Friday, September 17, 2010
Tuesday, August 31, 2010
Monday, August 30, 2010
WRAPUP 2-BOJ seen easing policy to fight yen's rise
http://www.reuters.com/article/idUSTOE67S01V20100830
TOKYO, Aug 30 (Reuters) - The Bank of Japan began an emergency meeting on Monday to ease monetary policy, bowing to strong government pressure to try to curb a rise in the yen that is threatening a fragile economic recovery.
TOKYO, Aug 30 (Reuters) - The Bank of Japan began an emergency meeting on Monday to ease monetary policy, bowing to strong government pressure to try to curb a rise in the yen that is threatening a fragile economic recovery.
Sunday, August 29, 2010
Sunday, August 15, 2010
Iran Nuclear Reactor Getting Russian Fuel Reactor Expected To Be Operational In September
http://indyposted.com/37692/iran-russia-nuclear-reactor-fuel-energy-weapon/
Reactor Expected To Be Operational In September
Russia’s Federal Atomic Energy Agency told international news media that the Iranian reactor testing is finished, and that the reactor is beginning a “stage of physical start-up.”
Reactor Expected To Be Operational In September
Russia’s Federal Atomic Energy Agency told international news media that the Iranian reactor testing is finished, and that the reactor is beginning a “stage of physical start-up.”
Saturday, July 10, 2010
Friday, July 9, 2010
S. Korea Raises Rates First Time Since Crisis as Asia Resilient to Crisis
http://www.bloomberg.com/news/2010-07-09/bank-of-korea-raises-interest-rate-to-2-25-to-stem-inflation-on-recovery.html
Bank of Korea researchers said in a report this week that it is “inevitable” that Greece will default because a shrinking economy will push its debt to an unsustainable level. While such an outcome isn’t imminent, it may trigger “major chaos” in global financial markets if it occurs, they said.
Concern over Europe’s debt crisis IS keeping some policy makers from raising interest rates. Australia this week joined the U.S., Europe and Indonesia in keeping borrowing costs unchanged to gauge whether the European crisis threatens the global economic recovery.
Concern over Europe’s debt crisis IS keeping some policy makers from raising interest rates. Australia this week joined the U.S., Europe and Indonesia in keeping borrowing costs unchanged to gauge whether the European crisis threatens the global economic recovery.
Thursday, July 8, 2010
Korea Exchange Bank 4.875% Dollar Bond Spread Narrows (Update1)
http://www.businessweek.com/news/2010-07-08/korea-exchange-bank-4-875-dollar-bond-spread-narrows-update1-.html
The cost of insuring Asian bonds against non-payment fell to the lowest in two weeks, according to traders of credit- default swaps.
The Markit iTraxx Asia index of 50 investment-grade borrowers outside Japan dropped 9 basis points to 131 basis points as of 10:27 a.m. in Hong Kong, according to Credit Agricole CIB. That’s the lowest since June 23, according to CMA DataVision in New York. A basis point is 0.01 percentage point.
The cost of insuring Asian bonds against non-payment fell to the lowest in two weeks, according to traders of credit- default swaps.
The Markit iTraxx Asia index of 50 investment-grade borrowers outside Japan dropped 9 basis points to 131 basis points as of 10:27 a.m. in Hong Kong, according to Credit Agricole CIB. That’s the lowest since June 23, according to CMA DataVision in New York. A basis point is 0.01 percentage point.
Korea Won to Fall Most in Asia in Quarter, Credit Agricole Says
http://www.businessweek.com/news/2010-07-08/korea-won-to-fall-most-in-asia-in-quarter-credit-agricole-says.html
China, South Korea’s biggest export market, will see economic growth slow this quarter, Kowalczyk said. Goldman Sachs Group Inc. lowered its economic growth forecast for China this year to 10.1 percent from 11.4 percent last week.
China, South Korea’s biggest export market, will see economic growth slow this quarter, Kowalczyk said. Goldman Sachs Group Inc. lowered its economic growth forecast for China this year to 10.1 percent from 11.4 percent last week.
Wednesday, June 30, 2010
U.S. Stocks Plunge; S&P 500 Tumbles to Eight-Month Low
http://www.bloomberg.com/news/2010-06-29/stock-index-futures-decline-on-concern-china-s-economic-growth-set-to-cool.html
“China set the tone in the morning and then it accelerated, with investors probably exiting the market ahead of the U.S. unemployment data on Friday,” said Peter Jankovskis, who helps manage about $2.2 billion as co-chief investment officer at Oakbrook Investments in Lisle, Illinois. “The market volatility is growing, which reflects the overhang from the situation in Europe and the slowdown in China.”
“China set the tone in the morning and then it accelerated, with investors probably exiting the market ahead of the U.S. unemployment data on Friday,” said Peter Jankovskis, who helps manage about $2.2 billion as co-chief investment officer at Oakbrook Investments in Lisle, Illinois. “The market volatility is growing, which reflects the overhang from the situation in Europe and the slowdown in China.”
Monday, June 28, 2010
Fiscal contraction can cause double-dip recession: PM
http://www.business-standard.com/india/news/fiscal-contraction-can-cause-double-dip-recession-pm/399644/
In his intervention, the Prime Minister said members of the group should refrain from simultaneously withdrawing the economic stimulus despite concerns over the high debt levels in some countries, particularly in the Euro zone.
“Concerns about debt sustainability normally suggest a need for fiscal correction. But circumstances are not normal. The recovery is still fragile and private demand in industrialised countries is likely to remain weak,” he said, while pointing out that unemployment remained high despite a rebound in output.
In his intervention, the Prime Minister said members of the group should refrain from simultaneously withdrawing the economic stimulus despite concerns over the high debt levels in some countries, particularly in the Euro zone.
“Concerns about debt sustainability normally suggest a need for fiscal correction. But circumstances are not normal. The recovery is still fragile and private demand in industrialised countries is likely to remain weak,” he said, while pointing out that unemployment remained high despite a rebound in output.
Sunday, June 27, 2010
Thursday, June 24, 2010
Nuclear proliferation in South Asia - The power of nightmares
http://www.economist.com/node/16426072?story_id=16426072&source=hptextfeature
China’s proposed sale of nuclear reactors to Pakistan will intensify nuclear rivalry with India. But the damage will go far wider
By any measure, Pakistan is a shocker. Its proliferation record would make the serial nuclear mischief-makers of North Korea blush. If the Chinese reactor deal goes ahead, the damage will be huge: beyond just stoking the already alarming nuclear rivalry between Pakistan and India.
China’s proposed sale of nuclear reactors to Pakistan will intensify nuclear rivalry with India. But the damage will go far wider
By any measure, Pakistan is a shocker. Its proliferation record would make the serial nuclear mischief-makers of North Korea blush. If the Chinese reactor deal goes ahead, the damage will be huge: beyond just stoking the already alarming nuclear rivalry between Pakistan and India.
Wednesday, June 23, 2010
Dollar and yen firm as safety rules, yuan eyed
Tuesday, June 22, 2010
Central Banks Show Euro Losing Appeal as Loonie Gains (Update2)
http://www.businessweek.com/news/2010-06-22/central-banks-show-euro-losing-appeal-as-loonie-gains-update2-.html
By Oliver Biggadike
June 22 (Bloomberg) -- The Australian and Canadian dollars are becoming reserve currencies for central bankers seeking alternatives to deteriorating government credit quality in Europe, the U.S. and Japan.
By Oliver Biggadike
June 22 (Bloomberg) -- The Australian and Canadian dollars are becoming reserve currencies for central bankers seeking alternatives to deteriorating government credit quality in Europe, the U.S. and Japan.
Monday, June 21, 2010
Friday, June 18, 2010
Monday, June 14, 2010
Financial Crisis Has 'Only Entered Act II:' Soros
http://www.cnbc.com/id/37611313/
“We have just entered Act Two of the drama… when the financial markets started losing confidence in the credibility of sovereign debt,” he said.
Perils of Derivatives
Soros launched a thorough attack on derivatives and synthetic securities, questioning their overall usefulness.
In April, he wrote that the instruments had been used to “create imaginary value out of thin air.” He discouraged the securitization of loans .“Securitization separates interest of securers from interest of principals,” and particuarly credit default swaps , he said .
“Credit default swaps are particularly dangerous,” Soros said. “CDS ought to be available only to the extent that the buyers have legitimate insurable interest.”
“We have just entered Act Two of the drama… when the financial markets started losing confidence in the credibility of sovereign debt,” he said.
Perils of Derivatives
Soros launched a thorough attack on derivatives and synthetic securities, questioning their overall usefulness.
In April, he wrote that the instruments had been used to “create imaginary value out of thin air.” He discouraged the securitization of loans .“Securitization separates interest of securers from interest of principals,” and particuarly credit default swaps , he said .
“Credit default swaps are particularly dangerous,” Soros said. “CDS ought to be available only to the extent that the buyers have legitimate insurable interest.”
Spacecraft returns to Earth
Sunday, June 13, 2010
Wednesday, June 9, 2010
David Cameron invites a 'double-dip recession' if he insists on Greek medicine for Britain's deficit
http://www.telegraph.co.uk/finance/economics/7811591/David-Cameron-invites-a-double-dip-recession-if-he-insists-on-Greek-medicine-for-Britains-deficit.html
The diagnosis above suggests that the two countries are plagued with different diseases. There is zero chance that the UK will default on its debt. So each country needs a different treatment. The UK is demonstrably not Greece.
The diagnosis above suggests that the two countries are plagued with different diseases. There is zero chance that the UK will default on its debt. So each country needs a different treatment. The UK is demonstrably not Greece.
Sakakibara says euro headed for parity with dollar
http://search.japantimes.co.jp/cgi-bin/nb20100609n4.html
The euro may lose 20 percent or more against the dollar and fall below ¥100 as concern over Europe's debt crisis mounts, according to Eisuke Sakakibara, the former Finance Ministry official known as "Mr. Yen."
The euro may lose 20 percent or more against the dollar and fall below ¥100 as concern over Europe's debt crisis mounts, according to Eisuke Sakakibara, the former Finance Ministry official known as "Mr. Yen."
Tuesday, June 8, 2010
Double dip fear hits euro
http://www.belfasttelegraph.co.uk/business/business-news/double-dip-fear-hits-euro-14833482.html
The country's state secretary sought to play down comments likening Hungary to Greece but added that emergency cabinet meetings had taken place over the weekend and yesterday.
Phil McHugh, senior executive dealer at foreign exchange firm Currencies Direct, said there was little hope of a euro rebound.
"Within a very short space of time, the euro has swung from stable to questionable and talk of a euro collapse with countries leaving the single currency is no longer taboo."
The country's state secretary sought to play down comments likening Hungary to Greece but added that emergency cabinet meetings had taken place over the weekend and yesterday.
Phil McHugh, senior executive dealer at foreign exchange firm Currencies Direct, said there was little hope of a euro rebound.
"Within a very short space of time, the euro has swung from stable to questionable and talk of a euro collapse with countries leaving the single currency is no longer taboo."
French PM: ECB wants euro to fall to parity with dollar
http://www.huliq.com/9990/93920/french-pm-says-ecb-wants-euro-fall-parity-dollar
French Prime Minister Fillon told news reporters today that he can only see good things for the immediate future if the euro would fall further against the dollar and reach a 1:1 parity with the greenback. In the past one month the exchange rate of Euro vs Dollar was falling steadily now below 1.20 dollars for one euro.
