via thetrader.se
FT.com
All UK deposit-takers and large investment firms will have to draw up “living wills” by the end of next year that would allow them to be wound down over a weekend and quickly return assets to clients, http://ftalphaville.ft.com/thecut/2011/08/10/648996/all-uk-banks-told-to-draw-up-living-wills/
Apple has won a preliminary injunction barring Samsung‘s sale of its Galaxy Tab in every European Union member nation but the Netherlands, the FT reports, in the most significant victory so far in an escalating legal clash between the two technology powerhouses. The ruling came in a case brought by Apple in Germany, http://ftalphaville.ft.com/thecut/2011/08/10/648986/apple-wins-eu-victory-against-samsung/
China’s trade surplus rose sharply in July, Xinhua says, to $31.48bn from 22.27bn in June. Exports climbed 20.4 per cent from a year earlier, reports Bloomberg, compared with the 17 per cent median forecast among economists surveyed by the news agency. http://ftalphaville.ft.com/thecut/2011/08/10/648966/chinas-trade-surplus-surges/
Meanwhile businesses are counting the cost of the riots, the FT reports, with insurers expected to face more than £100m of claims and retailers tens of millions of pounds in costs, as businesses calculate the effect of three nights of rioting http://ftalphaville.ft.com/thecut/2011/08/10/648951/focus-of-rioting-moves-beyond-london/
Standard & Poor’s has objected to an SEC proposal that ratings agencies be required to disclose “significant errors” in how they calculate their ratings, Reuters reports. S&P raised concern just days after the Obama administration accused it of making an error in calculations determining its downgrade of US debt. http://ftalphaville.ft.com/thecut/2011/08/10/648931/sp-pushes-back-against-disclosure-proposals/
Bank of America has agreed to sell part of its home-loan portfolio to Fannie Mae, the WSJ says, in a deal that will give the government-controlled mortgage giant the rights to process and collect payments on a pool of 400,000 loans with an unpaid principal balance of $73bn. http://ftalphaville.ft.com/thecut/2011/08/10/648876/bofa-and-fannie-mae-in-mortgage-deal/
Japan’s prime minister, Naoto Kan, came under intense pressure to resign on Tuesday after his finance minister indicated he would compete in a race for the leadership of the ruling party, reports the FT.http://ftalphaville.ft.com/thecut/2011/08/09/648826/kan-under-renewed-pressure-to-quit/
The US Federal Reserve attempted to tackle a rapidly weakening economy on Tuesday by freezing short-term interest rates for two years and opening the door to more quantitative easing, in a move that sent the dollar and Treasury yields sharply lower. The rate-setting Federal open market committee said: “The committee currently anticipates that economic conditions – including low rates of resource utilisation and a subdued outlook for inflation over the medium run – are likely to warrant exceptionally low levels for the federal funds rate at least through mid-2013.” http://www.ft.com/intl/cms/s/0/078d0708-c2ad-11e0-8cc7-00144feabdc0.html#axzz1UVK21rdL
By buying Italian and Spanish debt, the European Central Bank has certainly done the right thing. The rise in Italian yields over the summer was less a play on Italy’s own difficulties – high levels of government debt, a bit too much “bunga bunga” – and more a reflection of existential concerns over the euro’s future. By intervening in the eurozone’s bond markets, the ECB has become a lender of last resort following the precedent set by the Federal Reserve in late 2008 and through 2009. In a world characterised by growing financial panic, that has to be good news. http://www.ft.com/intl/cms/s/0/efd5eea8-c1f4-11e0-bc71-00144feabdc0.html?ftcamp=rss#axzz1UVK21rdL
WSJ.com
Asian shares rebounded Wednesday drawing comfort from the U.S., where the Federal Reserve’s pledge to keep interest rates low for two more years pushed stocks sharply higher. The dollar was mixed against its rivals, while the safe-haven Japanese yen held up solidly, underscoring the still-fragile market sentiment. Regional stock markets saw one of the biggest selloffs since the 2008 financial crisis Tuesday. Early Wednesday, Japan’s Nikkei Stock Average rose 1.8% after three straight days of losses, Australia’s S&P/ASX 200 gained 2.8%, South Korea’s Kospi Composite advanced 2.3% and New Zealand’s NZX-50 added 3.2%. http://online.wsj.com/article/SB10001424053111904140604576499090989311256.html?mod=WSJEurope_hpp_LEFTTopStories
