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.
Saturday, May 29, 2010
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.”
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