Economic News October 8, 2012
Reserve
Bank of Australia Governor Glenn Stevens was approached by the British
Treasury officials to find a replacement for Bank of England Governor
Mervyn King when he steps down next year, the Sunday Times reported. (Oct 8, 2012) Full Article
The
European authorities are studying the possibility of a single budget
for Eurozone countries, an idea which reportedly has gained support of
major euro nations including Germany, the Financial Times Deutschland
reported Monday. (Oct 8, 2012) Full Article
Investor
confidence in Eurozone improved for a second consecutive month in
October, but remained below economists' forecasts, data released by the
think-tank Sentix showed Monday. (Oct 8, 2012) Full Article
Norway
will spend more of its oil revenue in 2013 than this year, the
government said while presenting its latest budget on Monday. (Oct 8, 2012) Full Article
Germany
sold its 6-month treasury bills known as Bubills at negative yield on
Monday as safe-haven demand recovered amid the lingering uncertainty
over a Spanish bailout request, auction data from Bundesbank revealed.
The country raised EUR 2.420 billion from the sale of its April 2013
treasury discount paper against a target of EUR 4 billion. (Oct 8, 2012) Full Article
Economic
growth will likely continue to weaken in most major countries in the
coming quarters, data released by the Organization for Economic
Cooperation and Development (OECD) showed Monday. (Oct 8, 2012) Full Article
Forex Top Story
With
the Greek-troika talks set to drag on further and Spain reluctant to
request a bailout, the Eurogroup meeting on Monday is set to conclude
without any major announcements even as European leaders continued to
stress on the 'urgency' to contain the crisis. (Oct 8, 2012) Full Article
China's
service sector growth accelerated in September, helping the private
sector activity to recover despite a contraction in manufacturing, a
survey report from Markit Economics revealed Monday. (Oct 8, 2012) Full Article
The
World Bank said on Monday that the East Asia and Pacific region may see
its economic growth sliding to the weakest in 11 years and cut the
region's growth outlook for this year as well as the next amid a
more-than-expected slowdown in China. Releasing the East Asia and
Pacific Data Monitor, the lender said growth in developing economies in
East Asia is expected to decline a full percentage point to 7.2 percent
this year from 8.3 percent in 2011. (Oct 8, 2012) Full Article
Germany's
exports grew unexpectedly in August as declining shipments to euro
nations were offset by higher demand from other countries, which further
lifted hopes of growth in the largest Eurozone economy, data from
Destatis showed Monday. Out-pacing the increase in imports, shipments
rose 2.4 percent from a month ago, when it climbed 0.4 percent.
Economists had forecast a 0.6 percent drop in exports. At the same time,
the month-on-month growth in imports remained unchanged at 0.3 percent. (Oct 8, 2012) Full Article
Germany's
industrial production decreased at a slower-than-expected pace in
August on a marked reduction construction activity, indicating that the
export-dependent economy's resilience against the fallout from the
Eurozone debt crisis is becoming weaker, latest data showed. (Oct 8, 2012) Full Article
U.K.
Chancellor of the Exchequer George Osborne said on Monday that the
Conservative Party led government will execute a GBP 10 billion
reduction in the benefits budget and further cut department spending.
The great bulk of savings must come from cutting government spending and
not by increasing taxes, he told the annual Conservative Party
conference in Birmingham. (Oct 8, 2012) Full Article
Commodities
The
price of gold was moving lower Monday morning as the U.S. dollar was
trading firm versus a basket of currencies ahead of the outcome of an
informal meeting of the euro zone finance ministers that gets underway
in Luxembourg later today. (Oct 8, 2012) Full Article
The
price of crude oil was extending its 2-month low Monday morning as
traders were cautious ahead of the outcome of an informal meeting of the
euro zone finance ministers that gets underway in Luxembourg later
today. (Oct 8, 2012) Full Article
Political News
Greek
labor unions have called for a strike and massive protests in Athens
during the visit of German Chancellor Angela Merkel on Tuesday. (Oct 8, 2012) Full Article
U.K.
Prime Minister David Cameron on Sunday ruled out imposing a 'mansion
tax' as advocated by the Liberal Democrats, but vowed to take further
steps to ensure the rich are paying their "fair share." (Oct 8, 2012) Full Article
Venezuela's
President Hugo Chavez has won a third consecutive six-year term in
office defeating the joint Opposition candidate in Sunday's presidential
elections, according to officials. (Oct 8, 2012) Full Article
"There
is a real risk that the regime in Kabul could collapse upon NATO's
withdrawal in 2014", warns a new report on Afghanistan released on
Monday. (Oct 8, 2012) Full Article
Ivory
Coast President Alassane Ouattara has ordered re-opening of the
country's land and sea borders with neighboring Ghana after they were
closed two weeks ago following a deadly cross-border attack, officials
said late on Sunday. (Oct 8, 2012) Full Article
Former
Maldivian President Mohamed Nasheed was arrested on a court order
issued on Monday after he failed to appear for an earlier hearing on
power-abuse charges, nearly eight months after he was forced to resign
in what he insists was a "coup d'etat." (Oct 8, 2012) Full Article
Currency Alerts
In
the Asian session on Monday, the U.S. dollar and the Japanese yen
advanced against their most major counterparts as traders sought
safe-haven assets ahead of European finance ministers meeting in
Luxembourg. (Oct 8, 2012) Full Article
The euro erased last week's solid gains on Monday (Oct 8, 2012) Full Article
The pound was a clear underperformer among major currencies Monday morning on increasing risk-aversion (Oct 8, 2012) Full Article
General News
Japanese scientists claim to have identified the genetic characteristics of people likely to suffer from chronic skin problems. (Oct 8, 2012) Full Article
China
on Monday showcased what it claimed the world's first alpine high-speed
rail line, which threads through the country's three north-eastern
provinces. (Oct 8, 2012) Full Article
At
least ten Palestinians, including two suspected militants, have been
injured in an Israeli air strike that targeted a motorcycle in the
southern part of the Hamas-administered Gaza Strip, media reports citing
Palestinian officials said on Sunday. (Oct 8, 2012) Full Article
Eleven
prisoners were executed in Iraq on Sunday after they were convicted of
terrorism charges, despite repeated international pleas to end the
inhuman practice of state killings of convicted prisoners whatever their
offenses may be. (Oct 8, 2012) Full Article
South
Korea on Monday designated a gas leak affected area in the
south-eastern city of Gumi as a special disaster zone as human and
property damage from the unprecedented leak of poisonous gas turned out
to be a major disaster. (Oct 8, 2012) Full Article
The
Nobel Prize in Physiology/Medicine 2012 was awarded jointly to two
pioneers of stem cell research -- Briton John B. Gurdon and Japan's
Shinya Yamanaka -- for the discovery that mature, specialized cells can
be reprogrammed to become immature cells capable of developing into all
tissues of the body. (Oct 8, 2012) Full Article
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