Cleanup crews and volunteers swept up the debris from the U.K.’s worst riots in 30 years and Prime Minister David Cameron recalled Parliament to address the mess, as Britons grappled with two big questions: who perpetrated this week’s violence, and why? Many of those who witnessed the near lawlessness on London’s streets Monday night described the unrest as a straightforward criminal spree by opportunistic youths greedy for consumer goods. Mr. Cameron, returning to London on Tuesday after breaking off his summer vacation in Italy, condemned what he called “pure criminality.”http://online.wsj.com/article/SB10001424053111904007304576497323278044868.html?mod=WSJEurope_hpp_LEFTTopStories
The European Central Bank bought Italian and Spanish government bonds for a second day in a row, stabilizing borrowing costs for both countries and easing concerns for the moment that Europe’s debt crisis will spread to its larger countries. Ten-year government bond yields in Spain and Italy fell again Tuesday toward 5% after exceeding 6% as recently as Friday. Tuesday’s rally was less pronounced than on Monday after the ECB’s decision on Sunday to expand its bond-purchase program to Italy and Spain. http://online.wsj.com/article/SB10001424053111904480904576498311118854744.html?mod=WSJEUROPE_hpp_LEFTTopWhatNews
Selloff Helps Emerging Nations ‘Cure’ Inflation, The drop in financial and commodity markets may set the stage for looser monetary policy and weaker currencies in some emerging markets, where unlike much of the developed world, there is room for interest-rate cuts. In China, despite government data published Tuesday showing consumer inflation hit a three-year high in July of 6.5%, expectations among investors and economists for further increases in interest rates and bank reserve requirements have actually eased in recent days. http://online.wsj.com/article/SB10001424053111904480904576498010868865494.html?mod=WSJEurope_hpp_LEFTTopStories
Singapore’s economy contracted less than previously estimated in the April-to-June quarter due to better performance in the services sector, but the government warned that global economic uncertainties have intensified with emerging concerns of the U.S. slipping into a double-dip recession. Gross domestic product contracted 6.5% in the second quarter from the first in seasonally adjusted, annualized terms, compared with the 7.8% contraction estimated last month, according to revised estimates released by the Ministry of Trade and Industry on Wednesday.http://online.wsj.com/article/SB10001424053111904140604576498972983079778.html?mod=WSJASIA_hpp_LEFTTopWhatNews
The French government said it was ready to do whatever it takes to stick to its deficit-reduction plans, signaling its determination to remain among the six euro-zone nations still sporting a top-notch triple-A credit rating. France “won’t deviate one iota from its public-finance balancing plans,” Budget Minister Valérie Pécresse told French radio Tuesday, as the cost of insuring the country’s sovereign debt against default hovered around record levels. http://online.wsj.com/article/SB10001424053111904007304576498492210959026.html?mod=WSJEUROPE_hpp_LEFTTopWhatNews
For a few moments Tuesday, Apple Inc. overtook Exxon Mobil Corp. to become the world’s most valuable company, notching another milestone in a resurrection that has seen it evolve from a maker of niche computers into a global consumer electronics powerhouse.In mid-afternoon trading in Tuesday’s seesaw session, Apple reached a market capitalization of $343 billion, pushing it above Exxon’s market value. The stock moves—for a time—changed the rankings of the top two companies, which had been separated by $50 billion in market capitalization a few weeks ago. http://online.wsj.com/article/SB10001424053111904007304576498384081275152.html#ixzz1UbAW3uDX
The Federal Reserve sent investors lurching from worry to hope as it warned that the economy would remain weak for some time but said it was prepared to take further steps to shore it up. The Fed’s statement, which included plans to keep interest rates near zero for at least the next two years, ultimately sent the Dow Jones Industrial Average up 4%, its biggest daily gain since March 2009. Yields on Treasury bonds dropped as investor demand pushed up prices. Trading was chaotic. Investors were initially discouraged by the Fed’s announcement just after 2:15 p.m. EDT, disappointed that policy http://online.wsj.com/article/SB10001424053111904140604576498380497149042.html?mod=WSJEurope_hpp_LEFTTopStories
