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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