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Ghana April inflation falls to 11.66%
Annualised inflation in Ghana fell to 11.66 percent in April from 13.32 percent in March, the statistics office has announced, a greater than expected drop that offers hope for further rate cuts later this year. The drop is the 10th consecutive fall, takes inflation to its lowest level since December 2007 and is another step towards the West African nation’s single digit target by the end of the year. “That is some decline … and even though we expect that we might reach the lower turning point of inflation around the mid-year, this should provide ample opportunity still for the Bank of Ghana to cut interest rates,” said analyst Razia ... -
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SEC and exchanges agree to bolster circuit breakers
US market watchdogs and six major exchanges have agreed that new safeguards were needed to curb trading when markets are plunging, including circuit breakers for individual stocks, a source familiar with regulators’ talks said on May 10. Securities and Exchange Commission Chairman Mary Schapiro, the leaders of major stock and option exchanges, and broker-dealer watchdog, the Financial Industry Regulatory Authority, met in Washington to discuss the causes of the market free fall on May 6 and possible reforms. “As a first step, the parties agreed on a structural framework, to be refined over the next day, for strengthening circuit breakers ... -
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ECB to buy eurozone bonds to fight crisis
The European Central Bank will buy eurozone government bonds to help support fractured markets, abandoning firm resistance to full-scale asset purchases in light of Greece’s debt crisis. The ECB said in a statement that the step, dubbed the ‘nuclear option’ by many economists, was justified because of government promises to meet strict budget targets and step up consolidation efforts. Boosting its firepower further, the ECB said it would also re-start dollar lending operations and bring back some of the emergency liquidity measures it had started to phase out. “The European Central Bank decided on several measures to address the sever... -
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Freddie Mac seeks more government funds
Freddie Mac, the second-largest provider of US residential mortgage funds, has asked for an additional $10.6bn in federal aid after it lost $8bn in the first quarter. The company warned it would continue to need billions more in government funds because the housing market remains fragile. The loss was $6.7bn before a $1.3bn dividend payment on senior preferred stock owned by the US Treasury. Freddie Mac has been struggling to contain losses sustained from its massive exposure to the US housing market, which has suffered its worst downturn since the 1930s. Fearing that losses would harm Freddie Mac’s ability to support housing, the governmen... -
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Indonesia finance minister quits; could affect reform
Indonesian Finance Minister Sri Mulyani Indrawati, a key reformer in Southeast Asia’s biggest economy, is leaving office in what could be a major blow to a crackdown on graft and tax evasion. Indrawati, 47, was named managing director of the World Bank Group, a sign of the growing clout of emerging economies but also reflecting increasing pressure on her at home from politicians opposed to her clean-up campaign. “It’s a good move for her, but not good for Indonesia,” said Nick Cashmore, head of CLSA in Indonesia. “She’s leaving earlier than expected, not doing the full five years. It shows that all these undercurrents are gatherin... -
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BOJ says to seek ways to support economy
The Bank of Japan has said it needs to do more to foster economic growth and renewed its commitment to ultra-loose monetary policy even as it forecast consumer prices would start rising again sooner than earlier thought. As expected, the central bank refrained from new action at its policy meeting and kept its benchmark rate steady at 0.1 percent. It also left markets guessing what else it might have in store in its efforts to pull the world’s second-largest economy out of deflation. “(Board) members shared the view that it was necessary for the bank to make new efforts to contribute to strengthening the foundations for economic growth,... -
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Goldman CEO says has board’s support
Goldman Sachs Group Inc Chief Executive Lloyd Blankfein told American television recently that he retains the support of the board as well as support from clients since the SEC accused the powerful but embattled bank of fraud earlier in April. Blankfein, after testifying for more than three hours before the Senate’s permanent investigations subcommittee, maintained his stance that Goldman did nothing wrong when it sold an exotic mortgage derivative – the Abacus CDO – that cost its buyers $1bn when housing prices slumped. “Synthetic CDOs allowed buyers and sellers to be able to take the kind of positions they wanted in the housing mark... -
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Impact of expected China-Taiwan trade deal
Taiwan and China aim to sign a landmark free trade-style agreement by June aimed at bringing the political rivals closer while opening the often-isolated island’s $390bn economy to trade pacts around the world. The economic cooperation framework (ECFA) agreement between economic powerhouse China and export-reliant Taiwan would conclude two years of trade and transit talks following decades of political hostilities. The following is an overview of EFCA’s likely content and expected impact: Contents of the dealTariffs would fall to varying degrees in sectors included on an “early harvest list”, seen as a highlight of the deal. Negotiato... -
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China market access more critical to US firms
US firms working in China are more concerned about regulatory and policy issues than about pushing China to revalue its currency, the head of the American Chamber of Commerce said in Beijing recently. American businesses are encountering new obstacles to market access as China’s growing economy leads them to expand deeper into inland provinces, AmCham president Christian Murck told reporters. Washington has been pressing China to allow its currency to appreciate and trade more flexibly, with politicians and labour groups blaming the undervalued yuan for the large US trade deficit with China and the loss of US manufacturing jobs. “A single... -
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Greek PM requests activation of EU/IMF aid package
Greek Prime Minister George Papandreou asked for the activation of an EU/IMF aid package on April 23 aimed at pulling the nation out of a debt crisis. “It is a national and imperative need to officially ask our partners in the EU for the activation of the support mechanism we jointly created,” Papandreou said in statements broadcast live from the remote, tiny Aegean island of Kastellorizo. Greece is negotiating with EU and IMF officials the terms of a €40-45bn package aimed at helping Greece deal with its debt mountain as borrowing costs ballooned. Papandreou said markets did not give Greece the time it needed to turn its economy around...
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