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EU trade chief nominee backs Russia’s WTO entry
The nominee to be the European Union’s trade chief said this week that he supported Russia’s accession to the World Trade Organisation. Karel de Gucht told a hearing in the European Parliament that much now depended on Russia and whether it wants to join the WTO as part of a customs union with Belarus and Kazakhstan. He also said Moscow was violating agreements on tariffs with the EU but he hoped these were temporary measures. “Yes, I support the entry into the WTO of Russia. But of course it depends on Russia,” de Gucht said. “They have been concluding this customs union with Belarus and Kazakhstan … Will they give pre-eminence t... -
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Oil hits new 15-month high on demand, dollar
Oil prices rose 1 percent on Monday, hitting a fresh 15-month high above $83 a barrel, supported by data showing China’s crude oil imports surged by nearly 25 percent in December and as the US dollar weakened. The prolonged cold snap in the US and Europe continued to boost demand for heating fuel, lending support to oil prices. US crude for February delivery rose 67 cents to $83.42 a barrel by 0958 GMT, off an earlier peak of $83.67, the highest price since October 2008. London Brent crude gained 60 cents to $81.97. But oil is still 43 percent below its July 2008 high of more than $147 a barrel. “The weak US dollar, cold weather and robus... -
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BofA says bonuses will rise, but no record payouts
In December the largest US bank joined others on Wall Street that repaid billions in bailout funds to the government, ending restrictions on top executives’ pay. “We had some units that had very, very good results and the compensation will reflect that,” said the spokesman, Robert Stickler. The bank pays bonuses based on the performance of the individual, his or her business unit and the whole company, he said. The top payouts will likely be for employees in the capital markets division, which was one of Bank of America’s best performing businesses last year, Stickler said. That unit had total sales and trading revenue of $15.5bn for ... -
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Argentine president fires central bank chief
Argentine President Cristina Fernandez on Thursday fired the country’s central bank president, who had rejected her calls to step down for refusing to use Argentina’s foreign currency reserves to pay debt. Fernandez issued a presidential decree removing Martin Redrado from office, citing misconduct and dereliction of duties. He was replaced by Central Bank Vice President Miguel Pesce, a government ally, who will serve as interim president. The conflict has highlighted uncertainty in Argentina as Latin America’s number 3 economy tries to win back investor confidence and return to global markets with a bond issue eight years after a massi... -
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Iceland will “honour its obligations”
Iceland will “honour its obligations” over the more than $5bn owed to Britain and the Netherlands that was lost in failed savings banks, President Olafur Grimsson told reporters. The Icelandic parliament had approved a deeply unpopular bill to cover compensation already paid out by the British and Dutch governments to holders of “Icesave” accounts after Icelandic banks collapsed in 2008. But Grimsson stunned international financial markets and the government on Tuesday by refusing to sign it and forcing a referendum on the issue. “The view that we will not honour our obligations is completely wrong,” Grimsson told the BBC Newsnigh... -
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Sarkozy says FX issue must be focus of global debate
Alluding to recent calls to revamp the global monetary system to reduce the dominant role of the dollar, Sarkozy said that disparities between the two currencies posed a “considerable problem.” The prospect that companies might consider relocating some of their industrial activity to regions reliant on the dollar could not be ruled out, he said during a visit to a plant of defence electronics group Thales. “I will bring up this problem of monetary disparities all through the year,” he said in a New Year’s speech to workers and business leaders in western France. “If you’re producing in the euro zone and selling in the dollar zon... -
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Europe shares hit new 15-month high, banks support
European shares hit a new 15-month peak in early trading on Wednesday, led higher by financials and miners, with investors waiting for more macro-economic data later in the session for clearer market direction. At 0811 GMT, the FTSEurofirst 300 index of top European shares was up 0.4 percent to 1,064.25 points, the highest since October 2008. The index rose 26 percent last year and has surged 65 percent since hitting a record low in early March of 2009. Banks were among the top gainers, with HSBC, Barclays, Lloyds, Royal Bank of Scotland, Societe Generale and Natixis rising 0.3 to 3.1 percent. Investors awaited US ADP employment numbers, due ... -
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Japan finmin’s health woes keep markets guessing
Japanese Finance Minister Hirohisa Fujii left financial markets guessing on Tuesday on whether he will remain in the post, saying he was still waiting for test results after being hospitalised last week suffering from exhaustion. The 77-year-old fiscal veteran said the medical results may be available shortly, and a decision on whether he should stay on should be made before parliament convenes later this month. Fujii’s health problems have added to the challenges that are piling up for the novice Democratic Party-led government as it wrestles with deflation, a fragile economy and huge public debt. Fujii is an advocate of fiscal discipline ... -
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Investors kick off 2010 in bullish mood
Financial markets kicked off 2010 on an upbeat note on Monday with world stocks close to 15-month highs on hopes for a sustainable economic recovery. The dollar was slightly weaker against a basket of major currencies while government bonds sold off. MSCI’s all-country world stock index was up nearly half a percent, slightly below 2009 highs but around where they were in October 2008 just after the Lehman Brothers collapse. Other indexes are beyond that mark, with MSCI’s emerging market benchmark and its Asian Pacific stocks ex-Japan gauge both at 17-month highs. Investors were essentially adding to last year’s bets that the global econ...
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