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US bailout watchdog criticises Treasury over GMAC
The US Treasury’s decision against a bankruptcy restructuring for GMAC may have increased taxpayer bailout costs for the auto finance company and made it less viable, an oversight group said on Thursday. The Congressional Oversight Panel, in a new monthly report, said despite three separate bailouts totaling $17.2bn, GMAC Financial Services continues to struggle with its troubled mortgage liabilities. “The panel remains unconvinced that bankruptcy was not a viable option in 2008,” it said in the report. “In connection with the Chrysler and General Motors bankruptcies, Treasury might have been able to orchestrate a strategic bankruptcy... -
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Chinese bankers told to curb pay to rein in risks
China on Wednesday unveiled strict new rules governing bankers’ pay that are designed to limit risk taking. Payment of 40 percent or more of an executive’s salary must be delayed for a minimum of three years and could be withheld if their bank performs poorly, the China Banking Regulatory Commission said in a statement on its website. This would ostensibly put China at the forefront of a global movement to use regulation of bankers’ pay as a way to control their firms’ investment behaviour. The implications in China, though, are less significant, because bankers are, in effect, employees of the government in the largely state-owned ba... -
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BOJ mulling easing again
The Bank of Japan is examining a further easing of its ultra-loose monetary policy and may decide on such a move this month, the Nikkei newspaper reported, weakening the yen and lifting government bond futures to a two-month high. The government, its fiscal options limited by a ballooning fiscal debt, has been pressuring the BOJ to do more to beat deflation even as most other major central banks mull rolling back stimulus steps put in place during the global crisis. Finance Minister Naoto Kan said he would welcome any BOJ measures to help beat deflation but had not heard directly from the central bank about what it was considering. Another po... -
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EU trade chief sees progress in India FTA talks
A free trade agreement with the European Union could create new export opportunities worth $9bn for Indian industries, EU trade chief Karel de Gucht said. De Ducht, on a visit to India, said he expected good progress in the coming months on trade negotiations between the second most populous country in the world and the 27-nation EU. “With India we will conclude a deal that benefits us both, or there will be no deal,” De Gucht wrote in an editorial piece published in the Economic Times of India. India began negotiations for a free trade agreement (FTA) with the EU, its largest trading partner, in 2007, but the talks have run into a wall o... -
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Blaming the weather for high US unemployment
That means key US data on jobs and manufacturing for February, which hold big implications for global financial markets, could lead to a befuddled reaction from investors. Confusion will also likely reign in Europe where fears about Greece’s financial situation, potentially exacerbated by speculative activity in bond markets, have kept the Eurozone’s single currency under pressure. China, a growing contributor to the global economic outlook, will release a business sentiment survey, which analysts expect to slip for a second month as the country tightens credit. But the major indicator to watch is US employment since it has a direct effec... -
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Earthquake to drag on Chile recession recovery
The 8.8-magnitude quake tore up highways and bridges, knocked out power that feeds mines and factories, and shook apart scores of buildings, killing more than 700 people. With details of the extent of the destruction still emerging, economists said it was hard to estimate the degree to which Latin America’s most advanced economy would be set back. The damage could cost Chile up to $30bn, equivalent to roughly 15 percent of GDP, said Eqecat, a firm that helps insurers model catastrophe risks. The quake has also shaken president-elect Sebastian Pinera’s pledge to boost economic growth just before his centre-right government is sworn in, end... -
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Greece must do more to tackle debt crisis, EU says
“I am asking the Greek government to announce new measures in the coming days,” Rehn told reporters after talks with Finance Minister George Papaconstantinou. For his part, Papaconstantinou said plans to deal with Greece’s debt burden involved “dangers and risks and some of these dangers are now visible” but the government would not waver in its commitment to reducing the deficit. “The government will do whatever it takes, including new measures so that the target for reducing the budget deficit by four percent this year is observed unwaveringly,” he said. The two men discussed reforms to the pension system, the budget and the s... -
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India lifts borrowing in budget, bonds hit
India will increase market borrowing by 1.3 percent in the next fiscal year, disappointing bond investors, as it counts on a surging economy and a partial rollback of stimulus measures to cut its fiscal deficit. Bond markets reversed earlier gains on worries over the government budget’s plans to increase market borrowing, and some watchers said India missed an opportunity to take more aggressive fiscal measures. Finance Minister Pranab Mukherjee rolled back some tax incentives implemented to help tide the economy through the worst of the global downturn, and outlined plans to bolster agricultural output. Gross borrowing for the new year wil... -
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US Q4 economic growth revised up on inventories
In its second reading of fourth-quarter GDP, the Commerce Department said the economy grew at a 5.9 percent annual rate, rather than the 5.7 percent pace it estimated in January. It was still the fastest pace since the third quarter of 2003. The economy expanded at a 2.2 percent annual rate in the third quarter. Analysts had forecast GDP growing at a 5.7 percent rate in the October-December period. While the economy rebounded strongly in the second half of 2009 from the worst downturn since the 1930s, data so far suggests the rapid rate of acceleration slowed somewhat in the first quarter of 2010. A sharp brake in the pace at which businesses... -
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Tearful Toyoda apologises; Japan hopes for recovery
Toyota Motor Corp President Akio Toyoda apologised to US lawmakers probing the automaker’s safety record and ended the day in tears, in what Japanese politicians hoped was a first step towards rebuilding trust in the country’s most valuable company. Toyoda, peppered with questions about a massive recall that has rocked Toyota’s reputation, told lawmakers he was “deeply sorry” for accidents and injuries involving its cars. He said Toyota had lost its way during a period of fast growth but vowed to steer it back to the values that made it a watchword for quality. Cheered by Toyota plant workers and dealers at an event organised by the...
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