The turmoil in the stock market raises an unexpected challenge for luxury retailers by shaking what has been the industry’s steadiest source of growth—wealthy consumers. Well-heeled shoppers splurge when their portfolios are riding high and scrimp when they fall. That retail adage has helped luxury retailers post big sales gains quarter after quarter since the recession despite the unease gripping the broader mass of consumers. As stock markets have fallen sharply this month, sparked by the downgrade of the U.S.’s credit rating and broader economic concerns, luxury retailers have taken it on the chin. Since the end of July, shares http://online.wsj.com/article/SB10001424053111904480904576498632940394432.html?mod=WSJEUROPE_hpp_LEFTTopWhatNews
Marketwatch.com
speculation is mounting that its Australian counterpart will soon begin cutting rates, as global economic uncertainty drains consumer and business confidence in the nation. Recent move by Australia’s major banks to lower their fixed mortgage rates has been viewed as foreshadowing the switch from Australia’s tightening cycle to an easing. Australia’s policy cash-rate target currently stands at 4.75%, higher than rates in other advanced economies, such as a 0-0.25% target range in the U.S., 0-0.1% in Japan, and 1.5% in the Europe Union. The Reserve Bank of Australia’s most recent rate increase was in November of last year. http://www.marketwatch.com/story/will-australia-hike-rates-or-cut-them-2011-08-10
Reuters.com
Gold ticked higher on Wednesday, hovering near a lifetime high around $1,778 an ounce struck in the previous session, but further gains could be capped by a rebound in equities after the U.S. Federal Reserve’s vow to keep rates near zero. Gold added $13.09 to $1,756.49 an ounce by 0404 GMT, having hit a record at $1,778.29 on Tuesday, in its biggest three-day rally since the financial crisis in late 2008 after equities plunged on fears over the threat to economic growth from the U.S. and euro debt crises. http://www.reuters.com/article/2011/08/10/us-markets-precious-idUSTRE7781Q420110810
Brent crude rose $3 on Wednesday after the U.S. Federal Reserve’s promise to extend near-zero interest rates for two more years weighed on the dollar and helped reverse a steep slump in oil. Brent crude for September rose as much as $105.67 a barrel and traded at $104.77 by 0356 GMT. It ended post-settlement trading up $1.76 at $105.50 a barrel, after settling at $102.57, down $1.17, the lowest since February 18 and sliding as much as 15 percent in a week. http://www.reuters.com/article/2011/08/10/us-markets-oil-idUSTRE77838320110810
China’s price rises may have peaked but the country still faces inflationary risks, including the possibility of a new round of monetary easing by the United States, China’s top economic planner said on Wednesday. Reiterating recent comments about China’s inflation, the National Development and Reform Commission also noted that the U.S. Federal Reserve may buy more U.S. Treasuries, but it did not say why it thought that is likely. http://www.reuters.com/article/2011/08/10/us-china-usa-fed-idUSTRE7790LR20110810
Bloomberg.com
South Korea banned equity short sales for three months while the two biggest state-run funds said they may boost investments as the government seeks to shore up a market that’s had its biggest six-day drop in three years. The Financial Services Commission said it will ban short selling on all shares until Nov. 9 from today. http://www.bloomberg.com/news/2011-08-09/south-korea-bans-short-selling-as-state-run-funds-signal-increased-buying.html
Singapore cut its forecast for export growth this year as a struggling U.S. economy and Europe’s debt crisis threaten overseas sales, valued at more than half of the island’s gross domestic product. Non-oil domestic exports will probably rise 6 percent to 7 percent in 2011, less than a previous forecast for shipments to grow 8 percent to 10 percent, the trade promotion agency said in a statement today. Gross domestic product fell an annualized 6.5 percent in the second quarter from the previous three months, compared with a preliminary estimate of 7.8 percent, the trade ministry said separately.http://www.bloomberg.com/news/2011-08-10/singapore-cuts-export-growth-forecast-as-risks-to-global-recovery-increase.html