French Prime Minister Fillon told news reporters today that he can only see good things for the immediate future if the euro would fall further against the dollar and reach a 1:1 parity with the greenback. In the past one month the exchange rate of Euro vs Dollar was falling steadily now below 1.20 dollars for one euro.
Sunday, June 6, 2010
Saturday, June 5, 2010
Germany and Russia agree on Iran sanctions
http://www.thelocal.de/national/20100605-27667.html
Germany and Russia will work together towards imposing sanctions on Iran if it continues to refuse to stop its nuclear development programme, said Chancellor Angela Merkel after talks with Russian President Dmitri Medvedev.
Germany and Russia will work together towards imposing sanctions on Iran if it continues to refuse to stop its nuclear development programme, said Chancellor Angela Merkel after talks with Russian President Dmitri Medvedev.
Burma's Military Budget to Increase Significantly
http://www.irrawaddy.org/article.php?art_id=18627
Analysts believe that many of Burma's future military purchases may come from North Korea.
According to a report by UN experts obtained by The Associated Press last month, North Korea is exporting nuclear and ballistic missile technology and using multiple intermediaries, shell companies and overseas criminal networks to circumvent UN sanctions.
Analysts believe that many of Burma's future military purchases may come from North Korea.
According to a report by UN experts obtained by The Associated Press last month, North Korea is exporting nuclear and ballistic missile technology and using multiple intermediaries, shell companies and overseas criminal networks to circumvent UN sanctions.
Friday, June 4, 2010
Wednesday, June 2, 2010
Tuesday, June 1, 2010
ECB Warns Write-Downs Could Reach $239 Billion
http://online.wsj.com/article/SB10001424052748703406604575278620471963334.html
In the latest indication that European banks are in ill health, the European Central Bank warned late Monday that euro-zone banks face €195 billion ($239.26 billion) in write-downs this year and the next due to an economic outlook that remained "clouded by uncertainty."
In the latest indication that European banks are in ill health, the European Central Bank warned late Monday that euro-zone banks face €195 billion ($239.26 billion) in write-downs this year and the next due to an economic outlook that remained "clouded by uncertainty."
Saturday, May 29, 2010
U.S. Stocks, Oil, Euro Tumble; Dow Ends Worst May Since 1940
http://www.bloomberg.com/apps/news?pid=20601087&sid=apgUzNgFGKLA&pos=1
May 28 (Bloomberg) -- U.S. stocks slid, capping the worst May for the Dow Jones Industrial Average since 1940, while the euro slumped and Treasuries rose as a downgrade of Spain’s debt rating and escalating tensions on the Korean peninsula triggered a flight from riskier assets.
“Spain’s downgrade just adds to more uncertainty,” said Quincy Krosby, chief market strategist for Newark, New Jersey- based Prudential Financial Inc., which oversees about $667 billion. “There are too many geopolitical events. We have a three-day weekend in the U.S., and traders will definitely want to lighten their books.”
‘All-Out War’
Losses in U.S. stocks widened earlier after North Korean Major General Pak Rim Su disputed the results of the international investigation that found his nation sank a South Korean warship. “Any accidental clash that may break out in the waters of the West Sea of Korea or in areas along the Demilitarized Zone will lead to all-out war,” he said, according to North Korea’s official news organization.
May 28 (Bloomberg) -- U.S. stocks slid, capping the worst May for the Dow Jones Industrial Average since 1940, while the euro slumped and Treasuries rose as a downgrade of Spain’s debt rating and escalating tensions on the Korean peninsula triggered a flight from riskier assets.
“Spain’s downgrade just adds to more uncertainty,” said Quincy Krosby, chief market strategist for Newark, New Jersey- based Prudential Financial Inc., which oversees about $667 billion. “There are too many geopolitical events. We have a three-day weekend in the U.S., and traders will definitely want to lighten their books.”
‘All-Out War’
Losses in U.S. stocks widened earlier after North Korean Major General Pak Rim Su disputed the results of the international investigation that found his nation sank a South Korean warship. “Any accidental clash that may break out in the waters of the West Sea of Korea or in areas along the Demilitarized Zone will lead to all-out war,” he said, according to North Korea’s official news organization.
Friday, May 28, 2010
Japan Tightens Control on Sending Cash to North Korea (Update1)
http://www.businessweek.com/news/2010-05-27/japan-tightens-control-on-sending-cash-to-north-korea-update1-.html
The toughened sanctions come a week after an international report concluded that a North Korean torpedo sank the 1,200-ton Cheonan in March, killing 46 sailors. Japan banned almost all trade with Kim Jong Il’s regime last year in response to a second nuclear weapon test and several missile launches.
“The cabinet has decided to take these new measures prompted by the unforgivable torpedo attack,” Hirano said. Japan also reduced the amount of money an individual can legally take into North Korea to 100,000 yen from 300,000 yen, he said.
The toughened sanctions come a week after an international report concluded that a North Korean torpedo sank the 1,200-ton Cheonan in March, killing 46 sailors. Japan banned almost all trade with Kim Jong Il’s regime last year in response to a second nuclear weapon test and several missile launches.
“The cabinet has decided to take these new measures prompted by the unforgivable torpedo attack,” Hirano said. Japan also reduced the amount of money an individual can legally take into North Korea to 100,000 yen from 300,000 yen, he said.
Thursday, May 27, 2010
Clinton: World must act on sinking of ship
http://www.denverpost.com/headlines/ci_15169660
The U.S. wants Security Council action against North Korea for its alleged torpedoing of a South Korean warship.
The U.S. wants Security Council action against North Korea for its alleged torpedoing of a South Korean warship.
Wednesday, May 26, 2010
Fed/ECB/BOE should move on rates from late 2010 -OECD
http://www.reuters.com/article/idUSLAG00630220100526?type=marketsNews
The projected increase of core inflation to the Bank of England target warrants an increase of the policy rate to 3-1/2 percent by end-2011.
The projected increase of core inflation to the Bank of England target warrants an increase of the policy rate to 3-1/2 percent by end-2011.
(News Focus) Europe woes, N. Korea risks to put downward pressure on Korean won: experts
http://english.yonhapnews.co.kr/business/2010/05/26/80/0503000000AEN20100526006000320F.HTML
SEOUL, May 26 (Yonhap) -- Heightened geopolitical risks from the deadly sinking of a South Korean warship by North Korea, coupled with the European debt crisis, are widely expected to put downward pressure on the local currency for some time, analysts said Wednesday.
SEOUL, May 26 (Yonhap) -- Heightened geopolitical risks from the deadly sinking of a South Korean warship by North Korea, coupled with the European debt crisis, are widely expected to put downward pressure on the local currency for some time, analysts said Wednesday.
Sunday, May 23, 2010
EU Backs Stiffer Deficit Sanctions, Rules Out Default Mechanism
http://www.bloomberg.com/apps/news?pid=20601087&sid=aMUKfcpOm7zg&pos=1
European Union finance ministers pledged to stiffen sanctions on high-deficit countries and ruled out setting up a mechanism to manage state defaults, saying no euro country will be allowed to renege on its debts.
European Union finance ministers pledged to stiffen sanctions on high-deficit countries and ruled out setting up a mechanism to manage state defaults, saying no euro country will be allowed to renege on its debts.
Saturday, May 22, 2010
Friday, May 21, 2010
U.S. Stocks Plunge Most in Year; Treasuries, Euro Rally
http://www.bloomberg.com/apps/news?pid=20601087&sid=a4mnQEVIxe48&pos=1
The losses accelerated even as the euro rallied as much as 1.5 percent to $1.2598 after earlier flirting with a four-year low. Ten-year Treasury yields sank to the lowest level of the year, down 15 basis points at 3.22 percent. The yen rallied against all 16 major counterparts.
The losses accelerated even as the euro rallied as much as 1.5 percent to $1.2598 after earlier flirting with a four-year low. Ten-year Treasury yields sank to the lowest level of the year, down 15 basis points at 3.22 percent. The yen rallied against all 16 major counterparts.
Thursday, May 20, 2010
Wednesday, May 19, 2010
Proposed penalties target Iran's ships and weapons
http://seattletimes.nwsource.com/html/nationworld/2011897621_iran19.html
Officials said the sanctions aimed at North Korea have proved their worth. In one case, North Korea sent a ship home rather than risk having it searched in a foreign port.
Officials said another important sanctions measure is a provision that would bar sales of eight new categories of weapons to Iran, including tanks, large caliber artillery, attack helicopters, missiles or missile systems. Diplomats said this provision makes an important political point to Iran, because it was adopted with the acceptance of Russia, which has been a key arms supplier to Iran and has resisted sanctions on Iran.
The package also sets up a new program of surveillance over all arms sales to Iran.
Officials said the sanctions aimed at North Korea have proved their worth. In one case, North Korea sent a ship home rather than risk having it searched in a foreign port.
Officials said another important sanctions measure is a provision that would bar sales of eight new categories of weapons to Iran, including tanks, large caliber artillery, attack helicopters, missiles or missile systems. Diplomats said this provision makes an important political point to Iran, because it was adopted with the acceptance of Russia, which has been a key arms supplier to Iran and has resisted sanctions on Iran.
The package also sets up a new program of surveillance over all arms sales to Iran.
U.S., partners agree to sanctions on Iran
http://www.washingtonpost.com/wp-dyn/content/article/2010/05/18/AR2010051801988.html?hpid=moreheadlines
The United States reached agreement Tuesday with Russia, China and other major powers on a draft U.N. Security Council resolution that would modestly expand and stiffen sanctions on Iran for its failure to abandon its nuclear ambitions.
The United States reached agreement Tuesday with Russia, China and other major powers on a draft U.N. Security Council resolution that would modestly expand and stiffen sanctions on Iran for its failure to abandon its nuclear ambitions.
Market Snapshot: U.S. Stocks Plunge on Short Selling Ban in Germany
http://www.roubini.com/financemarkets-monitor/258918/market_snapshot__u_s__stocks_plunge_on_short_selling_ban_in_germany?utm_source=twitterfeed&utm_medium=twitter&utm_campaign=Feed:+FinanceMarketsMonitor+(Finance+%26+Markets+Monitor)
In currency markets today the euro extended losses amid concerns over fiscal issues and economic growth in eurozone.
In currency markets today the euro extended losses amid concerns over fiscal issues and economic growth in eurozone.
Monday, May 17, 2010
Euro Swaps Corner Trichet Showing No Signs of Slowing (Update1)
http://www.bloomberg.com/apps/news?pid=20601087&sid=aIvr3NPO2SmA&pos=1
“There are so many headwinds, so many structural issues affecting the euro,” Manoj Ladwa, a senior trader at ETX Capital in London, said on Bloomberg Radio May 11. “It calls into question whether the euro can last. What is the point of having a euro if not only other European countries are bailing out the likes of Greece but also the International Monetary Fund? There’s not much reason to have the euro around anymore.”
“There are so many headwinds, so many structural issues affecting the euro,” Manoj Ladwa, a senior trader at ETX Capital in London, said on Bloomberg Radio May 11. “It calls into question whether the euro can last. What is the point of having a euro if not only other European countries are bailing out the likes of Greece but also the International Monetary Fund? There’s not much reason to have the euro around anymore.”
Sunday, May 16, 2010
Brazil’s Lula Meets With Ahmadinejad to Push for Nuclear Deal
http://www.bloomberg.com/apps/news?pid=20601087&sid=av2o472Hu_yE&pos=9
May 16 (Bloomberg) -- Brazilian President Luiz Inacio Lula da Silva met with his Iranian counterpart Mahmoud Ahmadinejad as he pushes to revive diplomatic efforts to curb the Islamic Republic’s nuclear program.
