International Economics

European Union Finance Ministers Sticking to Target for Cyprus to Raise 5.8 Billion Euros

March 18, 2013

“Euro-area finance ministers told Cyprus to raise 5.8 billion euros ($7.5 billion) from bank depositors to unlock emergency loans, maintaining the revenue target while suggesting sparing small-scale savers.”

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Government: Cyprus Banks to Remain Closed Until Thursday

March 18, 2013

“”Tuesday and Wednesday are bank holidays,” the source said. A decree will be released shortly from the Finance Ministry to this effect, he said.”

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Bank Run: Cyprus Delays Vote on Forfeiture of 9.9% of Personal Savings to Fund a Bailout

March 17, 2013

“The move to take a percentage of deposits, which could raise almost 6 billion euros, must be ratified by parliament, where no party has a majority. If it fails to do so, President Nicos Anastasiades has warned, Cyprus’s two largest banks will collapse”

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Standard & Poor’s Cuts Puerto Rico’s Sovereign Debt Credit Rating to BBB- (Near-Junk Status)

March 13, 2013

“”We base the downgrade on the result of an estimated fiscal 2013 budget gap, which we view as significantly larger than originally budgeted, absent corrective action,” said S&P credit analyst David Hitchcock.”

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Analysis: Chinese Economic Data Indicates Weakest Start to Year Since 2009

March 10, 2013

“Production increased 9.9 percent in the first two months and retail sales rose 12.3 percent, government data showed March 9, trailing economists’ estimates.”

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Greenland Prime Minister Threatens European Union to Block Preliminary Mineral Resources Deal

March 9, 2013

“To the dismay of many European politicians, China has been eyeing investments in the former Cold War ally of the West, which include iron, zinc and rare earth minerals.”

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China Posts Unexpected Trade Surplus in February

March 9, 2013

“February’s exports were 21.8% higher than a year earlier, when the Lunar New Year fell in January, while imports were 15.2% lower than the year-earlier month.”

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Analysis: Great Britain’s Economic Uncertainty Directly Led to Credit Downgrade

February 24, 2013

“…the British government will end this year with a primary deficit — the purest measure of how much more a government spends than it receives in taxes — of 4.3 percent of gross domestic product. That is by far the highest such figure in Europe.”

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Moody’s Investors Services Downgrades Great Britain’s Credit Rating From AAA to Aa1

February 24, 2013

“Moody’s announced on Friday night that it had cut the Government’s bond rating one notch from ‘Aaa’ – the highest possible level – to ‘Aa1’.”

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Obama Administration Announces New Initiative to Reduce Theft of U.S. Trade Secrets

February 20, 2013

“The Obama administration warned Wednesday that it will launch new efforts to persuade China and other countries to halt the theft of billions of dollars’ worth of U.S. trade secrets.”

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Standard & Poor’s Downgrades Tunisia’s Credit Rating For the Third Time Since January 2011

February 20, 2013

“Hours before Jebali announced his resignation, Standard and Poor’s rating agency downgraded Tunisia’s credit rating for the third time since Mr. Ben Ali’s removal: from BB to BB-.”

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President Obama Calls for Free Trade Agreement With the European Union

February 17, 2013

“Negotiations are not expected to be easy, with entrenched interests, especially in protected sectors of the agriculture industry, fighting to maintain their subsidies and preferences.”

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Officials: Purchase Orders Reveal Iranian Purchase of Ring-Shaped Magnets for Nuclear Enrichment

February 13, 2013

“The revelation of the new orders for nuclear-sensitive parts coincides with Iran’s announcement that it plans to add thousands of more-advanced, second-generation centrifuges that would allow it to ramp up its production of enriched uranium even further, analysts said.”

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China Surpasses the United States as the World’s Biggest Trading Partner in 2012

February 10, 2013

“U.S. exports and imports of goods last year totaled $3.82 trillion, the U.S. Commerce Department said last week. China’s customs administration reported last month that the country’s trade in goods in 2012 amounted to $3.87 trillion.”

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European Union Leaders Meeting at Brussels Conference Reach Agreement on Broad 7-Year Budget Framework

February 8, 2013

“The officials said around 12 billion euros would be cut from the last budget proposal, made at a summit in November when agreement eluded leaders, bringing the headline ceiling for spending down to 960 billion over the full 2014-2020 plan.”

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