110&sid=aDByXJegUBII
Euro-region banks may have to write down an additional 187 billion euros ($268 billion) as loans to property companies and eastern European nations threaten the recovery in financial markets, the European Central Bank said. ...
Euro-region banks may have to write down an additional 187 billion euros ($268 billion) as loans to property companies and eastern European nations threaten the recovery in financial markets, the European Central Bank said. ...
Moody's 'axe blow' to rating on Spanish debts
Moody's downgraded a third of the entire stock of Spanish mortgage bonds or "cedulas" – covered bonds deemed safer than US sub-prime securities – but also made from debt that is sliced into packages. Most were cut from AAA (Aaa) to Aa1. They are largely owned by German or French banks and pension funds.
Six More Months of Carry Trade: Roubini
Roubini, one of the few economists who accurately predicted the magnitude of the financial crisis, said the U.S. dollar will eventually recover some of its losses, but only in "six to 12 months from now, not any time soon."
Dollar heads for best week vs euro since April
http://www.reuters.com/article/idUSTRE5BF27F20091218
The dollar rose against most major currencies on Friday and was headed for its best weekly gain against the euro since April as investors who sold the U.S. currency for most of 2009 bought it back as the year-end neared.
The dollar rose against most major currencies on Friday and was headed for its best weekly gain against the euro since April as investors who sold the U.S. currency for most of 2009 bought it back as the year-end neared.
"There's a winding down of activity into year end, with people taking profits on core trades," said Samarjit Shankar, managing director of global FX strategy at BNY Mellon in Boston. "But the dollar has been well-supported lately, and given the positive surprises in U.S. data lately, people are looking at the U.S. recovery story now as a glass half full."
NATO Tells Russia to Stop Fighting ‘Ghosts of Past’
http://www.bloomberg.com/apps/news?pid=20601085&sid=aX5ewRRWB.QE
Rasmussen, in charge of NATO since August, said the western alliance is seeking a “strategic partnership” with Russia that focuses on common threats. By 2020, Russia and NATO could be sharing intelligence, conducting peacekeeping missions together and jointly fighting terrorism, he said
US Dollar Likely to Continue Upward Swing Next Week
http://www.cnbc.com/id/34480636
"The euro is feeling the ill-effects of ongoing strains in Greece and we doubt that this euro-negative factor will soon abate," said Todd Elmer, currency strategist, at CitiFX in New York.
"The euro is feeling the ill-effects of ongoing strains in Greece and we doubt that this euro-negative factor will soon abate," said Todd Elmer, currency strategist, at CitiFX in New York.
Friday, December 18, 2009
WORLD FOREX: Dollar Slips, Swiss Franc Sharply Higher
http://online.wsj.com/article/BT-CO-20091218-703425.html
The latter crashed through EUR1.50, the Swiss National Bank's supposed "line in the sand" which it had staunchly defended via intervention since the introduction of quantitative easing March 12.
The latter crashed through EUR1.50, the Swiss National Bank's supposed "line in the sand" which it had staunchly defended via intervention since the introduction of quantitative easing March 12.
Euro Outlook Hurt by ‘Indirect’ ECB Support to Greece, RBS Says
Pound tumbles against dollar on better US news
http://www.telegraph.co.uk/finance/currency/6835562/Pound-tumbles-against-dollar-on-better-US-news.html
The pound plunged almost three cents to a two-month low against the dollar as the US currency strengthened on the back of upbeat economic news.
Paul Robson, currency strategist at Royal Bank of Scotland, said the dollar was likely to be stronger against the pound throughout Christmas, with the pound settling at around $1.60 over the period.
New guidelines for Korean banks may slow lending But rules are likely to improve margins, financial stability, say analysts
http://www.marketwatch.com/story/new-guidelines-for-korean-banks-may-slow-lending-2009-12-17?link=kiosk
The report noted that Korean banks' loan-deposit ratio improved to 112% as of September from a peak of 124% in December 2006.
The unwieldy loan-deposit ratio came after years of strong loan growth about Korean banks registered a strong growth of 67% in loans between 2005 and 2008, nearly thrice as much as the country's nominal economic growth during the period, the analysts said
"Given banks' earnings are more sensitive to net interest margins than loan growth, they will likely be better off with net interest margin protection than loan expansion at the expense of margin. The restriction may facilitate banks to move towards fee business and further market consolidation," Citigroup's Kim added.
The report noted that Korean banks' loan-deposit ratio improved to 112% as of September from a peak of 124% in December 2006.