May 16 (Bloomberg) -- Brazilian President Luiz Inacio Lula da Silva met with his Iranian counterpart Mahmoud Ahmadinejad as he pushes to revive diplomatic efforts to curb the Islamic Republic’s nuclear program.
Saturday, May 15, 2010
Trichet Wants More EU Budget Control, Sanctions, Spiegel Says
http://www.bloomberg.com/apps/news?pid=20601087&sid=ae3CTD79RImQ&pos=6
Trichet called for a “quantum leap” of mutual control among governments, Spiegel magazine reported. The ECB was “not listening to recommendations” from lawmakers and financial markets when making a decision to buy government bonds, he said.
Trichet called for a “quantum leap” of mutual control among governments, Spiegel magazine reported. The ECB was “not listening to recommendations” from lawmakers and financial markets when making a decision to buy government bonds, he said.
Thai Troops Battle Bangkok Protesters for Third Day; 18 Dead
http://www.bloomberg.com/apps/news?pid=20601087&sid=azVCGpJR1sCM&pos=8
Grenade Launchers, Live Bullets
Seventeen people died in clashes over the past two days, Panitan said today. Another person was killed on May 13.
Troops seized grenade launchers and rifles from demonstrators, army spokesman Sansern Kaewkamnerd said yesterday. Soldiers used live bullets as a “last measure,” he said.
Grenade Launchers, Live Bullets
Seventeen people died in clashes over the past two days, Panitan said today. Another person was killed on May 13.
Troops seized grenade launchers and rifles from demonstrators, army spokesman Sansern Kaewkamnerd said yesterday. Soldiers used live bullets as a “last measure,” he said.
Friday, May 14, 2010
Euro Breakup Talk Increases as Germany Loses Its Currency Proxy
“The old idea that you discuss with peers your budgetary plans before they’re announced is very difficult to implement,” said Jean Pisani-Ferry, a Maastricht-era EU economic adviser who now runs the Bruegel research institute in Brussels. “It runs up against the politics.”
Snow Says Euro Faces ‘Tough’ Survival Without Budget (Update1)
http://www.bloomberg.com/apps/news?pid=20601109&sid=aaBB6Ps4jO5U&pos=15
‘Hyperinflation’
“It’s a really serious problem, and you get the risk of hyperinflation, governments printing money to pay their debts, a race to see who can print first to get ahead of the others, so their currency has more purchasing power than their neighbors’,” he said. “It’s not a pretty picture. All the other paper trades off the government paper, once government paper gets into default condition, what happens to the whole debt market, the fixed-income market?”
“How do they get competitive? They lower their own internal cost structure, it’s the only option available to them, he said. “They don’t have the ability to get a more competitive exchange rate, so they’ve got to do it internally. The question is, is there the political will?”
‘Hyperinflation’
“It’s a really serious problem, and you get the risk of hyperinflation, governments printing money to pay their debts, a race to see who can print first to get ahead of the others, so their currency has more purchasing power than their neighbors’,” he said. “It’s not a pretty picture. All the other paper trades off the government paper, once government paper gets into default condition, what happens to the whole debt market, the fixed-income market?”
“How do they get competitive? They lower their own internal cost structure, it’s the only option available to them, he said. “They don’t have the ability to get a more competitive exchange rate, so they’ve got to do it internally. The question is, is there the political will?”
Thursday, May 13, 2010
Wednesday, May 12, 2010
Tuesday, May 11, 2010
China’s April Inflation Accelerates, Lending Surges (Update1)
http://www.bloomberg.com/apps/news?pid=20601087&sid=a0cJCm6tlqVg&pos=1
The central bank said yesterday that the nation faces increasing risks to “price stability,” citing loose global monetary conditions, rising commodity prices and the world’s recovery. Rising labor, resource and environmental costs in China may push up prices, it added.
The central bank said yesterday that the nation faces increasing risks to “price stability,” citing loose global monetary conditions, rising commodity prices and the world’s recovery. Rising labor, resource and environmental costs in China may push up prices, it added.
China Inflation Edges Up but Economy Not Overheating
http://www.cnbc.com/id/37076056
As ginger as the tightening has been, the impact on the stock market has been profound. The main Shanghai index has fallen nearly 22 percent since August of last year.
As ginger as the tightening has been, the impact on the stock market has been profound. The main Shanghai index has fallen nearly 22 percent since August of last year.
Monday, May 10, 2010
US Fed Reopens Currency Swap Lines with ECB, Others
http://www.cnbc.com/id/37056013
"These facilities are designed to help improve liquidity conditions in U.S. dollar funding markets and to prevent the spread of strains to other markets and financial centers," the Fed said in a statement.
"These facilities are designed to help improve liquidity conditions in U.S. dollar funding markets and to prevent the spread of strains to other markets and financial centers," the Fed said in a statement.
EU Crafts $962 Billion Show of Force to Halt Euro Crisis
http://www.bloomberg.com/apps/news?pid=20601087&sid=aeHrwqUq9G9A&pos=1
European policy makers unveiled an unprecedented loan package worth almost $1 trillion and a program of bond purchases as they spearheaded a global drive to stop a sovereign-debt crisis that threatened to shatter confidence in the euro.
European policy makers unveiled an unprecedented loan package worth almost $1 trillion and a program of bond purchases as they spearheaded a global drive to stop a sovereign-debt crisis that threatened to shatter confidence in the euro.
Sunday, May 9, 2010
EU Prepares Euro Fund to Fight ‘Wolfpack,’ Halt Debt Crisis
http://www.bloomberg.com/apps/news?pid=20601087&sid=a9AGoWoxhTp8&pos=1
The political leadership of the $12 trillion economy yesterday also signed off on a 110 billion-euro ($140 billion) aid package for Greece negotiated by finance ministers last week. So far nine governments have cleared the way for funds to be sent to Athens.
The political leadership of the $12 trillion economy yesterday also signed off on a 110 billion-euro ($140 billion) aid package for Greece negotiated by finance ministers last week. So far nine governments have cleared the way for funds to be sent to Athens.
Times Square Suspect Linked to Pakistani Taliban (Update1)
http://www.bloomberg.com/apps/news?pid=20601087&sid=aYUH7j9Fbkf4&pos=9
Terror groups are “taking advantage” of people such as Shahzad who are able to travel between the U.S. and other nations and even have citizenship, Brennan said.
U.S. Attorney General Eric Holder has said Shahzad admitted his role in the May 1 bombing attempt.
Terror groups are “taking advantage” of people such as Shahzad who are able to travel between the U.S. and other nations and even have citizenship, Brennan said.
U.S. Attorney General Eric Holder has said Shahzad admitted his role in the May 1 bombing attempt.
Saturday, May 8, 2010
Oil-Recovery Box Nearing Seafloor Represents BP’s Best ‘Hope’
http://www.bloomberg.com/apps/news?pid=20601087&sid=arcdOnpWJgJA&pos=4
Similar containment boxes have been used to funnel crude from leaking wells in shallow water. This is the deepest deployment of the system, according to a fact sheet provided by BP.
Similar containment boxes have been used to funnel crude from leaking wells in shallow water. This is the deepest deployment of the system, according to a fact sheet provided by BP.
EU to Set Up Fund to Prevent Spread of Greek Crisis (Update3)
http://www.businessweek.com/news/2010-05-08/eu-to-set-up-fund-to-prevent-spread-of-greek-crisis-update3-.html
The political leadership of the $12 trillion economy also signed off on a 110 billion-euro ($140 billion) aid package for Greece negotiated by finance ministers last week. So far nine governments have cleared the way for funds to be sent to Athens.
The political leadership of the $12 trillion economy also signed off on a 110 billion-euro ($140 billion) aid package for Greece negotiated by finance ministers last week. So far nine governments have cleared the way for funds to be sent to Athens.
Friday, May 7, 2010
U.S., Asia Stocks Plunge as Debt Concern Spurs Electronic Rout
http://www.bloomberg.com/apps/news?pid=20601087&sid=aOlCsh0xeWvk
May 6 (Bloomberg) -- U.S. stocks tumbled the most in a year as waves of computerized trading exacerbated a selloff triggered by Europe’s debt crisis, sparking a slide in Asian shares. The rout briefly erased more than $1 trillion in U.S. market value as the Dow Jones Industrial Average fell almost 1,000 points, a 9.2 percent plunge that was its biggest intraday percentage loss since 1987 and largest point drop ever, before paring the drop.
May 6 (Bloomberg) -- U.S. stocks tumbled the most in a year as waves of computerized trading exacerbated a selloff triggered by Europe’s debt crisis, sparking a slide in Asian shares. The rout briefly erased more than $1 trillion in U.S. market value as the Dow Jones Industrial Average fell almost 1,000 points, a 9.2 percent plunge that was its biggest intraday percentage loss since 1987 and largest point drop ever, before paring the drop.
Electronic Trading to Blame for Plunge, NYSE Says (Update1)
http://www.bloomberg.com/apps/news?pid=20601087&sid=aktCEVdfmfys&pos=1
“If you look at the charts you can see fairly clearly where the trades came in,” he said from New York. “It’s that V-shaped drop where it came down and snapped right back up. You had some very high-cap stocks trading down 50 percent or large percentages in a split instant because there really was no liquidity in electronic markets.”
“If you look at the charts you can see fairly clearly where the trades came in,” he said from New York. “It’s that V-shaped drop where it came down and snapped right back up. You had some very high-cap stocks trading down 50 percent or large percentages in a split instant because there really was no liquidity in electronic markets.”
South Korea Concludes North Korea Sank Its Warship, Chosun Says
http://www.bloomberg.com/apps/news?pid=20601101&sid=a7RSghXpRaoM
“The investigation is on-going,” State Department spokesman Philip J. Crowley said in an e-mail. “We are supporting that investigation and will draw appropriate conclusions once it is done.”
“The investigation is on-going,” State Department spokesman Philip J. Crowley said in an e-mail. “We are supporting that investigation and will draw appropriate conclusions once it is done.”
Thursday, May 6, 2010
Spanish-German Yield Gap Is ‘Litmus Test’ for ECB: Chart of Day
http://www.bloomberg.com/apps/news?pid=20601109&sid=a12VrzKVNfvA&pos=15
Banks in the region own $850 billion of Spanish assets, by Garthwaite’s estimate. The comparable figure for Greece is just $190 billion. Their holdings include $85 billion of government debt, exceeding the $75 billion total for Greek bonds.
Banks in the region own $850 billion of Spanish assets, by Garthwaite’s estimate. The comparable figure for Greece is just $190 billion. Their holdings include $85 billion of government debt, exceeding the $75 billion total for Greek bonds.
Greek Protests of Austerity Plan Leave 3 Dead (Update2)
http://www.bloomberg.com/apps/news?pid=20601087&sid=avSGW7ZQxfNU&pos=8
The violence escalated as small groups of self-styled anarchists, many with their heads wrapped in black scarves, broke off from the main demonstration and started attacking buildings and starting fires. Police, who had 1,700 officers on duty in Athens, arrested four people.
“The demonstrations in Athens are another factor that must be scaring off, turning the mood of credit markets even more against Athens,” Nobel prize-winning economist Edmund Phelps said in an interview on Bloomberg Television before the violence broke out.
The violence escalated as small groups of self-styled anarchists, many with their heads wrapped in black scarves, broke off from the main demonstration and started attacking buildings and starting fires. Police, who had 1,700 officers on duty in Athens, arrested four people.
“The demonstrations in Athens are another factor that must be scaring off, turning the mood of credit markets even more against Athens,” Nobel prize-winning economist Edmund Phelps said in an interview on Bloomberg Television before the violence broke out.
