International Economics

Attorney Generals of New York and Connecticut subpoena 7 Banks in connection to the LIBOR rate-fixing scandal

August 15, 2012

“American and British regulators have already fined Barclays, based in Britain, $453 million for submitting false information between 2005 and 2009 to keep the interest rate, known as LIBOR, low.”

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Brazil unveils a $60 Billion Infrastructure Stimulus Package

August 15, 2012

“More than $60bn (£38bn) will be invested in the country’s roads and railways over the next 25 years, with more than half in the next five years.”

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U.S. Wall Street Stocks ease upwards on Tuesday as stronger-than-expected U.S. retail sales meet rising oil prices

August 14, 2012

“The S&P 500 is within a stone’s throw of new four-year highs, leaving investors looking for new catalysts to move the market higher.”

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Italian Prime Minister Monti trying to pressure German Chancellor Merkel into agreeing to a European shield against high borrowing costs

August 9, 2012

“His change of attitude is driven by increasing Italian exasperation with repeated delays in formulating an effective response to a crisis on bond markets that has put Spain and Italy in the front line against an existential threat to the euro and perhaps the whole European Union.”

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Food Price Index: Food prices increased by 6% after three consecutive months of decline

August 9, 2012

“According to the U.N. report, global corn prices surged nearly 23% in July, exacerbated by “the severe deterioration of maize crop prospects in the United States, following drought conditions and excessive heat.”"

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The Economist: 5 years after the Financial Crisis, the Eurozone faces Japanese-style economic stagnation

August 9, 2012

“To avoid Japanese-style stagnation it was vital, first, to act fast; second, to clean up battered balance-sheets; and, third, to provide a bold economic stimulus.”

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Iraq’s self-ruled Kurdish region signs agreement with South Korean companies to construct two power plants as part of an oil exploration deal

August 8, 2012

“A statement says the $700-million transaction calls for Posco Engineering and Construction Ltd. to build a 300-megawatt steam power generation plant in Irbil in three to six months, and a 400-kilovolt power transformer in Sulaimaniyah within eight months.”

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Euro rises to a three-week high versus the Yen amid speculation that the ECB is taking action to quell the debt crisis

August 8, 2012

“The shared currency added 0.5 percent in the past week versus nine developed-nation counterparts tracked by the Bloomberg Correlation-Weighted Indexes.”

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Ethiopia’s annual inflation rate remained high at 20% in July

August 7, 2012

“Officials expect gross domestic product growth of 11 percent for 2011/2012, which ended in June, thanks to rising agricultural output, the seventh consecutive fiscal year of growth.”

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Euro goes up on Tuesday as traders expect the ECT will act to lower borrowing costs for Spain and Italy

August 7, 2012

“Rising expectations that the ECB could step in as early as next month to reduce crippling Spanish and Italian borrowing costs have sparked a global rally in risky assets since Friday.”

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Asian Stocks go up on investor confidence in European debt management & stimulus enactment by the U.S. & China

August 7, 2012

“Sentiment improved as yields in Spain and Italy inched lower on Monday on expectations the European Central Bank will follow through with upcoming policy steps to contain Madrid’s borrowing costs.”

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European Stocks drop and the Euro falls late Monday on pessimism about the prospects of a Spain bailout

August 6, 2012

“Spanish Prime Minister Mariano Rajoy has signaled he may seek a full-blown aid package, but has not yet made a decision on the matter.”

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Italian Prime Minister Monti: European Union could break apart if countries don’t lower government borrowing costs

August 6, 2012

“While he backed the ECB’s willingness to address “severe malfunctioning” in the government bond market, Monti said the problems “have to be solved quickly now so that there’s no further uncertainty about the euro zone’s ability to overcome the crisis.””

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Asian shares soar and the Euro gains on the stronger-than-expected U.S. July Jobs Report

August 6, 2012

“European stocks were likely to extend gains after surging to four-month highs on Friday, while U.S. stock futures signaled a firmer Wall Street start.”

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New Law bans British Ships from docking in Buenos Aires, Argentina

August 5, 2012

“The law is designed to hinder British ships involved in oil exploration in waters belonging to the islands and will be seen as the latest in a series of provocations in the run up to the 30th anniversary of the Falklands War.”

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