The unwieldy loan-deposit ratio came after years of strong loan growth about Korean banks registered a strong growth of 67% in loans between 2005 and 2008, nearly thrice as much as the country's nominal economic growth during the period, the analysts said
"Given banks' earnings are more sensitive to net interest margins than loan growth, they will likely be better off with net interest margin protection than loan expansion at the expense of margin. The restriction may facilitate banks to move towards fee business and further market consolidation," Citigroup's Kim added.
Asia May Face Inflow ‘Tsunami’ in 2010, Nomura Says
http://www.bloomberg.com/apps/news?pid=20601080&sid=aO.VNQbiLMtk
Asian currencies may show “temporary weakness” before resuming their appreciation in 2010 amid the rebound in global economic growth and exports, according to the report, which was dated Dec. 16.
Investors should be “long” South Korea’s won because its valuations are “favorable” and the currency is less vulnerable to macroeconomic risks, Nomura said.
“Our base case is for shallow recoveries in the G3 economies, with the Fed not raising rates until early 2011,” Nomura said, referring to the U.S., Europe and Japan. “This alone could fuel strong capital inflows to Asia, but with the region being the stellar growth performer in the world, 2010 inflows could be more like a tsunami.”
Asian currencies may show “temporary weakness” before resuming their appreciation in 2010 amid the rebound in global economic growth and exports, according to the report, which was dated Dec. 16.
Investors should be “long” South Korea’s won because its valuations are “favorable” and the currency is less vulnerable to macroeconomic risks, Nomura said.
Thursday, December 17, 2009
EUR/USD Breaks Lower, Eyes 1.4200 Levels
17 Dec, 2009 @ 06:01 am ET | written by Advanced Currency Markets SA
Billion-dollar annual arms smuggling racket - Plane carrying North Korean arms stopped in Thailand
http://www.telegraph.co.uk/news/worldnews/asia/northkorea/6806664/Plane-carrying-North-Korean-arms-stopped-in-Thailand.html
A plane carrying 35 tons of weapons from North Korea, including surface-to-air missile launchers, has been stopped in Bangkok.
The cargo included explosives, rocket-propelled grenades, missile and rocket launchers, surface-to-air missile launchers, spare parts and other heavy weapons. The haul may be just a glimpse of what US investigators say is a billion-dollar annual arms smuggling racket that helps to finance North Korea's nuclear programme.
Report: Plane impounded in Thailand contained missile parts for Iran Dec 16, 2009 20:13 Updated Dec 16, 2009 23:51
The official was quoted as saying the Thai investigating team considered Iran the likely destination because of the type of weaponry, including unassembled Taepodong-2 missile parts.
A plane carrying 35 tons of weapons from North Korea, including surface-to-air missile launchers, has been stopped in Bangkok.
The cargo included explosives, rocket-propelled grenades, missile and rocket launchers, surface-to-air missile launchers, spare parts and other heavy weapons. The haul may be just a glimpse of what US investigators say is a billion-dollar annual arms smuggling racket that helps to finance North Korea's nuclear programme.
Report: Plane impounded in Thailand contained missile parts for Iran Dec 16, 2009 20:13 Updated Dec 16, 2009 23:51
The official was quoted as saying the Thai investigating team considered Iran the likely destination because of the type of weaponry, including unassembled Taepodong-2 missile parts.
Kim Jong-Il's currency reform causes currency outrage
Still, China's New China News Agency describes North Korean citizens now are in a "collective panic" and North Korean troops are ordered to be "ready to shoot." South Korea sources report that police in Pyongyang shot and killed market traders, and piles of old bills, with images of Kim Il-Sung, were set on fire and dumped in streams. Pyongyang authorities have threatened "merciless punishment" for anyone who violates the rules of the currency change.
Pyongyang's currency reform is part of a campaign to return to the North Korean version of orthodox socialism. "North Korea introduced limited market reforms in 2002 that allowed people to buy and sell goods at free markets," reports BBC's Michael Bristow, "as state-run shops sell fewer and fewer items, free markets have become increasingly important to ordinary North Koreans. " The Kim regime's "money move could be more significant than the country's headline-grabbing nuclear-weapons program," says Shaun Cochran, head of Korea research at CLSA Asia-Pacific Markets, "since the regime's power ultimately rests on its ability to make North Koreans believe that it controls their economic well-being."
Kim's "fake" currency reform signals a country that now is caught in the grip of an extremely severe economic crisis. It is the byproduct of a failed system, not its solution. The only way out for the Pyongyang regime is to reform its totally dysfunctional central planning system and open up to the outside world. Otherwise, no matter how ruthless is the Kim regime, it will not be able to keep its people down forever.