Wednesday, May 5, 2010
Tuesday, May 4, 2010
Merkel’s Coalition Steps Up Calls for EU ‘Orderly Insolvencies’
http://www.bloomberg.com/apps/news?pid=20601087&sid=akgf3fmsB6mM&pos=9
“We quite urgently need something for the members of European Monetary Union that we also didn’t have during the banking crisis two years ago,” Finance Minister Wolfgang Schaeuble told reporters yesterday. “Namely the possibility of a restructuring procedure in the event of looming insolvency that helps prevent systemic contagion risks.”
“We quite urgently need something for the members of European Monetary Union that we also didn’t have during the banking crisis two years ago,” Finance Minister Wolfgang Schaeuble told reporters yesterday. “Namely the possibility of a restructuring procedure in the event of looming insolvency that helps prevent systemic contagion risks.”
Gulf Oil Spill Is Bad, but How Bad?
http://www.nytimes.com/2010/05/04/us/04enviro.html
“The gulf is tremendously resilient,” said Dr. Dokken, the marine biologist. “But we’ve always got to ask ourselves how long can we keep heaping these insults on the gulf and having it bounce back. As a scientist, I have to say I just don’t know.”
“The gulf is tremendously resilient,” said Dr. Dokken, the marine biologist. “But we’ve always got to ask ourselves how long can we keep heaping these insults on the gulf and having it bounce back. As a scientist, I have to say I just don’t know.”
Monday, May 3, 2010
T-shirt vendor saves New York from car bomb threat as NY police commissoner says there nothing to link Taliban to bomb attempt
http://www.heraldsun.com.au/news/world/car-in-new-yorks-times-square-found-to-have-explosives-in-it/story-e6frf7lf-1225861151664
The drama came just one day after two Brooklyn men, one of whom was born in Australia, were arrested in Dubai and charged with supporting al-Qaida by running errands for the terror cell in New York.
The drama came just one day after two Brooklyn men, one of whom was born in Australia, were arrested in Dubai and charged with supporting al-Qaida by running errands for the terror cell in New York.
Greece Gets $146 Billion Rescue on EU, IMF Austerity Package
http://www.bloomberg.com/apps/news?pid=20601087&sid=alJWdKeR1TDU&pos=1
“Implementation will now be investors’ foremost concern in the coming months, and Greece will have to work hard to rebuild its reputation and regain market confidence,” said Annunziata. “It will be an uphill struggle.”
“Implementation will now be investors’ foremost concern in the coming months, and Greece will have to work hard to rebuild its reputation and regain market confidence,” said Annunziata. “It will be an uphill struggle.”
Saturday, May 1, 2010
Friday, April 30, 2010
Seoul's dilemma over sunken warship
http://news.bbc.co.uk/2/hi/asia-pacific/8648970.stm
The investigation team includes American, Australian, Swedish and British experts, in part, to ensure that its conclusions are seen as free from South Korean political influence.
The investigation team includes American, Australian, Swedish and British experts, in part, to ensure that its conclusions are seen as free from South Korean political influence.
Thursday, April 29, 2010
Greek Debt Yields Fall; German Comments Support
http://www.cnbc.com/id/36842485
Late on Wednesday, German chancellor Angela Merkel said negotiations between the Greek government, the International Monetary Fund and the European Union for the aid package must be accelerated.
Late on Wednesday, German chancellor Angela Merkel said negotiations between the Greek government, the International Monetary Fund and the European Union for the aid package must be accelerated.
Revaluing Yuan Not the Only Rebalancing Solution: IMF
http://www.cnbc.com/id/36838975
China's yuan remains undervalued, but increased currency flexibility is just part of a range of policies needed for rebalancing in Asia, the International Monetary Fund (IMF) said on Thursday.
China's yuan remains undervalued, but increased currency flexibility is just part of a range of policies needed for rebalancing in Asia, the International Monetary Fund (IMF) said on Thursday.
Merkel Tested as Escalating Greek Crisis Hurts Euro
http://www.nytimes.com/2010/04/29/world/europe/29germany.html
For months Mrs. Merkel played for time, talking tough on Greek debt and the need for Athens to institute strict austerity measures while hoping to stave off a bailout decision that many believe is inevitable until after voters in North Rhine-Westphalia go to the polls.
But some analysts say that the German people’s desire for stability, and particularly a stable currency, will ultimately outweigh their distaste at bailing out the Greeks.
Gerd Langguth, professor of political science at the University of Bonn, said the political fallout from joining in the rescue of Greece, including on the election in the state of North Rhine-Westphalia, would be less than many had predicted.
“The people in Germany know that if this operation doesn’t work, the whole euro would be damaged and this is damage for Germany,” he said.
For months Mrs. Merkel played for time, talking tough on Greek debt and the need for Athens to institute strict austerity measures while hoping to stave off a bailout decision that many believe is inevitable until after voters in North Rhine-Westphalia go to the polls.
But some analysts say that the German people’s desire for stability, and particularly a stable currency, will ultimately outweigh their distaste at bailing out the Greeks.
Gerd Langguth, professor of political science at the University of Bonn, said the political fallout from joining in the rescue of Greece, including on the election in the state of North Rhine-Westphalia, would be less than many had predicted.
“The people in Germany know that if this operation doesn’t work, the whole euro would be damaged and this is damage for Germany,” he said.
An official funeral is due to be held for 46 South Korean sailors who died when their warship sank last month.
http://news.bbc.co.uk/2/hi/asia-pacific/8650091.stm
In the lead up to Thursday's mass funeral, thousands of mourners had been lining up at altars across the country to honour the lost sailors.
In the lead up to Thursday's mass funeral, thousands of mourners had been lining up at altars across the country to honour the lost sailors.
Euro Near 1-Year Low on Concern Europe’s Debt Crisis Will Widen
http://www.bloomberg.com/apps/news?pid=20601087&sid=aI1Q.RhW.85U&pos=2
The yen and dollar strengthened against most major currencies after Standard & Poor’s reduced Spain’s credit rating yesterday and signaled the 16-nation region’s debt problems are spreading.
The yen and dollar strengthened against most major currencies after Standard & Poor’s reduced Spain’s credit rating yesterday and signaled the 16-nation region’s debt problems are spreading.
Wednesday, April 28, 2010
Won ‘Mispricing’ Against Yen Attracts BlueGold’s Jen (Update2)
http://www.bloomberg.com/apps/news?pid=20601110&sid=aTFQh7STV0r4
April 28 (Bloomberg) -- Buying the South Korean won and the Indian rupee against the yen is the best way to profit from Asia’s diverging economic growth prospects, according to BlueGold Capital Management LLP and Credit Agricole SA.
April 28 (Bloomberg) -- Buying the South Korean won and the Indian rupee against the yen is the best way to profit from Asia’s diverging economic growth prospects, according to BlueGold Capital Management LLP and Credit Agricole SA.
Tuesday, April 27, 2010
Portugal Suffering Greek Contagion Pressures EU Bonds (Update1)
http://www.bloomberg.com/apps/news?pid=20601087&sid=anJnPqMexHGM&pos=4
Portugal’s credit default swaps show investors rank its debt as the world’s eighth-riskiest, worse than for Lebanon and Guatemala.
Portugal’s credit default swaps show investors rank its debt as the world’s eighth-riskiest, worse than for Lebanon and Guatemala.
Monday, April 26, 2010
Thursday, April 22, 2010
Iran could have missiles for US strike in five years
http://www.telegraph.co.uk/news/worldnews/middleeast/iran/7614419/Iran-could-have-missiles-for-US-strike-in-five-years.html
The finding is significant as Washington gears its foreign policy to a mixture of regional threats and the chances of it being attacked itself. It carefully watches the development of North Korea's similar long-range missiles, which is approaching a level where America's western seaboard could be directly targeted.
The finding is significant as Washington gears its foreign policy to a mixture of regional threats and the chances of it being attacked itself. It carefully watches the development of North Korea's similar long-range missiles, which is approaching a level where America's western seaboard could be directly targeted.
Wednesday, April 21, 2010
DPJ Seeks Bank of Japan Inflation Targets in Election Platform
http://www.businessweek.com/news/2010-04-20/dpj-seeks-bank-of-japan-inflation-targets-in-election-platform.html
DPJ lawmaker Akihiro Ohata, who heads the group compiling the manifesto, said he agreed with colleagues who called for a stronger commitment from the central bank to fight persistent falling prices. Finance Minister Naoto Kan yesterday said the government and the BOJ should work toward pushing inflation as high as 2 percent.
“The government will present numerical targets for beating deflation and prepare an environment so that the Bank of Japan can autonomously and boldly take monetary policies and secure coordination between the two,” the draft said. The party’s “manifesto” will be completed in late May before parliamentary upper house elections slated for July.
A group of 130 DPJ lawmakers last week proposed an inflation target of more than 2 percent and for the yen to weaken to around 120 per dollar.
DPJ lawmaker Akihiro Ohata, who heads the group compiling the manifesto, said he agreed with colleagues who called for a stronger commitment from the central bank to fight persistent falling prices. Finance Minister Naoto Kan yesterday said the government and the BOJ should work toward pushing inflation as high as 2 percent.
“The government will present numerical targets for beating deflation and prepare an environment so that the Bank of Japan can autonomously and boldly take monetary policies and secure coordination between the two,” the draft said. The party’s “manifesto” will be completed in late May before parliamentary upper house elections slated for July.
A group of 130 DPJ lawmakers last week proposed an inflation target of more than 2 percent and for the yen to weaken to around 120 per dollar.
Tuesday, April 20, 2010
German April ZEW index jumps more than expected
http://www.marketwatch.com/story/german-april-zew-index-jumps-more-than-expected-2010-04-20
German Investor Confidence May Post First Gain in Seven Months
US summons Syrian diplomat over missile transfers to Hezbollah
http://www.timesonline.co.uk/tol/news/world/middle_east/article7102380.ece
With Iranian support, Hezbollah has replenished its arsenal beyond levels it had in 2006, according to a Pentagon report on Iran’s military sent to Congress and made public on Monday.
With Iranian support, Hezbollah has replenished its arsenal beyond levels it had in 2006, according to a Pentagon report on Iran’s military sent to Congress and made public on Monday.
Monday, April 19, 2010
Recovery Tilting to V-Shape as Profits Prompts Growth Revision
http://www.bloomberg.com/apps/news?pid=20601109&sid=aSDDLls1h3LA&pos=11
April 19 (Bloomberg) -- Surging profits are prompting economists to revise their estimates for growth, tilting the recovery more in the direction of a V-shape as businesses from Intel Corp. to JPMorgan Chase & Co. boost spending.
Aussie Drive to Parity Derailed by Yuan, Rate Outlook (Update2)
http://www.bloomberg.com/apps/news?pid=20601010&sid=abm4uZnTI4z0
The currency is “fully priced,” said Scott Ainsbury, a New York-based money manager who helps invest about $9 billion at FX Concepts Inc., the world’s biggest foreign-exchange hedge fund. “It’s probably time to lighten up,” he said. The Aussie may weaken about 3 percent before rising by year-end.
The currency is “fully priced,” said Scott Ainsbury, a New York-based money manager who helps invest about $9 billion at FX Concepts Inc., the world’s biggest foreign-exchange hedge fund. “It’s probably time to lighten up,” he said. The Aussie may weaken about 3 percent before rising by year-end.
Saturday, April 17, 2010
S Korean ship blast finding
http://www.theage.com.au/world/s-korean-ship-blast-finding-20100416-skhl.html
An external blast appears to have caused the sinking of a South Korean warship near the disputed North Korean border three weeks ago, a chief investigator says.
