Economic News October 9, 2012
No
economy in the world can hold on to high growth rates indefinitely and
any attempt to reach such a scenario would result in various economic
imbalances, Bank of Japan Governor Masaaki Shirakawa said in a speech in
Tokyo on Tuesday. (Oct 9, 2012) Full Article
China's
central bank governor Zhou Xiaochuan said the domestic economy faces
relatively big downward pressure and the external environment remains
"very challenging." (Oct 9, 2012) Full Article
The
softening of labor market and weaker global growth prompted the Reserve
Bank of Australia (RBA) to cut the cash rate this month, RBA Deputy
Governor Philip Lowe said. (Oct 9, 2012) Full Article
Spain
may miss its deficit targets again despite significant fiscal measures
taking effect in the second half of the year, the International Monetary
Fund said in its twice-yearly Fiscal Monitor, published Tuesday. (Oct 9, 2012) Full Article
Greece's
annual inflation slowed in September to the lowest level since the
country's economic crisis began three years ago, data released by the
Hellenic Statistical Authority showed Tuesday. (Oct 9, 2012) Full Article
Forex Top Story
Retail
credit card spending in New Zealand contracted a seasonally adjusted
0.6 percent on month in September, Statistics New Zealand said on
Tuesday. (Oct 9, 2012) Full Article
Japan
posted a current account surplus of 454.7 billion yen in August, the
Ministry of Finance said on Tuesday, up 4.2 percent on year. (Oct 9, 2012) Full Article
Greece's
international creditors have allotted ten days to the country to
fulfill the reform pledges before deciding on the next loan tranche of
31.5 billion euros. At the same time, the euro area ministers hailed the
fiscal consolidation efforts of the coalition government led by Antonis
Samaras, raising hopes of a positive decision at the upcoming EU
summit. The meeting, however, failed to take any clear decision on how
to bring the Greek bailout program back on track. (Oct 9, 2012) Full Article
Stepping
up its warning against deteriorating economic conditions across the
globe, the International Monetary Fund on Tuesday said the risks for a
'serious global slowdown are alarmingly high.' The Washington-based
lender also slashed its economic growth outlook for the world economy
this year as well as the next. The global economy is now expected to
expand 3.3 percent in 2012, weaker than the 3.5 percent growth projected
in July. (Oct 9, 2012) Full Article
Driven
by subdued production of transport equipment, Britain's manufacturing
output declined more-than-expected in August, while the country's
exports registered a steep slump during the month, denting expectations
of a widely expected moderate recovery in the third quarter. (Oct 9, 2012) Full Article
European
Central Bank President Mario Draghi on Tuesday said the euro area
economy faces more risks to growth and is expected recover only
gradually. Meanwhile, the International Monetary Fund said there is
still scope for lowering interest rates after it slashed its growth
forecast for the 17-nation economy. The Washington-based lender expects
euro area GDP to shrink 0.4 percent this year, which is worse than the
0.3 percent contraction projected earlier. (Oct 9, 2012) Full Article
Commodities
The
price of gold was little changed Tuesday morning as the euro was
struggling to sustain gains amid uncertainty about Spain's bailout and
concerns about Greece. (Oct 9, 2012) Full Article
The
price of crude oil was ticking higher Tuesday morning amid reports that
China's central bank has injected a large dose of liquidity into the
banking sector. However, the IMF's warning of risks to global growth was
capping gains. (Oct 9, 2012) Full Article
Political News
Okinawa
Governor Hirokazu Nakaima met Japanese Prime Minister Yoshihiko Noda in
Tokyo on Tuesday and urged him to relocate the U.S. Marine Corps
Futenma Air Station from the densely-populated Ginowan city in the
prefecture as early as possible. (Oct 9, 2012) Full Article
The
heads of U.N. peace missions met in Senega capital Dakar on Monday,
with their discussions focusing on critical role of cooperation at
local, regional and international levels in addressing the numerous
peace and security problems facing the region. (Oct 9, 2012) Full Article
Egyptian
President Mohammed Mursi has granted a general pardon for all those
arrested during last year's popular uprising that eventually forced his
predecessor Hosni Mubarak to step step down, state-media reported on
Monday. (Oct 9, 2012) Full Article
U.S.
Defense Secretary Leon E. Panetta has noted that most threats being
faced by nations in the western hemisphere are similar, and called for
enhanced cooperation between countries in the region to improve regional
security and tackle other common problems. (Oct 9, 2012) Full Article
The
reforms initiated by India recently offer a very promising path to
improve growth outcomes, U.S. Treasury Secretary Timothy Geithner said
Tuesday. (Oct 9, 2012) Full Article
Currency Alerts
The
Australian and NZ dollars strengthened against other major currencies
in the Asian session on Tuesday as sentiment improved after Eurozone
finance ministers formally established Eurozone's permanent bailout
fund, European Stability Mechanism. (Oct 9, 2012) Full Article
In
the early European session on Tuesday, the U.S. dollar and the Japanese
yen climbed against their major counterparts following the speech of
European Central Bank President Mario Draghi in the European Parliament. (Oct 9, 2012) Full Article
Euro bears dominated proceedings in early deals Tuesday (Oct 9, 2012) Full Article
General News
The
Mexican Navy believes that top Zetas drug cartel leader Heriberto
Lazcano was killed in a fierce gun-battle with Marines in the northern
border state of Coahuila earlier this week. (Oct 9, 2012) Full Article
Pakistani
children's rights activist Malala Yousafzai, who campaigned for girls'
education, was injured in an attack by unidentified gunmen in the Swat
Valley of the country's north-west on Tuesday, reports said. (Oct 9, 2012) Full Article
A
U.N. independent expert on Monday urged Italy to prioritize a human
rights approach when dealing with migration, and called on its
government to ensure that security concerns does not overshadow its
border management policy. (Oct 9, 2012) Full Article
Martin
Llanos, former commander of a right-wing paramilitary organization
known as United Self Defense Forces of Colombia (AUC), has admitted
involvement in the 1997 brutal massacre in the village of Mapiripan,
local media reported on Monday. (Oct 9, 2012) Full Article
The
European Union has urged competent authorities and the Governor of the
U.S. state of South Dakota to keep the de facto moratorium on executions
in place and to grant clemency to two men awaiting executions to be
carried out this month. (Oct 9, 2012) Full Article
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