California faces “drastic” cuts to universities, schools and social programs if revenue continues to trail budget forecasts, the state controller said after July collections fell short by about 10 percent. A series of “triggers” written into the most-populous state’s $86 billion general-fund budget would cut spending on universities, home care for seniors and the disabled, libraries and other programs if revenue falls $1 billion short of plan. A $2 billion gap would mean a seven-day cut in the school year and an end to busing subsidies. http://www.bloomberg.com/news/2011-08-09/california-revenue-falls-10-3-short-of-forecast-in-july-on-expired-taxes.html
Treasuries fell, snapping a two-day rally, as gains in Asian stocks cut demand for the relative safety of government debt before the U.S. auctions 10-year notes today and 30-year bonds tomorrow. nvestor appetite waned after 10-year rates plunged to a record yesterday as the Federal Reserve promised to hold down borrowing costs to support the economy. The extra yield the securities offer over the upper end of the Fed target for its benchmark interest rate narrowed to 2 percentage points yesterday, the least in 30 months. The U.S. will probably avoid a recession, according to Michael Hasenstab at Franklin Templeton Investments. http://www.bloomberg.com/news/2011-08-08/treasuries-rise-reversing-loss-as-asian-share-slide-boosts-debt-demand.html
Japan’s Finance Minister Yoshihiko Noda said that one-sided moves in the yen can hurt growth as the currency strengthened against the dollar to close to the level where authorities intervened last week. “Recent one-sided movements in the currency market risk hurting the economy’s recovery from the earthquake,” Noda said in parliament in Tokyo today, reiterating remarks made on Aug. 4 when authorities sold the yen. The government may include measures to help companies combat the strong yen in its next reconstruction package, Chief Cabinet Secretary Yukio Edano said. http://www.bloomberg.com/news/2011-08-10/japan-s-noda-signals-concern-as-yen-strengthens-to-near-intervention-level.html
Australian consumer confidence deteriorated for a fourth straight month to the lowest level in more than two years, and the head of the nation’s largest bank said he doesn’t see a turnaround soon. The sentiment index dropped 3.5 percent in August to 89.6 from a month earlier, the lowest since May 2009, according to a Westpac Banking Corp. (WBC) and Melbourne Institute survey of 1,200 consumers taken Aug. 1-6 and released today in Sydney. It’s the longest sustained decline since early 2008. http://www.bloomberg.com/news/2011-08-10/australia-consumer-confidence-deteriorates-as-banking-chief-sees-no-relief.html
The $9.4 trillion U.S. government bond market is proving Federal Reserve Chairman Ben S. Bernanke matters more than Standard & Poor’s. Even though the U.S. is poised to run a budget deficit of $1.6 trillion and S&P removed the nation’s AAA rating, investors are lending the government money at record low rates. Four days after the first downgrade to AA+, the Treasury sold $32 billion of three-year notes to yield 0.5 percent. When the U.S. was running budget surpluses from 1998 through 2001, Treasuries of similar maturity yielded an average of 5.23 percent. http://www.bloomberg.com/news/2011-08-10/downgrade-doesn-t-matter-as-bond-investors-show-faith-in-fed-after-s-p-cut.html
Cnbc.com
Global oil demand will grow less than previously projected this year, according to forecasts on Tuesday from the U.S. and OPEC, as a worsening economic outlook will curb consumption in developed countries. The cut by the U.S. Energy Information Administration and a more pessimistic forecast by the Organization of the Petroleum Exporting Countries were in line with reductions by other forecasters such as investment bank Barclays Capital, as slowing growth hits consumers and businesses. http://www.cnbc.com/id/44082324