An external blast appears to have caused the sinking of a South Korean warship near the disputed North Korean border three weeks ago, a chief investigator says.
31 bodies recovered as part of South Korean ship is raised
http://www.stripes.com/article.asp?section=104&article=69376
The 1,200-ton Cheonan ripped in half and sank on the night of March 26 while on a routine patrol. Fifty-eight crew members were rescued that night, leaving 46 missing. Two bodies were recovered before Thursday, when 31 more were found, leaving the number of missing at 13.
The 1,200-ton Cheonan ripped in half and sank on the night of March 26 while on a routine patrol. Fifty-eight crew members were rescued that night, leaving 46 missing. Two bodies were recovered before Thursday, when 31 more were found, leaving the number of missing at 13.
China earthquake: death toll could reach 10,000
http://www.telegraph.co.uk/news/worldnews/asia/china/7597627/China-earthquake-death-toll-could-reach-10000.html
The death toll from the 7.1 magnitude earthquake that hit western China's remote Tibetan plateau will rise dramatically and could reach 10,000, locals said on Friday.
However, monks at Jiegu monastery said at least 1,000 corpses had arrived at their temple alone, and that four other monasteries had each collected a similar number.
The death toll from the 7.1 magnitude earthquake that hit western China's remote Tibetan plateau will rise dramatically and could reach 10,000, locals said on Friday.
However, monks at Jiegu monastery said at least 1,000 corpses had arrived at their temple alone, and that four other monasteries had each collected a similar number.
Friday, April 16, 2010
China earthquake death toll rises to nearly 800
http://www.guardian.co.uk/world/2010/apr/16/china-earthquake-death-toll-800
"Only seven or eight of the monks are left alive. All the rest have gone missing. The rescuers either can't find them or found their bodies," Danzeng Qiujiang, a senior cleric at the neighbouring Xiuma monastery, told reporters.
"Only seven or eight of the monks are left alive. All the rest have gone missing. The rescuers either can't find them or found their bodies," Danzeng Qiujiang, a senior cleric at the neighbouring Xiuma monastery, told reporters.
South Korea Says Ship Sank After ‘External Explosion’
http://www.nytimes.com/2010/04/16/world/asia/16korea.html
The result of the investigations, especially if North Korea were found guilty, could have tremendous implications not only for inter-Korean relations but also for international efforts to coax North Korea back to nuclear disarmament talks.
The result of the investigations, especially if North Korea were found guilty, could have tremendous implications not only for inter-Korean relations but also for international efforts to coax North Korea back to nuclear disarmament talks.
Thursday, April 15, 2010
Singapore’s Revaluation May Spur China, South Korea (Update2)
http://www.bloomberg.com/apps/news?pid=20601087&sid=aue8O9unyNUo&pos=7
Singapore’s currency revaluation may prompt policy makers in China, Indonesia and South Korea to start withdrawing monetary stimulus as economic growth in the region outpaces the rest of the world.
Singapore’s currency revaluation may prompt policy makers in China, Indonesia and South Korea to start withdrawing monetary stimulus as economic growth in the region outpaces the rest of the world.
WRAPUP 2-US retail sales up, economic recovery seen intact
* Retail sales rise strongly, autos give a boost
Eurozone industrial output beats forecasts
http://www.ft.com/cms/s/0/23baa2cc-47ad-11df-a4a6-00144feab49a.html
Output in the economy rose 0.9 per cent compared to January, against forecasts of no growth following several months of expansion, according to the European Commission’s statistical arm. Compared to February 2009, production is up 4.1 per cent – the most in two years.
Output in the economy rose 0.9 per cent compared to January, against forecasts of no growth following several months of expansion, according to the European Commission’s statistical arm. Compared to February 2009, production is up 4.1 per cent – the most in two years.
Wednesday, April 14, 2010
China earthquake kills hundreds in Qinghai
http://www.telegraph.co.uk/news/worldnews/asia/china/7589664/China-earthquake-kills-hundreds-in-Qinghai.html
More than 400 people were killed and 10,000 injured when a series of strong earthquakes struck the mountainous Tibetan Plateau in south-west China, collapsing schools, offices and thousands of mud-wall houses
More than 400 people were killed and 10,000 injured when a series of strong earthquakes struck the mountainous Tibetan Plateau in south-west China, collapsing schools, offices and thousands of mud-wall houses
President Obama warns against threat of nuclear terrorism
http://www.politico.com/news/stories/0410/35727.html
"I believe strongly that the problems of the 21st century cannot be solved by any one nation acting in isolation — they must be solved by all of us coming together," Obama declared.
Obama called for concrete actions, and not just rhetoric, from the countries at the summit. Those nations attending were required to make a significant, specific promise to advance the meeting's goal. White House officials are already hailing Chile's return of nuclear materials to the U.S., Canada's promise to return similar materials and Ukraine's pledge to get rid of all highly enriched uranium on its soil.
"I believe strongly that the problems of the 21st century cannot be solved by any one nation acting in isolation — they must be solved by all of us coming together," Obama declared.
Obama called for concrete actions, and not just rhetoric, from the countries at the summit. Those nations attending were required to make a significant, specific promise to advance the meeting's goal. White House officials are already hailing Chile's return of nuclear materials to the U.S., Canada's promise to return similar materials and Ukraine's pledge to get rid of all highly enriched uranium on its soil.
Tuesday, April 13, 2010
UPDATE 1-Japan ruling party panel says seeks 120 yen per dlr
http://www.reuters.com/article/idUSTOE63C06620100413?type=usDollarRpt
he lawmakers also urged the central bank to carry out drastic monetary easing until deflation is completely beaten, a move that is likely to add pressure on the BOJ to do more to end price falls.
They said the government needs to set an annual consumer inflation target of over 2 percent, and that the BOJ should try to achieve the target through its own policy measures.
he lawmakers also urged the central bank to carry out drastic monetary easing until deflation is completely beaten, a move that is likely to add pressure on the BOJ to do more to end price falls.
They said the government needs to set an annual consumer inflation target of over 2 percent, and that the BOJ should try to achieve the target through its own policy measures.
Conservatives Pledge Urgent Steps to Cut U.K. Deficit (Update2)
http://www.bloomberg.com/apps/news?pid=20601087&sid=a9asm6cRwqjQ&pos=9
The pledge on the economy was the first in a 119-page document in which the Conservatives also promised voters a greater say in how government services are run, calling for a “collective” effort to bring about “change.”
The pledge on the economy was the first in a 119-page document in which the Conservatives also promised voters a greater say in how government services are run, calling for a “collective” effort to bring about “change.”
Ukraine Uranium Agreement Gives Obama First Result From Summit
http://www.bloomberg.com/bb/n/acdDASD7uANI
April 13 (Bloomberg) -- Ukraine’s agreement to relinquish its entire stockpile of highly enriched uranium gave President Barack Obama the first concrete result for a summit he convened on securing the world’s atomic material.
April 13 (Bloomberg) -- Ukraine’s agreement to relinquish its entire stockpile of highly enriched uranium gave President Barack Obama the first concrete result for a summit he convened on securing the world’s atomic material.
Monday, April 12, 2010
Greek Rescue Plan Could Give Global Markets a Major Boost
http://www.cnbc.com/id/36397547
"The challenge of combining robust economic growth with draconian fiscal adjustment, both essential to reach debt sustainability, remains a formidable one," he wrote.
"The challenge of combining robust economic growth with draconian fiscal adjustment, both essential to reach debt sustainability, remains a formidable one," he wrote.
Sunday, April 11, 2010
Twin brother identifies body of Polish president Jaroslaw Kaczynsk
http://www.timesonline.co.uk/tol/news/world/europe/article7094557.ece#cid=OTC-RSS&attr=797093
Polish Parliament Speaker Bronislaw Komorowski, who became acting president following the crash, addressed his country on television.
"Poland is in mourning, we have suffered a dramatically painful loss," he said.
Polish Parliament Speaker Bronislaw Komorowski, who became acting president following the crash, addressed his country on television.
"Poland is in mourning, we have suffered a dramatically painful loss," he said.
Saturday, April 10, 2010
Jarosław Kaczyński zidentyfikował ciała brata i bratowej
http://www.wprost.pl/ar/192015/Jaroslaw-Kaczynski-zidentyfikowal-ciala-brata-i-bratowej/?K=1&KI=202607
Prezes PiS Jarosław Kaczyński, który przybył na miejsce katastrofy samolotu TU-154 do Smoleńska, zidentyfikował zwłoki prezydenta Lecha Kaczyńskiego i jego żony Marii Kaczyńskiej.
Prezes PiS Jarosław Kaczyński, który przybył na miejsce katastrofy samolotu TU-154 do Smoleńska, zidentyfikował zwłoki prezydenta Lecha Kaczyńskiego i jego żony Marii Kaczyńskiej.
La production industrielle reste faible en février
http://www.lefigaro.fr/conjoncture/2010/04/09/04016-20100409ARTFIG00352-la-production-industrielle-stable-en-fevrier-.php
De décembre à février, la production manufacturière a connu un net rebond par rapport au trois mois précédents, avec une progression de 2,1%. Les économistes de BNP Paribas tablent sur une hausse de 3% de la production industrielle en 2010. L'indicateur avancé PMI des directeurs d'achat laissent augurer d'une progression plus nette de la production industrielle dans les mois à venir.
De décembre à février, la production manufacturière a connu un net rebond par rapport au trois mois précédents, avec une progression de 2,1%. Les économistes de BNP Paribas tablent sur une hausse de 3% de la production industrielle en 2010. L'indicateur avancé PMI des directeurs d'achat laissent augurer d'une progression plus nette de la production industrielle dans les mois à venir.
North-South Divide May Hurt Euro Region More Than Greek Crisis
The euro also has made exports from southern countries “overpriced,” said Fredrik Erixon, director of the European Centre for International Political Economy in Brussels.
Obama Nuclear Summit to Focus on Smuggled Materials for Weapons
http://www.bloomberg.com/apps/news?pid=20601087&sid=aMVjS5z4UIg4&pos=9
The summit follows Obama’s signing yesterday in Prague of a landmark treaty with Russia to reduce each nation’s nuclear arsenal by about one-third. The accord was signed days after the president announced a shift in U.S. policy to focus more on the threat from extremist groups and nations such as Iran and North Korea rather than confrontation with nuclear powers such as Russia.
Al-Qaeda and other terrorist groups “are pursuing the material to build nuclear weapons, and we know that they have the intent to use one,” Ben Rhodes, deputy national security adviser, said on the call. He spoke from Air Force One as Obama returned from Prague.
Nuclear terrorism is the most immediate and extreme threat to global security, Obama said in Prague in April 2009.
The summit follows Obama’s signing yesterday in Prague of a landmark treaty with Russia to reduce each nation’s nuclear arsenal by about one-third. The accord was signed days after the president announced a shift in U.S. policy to focus more on the threat from extremist groups and nations such as Iran and North Korea rather than confrontation with nuclear powers such as Russia.
Al-Qaeda and other terrorist groups “are pursuing the material to build nuclear weapons, and we know that they have the intent to use one,” Ben Rhodes, deputy national security adviser, said on the call. He spoke from Air Force One as Obama returned from Prague.
Nuclear terrorism is the most immediate and extreme threat to global security, Obama said in Prague in April 2009.
