International Economics

China: In January, Exports Increase 25%; Imports Up 28%

February 8, 2013

“China reports surge in January trade; exports jump 25 percent, imports 28 percent.”

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European Central Bank President’s Concerns About Currency Push Euro Value Even Lower

February 8, 2013

“Mario Draghi said on Thursday that the exchange rate is important for growth and price stability and that he wants to see “whether the appreciation is sustained and will alter our risk assessment as far as price stability is concerned.”

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Brussels Summit Chair Herman Van Rompuy Urges Compromise on the European Union (EU) Budget

February 8, 2013

“The Brussels summit chair, Herman Van Rompuy, urged them to compromise and keep the EU budget focused on growth, innovation and creating jobs.”

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Reserve Bank of Australia Cuts Economic Growth and Inflation Projections

February 8, 2013

“The Reserve Bank of Australia reduced its economic growth and inflation forecasts as investment outside the mining industry remains elusive, the labor market softens and a high local currency contains prices.”

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U.S. Coal Exports to Europe Increased 26% in 2012

February 7, 2013

“The new dependence on one of the dirtiest fuels shows just how challenging it is to maintain pressure to go green, analysts and officials say, and demonstrates the far-reaching effects of America’s natural gas boom.”

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Political and Economic Uncertainty in Spain Force More Borrowing at Triple-Bond Auction

February 7, 2013

“In all, it sold 4.6 billion euros worth of the three bonds, slightly higher than the top end of its target range. Demand was strong, continuing the trend from January when Spain saw yields on shorter-term paper falling to ten-month lows.”

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European Central Bank Helps Put Ireland On Track For European Union and International Monetary Fund Loans

February 7, 2013

“Ireland struck a long-awaited deal on Thursday to ease the burden of debts it took on to rescue its banking system in a way that will cut its budget deficit and borrowing needs and put it on track to end its reliance on EU-IMF loans this year.”

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Ukraine Government Rejects $7 Billion Bill From Russia’s Gazprom For Unused Gasoline

February 7, 2013

“Energy Minister Eduard Stavitsky said there were “no grounds” to pay the money, which makes up nearly 4% of the country’s GDP ($183bn).”

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Despite U.S. Objections, Iraq Kurds Push Forward With Construction of an Oil Export Pipeline to Turkey

February 7, 2013

“Baghdad says it alone has the authority to control exports of the world’s fourth largest oil reserves, while the Kurds say their right to do so is enshrined in Iraq’s federal constitution, drawn up following the U.S.-led invasion of 2003.”

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Environmental Investigation Agency: Almost Half of Timber Exported From Mozambique to China is Illegal

February 7, 2013

“The Environmental Investigation Agency (EIA) said its investigation showed that Mozambican politicians and Chinese traders were systematically involved in timber smuggling and illegal logging.”

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European Central Bank Keeps Interest Rates Unchanged at 0.75%

February 7, 2013

“Many analysts do not expect the ECB to alter rates from their current record low until next year at the earliest.”

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Bank of England Keeps Interest Rates Constant at 0.5%

February 7, 2013

“Sterling rose as investors took Carney’s comments to show little sign of looser monetary policy ahead. The pound rose 0.4 percent to $1.5720.”

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United Kingdom Industrial Output Increases 1.1% in December 2012

February 7, 2013

“The rise – which includes figures for energy production and mining – was higher than many economists’ predictions of a 0.9% rise.”

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Irish Parliament Passes Emergency Legislation to Liquidate Anglo Irish Bank, a Bailout Recipient

February 7, 2013

“Under the plan the bank, now the IBRC, will cease to exist. Its debt will be transformed into a long-term bond. The scheme is designed to ensure the repayments are reduced and spread over a longer period.”

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European Union Leaders Hold Two-Day Conference in Brussels to Negotiate an EU Budget

February 7, 2013

“The UK, Germany and other northern European nations want to lower EU spending to mirror the cuts being made by national governments across the continent.”

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