The United States could launch a new round of quantitative monetary easing, China’s top economic planner said on Wednesday in a statement addressing the country’s future inflation risks. Reiterating recent comments that China’s inflation may have peaked, the National Development and Reform Commission also noted that the U.S. Federal Reserve may buy more U.S. Treasurys, but it did not say why it thought that is likely. http://www.cnbc.com/id/44084630
FoxBusiness.com
The United States faces one-in-four odds of slipping back into recession, and a weaker economic outlook is raising the likelihood the Federal Reserve will soon do more to boost growth, a Reuters poll shows. The world’s biggest economy is still expected to pick up in the second half of the year as it shakes off high gasoline prices and factory disruptions created by Japan’s earthquake in March, according to the monthly survey of more than 70 economists. http://www.foxbusiness.com/markets/2011/08/09/chance-us-recession-rise-to-1-in-4/#ixzz1UbEkslFE
HuffingtonPost.com
American state and city governments already struggling to balance their books now must brace for the prospect of increased borrowing costs as Standard & Poor’s plans to reevaluate their credit ratings. Fresh off its unprecedented downgrade of the federal government’s creditworthiness, the rating agency said that it will evaluate local governments — many of which are still struggling to recover from the Great Recession — after federal lawmakers announce specific spending cuts later this year. Lower ratings could make it more expensive for governments to borrow money in a market where investors use these grades to judge credit quality. http://www.huffingtonpost.com/2011/08/09/sp-downgrades-city-state-municipality_n_922620.html
WashingtonPost.com
Germany’s robust economy is showing signs of a slowdown, raising fears that the linchpin holding together Europe’s fragile financial health could be weakening. On Tuesday, the country revealed that its exports in June rose by only 3.1 percent, compared with a 20.1 percent increase in May, marking the smallest increase in 16 months. A few days earlier, an index of German manufacturing activity dropped from 54.6 in June to 52 in July — the lowest level since October 2009, marking the third consecutive month of declines. http://www.washingtonpost.com/business/economy/european-financial-crisis-germany-shows-signs-of-slowdown/2011/08/09/gIQArs5b5I_story.html
Telegraph.co.uk
UK manufacturing output unexpectedly falls as trade deficit widens, British factory output unexpectedly fell in June and the trade deficit hit its widest since December, figures showed on Tuesday, demonstrating the fragility of the economic recovery even before the recent market turmoil. http://www.telegraph.co.uk/finance/economics/8690904/UK-manufacturing-output-unexpectedly-falls-as-trade-deficit-widens.html
Facebook usage falls to three-year low. Facebook usage in the UK fell nearly 4pc in July to its lowest level since 2009, sparking concerns that the social network has hit its peak and may be declining in popularity. The site, which is preparing to make a $1bn (£610m) initial public offering this year, is still the most popular of its kind in the country and accounts for just over half (50.1pc) of all internet visits to social networks. However, it has slipped from its 53.7pc share of the UK market in June – a “significant loss”, according to research company Experian Hitwise.http://www.telegraph.co.uk/finance/newsbysector/mediatechnologyandtelecoms/8691681/Facebook-usage-falls-to-three-year-low.html
800,000 homeowners in negative equity. Seven per cent of all homeowners with mortgages are now in negative equity – owning houses that are worth less than the loan that they still have against the property. Before the credit crunch, the number of people in negative equity was “negligible”. Collapsing property values and the availability of high loan-to-value mortgages shortly before the financial crisis helped to fuel the increase. http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/8692378/800000-homeowners-in-negative-equity.html
Independent.co.uk
