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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