Economic News August 13, 2012
The Bank of England could do much more to foster the recovery of the economy, Adam Posen, an outgoing member of the bank's Monetary Policy Committee said in an interview to the Financial Times. (Aug 13, 2012) Full Article
Wholesale price inflation in Germany rose more than expected in July, the latest figures from the Federal Statistical Office showed Monday. (Aug 13, 2012) Full Article
The top priority of Reserve Bank of India is tackling high inflation, Subir Gokarn, deputy governor of the central bank told CNBC. (Aug 13, 2012) Full Article
French current account deficit widened in June after falling marginally in May, data from Bank of France showed Monday. (Aug 13, 2012) Full Article
The number of tourists visiting the United Kingdom and new bookings for inbound tourists decreased during the Olympics, a survey conducted by trade body UKinbound and Qa Research showed Monday. (Aug 13, 2012) Full Article
Forex Top Story
Japan's gross domestic product added just 0.3 percent in the second quarter of 2012 compared to the previous three months, the Cabinet Office said on Monday in a preliminary reading - suggesting that the recovery from the March 2011 earthquake and tsunami remains stuck in neutral. (Aug 13, 2012) Full Article
New Zealand's food prices increased for a third consecutive month in July, but at a slower pace compared to the previous month, data from the Statistics New Zealand showed Monday. (Aug 13, 2012) Full Article
Chinese data released last week confirmed the soft patch the economies across the globe are experiencing in the wake of the fragile recovery post the credit crisis of 2008-09. Eurozone credit crisis and the U.S. fiscal cliff have now accentuated fears of a global double-dip recession, given the economic influence wielded by the currency bloc and the U.S. Strangely enough, the equity markets have been resilient to the economic crisis, thanks to stimulus and policy hopes. (Aug 13, 2012) Full Article
The Eurozone economy probably contracted in the three months to June, extending the weakness seen in the past quarters, as the worsening crisis pushed bigger economies into recession. (Aug 13, 2012) Full Article
Austerity measures implemented to cut deficits pushed Greece's economy deep into a prolonged recession in the second quarter, jeopardizing the government's aim of meeting fiscal targets set by international aid donors. (Aug 13, 2012) Full Article
Germany's short-term debt fetched negative yields at an auction on Monday as investors effectively paid to lend money to the government in their scramble to safe-havens. On the other hand, Italy saw its borrowing costs rise due to concerns over the fiscal situation of the country. (Aug 13, 2012) Full Article
Commodities
The price of gold was ticking higher Monday morning amid hopes for further monetary stimulus measures from the European Central Bank. (Aug 13, 2012) Full Article
The price of crude oil was moving higher Monday morning as the euro was bouncing back from its one-week low against the US dollar on hopes of further stimulus measures by the ECB. (Aug 13, 2012) Full Article
Political News
Syria is most likely to be expelled from the Organization of Islamic Cooperation (OIC) as an expression of the 57-member pan-Islamic body's protest to the Assad regime's failure to end bloodshed in that Middle East country. (Aug 13, 2012) Full Article
United Nations Secretary-General Ban Ki-moon on Monday called for dialog between Seoul and Tokyo to resolve the dispute on Dokdo islands in the South China Sea. (Aug 13, 2012) Full Article
An independent panel of experts commissioned by the Australian government has recommended setting up offshore processing centers for tackling the steadily increasing influx of asylum-seekers into the country. (Aug 13, 2012) Full Article
The G20 group of nations are planning to hold a meeting to devise a unified response to the rising global food prices triggered by the worst U.S. drought in more than half a century, the Financial Times reported on Monday citing unnamed sources. (Aug 13, 2012) Full Article
Egyptian President Mohammed Mursi on Sunday ordered the retirement of Defense Minister Mohamed Hussein Tantawi and Chief of Staff Gen. Sami Enan, and canceled a constitutional declaration that curbed his powers in
Currency Alerts
The euro climbed to 4-day highs against most major currencies in the European session on Monday amid smooth Italian bond auction and Greek GDP data, which contracted less than expected in the second quarter. (Aug 13, 2012) Full Article
General News
The G20 group of nations are planning to hold a meeting to devise a unified response to the rising global food prices triggered by the worst U.S. drought in more than half a century, the Financial Times reported on Monday citing unnamed sources. (Aug 13, 2012) Full Article
An influential tribal leader and his son were shot dead in Egypt's Sinai peninsula on Monday amid raging violence that broke out on Wednesday last in the wake of a military crackdown on militants in the area, reports quoting security officials said. (Aug 13, 2012) Full Article
The women's shot put champion of the London Olympics has been stripped of her gold medal after she failed a dope test. (Aug 13, 2012) Full Article
A Japanese government mission left for the United States on Monday to verify the safety of the Osprey transport aircraft in response to mounting public concerns in Japan over the deployment of the controversial military aircraft. (Aug 13, 2012) Full Article
An independent inquiry into the killing of 77 people in a deadly car bombing and shooting rampage in Norway last year has found that the tragedy could have been averted had the police acted faster. (Aug 13, 2012) Full Article
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