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Kenya’s MPC sees no risk with domestic inflation
Kenya’s inflation rate is likely to remain low in the near future as the performance of east Africa’s biggest economy improves, the central bank’s Monetary Policy Committee (MPC) said on Friday. In a statement expounding upon the MPC’s decision to keep its key central bank rate (CBR) at seven percent on Tuesday, Central Bank of Kenya Governor Njuguna Ndung’u said overall inflation rates were “low and stable”. Kenya’s inflation rate fell precipitously after the statistics agency adopted a new calculation method in October. It is expected to ease even further with the February data when the country changes the basket of goods it... -
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US lawmakers turn up heat on Geithner over AIG
Lawmakers challenged Treasury Secretary Timothy Geithner’s credibility recently after he said he was not involved in a decision by bailed-out insurer AIG to withhold details about $62bn paid to banks. Geithner held his ground at a hearing, however, insisting the government-funded rescue which cost more than $180bn had been necessary to avert economic collapse. Big taxpayer-funded bailouts for AIG and other financial institutions at a time of soaring unemployment have angered voters. Concerns about the economy helped to put a Republican into a Senate seat that had been long-held by Democrats in Massachusetts, serving notice to lawmakers faci... -
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Tullow launches $1.6bn share sale
London-based oil explorer Tullow Oil launched a placing of 80.4 million shares on Wednesday, equivalent to 10 percent of its outstanding shares, to pay for development of assets in Uganda. Based on Tuesday’s closing price of 1,216 pence, the sale would raise almost £1bn. Tullow said the money will be needed to meet higher capital expenses after it dropped a plan to sell half its Uganda assets. Tullow planned to sell the interests in the fields in the Lake Albert basin, to attract a partner with the technical expertise needed to develop the complex project. However, when Tullow’s partner Heritage Oil agreed to sell its interests to Italia... -
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BOJ set to keep easing bias as gov renews pressure
The Bank of Japan may sound less pessimistic about the economy on Tuesday but it will likely keep its bias skewed towards further monetary easing, with the finance minister pressuring it again to do its utmost to fight deflation. But it remains ready to ease monetary conditions in the future, such as by buying more government debt or expanding on the new funding operation, if sharp yen or bond yield gains threaten an economy barely out of deep recession. In a sign the government will maintain its pressure on the BOJ, Finance Minister Naoto Kan told parliament on Tuesday he wanted to overcome deflation by working with the central bank. “Defl... -
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Gates says US recovery to take years, taxes rise
Bill Gates, the world’s richest man, has said the US economy could take years to recover from recession and predicted taxes will have to rise to bring the federal budget into balance. Speaking on ABC’s Good Morning America, Gates also warned against too much government intervention and urged President Obama to focus policy on long-term issues such as education to combat the effects of the worst recession since the Great Depression. “When you have a financial crisis like that, it’s years of digging out,” said Gates, who co-founded Microsoft Corp and remains its chairman. “The budget’s very, very out of balance. And even as the ec... -
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Ahmadinejad says new budget less dependent on oil
Ahmadinejad, who faces opposition protests seven months after his re-election, also said Iran “will have good news over production of 20 percent enriched fuel in February”. “This news will make the Iranian nation and other independent nations happy,” he told reporters in parliament after presenting the budget to parliament. Critics accuse Ahmadinejad of squandering the windfall oil revenue Iran earned when crude prices soared in the first half of 2008, leaving it more vulnerable now that it faces possible UN sanctions over its nuclear work. “We have paid special attention to reducing dependence on oil income and increasing non-oil r... -
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China’s future inflation is a present headache
Chinese inflation remains tame, but prices have been creeping up in the past few months and policymakers may not only have to step up their rhetoric but also the pace of monetary tightening to prevent Wang’s fears from becoming a reality. “I really worry that prices may rise more quickly in the future, especially for rice, meat and vegetables. After all, we can skip buying things like clothing and entertainment, but we can’t skip food,” Wang said. Inflation picked up to 1.9 percent in December, its highest in 13 months, though still low by international standards. Some economists have dismissed the rise as a result of volatile food pr... -
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Obama threatens fight with banks on new risk rules
President Obama threatened to fight Wall Street banks on Thursday with new proposals to limit financial risk taking, sending stocks and the dollar tumbling. “If these folks want a fight, it’s a fight I’m ready to have,” he told reporters at the White House, flanked by his top economic advisers and lawmakers. “We should no longer allow banks to stray too far from their central mission of serving their customers,” he said. The proposals, which need congressional approval, would prevent banks or financial institutions that own banks from investing in, owning or sponsoring a hedge fund or private equity fund. They also would set a new... -
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US airlines top estimates, outlook hits shares
Continental projected a drop in its unit revenue for January, surprising investors who expected revenue per available seat mile (RASM) numbers to improve as it has been doing in the last few months. The projections were driven by a slow recovery of business traffic and stronger-than-expected leisure demand in December, executives said. “We are seeing business traffic come back slowly, but we’re stressing the word ‘slowly’,” Chief Marketing Officer Jim Compton said during a call with analysts and reporters. Continental said its mainline RASM number would fall four percent in January. The carrier says consolidated RASM, which accounts... -
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Kenya fiscal stimulus may still be needed
There are signs the global economy is rebounding but Kenya should keep assessing its economic performance before reducing or removing its fiscal stimulus, the World Bank’s country director said recently. Kenya put in about one percent of its GDP as fiscal stimulus in its 2009/10 budget after suffering the triple shocks of post-election violence, drought and global economic slowdown. “In terms of reducing and removing the fiscal stimulus altogether it may actually be premature, although there are signs that the global economy is recovering, but we are not in a full fledged recovery yet,” Johannes Zutt told reporters. “There is still a ...
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