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Barroso says EU economic recovery gathering pace
Economic recovery is gathering pace in the European Union and growth this year will be higher than initially forecast, according to European Commission President Jose Manuel Barroso. In a policy speech to the European Parliament in the French city of Strasbourg, the head of the EU executive said structural reforms must be accelerated in the next 12 months and the 27 countries in the bloc must show solidarity. “Europe must show it is more than 27 different national solutions. We either swim together, or sink separately,” he said. The latest official forecasts put growth in the EU at one percent in 2010 and estimated growth in the 16 countr... -
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South Africa’s COSATU calls on ANC to tighten FX rules
South Africa’s biggest union federation COSATU, a partner of the ruling ANC party, has called for a reversal of measures taken to relax foreign exchange controls and taxing short-term capital flows. The positions laid out in an economic policy paper put pressure on the ruling African National Congress to reconsider its foreign exchange and economic policies. COSATU said the ANC’s policies in the past ten years had failed to create employment. It called for job creation to be the primary mandate of the South African Reserve Bank.... -
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Zambia raises 2010 GDP forecast to 6.6%
Zambia has raised its 2010 economic growth forecast to 6.6 percent from a June forecast of 5.8 percent after a higher than expected performance in the first half of the year, Finance Minister Situmbeko Musokotwane has announced. “We adjusted the growth forecast to 6.6 percent from 5.8 percent because we now know that mining, agriculture and tourism all performed better than we had expected,” Musokotwane said at a media briefing. Musokotwane said Zambia’s economic growth between 2011 and 2013 should average 6.5 percent per annum partly due to a global recovery over the period. Zambia in June cut its growth forecast for 2010 to 5.8 percen... -
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BOJ not doing enough on deflation
The Bank of Japan is not doing enough to fight deflation and one possibility is for the central bank to buy more government bonds, a campaign aide to a ruling party powerbroker challenging Prime Minister Naoto Kan said. But lower house lawmaker Banri Kaieda, an aide to Ichiro Ozawa, also said that the BOJ alone could not rescue Japan from deflation and that the central bank’s remaining policy options were limited. Ozawa is challenging Kan in a Democratic Party of Japan (DPJ) leadership election on September 14 but the outcome is too close to call. The winner will likely be prime minister by virtue of the party’s majority in the powerful l... -
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Ukraine signs $950m China loan for railway link
Ukraine has secured a $950m loan from China to build a railway link between Kiev and the capital’s main airport and has hired a Chinese company for the project, the Chinese People’s Daily newspaper said on Friday. Ukrainian President Viktor Yanukovich, who arrived in China on Thursday for a state visit – the first by a Ukrainian leader – has already signed the loan agreement. During the visit “an agreement was … signed securing China’s credit support to a 30km railway project and construction of auxiliary facilities for an airport in Ukraine’s capital, Kiev,” the newspaper said. “The railway project, contracted to a Chines... -
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German president raises pressure on divisive banker
German President Christian Wulff has increased pressure on the Bundesbank to dismiss its contentious board member Thilo Sarrazin, arguing that the central bank needed to limit damage to Germany’s reputation. Sarrazin has divided Germany with criticism of the country’s large Muslim community, and outspoken remarks asserting that Jews have a particular genetic makeup, sparking calls from politicians that the central bank should fire him. Speaking to N24 television, Wulff hinted that this might be the best course of action, as a newspaper reported the bank’s board had decided to sack Sarrazin, but that no official decision had yet been mad... -
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Japan dilemma as economic dependence on China grows
Japan’s growing dependence on China for growth grates with concerns over its expanding military reach, deepening a dilemma over how to engage with its giant neighbour even as the two trade places in economic rankings. But while the interdependence raises the risks for the world’s second- and third-biggest economies if relations sour, it also boosts incentives to keep ties on track. “It raises the stakes,” said Jeffrey Kingston, director of Asian studies at Temple University’s Tokyo campus. “But … Japan has a clear interest in developing better political and diplomatic relations precisely because of the greater economic interdepe... -
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Russia home to wealthiest expats, Eurozone lags
Russia, Saudi Arabia and Bahrain are home to the wealthiest expats, with Eurozone countries falling behind when it comes to paying for foreign expertise, according to a survey of expats. The third annual report commissioned by HSBC Bank International found finances among expats were generally positive with two-thirds, or 66 percent, saying they have more disposable income to save and invest since moving abroad. But the survey found expats in Russia, Saudi Arabia, Bahrain, the UAE and Singapore enjoyed the greatest wealth overall, having higher salaries, more disposable income and more luxury items like swimming pools, properties and yachts. E... -
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Double-dip fears hit stocks, yen near 15 year high
World stocks fell on Tuesday in markets dominated by concerns the US economy is sliding back into recession, prompting further flows into safe-haven assets. The yen – favoured for carry trades at times of economic stress – hovered back near 15-year high against the dollar after investors brushed off Japan’s attempt to weaken the currency, the Swiss franc soared against the euro and dollar, and yields on benchmark German government bonds hit record lows. Mounting US economic concerns are likely to draw investors away from riskier assets and push up the yen, keeping pressure on Japan to intervene directly in currency markets for the first... -
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Seadrill sees growth and M&A after Q2 beat
Norway’s Seadrill Ltd, the world’s number two deepwater oil rig group, is ready to throw its weight around now that the Gulf of Mexico oil spill has made life harder for smaller players. “We see the current market volatility as a good opportunity to look for investment opportunities,” the group controlled by shipping tycoon John Fredriksen has announced while reporting forecast-beating quarterly results. Seadrill said the world’s worst offshore oil spill from British oil major BP’s Macondo well in the Gulf of Mexico increased the emphasis on operational experience, making it more challenging for new rig operators. “The board is ...
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