Week Ahead: Earnings and Economic Reports Tell Tale of Recovery
http://www.cnbc.com/id/36340822
"It's hard for analysts to build the macro picture into their earnings numbers. At the beginning of a recovery, they tend to be too conservative. At the beginning of a recession, they tend to be too optimistic," Keon said. He said the consensus view is for earnings growth of around 30 percent. "My guess is it'll be something better than that."
"It's hard for analysts to build the macro picture into their earnings numbers. At the beginning of a recovery, they tend to be too conservative. At the beginning of a recession, they tend to be too optimistic," Keon said. He said the consensus view is for earnings growth of around 30 percent. "My guess is it'll be something better than that."
Friday, April 9, 2010
L'euro bondit face au dollar, espoir d'un sauvetage imminent de la Grèce
http://www.lepoint.fr/bourse/2010-04-09/l-euro-bondit-face-au-dollar-espoir-d-un-sauvetage-imminent-de-la/2037/0/442870
"Les problèmes de la Grèce ont été aggravés par l'abaissement de la note de crédit du pays par l'agence de notation financière Fitch", ce qui a pu renforcer la probabilité de voir le gouvernement grec faire appel à une aide extérieure, ont noté de leur côté les analystes de Daiwa Capital Markets.
Fitch a abaissé de deux crans la note de la dette à long terme de la Grèce, de BBB+ à BBB-, affirmant qu'Athènes n'a désormais d'autre choix que de demander le versement de l'aide financière promise par les Européens.
"Les problèmes de la Grèce ont été aggravés par l'abaissement de la note de crédit du pays par l'agence de notation financière Fitch", ce qui a pu renforcer la probabilité de voir le gouvernement grec faire appel à une aide extérieure, ont noté de leur côté les analystes de Daiwa Capital Markets.
Fitch a abaissé de deux crans la note de la dette à long terme de la Grèce, de BBB+ à BBB-, affirmant qu'Athènes n'a désormais d'autre choix que de demander le versement de l'aide financière promise par les Européens.
Tuesday, April 6, 2010
Obama’s new nuclear strategy maintains first-strike option
http://www.theglobeandmail.com/news/world/obamas-new-nuclear-strategy-maintains-first-strike-option/article1525600/
While pledging to ‘reduce the role of nuclear weapons,’ plan also includes loopholes to keep Iran and North Korea on any potential target list
While pledging to ‘reduce the role of nuclear weapons,’ plan also includes loopholes to keep Iran and North Korea on any potential target list
Obama Limits When U.S. Would Use Nuclear Arms
http://www.nytimes.com/2010/04/06/world/06arms.html?pagewanted=2
But the president said in an interview that he was carving out an exception for “outliers like Iran and North Korea” that have violated or renounced the main treaty to halt nuclear proliferation.
In the year since Mr. Obama gave a speech in Prague declaring that he would shift the policy of the United States toward the elimination of nuclear weapons, his staff has been meeting — and arguing — over how to turn that commitment into a workable policy, without undermining the credibility of the country’s nuclear deterrent.
But the president said in an interview that he was carving out an exception for “outliers like Iran and North Korea” that have violated or renounced the main treaty to halt nuclear proliferation.
In the year since Mr. Obama gave a speech in Prague declaring that he would shift the policy of the United States toward the elimination of nuclear weapons, his staff has been meeting — and arguing — over how to turn that commitment into a workable policy, without undermining the credibility of the country’s nuclear deterrent.
Sunday, April 4, 2010
Friday, April 2, 2010
Jobs Report May Spark Plenty Of Trading—Outside of Stocks
http://www.cnbc.com/id/36137349
March payrolls could be the first monthly report to show real signs of job growth since the recovery began, and the expectations in the stock market have been running high.
The consensus view is that about 185,000 jobs were added in March, but the estimates range from negative numbers to as high as 400,000.
March payrolls could be the first monthly report to show real signs of job growth since the recovery began, and the expectations in the stock market have been running high.
The consensus view is that about 185,000 jobs were added in March, but the estimates range from negative numbers to as high as 400,000.
China Economists Urge Renewed Yuan Rise
http://www.cnbc.com/id/36094023
Lifting the value of the yuan would ultimately benefit China's own growth, by dampening inflationary pressures and making imports relatively cheaper, Huang argued.
"An appropriate appreciation of the renminbi would be to China's own benefit," Huang wrote in the March issue of the International Economic Review, a Chinese-language policy journal.
"This could increase the flexibility of monetary policy, develop financial markets, expand domestic consumption and promote structural adjustment of the economy, helping to keep a balance between inflation and exchange rates," Huang wrote.
Lifting the value of the yuan would ultimately benefit China's own growth, by dampening inflationary pressures and making imports relatively cheaper, Huang argued.
"An appropriate appreciation of the renminbi would be to China's own benefit," Huang wrote in the March issue of the International Economic Review, a Chinese-language policy journal.
"This could increase the flexibility of monetary policy, develop financial markets, expand domestic consumption and promote structural adjustment of the economy, helping to keep a balance between inflation and exchange rates," Huang wrote.
Thursday, April 1, 2010
Wednesday, March 31, 2010
Irish Banks Need $43 Billion on ‘Appalling’ Lending (Update3)
http://www.bloomberg.com/apps/news?pid=20601087&sid=apKvzrO2tdLE&pos=1
“Our worst fears have been surpassed,” Finance Minister Brian Lenihan said in the parliament in Dublin yesterday. “Irish banking made appalling lending decisions that will cost the taxpayer dearly for years to come.”
“Our worst fears have been surpassed,” Finance Minister Brian Lenihan said in the parliament in Dublin yesterday. “Irish banking made appalling lending decisions that will cost the taxpayer dearly for years to come.”
Monday, March 29, 2010
S. Korean ship's section believed found
http://www.cnn.com/2010/WORLD/asiapcf/03/28/skorea.sailors/
The 1,200-ton patrol ship Cheonan was carrying 104 sailors when an apparent explosion caused it to capsize Friday night in the Yellow Sea near a disputed maritime border between the Koreas. Fifty-eight sailors have been rescued, but hopes were fading for finding the remaining 46. No bodies or survivors have been found in the sea.
The 1,200-ton patrol ship Cheonan was carrying 104 sailors when an apparent explosion caused it to capsize Friday night in the Yellow Sea near a disputed maritime border between the Koreas. Fifty-eight sailors have been rescued, but hopes were fading for finding the remaining 46. No bodies or survivors have been found in the sea.
Total of 6 kg in TNT used in Moscow subway blasts
http://en.rian.ru/russia/20100329/158346924.html
The two bombs in the Moscow subway blasts that killed 37 and injured at least 65 people had the equivalent of up to 4 kg and 2 kg of TNT, the Federal Security Service (FSB) director said on Monday.
The two bombs in the Moscow subway blasts that killed 37 and injured at least 65 people had the equivalent of up to 4 kg and 2 kg of TNT, the Federal Security Service (FSB) director said on Monday.
Saturday, March 27, 2010
South Korean navy ship sinks; North link "unlikely"
http://www.abs-cbnnews.com/world/03/27/10/south-korean-navy-ship-sinks-north-link-unlikely
Presidential Blue House spokeswoman Kim Eun-hye also said there had been no unusual movements by North Korea, which has a million-strong military, much of it near the heavily armed border that has divided the Korean peninsula for more than half a century.
Local media quoted a presidential official as saying satellite pictures and other information showed no sign of the North Korean military in the area at the time of the sinking.
Presidential Blue House spokeswoman Kim Eun-hye also said there had been no unusual movements by North Korea, which has a million-strong military, much of it near the heavily armed border that has divided the Korean peninsula for more than half a century.
Local media quoted a presidential official as saying satellite pictures and other information showed no sign of the North Korean military in the area at the time of the sinking.
South Korea rules out navy ship sunk by North Korea
http://www.newsdaily.com/stories/tre62p30e-us-korea-ship/
South Korea on Saturday all but ruled out the chance that North Korea was involved in the sinking of one of its navy vessels near their disputed border.
"Given the investigations by government ministries so far, it is the government's judgment that the incident was not caused by North Korea, although the reason for the accident has not been determined yet," a senior government official was quoted as saying by Yonhap news agency.
South Korea on Saturday all but ruled out the chance that North Korea was involved in the sinking of one of its navy vessels near their disputed border.
"Given the investigations by government ministries so far, it is the government's judgment that the incident was not caused by North Korea, although the reason for the accident has not been determined yet," a senior government official was quoted as saying by Yonhap news agency.
Europeans Agree on Bailout for Greece
http://online.wsj.com/article/SB10001424052748704094104575143191767370052.html
Ms. Merkel said she supported German Finance Minister Wolfgang Schäuble's proposal for a European Monetary Fund, and the power to exclude profligate countries from the common currency bloc—both radical new measures that would require a lengthy ratification process and the approval of all 27 EU member states.
"I will also champion the necessary treaty changes," Ms. Merkel said.
The troubles in Greece, which represents just 2% of the EU's economy, have weighed heavily on the common currency. The euro is off about 7% against the dollar since the beginning of the year.
Ms. Merkel said she supported German Finance Minister Wolfgang Schäuble's proposal for a European Monetary Fund, and the power to exclude profligate countries from the common currency bloc—both radical new measures that would require a lengthy ratification process and the approval of all 27 EU member states.
"I will also champion the necessary treaty changes," Ms. Merkel said.
The troubles in Greece, which represents just 2% of the EU's economy, have weighed heavily on the common currency. The euro is off about 7% against the dollar since the beginning of the year.
Friday, March 26, 2010
Thursday, March 25, 2010
Ex-Nazi Guilty in Wartime Murders
http://www.nytimes.com/2010/03/24/world/europe/24nazi.html?src=me
Heinrich Boere, number six on the Simon Wiesenthal Center’s list of most-wanted Nazis, was given the maximum sentence of life in prison by a German court on Tuesday for the 1944 killings of three Dutch civilians.
Heinrich Boere, number six on the Simon Wiesenthal Center’s list of most-wanted Nazis, was given the maximum sentence of life in prison by a German court on Tuesday for the 1944 killings of three Dutch civilians.
Grèce, Portugal : le spectre d'un jeu de dominos met les Européens sous pression
http://www.lesechos.fr/info/inter/020437035851-grece-portugal-le-spectre-d-un-jeu-de-dominos-met-les-europeens-sous-pression.htm
Le sommet qui réunit aujourd'hui et demain à Bruxelles les dirigeants des Vingt-Sept devrait être dominé par la question de l'aide à la Grèce, relayant au second plan les débats sur la « stratégie 2020 » destinée à renforcer la croissance et la compétitivité de l'Union, et sur les suites du sommet de Copenhague.
Le sommet qui réunit aujourd'hui et demain à Bruxelles les dirigeants des Vingt-Sept devrait être dominé par la question de l'aide à la Grèce, relayant au second plan les débats sur la « stratégie 2020 » destinée à renforcer la croissance et la compétitivité de l'Union, et sur les suites du sommet de Copenhague.
Kamezaki Indicates BOJ Is Prepared for More Easing (Update3)
http://www.businessweek.com/news/2010-03-25/kamezaki-indicates-boj-is-prepared-for-more-easing-update2-.html
“The economy is performing somewhat better than expected, but it will take time until it returns to a self-sustaining recovery path,” Kamezaki later told reporters. It will take “some time” for prices to resume rising, he said.
“The economy is performing somewhat better than expected, but it will take time until it returns to a self-sustaining recovery path,” Kamezaki later told reporters. It will take “some time” for prices to resume rising, he said.
