Economic
Mar 8th, 2012
Stock markets moved up on Thursday and the euro strengthened as investors bet that Greece would pull off a bond swap needed to stay away from a chaotic default and that the U.S. economy would deliver more upbeat news.
But investors are anticipated to remain cautious ahead of the formal announcement on the Greek deal, as well as Friday's keenly-watched U.S. jobs report, while central banks are being closely monitored for signs they will continue promoting growth.
Luca Solca, global head of European research at CA Cheuvreux said that this Greece has been the game of expectation. He thinks it will remain volatile but overall we would be ex
Mar 7th, 2012
Brazilian finance minister said that Brazil has now become the sixth-biggest economy in the world.
Guido Mantega, Finance Minister of Brazil said that it is not important to be the sixth-biggest economy of the world, but to be among the most dynamic economies, and with sustainable growth.
On Tuesday, official figures from Brazilian Institute of Geography and Statistics (IBGE) showed that the Latin American nation’s economy grew in 2011 up 2.7% from 2010.
The largest country in South America now expects that its economy would move much better in this year and its government said that several stimulus measures are being taken
Mar 6th, 2012
According to the United Nations, last year’s disasters cost the world a record figure of more than $380 billion.
Head of the secretariat of the UNISDR (United Nation International Strategy for Disaster Reduction), Margareta Wahlstrom said that the countries are managing to control the disaster death toll, and the economic costs are increasing more than ever before.
Wahlstrom called the $380 billion figure the minimum cost, two-thirds higher than the last record in 2005, when the world’s biggest economy the United States suffered huge losses from deadliest Hurricane Katrina.
She said that in 2011, catastrophic disasters lik
Mar 5th, 2012
Today, Chinese Premier Wen Jiabao at the parliament’s annual session said that this year’s economic growth target of China was lowered to 7.5% from 8% in last year, which is the first such revision in seven years.
This is the first time in the past seven years that Chinese government lower its GDP (gross domestic product) growth target.
The world’s second biggest economy, China’s export-dependent economic growth has been affected by the current global financial crisis and a domestic condition complicated by inflation and tight monetary policies.
At the opening annual session of the National People’s Congress, (NPC) W
Mar 3rd, 2012
On Friday, the credit rating agency, Moody’s cut the sovereign debt rating of Greece to the lowest possible level after a debt-restructuring deal that makes large economic losses for private creditors.
Moody’s Investor Services cut the Greece’s rating to “C” from previous rating of “Ca”, the lowest level on its scale. The firm said that it would not give an outlook on the new rating given the soaring possibility the government will default on its bonds.
Moody’s said that the latest rating decision was prompted by the newly announced debt exchange proposals for Greece that involve expected losses to investors
Feb 29th, 2012
Austrian economist and a member of the ECB (European Central Bank) governing council, Ewald Nowotny said that the euro region may soon witness the green shoots of economic recovery.
Talking with the UK Times Nowotny said that there was a current optimism in the region, assisted by progress in the government debts of Italy and developments in monthly economic signs.
He said that from the demand side they see improvements in most parts of Europe, added that there is a more hopeful outlook now and there is some talk about green shoots.
Nowotny, who is also a President of the Austria’s central bank said told the newspaper ab
Feb 28th, 2012
The US stock market posted small gains on Monday morning after the announcement of the National Association of Realtors indicated pending home sales climbed to 2% in the month of January to the highest level since April 2010, when buyers were taking advantage of a now-expired tax credit.
The North America’s largest trade association, NAR said that the pending-home-sales index rose to 97 from 95 reading in December.
The Realtors’ group said that a sale is not final until a mortgage is closed, adding that one -third of Realtors criticize that they’ve had at least one contract scuttled in the first month of this year Janu
Feb 24th, 2012
The latest data showed that German business confidence increased for the consecutive four month in February as domestic demand in the country inoculates it against the debt crisis.
The latest survey report by the Institute for Economic Research (Ifo) said that the business confidence in Germany hit a seven-month high in February beating all the forecasts.
As Europe’s biggest economy business climate index increased for the fourth month in a row , it was an increase that was greater than had been expected.
German economic research institute said that the solid domestic demand was protecting country’s businesses fro
Feb 23rd, 2012
The Wall Street Journal said that the world second largest economy, China could face an economic crisis if it does not apply major reforms in the next two decades.
WSJ said that an exclusive preview of an economic report on China titled “China 2030” to be released on Monday, warns economic growth is possibly a sharp and sudden slowdown that could cause a severe recession in China.
A number of advices and suggestions provides in the report for restructuring China’s economic growth model, including scaling back its gigantic and controlling state-owned enterprises and making them work more like commercial firms.
The n
Feb 22nd, 2012
European Union officials said that the economic most effected European country, Greece will come again to be in the best position in 2014 after a four-year recession that will shrink output by 17%.
EU officials said the country must cut more than 150,000 jobs and also bring labor costs down by 15% over the next three years, they added that the minimum wage in Greece is still higher than Portugal and Spain.
On Tuesday, the finance ministers of euro region agreed a $172 billion bailout for Athens after forcing the country to unpopular cuts and private bondholders to take bigger losses.
The officials said that they expect Gre
