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.
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