the european Central Bank yesterday urged eurozone governments to speed up the implementation of new measures agreed as part of the second Greek bailout as it continued to buy Italian and Spanish bonds to soothe the markets. The ECB moved in to put out the fire around Italian and Spanish debt on Monday, with the EU’s bailout fund still lacking the authority to buy government bonds in times of turmoil. The new powers for the European Financial Stability Facility (EFSF) were agreed in tandem with the second Greek rescue in July, but still need to be ratified by the eurozone’s members.http://www.independent.co.uk/news/business/news/trichet-calls-on-eu-leaders-to-implement-crisis-plans-2334960.html
Smh.com.au
The federal government’s leading employment index has fallen for a fourth straight month in August, following on from three consecutive monthly increases. The Department of Education, Employment and Workplace Relations says its monthly leading indicator of employment fell 0.063 points to 0.322 in August. The department said all four components of the indicator subtracted from its growth rate in August. http://www.smh.com.au/business/jobs-index-falls-for-fourth-straight-month-20110810-1im3k.html#ixzz1UbHh2rPX
Spain hsa rejected outright any need for a rescue to avert a sovereign debt crisis even as European Central Bank intervention halted a market attack on its bonds. Fears that the major European economies of Spain and Italy could be the next dominoes of a widening eurozone debt crisis have gripped financial markets. Those concerns have been overshadowed for now by an historic downgrade of the United States’ AAA-rated debt and by the shaky outlook for global economic growth, which have hammered stocks worldwide. http://www.smh.com.au/business/world-business/spain-rejects-need-for-rescue-20110810-1ilep.html#ixzz1UbHqabrz
Xinhuanet.com
The economic crises in the United States and Europe will likely affect ASEAN countries, whether directly or not, through foreign direct investment and third- party trade, the Jakarta Post quoted a top official as saying on Wednesday. “(The crisis) will certainly have some implications for us, maybe not in the short term; but in the long term, it will have a negative impact,” ASEAN Secretary-General Surin Pitsuwan told the daily in an interview. http://news.xinhuanet.com/english2010/business/2011-08/10/c_131040601.htm
Argentina’s Economy Minister Amado Boudou said Tuesday his country is prepared to deal with the global economic crisis, after world stock markets plunged on Monday. Boudou said the government has adopted several new measures to sustain the growth of its domestic market, though the Buenos Aires stock market sank 10.73 percent Monday following Friday’s downgrade of the U.S. credit rating by Standard & Poor’s. http://news.xinhuanet.com/english2010/business/2011-08/10/c_131040561.htm
The downside risks for the Singapore economy have increased, though the impact of high oil prices and supply chain disruptions from the Japan earthquake have subsided, Singapore’s Ministry of Trade and Industry said on Wednesday. http://news.xinhuanet.com/english2010/business/2011-08/10/c_131040563.htm
South Korea’s jobless rate fell to 3.3 percent in July from a year earlier as private sector increased employment amid brisk exports and economic recovery, a government report showed Wednesday. The unemployment rate stood at 3.3 percent in July, down 0.4 percentage point from the same month a year earlier, the Statistics Korea said in a month report. The rate was unchanged from the 3.3 percent tallied for June. The number of unemployed, who failed to land work despite job-hunting efforts, decreased 837,000 last month from 932,000 a year before. http://news.xinhuanet.com/english2010/business/2011-08/10/c_131040377.htm
TheHindu.com
The Centre on Tuesday accorded a two-year extension to Reserve Bank of India Governor D. Subbarao beyond his term ending September. The extension will be with effect from September 5 this year till September 4, 2013. “The Prime Minister approved the extension to D. Subbarao, Governor of RBI, for two years,” a PMO spokesman said. http://www.thehindu.com/business/Economy/article2339508.ece
Sweden is keen on expanding its business and investment legacy in India as it explores symbiotic trade ties across a range of sectors, Ambassador of Sweden to India Lars-Olof Lindgren said on Tuesday. Addressing reporters after a luncheon meet hosted by the Confederation of Indian Industry (CII) -Southern Region, Mr. Lindgren said the one thing that he emphasises at meetings with the Indian business class, politicians, and bureaucrats, is that although Sweden and India are different in many aspects, there is great potential for both countries to do more together for mutual benefithttp://www.thehindu.com/news/national/article2340760.ece
