International Economics

Japan Prime Minister Abe: Deflation is a “Monetary Phenomenon” That Can Be “Overcome By Monetary Policy”

February 7, 2013

“Speaking in parliament, Abe also dismissed the view, expressed by Bank of Japan governor Masaaki Shirakawa and shared by some academics, that a shrinking population was the main cause of deflation in Japan.”

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Canada Drops Penny From Its Currency System

February 6, 2013

“The cost of the metal that goes into a penny has surged in recent years, making the coin’s production more expensive than its face value.”

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Bank of Japan Governor Masaaki Shirakawa to Step Down on March 19th, 3 Weeks Before His Term Ends

February 6, 2013

“Mr. Shirakawa said he timed his departure to coincide with that of his two deputies, whose terms end March 19, so a trio of Bank of Japan policy-board leaders could start together. He said he made the decision Tuesday, and wasn’t pressured by the government.”

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Japan Nikkei Stock Index Closes at Highest Level Since 2008

February 6, 2013

“The Nikkei jumped 3.77 per cent, or 416.83 points, to 11,463.75 on a spike in risk sentiment and as the yen plunged on surprise news that the head of the Bank of Japan would quit early.”

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Iraqi Kurdistan Negotiating With International Companies to Operate Oil Fields

January 30, 2013

“Kurdistan has upset the central government by signing deals directly with oil majors such as Chevron Corp and Exxon Mobil, providing lucrative production-sharing contracts and better operating conditions than in the south of the country.”

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United Nations World Tourism Organization: Global Tourism Expected to Increase in 2013

January 30, 2013

“International tourist arrivals crossed the 1 billion mark for the first time in 2012, with visitor numbers swelling 4 percent.”

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Israel Central Bank Governor Stanley Fischer Resigns Effective June 30th

January 29, 2013

“Fischer, an internationally respected economist, served as deputy director of the International Monetary Fund and held top posts the World Bank and Citigroup Inc. before taking over Israel’s central bank in 2005.”

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Catalonia Requests an Additional 9 Billion Euros in Bailout Money From the Spanish Government

January 29, 2013

“The independence-minded region of Catalonia has asked the Spanish central government for an extra 9bn euros (£7.7bn) in bailout money.”

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India’s Central Bank Lowers Lending Rate to 7.75% and Decreases Bank Minimum Required Reserve Ratio

January 29, 2013

“In another move, the Reserve Bank of India cut its inflation and growth forecasts for the rest of the fiscal year through March, indicating that slowing growth is now a bigger concern than high inflation.”

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Myanmar Reaches Deal With International Lenders to Cancel $6 Billion in Government Debt

January 28, 2013

“The country also cleared its arrears to the World Bank and the Asian Development Bank (ADB) with the help of a bridge loan from Japan, removing another crucial hurdle for the resumption of international aid.”

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Norway Reconsidering Overseas Energy Ventures in the Aftermath of the Algeria Hostage Crisis

January 28, 2013

“In recent days, the energy giant Statoil has confirmed the deaths of four of the five company employees missing since Islamist militants attacked a gas installation this month at In Amenas, near the Libyan border.”

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Moody’s Investors Services Downgrades Credit Ratings of 6 Major Canadian Banks

January 28, 2013

“Moody’s Investors Service downgraded six of Canada’s major financial institutions on Monday on concerns over high levels of consumer debt among Canadians and elevated house prices.”

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4 Republican U.S. Senators: Potential U.S.-European Union Free Trade May Harm U.S. Agriculture

January 25, 2013

“Four Republican farm state U.S. senators on Thursday expressed concern that possible free trade talks between the United States and European Union may not dismantle longstanding EU barriers to U.S. pork, beef, poultry and other farm products.”

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Study: Tomato Prices Will Rise if U.S.-Mexico Trade Agreement Expires

January 24, 2013

“The price of hothouse round tomatoes, for instance, is projected to rise from $2.02 per pound to almost $4 a pound. Roma tomatoes would increase from $1.25 per pound to $3.96 per pound.”

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International Monetary Fund (IMF) Chief Economist Urges the United Kingdom to Consider Slowing Austerity Measures

January 24, 2013

“His comments come the day after the IMF cut its 2013 forecast for UK economic growth to 1% from the 1.1% predicted in October, and will put pressure on the chancellor as he prepares to deliver a speech at the World Economic Forum in Davos later on Thursday.”

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