Dollar Rises as Greek Downgrade Fans Safety Demand; Stocks Fall
Greek bonds tumbled, sending the 10-year note yield up 27 basis points to 5.78 percent. Credit-default swaps linked to Greek debt rose 13.5 basis points to 252.5, according to CMA DataVision, the highest level since March.
Dollar Leaps to 3-Month High; Greece Woes Dent Euro
http://www.cnbc.com/id/34455983
"The break in euro/dollar below $1.45 leaves $1.43 and $1.42 as the next target, with a potential rebound unlikely in the near term," he said.
...
"Dollar buying interest is especially strong against the euro and the Aussie. This move suggests to me that the dollar looks like it has started another bull run before year-end," said a trader for a Japanese trust bank in Tokyo.
Wednesday, December 16, 2009
Austrian Bank Stress Hits Euro, East Europe Currencies
These concerns have helped the euro to drop by some 0.8% against the dollar in European trading hours Tuesday, dipping below $1.4550 against the resurgent dollar for the first time since early October.
"This movement is not about risk aversion; it's more euro weakness," said Lutz Karpowitz, a currencies analyst at Commerzbank in Frankfurt.
"This movement is not about risk aversion; it's more euro weakness," said Lutz Karpowitz, a currencies analyst at Commerzbank in Frankfurt.
Monday, December 14, 2009
Thursday, December 10, 2009
North Korean Money Shift Sparks Violence
New reports emerged Tuesday of protests and deadly violence in North Korea as the country's authoritarian regime over the past week seized most of its citizens' money and savings via a new-currency issue.
Mr. Cochran said that the regime's money grab "could be the single most important event in defining North Korea over the next decade." He called it more significant than the headline-grabbing nuclear-weapons program, which North Korea uses for international influence, because the regime's power ultimately rests on its ability to make North Koreans believe that it controls their economic well-being.
Tuesday, December 8, 2009
Dollar Fear Trumps Greed in Guarding Against Rebound (Update3)
http://www.bloomberg.com/apps/news?pid=20601087&sid=alXHyJjgalrc&pos=3
Monday, December 7, 2009
Saturday, December 5, 2009
North Korea currency change sparks panic
http://news.bbc.co.uk/2/hi/asia-pacific/8394987.stm
That means each adult can exchange about US$740-worth (£445) of won.
Many residents are reported to have reacted with anger and panic because any cash held above that figure will be worthless - effectively wiping out people's savings.
He said officials want to destroy the newly-emerging middle class, many of whom have made money trading in the free markets.
That means each adult can exchange about US$740-worth (£445) of won.
Many residents are reported to have reacted with anger and panic because any cash held above that figure will be worthless - effectively wiping out people's savings.
He said officials want to destroy the newly-emerging middle class, many of whom have made money trading in the free markets.
Friday, December 4, 2009
North Korea admits drastic currency reform, is silent on protests
http://www.csmonitor.com/World/Asia-Pacific/2009/1204/p06s07-woap.html
North Korea's elite – a narrow band of those close to leader Kim Jong-il and his inner circle of family members, top aides, senior members of the armed forces, the Workers' Party, and the government – are assumed to have large caches of foreign currency, dollars, euros, or Chinese yuan. And the vast majority of North Koreans have almost no money of their own. That leaves the middle class feeling the sting the most.
Korea to Build Nuclear Research Reactor in Jordan
http://www.koreatimes.co.kr/www/news/nation/2009/12/120_56698.html
"Although this is our first export in research reactors, we have been gaining experience in the international market over the past years. KAERI has been involved in projects to improve aged research reactors in Greece and Thailand, where we are also cooperating with the country's plans to build new reactors. We are also involved in similar efforts in countries such as Vietnam, South Africa, Saudi Arabia and Azerbaijan.
"Although this is our first export in research reactors, we have been gaining experience in the international market over the past years. KAERI has been involved in projects to improve aged research reactors in Greece and Thailand, where we are also cooperating with the country's plans to build new reactors. We are also involved in similar efforts in countries such as Vietnam, South Africa, Saudi Arabia and Azerbaijan.
Thursday, December 3, 2009
North Korea revalues currency, destroying personal savings
http://www.washingtonpost.com/wp-dyn/content/article/2009/12/01/AR2009120101841.html
According to two Web-based groups with sources in the North, that limit was set Monday at 100,000 won, which at current black-market rates amounts to $40. All North Korean currency that individuals possess in excess of that amount becomes worthless under the revaluation.
Amid widespread protests, the limit was raised to 150,000 won in cash and 300,000 won in bank savings, according to DailyNK, an online news organization that has informants in the North.
"I worked like a dog for two months for the winter, but the money became useless paper overnight," a resident of Sinuiju ...
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