Aung San Suu Kyi against opposition registering for Burma poll
http://www.radioaustralia.net.au/asiapac/stories/201003/s2855317.htm
Burma bans Aung San Suu Kyi from running in election
Aung San Suu Kyi loses appeal against continued house arrest
Burma bans Aung San Suu Kyi from running in election
Revisiting the political significance of Aung San Suu Kyi
Aung San Suu Kyi loses appeal against continued house arrest
Chavez Orders Extended Holiday to Save Electricity Amid Crisis
http://www.bloomberg.com/apps/news?pid=20601087&sid=ah5JJUoHoLH4&pos=9
A severe drought is draining the South American country’s reservoirs that supply hydroelectric plants. Venezuela, the largest oil producer in Latin America, depends on hydroelectric power for more than two-thirds of its energy needs.
A severe drought is draining the South American country’s reservoirs that supply hydroelectric plants. Venezuela, the largest oil producer in Latin America, depends on hydroelectric power for more than two-thirds of its energy needs.
Wednesday, March 24, 2010
Après la Grèce, le Portugal dans le viseur des marchés
http://www.lesoir.be/actualite/economie/2010-03-24/apres-la-grece-le-portugal-dans-le-viseur-des-marches-760560.shtml
Après la Grèce, le Portugal fait douter les marchés financiers. L’agence de notation Fitch a dégradé la note de la dette à long terme du pays. La bourse de Lisbonne plonge.
Après la Grèce, le Portugal fait douter les marchés financiers. L’agence de notation Fitch a dégradé la note de la dette à long terme du pays. La bourse de Lisbonne plonge.
Greek Rescue Spells Tragedy For The Euro
http://blogs.wsj.com/source/2010/03/23/greek-rescue-spells-tragedy-for-the-euro/
A Greek rescue by the International Monetary Fund, rather than the country’s partners in the European Union, could make traders even more jittery about the euro, analysts and investors said today.
Germany, France Back IMF Greek Role, Official Says (Update1)
http://www.bloomberg.com/apps/news?pid=20601087&sid=areq4PDiEpDI&pos=6
“The euro area’s ability to impose the rules that it already has have been inadequate,” David Mackie, chief European economist at JPMorgan Chase & Co said. “In some sense you have to bring someone in who does a better job of it. The existing rule book has failed otherwise we wouldn’t be in this mess.”
“The euro area’s ability to impose the rules that it already has have been inadequate,” David Mackie, chief European economist at JPMorgan Chase & Co said. “In some sense you have to bring someone in who does a better job of it. The existing rule book has failed otherwise we wouldn’t be in this mess.”
Tuesday, March 23, 2010
Forget the yuan. China has bigger economic problems
http://money.cnn.com/2010/03/22/news/economy/china.tension.fortune/index.htm
There has been much discussion of the April 15 deadline. But Treasury has the flexibility to delay making any sort of recommendation -- and might well do so rather than risk further inflaming relations with China, said Lieberthal.
Ultimately, China is likely to let the yuan float higher because it "makes a lot of sense for them politically," said Lieberthal. "But at the end of the day, it's really a very minor issue."
There has been much discussion of the April 15 deadline. But Treasury has the flexibility to delay making any sort of recommendation -- and might well do so rather than risk further inflaming relations with China, said Lieberthal.
Ultimately, China is likely to let the yuan float higher because it "makes a lot of sense for them politically," said Lieberthal. "But at the end of the day, it's really a very minor issue."
UK inflation rate falls to 3% in February
http://news.bbc.co.uk/2/hi/business/8582446.stm
The CPI inflation rate is the measure targeted by Bank of England interest-rate setters, while RPI is often used as a benchmark in wage negotiations.
The CPI inflation rate is the measure targeted by Bank of England interest-rate setters, while RPI is often used as a benchmark in wage negotiations.
NOURIEL ROUBINI Le grave dilemme de la zone euro et des pays endettés
http://www.lesechos.fr/info/france/020427575299-le-grave-dilemme-de-la-zone-euro-et-des-pays-endettes.htm
Et les plans de relance budgétaire ajoutés à la « socialisation des pertes » du privé se traduisent aujourd'hui par un endettement public et des déficits budgétaires excessifs. Comme le démontrent Carmen Reinhart et Ken Rogoff (« This Time is Different »), de tels niveaux d'endettement ont conduit dans le passé à des reprises plus anémiques que celles traditionnellement enregistrées après une crise.
Et les plans de relance budgétaire ajoutés à la « socialisation des pertes » du privé se traduisent aujourd'hui par un endettement public et des déficits budgétaires excessifs. Comme le démontrent Carmen Reinhart et Ken Rogoff (« This Time is Different »), de tels niveaux d'endettement ont conduit dans le passé à des reprises plus anémiques que celles traditionnellement enregistrées après une crise.
Sunday, March 21, 2010
Merkel Says Aid to Greece Must Address Budget Woes at ‘Roots’
http://www.bloomberg.com/apps/news?pid=20601087&sid=any5Zo8a8hEs&pos=2
Merkel’s government said March 19 it wouldn’t rule out a loan to Greece from the IMF. Schaeuble’s spokesman expressed “great reservation” about aid from the Washington-based lender.
Merkel is open to different options on Greece, according to the Deutschlandfunk interview reported by DPA. The Greek government isn’t yet in need of financial assistance, German government spokesman Ulrich Wilhelm told reporters in Berlin.
“We assume that Greece is in a position to solve its problems itself with its consolidation program,” Wilhelm said.
Merkel’s government said March 19 it wouldn’t rule out a loan to Greece from the IMF. Schaeuble’s spokesman expressed “great reservation” about aid from the Washington-based lender.
Merkel is open to different options on Greece, according to the Deutschlandfunk interview reported by DPA. The Greek government isn’t yet in need of financial assistance, German government spokesman Ulrich Wilhelm told reporters in Berlin.
“We assume that Greece is in a position to solve its problems itself with its consolidation program,” Wilhelm said.
Saturday, March 20, 2010
Greece Close to Being Unable to Borrow: PM
http://www.cnbc.com/id/35948274
The euro zone's weakest link, Greece wants the EU to come up with a clear support mechanism in order to fend off speculators and drive down its borrowing costs. EU leaders, dealing with crises at home, have been reluctant to help.
The euro zone's weakest link, Greece wants the EU to come up with a clear support mechanism in order to fend off speculators and drive down its borrowing costs. EU leaders, dealing with crises at home, have been reluctant to help.
India’s Interest Rate Rise ‘Sign of Things to Come’ (Update1)
http://www.bloomberg.com/apps/news?pid=20601087&sid=anLbNa7zhCzM&pos=1
Bond Yields
Benchmark 10-year bond yields have added 24 basis points this year, after rising by a record 2.3 percentage points in 2009 as investors braced for faster inflation and higher policy rates. India’s benchmark share index has rallied 95 percent and the rupee has gained 10 percent in the past year.
Benchmark 10-year bond yields have added 24 basis points this year, after rising by a record 2.3 percentage points in 2009 as investors braced for faster inflation and higher policy rates. India’s benchmark share index has rallied 95 percent and the rupee has gained 10 percent in the past year.
Dollar, Yen Rise as Drop in Dow, Rate Increase Damp Risk Demand
The euro recorded its biggest weekly drop against the dollar since January as concern Greece will fail to secure financial assistance from the European Union lowered appetite for the currency. Sterling tumbled versus all of its most-traded counterparts tracked by Bloomberg after Bank of England policy maker Andrew Sentance said Britain may return to recession. Commodities fell.
“The stock market has been on a fantastic tear, and investors are shifting to safer assets,” said Fabian Eliasson, head of U.S. currency sales at Mizuho Corporate Bank Ltd in New York. “The Greece problem is far from over. That will keep the euro under pressure versus the dollar.”
“The stock market has been on a fantastic tear, and investors are shifting to safer assets,” said Fabian Eliasson, head of U.S. currency sales at Mizuho Corporate Bank Ltd in New York. “The Greece problem is far from over. That will keep the euro under pressure versus the dollar.”
Thursday, March 18, 2010
Tuesday, March 16, 2010
Monday, March 15, 2010
Sunday, March 14, 2010
Record Advance in S&P 500 Futures Shows Confidence in Economy
http://www.bloomberg.com/apps/news?pid=20601010&sid=aJrxozH8Bx6s
The 11-day gain in S&P 500 futures exceeds a 10-day advance in January 1987. During that period, the stock benchmark jumped 9.6 percent and rose 5.4 percent the following month. The futures contracts were created in 1982 and trade on CME Group Inc.’s Chicago Mercantile Exchange.
The 11-day gain in S&P 500 futures exceeds a 10-day advance in January 1987. During that period, the stock benchmark jumped 9.6 percent and rose 5.4 percent the following month. The futures contracts were created in 1982 and trade on CME Group Inc.’s Chicago Mercantile Exchange.
Saturday, March 13, 2010
Friday, March 12, 2010
Thursday, March 11, 2010
Kim Jong-il's personal shopper reveals how the North Korean leader lives in luxury
http://www.telegraph.co.uk/news/worldnews/asia/northkorea/7418727/Kim-Jong-ils-personal-shopper-reveals-how-the-North-Korean-leader-lives-in-luxury.html
A North Korean colonel has revealed that he spent two decades going on lavish shopping sprees in Europe for his country's leaders, while ordinary people starved to death in the impoverished nation.
A North Korean colonel has revealed that he spent two decades going on lavish shopping sprees in Europe for his country's leaders, while ordinary people starved to death in the impoverished nation.
Wednesday, March 10, 2010
Tuesday, March 9, 2010
Yen Strengthens as Exporters Bring Home Profits; Stocks Slide
http://www.bloomberg.com/apps/news?pid=20601087&sid=anCc5.B30pyg&pos=2
Japan’s currency climbed 0.6 percent against the pound and 0.5 percent versus the South Korean won at 12:56 p.m. Tokyo time on speculation exporters are taking advantage of a tax break enacted last year on repatriated overseas earnings. The risk of corporate default in Japan headed to a two-month low.
Japan’s currency climbed 0.6 percent against the pound and 0.5 percent versus the South Korean won at 12:56 p.m. Tokyo time on speculation exporters are taking advantage of a tax break enacted last year on repatriated overseas earnings. The risk of corporate default in Japan headed to a two-month low.
China could ease dollar currency peg says 'Dr Doom'
http://www.telegraph.co.uk/finance/financetopics/financialcrisis/7400482/China-could-ease-dollar-currency-peg-says-Dr-Doom.html
Prof Roubini – known as "Dr Doom" due to his pessimistic take on the global economic outlook – believes that the Chinese central bank could let the yuan appreciate as soon as the second quarter.
Prof Roubini – known as "Dr Doom" due to his pessimistic take on the global economic outlook – believes that the Chinese central bank could let the yuan appreciate as soon as the second quarter.
Monday, March 8, 2010
Sunday, March 7, 2010
Singapore Plans Greenwich-Style Hedge-Fund Area at Nepal Hill
http://www.bloomberg.com/apps/news?pid=20601109&sid=auihGhcihWt0&pos=15
Alternative for Alternatives
Douglas is one of several alternative investment managers renting space in refurbished pre-war shop-houses in Chinatown, on the fringe of the financial district. His office, with hand- painted wall murals, is round the corner from European and Indochinese restaurants and within walking distance of Singapore’s oldest Hindu temple and other places of worship.
...
“The main driver is the quality of life,” Lotus Peak’s Pizzo said.
Alternative for Alternatives
Douglas is one of several alternative investment managers renting space in refurbished pre-war shop-houses in Chinatown, on the fringe of the financial district. His office, with hand- painted wall murals, is round the corner from European and Indochinese restaurants and within walking distance of Singapore’s oldest Hindu temple and other places of worship.