Despite the duty cut on crude and petroleum products in June, indirect tax collections in July registered a 27 per cent growth. The Chairman of Central Board of Excise and Custom, Mr S. Dutt Majumdar, told Business line, “The current rate of growth shows that economy is on the strong path.” These numbers are for the first full month since the duty reduction on crude, petrol and diesel on June 25. http://www.thehindubusinessline.com/industry-and-economy/article2340566.ece?homepage=true
EconomicTimes.com
Indicating that European debt crisis is hurting Indian businesses, a new survey has found that many domestic firms operating in Europe have suffered up to 15 per cent revenue losses in 15 months till June, 2011. The survey by industry body Ficci, conducted from end of June 2011 till July, covered companies in diverse sectors including IT, finance and textiles.http://economictimes.indiatimes.com/news/economy/finance/indian-cos-in-europe-suffered-15-revenue-losses-till-june11/articleshow/9543005.cms
Yonhapnews.co.kr
South Korea’s central bank is widely expected to freeze the key rate for August as the grim global economic outlook sparked by a U.S. credit downgrade upped external economic uncertainty despite persisting inflation woes, a poll showed Wednesday. Sixteen out of 17 economists forecast that the Bank of Korea (BOK) will freeze the benchmark seven-day repo rate at 3.25 percent for the second straight month on Thursday, according to the survey by Yonhap Infomax, the financial news arm of Yonhap News Agency. http://english.yonhapnews.co.kr/business/2011/08/10/59/0503000000AEN20110810004300320F.HTML
TheMoscowtimes.com
Russia could borrow up to $900 million per year from development banks and $300 million from international financial organizations in 2012-14, the Finance Ministry said in its draft debt policy outline for the period, posted on its web site. The country has not taken loans for budgeting purposes from international organizations since 2002 and has concentrated instead on joint projects with multilateral development banks in priority areas and sectors of the economy, using investment loans with a considerable portion of co-financing by Russia itself. http://www.themoscowtimes.com/business/article/international-borrowing-for-projects-could-reach-12bln/441754.html#ixzz1UbKgSKFB
Fin24.com
Johannesburg – Transnet and Eskom bonds are now more highly rated than US government bonds, according to the latest ratings by Fitch and Moody’s Investment Services. After revising the parastatal’s outlook last month, Fitch affirmed Eskom’s national long-term rating at AAA(zaf) with a stable outlook, according to the Business Report on Wednesday. The agency also affirmed Transnet’s government guaranteed bond issue at AAA(zaf). http://www.fin24.com/Markets/Bonds/SA-bonds-have-better-ratings-than-US-20110810
TehranTimes.com
Iran retains its position in 2010 as the second largest oil exporter in the Organization of Petroleum Exporting Countries, data from the British Petroleum Statistical Review of World Energy 2011 and the U.S. Energy Information Administration (EIA) indicated. OPEC in its Annual Statistical Bulletin has put Nigeria ahead of Iran in regard to export of oil in 2010. The issue has been faced with reactions of Iran’s officials, called that report ‘ambiguous.’ http://www.tehrantimes.com/index.php/economy-and-business/1379-iran-still-second-largest-exporter-in-opec-data-shows
KhaleejTimes.com
The Central Bank of the UAE on Tuesday re-affirmed its commitment to maintain its currency’s peg to the US dollar, despite a backdrop of rising global economic uncertainty that has caused the greenback to fall against other major currencies. “On the issue of the exchange rate policy, the Board of Directors affirmed that the peg of the dirham to the US dollar is continuing without change,” the central bank said in an emailed statement. The central bank hoped that the nation’s banks would not be impacted by the on-going turmoil on international markets. After the meeting of its board of directors, the central bank said the nation’s banks are “in good position.” http://www.khaleejtimes.com/biz/inside.asp?xfile=/data/business/2011/August/business_August200.xml§ion=business
