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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