...
“The main driver is the quality of life,” Lotus Peak’s Pizzo said.
Sarkozy Says EU Must Back Greece or Put Monetary Union at Risk
http://www.bloomberg.com/apps/news?pid=20601087&sid=a1sFugkox1NY&pos=3
“Credit-default swaps, where you insure your neighbor’s house just to destroy it and make money from it, that’s exactly what we have to curb,” Merkel said at a joint press conference in Berlin yesterday with Papandreou.
The Greek prime minister said he will fight to ensure speculators don’t undermine his push to restore order to the country’s economy. It’s unjust and undemocratic that his efforts are being undermined “by some ‘kids’ in New York and elsewhere sitting in front of a computer,” he said yesterday.
“Credit-default swaps, where you insure your neighbor’s house just to destroy it and make money from it, that’s exactly what we have to curb,” Merkel said at a joint press conference in Berlin yesterday with Papandreou.
The Greek prime minister said he will fight to ensure speculators don’t undermine his push to restore order to the country’s economy. It’s unjust and undemocratic that his efforts are being undermined “by some ‘kids’ in New York and elsewhere sitting in front of a computer,” he said yesterday.
Saturday, March 6, 2010
Greek Woes Show Swaps Must Be Curbed, Merkel Says (Update1)
http://www.bloomberg.com/apps/news?pid=20601087&sid=ayPxsjy0PUk4&pos=3
Merkel said Greece has done its work and that Europe and the U.S. must now ensure that financial-market speculators aren’t allowed to inflict further damage on Greece or on other countries.
“We must succeed at putting a stop to the speculators’ game with sovereign states,” Merkel said. “We can’t allow speculators to be the profiteers of Greece’s difficult situation.” While “technically not easy,” derivatives including credit-default swaps “must be curbed,” she said.
Papandreou welcomed the focus on regulation against speculators and said Greece “has not asked for any financial support.”
Merkel said Greece has done its work and that Europe and the U.S. must now ensure that financial-market speculators aren’t allowed to inflict further damage on Greece or on other countries.
“We must succeed at putting a stop to the speculators’ game with sovereign states,” Merkel said. “We can’t allow speculators to be the profiteers of Greece’s difficult situation.” While “technically not easy,” derivatives including credit-default swaps “must be curbed,” she said.
Papandreou welcomed the focus on regulation against speculators and said Greece “has not asked for any financial support.”
Wednesday, March 3, 2010
Monday, March 1, 2010
Chile Steps Up Survivor Search After Death Toll Tops 700
http://www.bloomberg.com/apps/news?pid=20601087&sid=amzhauc2smL8&pos=8
hile stepped up efforts to find survivors of an earthquake registering 8.8 magnitude that struck before dawn Feb. 27, killing more than 700 people, severing the country’s main highway and damaging 1.5 million homes.
hile stepped up efforts to find survivors of an earthquake registering 8.8 magnitude that struck before dawn Feb. 27, killing more than 700 people, severing the country’s main highway and damaging 1.5 million homes.
Saturday, February 27, 2010
Friday, February 26, 2010
U.K. Exits Recession at Faster Than Estimated Pace (Update2)
http://www.bloomberg.com/apps/news?pid=20601087&sid=aehB5l8ESlss&pos=4
Feb. 26 (Bloomberg) -- Britain emerged from recession at a faster pace than previously estimated in the fourth quarter as services output jumped, providing a boost for Prime Minister Gordon Brown as he prepares for a general election within weeks.
Feb. 26 (Bloomberg) -- Britain emerged from recession at a faster pace than previously estimated in the fourth quarter as services output jumped, providing a boost for Prime Minister Gordon Brown as he prepares for a general election within weeks.
Thursday, February 25, 2010
Turkey Risks Worst Currency Slump on Army Arrests, Options Show
http://www.bloomberg.com/apps/news?pid=20601087&sid=aJeqR.xzcjxM&pos=7
Investors are selling Turkish assets after the country weathered the worst global recession since the 1930s better than some European Union members, as Hungary required a bailout and Greece’s and Spain’s borrowing costs soared. Turkey’s dollar bonds rallied 16 percent in the 12 months after the collapse of Lehman Brothers Holdings Inc. in September 2008, the biggest gain among European benchmarks. Turkey’s ISE shares index jumped 31 percent, the world’s fourth-best performing equity gauge for the period, Bloomberg data show.
Investors are selling Turkish assets after the country weathered the worst global recession since the 1930s better than some European Union members, as Hungary required a bailout and Greece’s and Spain’s borrowing costs soared. Turkey’s dollar bonds rallied 16 percent in the 12 months after the collapse of Lehman Brothers Holdings Inc. in September 2008, the biggest gain among European benchmarks. Turkey’s ISE shares index jumped 31 percent, the world’s fourth-best performing equity gauge for the period, Bloomberg data show.
RBS Posts Narrower-Than-Expected Net Loss for 2009 (Update2)
http://www.bloomberg.com/apps/news?pid=20601087&sid=aeYimtuwWm0w&pos=4
Operating profit at RBS’s investment bank was 6.35 billion pounds compared with a loss of 1.27 billion pounds last year, the bank said.
Operating profit at RBS’s investment bank was 6.35 billion pounds compared with a loss of 1.27 billion pounds last year, the bank said.
Canada Gold Stocks Fail to Tap Metal’s Surge: Chart of the Day
http://www.bloomberg.com/apps/news?pid=20601109&sid=aLLP3cSOQGsw&pos=15
Canada is home to 8 of the world’s 20 biggest gold producers, including the biggest, Barrick Gold Corp. They haven’t taken full advantage of record bullion prices in part because the credit crunch has driven up costs, Vaillancourt said. With credit easing and costs for labor and equipment coming down, he is pushing Franklin Templeton money managers to invest in the stocks this year.
“We have a preference right now for late-stage cyclicals in Canada, and gold stocks are fitting the bill,” he said.
Canada is home to 8 of the world’s 20 biggest gold producers, including the biggest, Barrick Gold Corp. They haven’t taken full advantage of record bullion prices in part because the credit crunch has driven up costs, Vaillancourt said. With credit easing and costs for labor and equipment coming down, he is pushing Franklin Templeton money managers to invest in the stocks this year.
“We have a preference right now for late-stage cyclicals in Canada, and gold stocks are fitting the bill,” he said.
Stocks Advance on Bernanke; 10-Year Treasuries Erase Gain
http://www.bloomberg.com/apps/news?pid=20601087&sid=afEujmxx9faI&pos=1
Dollar Index
The Dollar Index, which gauges the currency against six major U.S. trading partners, slipped less than 0.1 percent to 80.818 after climbing to the highest level since June yesterday.
Dollar Index
The Dollar Index, which gauges the currency against six major U.S. trading partners, slipped less than 0.1 percent to 80.818 after climbing to the highest level since June yesterday.
Wednesday, February 24, 2010
U.S. Stock Slump Fits With Bull-Market Pattern: Chart of Day
http://www.bloomberg.com/apps/news?pid=20601109&sid=aUBuAdAnKGPU&pos=15
The potential volatility also will favor so-called active managers, rather than those who track indexes, the report said. Investors who make their own securities selections can capitalize on “opportunistic-style investments” as markets move, he wrote.
The potential volatility also will favor so-called active managers, rather than those who track indexes, the report said. Investors who make their own securities selections can capitalize on “opportunistic-style investments” as markets move, he wrote.
Japan’s Export Growth Accelerates on Global Rebound (Update2)
http://www.bloomberg.com/apps/news?pid=20601068&sid=aYo24aA8xmbI
Japan’s construction machinery shipments will likely rise for the first time in three years in fiscal 2010, supported by continued demand in China and other Asian nations, according to the Japan Construction Equipment Manufacturers Association.
Japan’s construction machinery shipments will likely rise for the first time in three years in fiscal 2010, supported by continued demand in China and other Asian nations, according to the Japan Construction Equipment Manufacturers Association.
Pimco Buys High-Yield Bonds in Credit Rating ‘Barbell’ Strategy
http://www.bloomberg.com/apps/news?pid=20601087&sid=aMcIbQ0_TjIk&pos=5
Global high-yield bonds returned an average 61 percent last year compared to 16 percent for investment-grade notes with ratings of Baa3 or higher at Moody’s Investors Service or BBB- and higher at Standard & Poor’s, Bank of America Merrill Lynch indexes show.
Global high-yield bonds returned an average 61 percent last year compared to 16 percent for investment-grade notes with ratings of Baa3 or higher at Moody’s Investors Service or BBB- and higher at Standard & Poor’s, Bank of America Merrill Lynch indexes show.
Tuesday, February 23, 2010
Burma jails Buddhist abbot: opposition
http://news.smh.com.au/breaking-news-world/burma-jails-buddhist-abbot-opposition-20100219-olln.html
Burma's military regime has handed out dozens of tough jail sentences to people involved in the so-called "Saffron Revolution" led by Buddhist monks in 2007.
At least 31 people were killed as security forces cracked down on protesters after the biggest threat to the junta's grip on power in nearly two decades
Burma's military regime has handed out dozens of tough jail sentences to people involved in the so-called "Saffron Revolution" led by Buddhist monks in 2007.
At least 31 people were killed as security forces cracked down on protesters after the biggest threat to the junta's grip on power in nearly two decades
Stocks Fall, Euro Weakens on Surprise Drop in German Confidence
http://www.bloomberg.com/apps/news?pid=20601087&sid=aUC5RON4JcFk&pos=1
The Ifo institute’s business climate index dropped in January as the coldest winter in 14 years hurt retail sales and construction, adding to concern the global economic recovery is faltering. Federal Reserve Bank of San Francisco President Janet Yellen said yesterday the U.S. economy still needs “the support of extraordinarily low rates” as policy makers try to damp speculation that last week’s increase in the Fed’s discount rate signals a rise in borrowing costs.
The Ifo institute’s business climate index dropped in January as the coldest winter in 14 years hurt retail sales and construction, adding to concern the global economic recovery is faltering. Federal Reserve Bank of San Francisco President Janet Yellen said yesterday the U.S. economy still needs “the support of extraordinarily low rates” as policy makers try to damp speculation that last week’s increase in the Fed’s discount rate signals a rise in borrowing costs.
Harvard’s Rogoff Sees ‘Bunch of Sovereign Defaults’ (Update1)
http://www.bloomberg.com/apps/news?pid=20601087&sid=aAd.sSfnhpTA&pos=5
He said financial markets will eventually drive interest rates higher, and European countries such as Greece and Portugal will “have a lot of troubles.” Global scrutiny of sovereign debt has risen as nations including Greece reveal fiscal deficits that have swollen in the wake of the worst global financial crisis since the Great Depression.
He said financial markets will eventually drive interest rates higher, and European countries such as Greece and Portugal will “have a lot of troubles.” Global scrutiny of sovereign debt has risen as nations including Greece reveal fiscal deficits that have swollen in the wake of the worst global financial crisis since the Great Depression.
Monday, February 22, 2010
Sunday, February 21, 2010
Lockhart Says Discount Move Doesn’t Signal Tightening (Update2)
http://www.bloomberg.com/apps/news?pid=20601068&sid=a7nn11p05b5A
“I would not interpret this action as a tightening of monetary policy or even a sign that a tightening is imminent,” Lockhart said. “Rather, this action should be viewed as a normalization step.” ...
“I would not interpret this action as a tightening of monetary policy or even a sign that a tightening is imminent,” Lockhart said. “Rather, this action should be viewed as a normalization step.” ...
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