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California seeks smooth adoption of cap-and-trade
California aims to avoid major economic shocks with its carbon cap-and-trade system slated to start in 2012, the state’s chief climate change regulator said recently, adding that the most populous US state would try to harmonise its system with any federal plan. California vaulted to the vanguard of US climate change in 2006 with an aggressive law that aimed to cut greenhouse gas emissions to 1990 levels by 2020 and make it the trend-setter in clean energy and technology. But critics say the law will only raise energy prices and drive away businesses and jobs. Hoping to settle the matter, the state plans to release a revised economic analys... -
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Djibouti sees boom in banking
The financial sector in the tiny Horn of Africa nation is attracting new business as a stable country surrounded by trouble spots. “The banking sector in Djibouti has seen an explosion. Last year eight new banks, Islamic and conventional, opened their doors and are doing well. More will arrive this year,” central bank Governor Djama Haid told reporters in an interview. Haid said he expected Iraq-based Warka Bank for Investment and Finance and Egypt’s Shoura Bank to enter Djibouti in 2010. Indo-Suez Bank, in existence for more than 100 years, and Commercial and Industrial Bank (BCIMR) – operational for more than 50 years, have dominate... -
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Will US yuan calls make for a stubborn China?
Beijing’s groans over US demands to let the yuan rise have been grand theatre, but domestic currents favouring a stronger currency are likely to prevail when Chinese leaders cool down to plot policy. China’s denunciations of US pressure have, combined with other recent tension between the two powers, fostered the view that Beijing will put stubborn resistance to foreign hectoring ahead of arguments for yuan appreciation. The core of this view is the assumption that the Communist Party and a nationalist public would find it intolerable to appear to cave in to external pressure. But this image of a China boxed in by pride does not stand up ... -
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Today’s Markets
New York Dow Jones industrial average — 14164.53 London FTSE 100 index — 6930.2 Tokyo Nikkei average — 38915.87 Frankfurt DAX index — 8105.69 Paris CAC-40 General index — 6922.23 Sydney Australia S&P/ASX 200 — 6828.7 Hong Kong Hang Seng index — 31638.22... -
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New Zealand’s ‘Madoff’ jailed for $13m fraud
A New Zealand banker defrauded clients of $13m to fund a lavish lifestyle of prostitutes, property and wine, according to local media. Stephen Gerard Versalko, 52, was convicted of stealing NZ$17.8m from the clients of his employer, ASB Bank, and jailed for six years, the Dominion Post newspaper reported. Court officials could not be reached for comment. The biggest single employee fraud case in New Zealand came to an end after one of Versalko’s clients saw a documentary on fraudster Bernard Madoff and saw similarities in behaviour. Between 2000 and 2009 Versalko spent at least NZ$3.3m on prostitutes, NZ$4m on luxury properties, as well as ... -
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Malaysia plans new economic model for growth
Malaysia is considering proposals to end its subsidy regime and phase in a new goods and services tax as it begins dismantling a four-decade race-based economic system that has deterred foreign investment. The economic regime adopted after race riots in 1969 has given a wide array of economic benefits to the 55 percent Malay population, but investors complain it has led to a patronage-ridden economy that has resulted in foreign investment increasingly moving to Indonesia and Thailand. The cabinet has seen the reform proposals, which will be reviewed again before Prime Minister Najib Razak presents them at the “Invest Malaysia” conference,... -
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IMF: Tanzania has room for infrastructure funds
Tanzania has scope to raise spending on infrastructure projects in the fiscal year starting in July against a background of higher economic growth and slowing inflation, the IMF has said. The east African nation’s economy is likely to expand by 6.2 percent in 2010 versus 5.5 percent last year, the fund said in a statement. It said inflation could fall to eight percent by June from 9.6 percent in February. “Creating additional fiscal space to enable the desired scaling-up of infrastructure investment can be achieved through a combination of measures,” the IMF said, citing higher revenues, efficiency measures and new financing. “Accessi... -
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Madoff family seeks dismissal of cases
Andrew and Mark Madoff, sons of fraudster Bernard Madoff, have submitted a request with a US court to dismiss all the complaints against them, with prejudice, court documents showed. In a filing with the US Bankruptcy Court, Southern District of New York, the sons said they ranked among the “numerous victims of their father’s terrible crimes”. On December 10, 2008, Bernard Madoff confessed to his sons about a Ponzi scheme “of epic proportions”. Mark and Andrew contacted federal authorities within hours of learning of their father’s betrayal of their trust, the filing said. The Plaintiff, Securities Investor Protection Corp (SIPC),... -
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Australia welcomes China report into Chinalco de
Australia has welcomed a report saying that China did not blame Rio Tinto or the Australian government for the collapse of a $19.5bn tie-up between Chinalco and the Australian mining giant. The Australian Age newspaper reported from Beijing that a detailed report to the State Council, or China’s cabinet, blamed economic forces and a powerful public relations campaign by BHP Billiton for the failure of what would have been China’s biggest offshore investment. Australia’s Trade Minister said the report should help heal Sino-Australian relations, soured over the failed bid, and that Australia continued to welcome foreign investment to help... -
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Schaeuble calls for closer Eurozone integration
German Finance Minister Wolfgang Schaeuble called for greater integration between euro zone members and stronger surveillance of member countries’ finances to protect the monetary union from further crisis. In a column published in the Financial Times, Schaeuble said Europe’s monetary union was facing a critical moment and must take steps to protect itself from a new crisis. “The fallout from the crisis is becoming ever more visible, labour markets in some countries are languishing and government debt almost everywhere is far in excess of permissible deficit limits,” Schaeuble wrote. “There is only one course of action: all eurozone...
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