Economic News October 12, 2012
The
finance ministers from across the globe meeting in Tokyo have
recognized that the Eurozone has made "significant progress" in
addressing the debt crisis, German Finance Minister Wolfgang Schauble
reportedly said Friday. (Oct 12, 2012) Full Article
There
are “encouraging signs” that Greece can meet the fiscal targets for
next year, European Central Bank Executive Board member Jorg Asmussen
said on Friday. (Oct 12, 2012) Full Article
Chinese
banks extended CNY 623.2 billion in September, down from CNY 703.9
billion last month, data published by the People's Bank of China showed
Friday. (Oct 12, 2012) Full Article
With
energy prices continuing to show significant growth, producer prices
rose by more than expected in the month of September, according to a
report released by the Labor Department on Friday. (Oct 12, 2012) Full Article
Austerity
measures caused greater damage to the economy than previously thought,
Guy Ryder, Director-General of the International Labour Organization
said Friday. (Oct 12, 2012) Full Article
Forex Top Story
Singapore's
gross domestic product declined a seasonally adjusted 1.5 percent in
the third quarter of 2012 compared to the previous three months, the
Ministry of Trade and Industry said in Friday's advance estimate. (Oct 12, 2012) Full Article
The
Monetary Authority of Singapore, or MAS, on Friday decided to keep the
monetary policy unchanged, as the economy managed to escape a recession
while inflation is expected to stay elevated for some time. In a
statement, the central bank said it will maintain the policy of a modest
and gradual appreciation of the Singapore dollar nominal effective
exchange rate (S$NEER) policy band. In April 2012, MAS increased the
slope of the S$NEER policy band slightly. (Oct 12, 2012) Full Article
The
idea of giving Greece extra time to meet the budget deficit targets is
"worth considering," Canadian Finance Minister Jim Flaherty reportedly
said on the sidelines of the IMF-World Bank Annual meetings in Tokyo. (Oct 12, 2012) Full Article
The
Japanese government on Friday lowered its assessment for the economy
for a third straight month, while Economy Minister Seiji Maehara said
that he will convey the government's concerns over the impact of a
strong yen to Federal Reserve Chairman Ben Bernanke and European Central
Bank President Mario Draghi in a meeting on Friday. "The economic
recovery is in a weak tone recently due to deceleration of the world
economy, although some components still show steady movements." (Oct 12, 2012) Full Article
Eurozone
industrial production grew unexpectedly in August suggesting that the
region has avoided a deep contraction, which many economists have feared
for the third quarter. (Oct 12, 2012) Full Article
Political News
Syria
has stoutly denied Turkish claims that Russian-made defense equipment
were seized from a Moscow-Damascus passenger plane which was forced to
land in Ankara by Turkish fighter jets on Wednesday. (Oct 12, 2012) Full Article
Lebanon's
Shiite militant movement Hezbollah has admitted that it was responsible
for launching the Iranian-made drone, which was shot down by the
Israeli military last week while flying over the Jewish nation. (Oct 12, 2012) Full Article
The
U.N.-backed special court on war crimes in Sierra Leone has sentenced
three senior members of the country's former Armed Forces Revolutionary
Council (AFRC) to jail terms ranging from 18 months to two years for
contempt. (Oct 12, 2012) Full Article
Egyptian
President Mohammed Mursi has removed Prosecutor-General Abdel Maguid
Mahmoud from his post and re-assigned him as the country's Ambassador to
the Vatican, the presidential office said on Thursday. (Oct 12, 2012) Full Article
The
2012 Nobel Peace Prize was awarded to the European Union (EU) "for over
six decades of contribution by the union and its forerunners to the
advancement of peace and reconciliation, democracy and human rights in
Europe." (Oct 12, 2012) Full Article
The
European Union has called on the Ukrainian government to ensure that
all political parties and candidates benefited from a level playing
field and from a conducive election environment. (Oct 12, 2012) Full Article
Currency Alerts
In
the Asian session on Friday, the New Zealand dollar climbed against
other major currencies as stocks gained after U.S. jobless claims
declined and China agreed to hold talks with Japan on the island
dispute. (Oct 12, 2012) Full Article
The Japanese yen that fell against other major opponents earlier reversed direction and gained in later Asian deals on Friday. (Oct 12, 2012) Full Article
The
euro advanced against other major currencies in the early European
session on Friday after IMF Managing Director Christine Lagarde called
for less austerity and greater global economic cooperation as key drive
for a strong path to recovery. (Oct 12, 2012) Full Article
General News
British
military police have arrested seven members of the elite Royal Marines
in connection with an investigation into a murder in Afghanistan in
2011, the Ministry of Defense (MoD) announced on Thursday. (Oct 12, 2012) Full Article
The
European Parliament's Economic Affairs Committee (ECON) has backed
European Commission's proposals for a common European sales law aimed at
facilitating cross-border trade in the single market, an EU statement
said on Thursday. (Oct 12, 2012) Full Article
If
weather does not play spoilsport again, Austrian skydiver - Felix
Baumgartner, will get another chance on Sunday (Oct.14) to attempt the
highest jump mankind has ever seen. (Oct 12, 2012) Full Article
Secretary-General
Ban Ki-moon has reaffirmed his strong commitment to convene a
U.N.-sponsored conference later this year on creating a zone free of
nuclear weapons and all other weapons of mass destruction in the Middle
East. (Oct 12, 2012) Full Article
Hundreds
of thousands of bags containing radiation-contaminated soil remain
undisposed of in Japan's Fukushima prefecture for want of storage sites. (Oct 12, 2012) Full Article
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