Author Archive: Jeremy Parkinson
Brazil and South Korea cut interest rates to record low
Brazil’s central bank lowered their benchmark Selic interest rate by 25 basis points, driving it to a historic low. Interest rates have been slashed nearly in just over one year, and now rest at 7.25 percent. Hours later, Seoul mimicked the decision by lowering the benchmark seven-day repurchase rate, again by 25 basis points, to […]
Toyota to recall 7.4 million vehicles
Toyota has announced another wave of recalls following concerns that faulty window switches could get jammed or break down in the driver’s and passenger’s side. The Japanese car manufacturer has also warned that owners should not attempt to resolve the situation with commercial lubricants because they can potentially “lead to overheating and/or melting of the […]
Draught cow culling leads to increase in milk prices
The US department of Agriculture has estimated that the American milk output for 2013 will drop around 0.5 percent to 198.9bn pounds as the number of milk producing cows drops to an eight year low. Corn crops, an essential component of cattle feed, have soared to record high prices in August after a summer of […]
China growth forecast lowered by World Bank
The World Bank has cut its forecast for China’s growth rate this year citing concerns over the weak demand for its exports, and slow investment growth. The global lender cut its prediction to 7.7 percent, down from the 8.2 percent growth estimate it made in May. In a report on the state of East Asia […]
Credit Suisse sued in US over securities
The US credit union regulator has filed a lawsuit against the American arm of Credit Suisse Securities, accusing it of selling faulty or misrepresented mortgage-backed securities to three credit unions, which later collapsed. The suit was filed in a federal court in Kansas City, Kansas. It was revealed in a statement by the National Credit […]
Nasdaq cancels Kraft trades after glitch
Nasdaq was forced to cancel a number of stock trades in Kraft Foods after a trading glitch caused the company’s shares to shoot up nearly 30 percent. The trading error comes just days after Kraft Foods and their former snack business Mondelez International began trading as two separate companies. Kraft and Mondelez have recently switched […]
EU study wants risky bank trading separate from retail
An advisory group set up by the European Commission has called for Europe’s biggest banks to keep their traditional deposit-keeping business legally apart from other, higher-risk activities. The recommendations intend to safeguard ordinary bank clients and savers from future banking crisis and to avoid further shocks to the banking system. The Liikanen Group made the […]
Thai economy beats growth forecast for Q2
Thailand’s economy has expanded around 3.3 percent in the second quarter, smashing forecasts which had puts growth at 1.7 percent. The figure was released by the National Economic and Social Development Board (NESDB) reflects measures taken by the government to boost the economy following last year’s flood and slow growth. Year-on-year growth has been of […]
Brazil launches $66bn stimulus package
Although the world’s second largest emerging economy has provided investors with plenty of opportunities over the last few years, growth last year plummeted partly as a result of the country’s inadequate infrastructure. In order to address investors concerns, the Brazilian government yesterday announced a massive $65.6bn investment in its transport infrastructure over the course of […]
Standard Chartered settles with US over Iran deal claims
After coming in for heavy criticism for hiding a series of transactions with Iranian financial institutions, Standard Chartered has paid off regulators in New York. The US has strict economic sanctions on the Iranian regime, and the New York Department of Financial Services last week said that the Hong Kong based bank had infringed these […]
