Author Archive: Jeremy Parkinson
Europe in $2.5trn pensions shortfall
European workers have put aside $2.5trn less than they need to fund their retirement, condemning many to a penurious old age unless they start saving more, British insurer Aviva said. The shortfall is equivalent to one-fifth of the EU’s annual economic output and reflects savings habits that have failed to keep pace with lengthening lifespans, […]
EU to include commodities in new markets rules
The European Commission has said it intends to use a its plan to reform financial markets to rein in speculation on commodities markets, notably by reinforcing controls and extend the market abuse legislation. The European Commissioner in charge of financial reform services Michel Barnier made the announcement in the opening speech of a conference on […]
France takes dig at PE, hedge funds
In a week in which French president Nicolas Sarkozy defended his country’s treatment and exportation of a substantial number of dislocated Romas, the same government has stirred controversy within the world of alternative investment. And much like the emigration situation, there are those comparing the Sarkozy administration’s attitude toward the proposed legislation as archaic and […]
Iran CB to open accounts at South Korean banks
Iran’s central bank has agreed to open won accounts at two South Korean state-owned banks to avert disruption in bilateral trade despite international sanctions, Seoul’s finance ministry has announced. The Iranian central bank plans to open the accounts with the Industrial Bank of Korea and Woori Bank by the end of this month so that […]
Potash working on China-led buyout to top BHP
Potash Corp is trying to stitch together a consortium led by China to back a management buyout to trump BHP Billiton’s $38.6bn hostile offer, according to the Globe and Mail. Potash Corp has said ever since BHP launched its bid nearly a month ago that it was working to find a white knight, and worries […]
Economic strength, political timetable behind yuan rise
At times like this, both can claim to have right on their side. The yuan’s rise against the dollar on September 14 to the highest level since it was revalued in July 2005 comes on the heels of another bumper trade surplus, which central bank deputy governor Hu Xiaolian recently identified as a major determinant […]
German central banker in race row resigns
A German central bank board member who caused outrage with remarks about Muslim immigrants and Jews has resigned after coming under pressure from political leaders including Chancellor Angela Merkel. The Bundesbank said Thilo Sarrazin, 65, who accused Turks and Arabs of exploiting the welfare state, refusing to integrate and lowering the average intelligence, would leave […]
US trade gap narrows more than expected in July
The US trade deficit narrowed more than expected in July, as imports retreated and exports shot to their highest since August 2008, according to a government report that could lift hopes for third-quarter economic growth. The monthly trade deficit shrank 14 percent to $42.8bn, which was smaller than the mid-point forecast of $47.3bn from economists […]
Police beat customers at crisis-hit Afghan bank
Afghan security forces used batons on unruly customers scrambling to withdraw their savings from a branch of the graft-hit Kabulbank, the country’s biggest private financial institution. Officers from the National Security Directorate struggled to maintain control of up to 200 people outside one branch in the capital as desperate customers tried to take out money […]
Barroso says EU economic recovery gathering pace
Economic recovery is gathering pace in the European Union and growth this year will be higher than initially forecast, according to European Commission President Jose Manuel Barroso. In a policy speech to the European Parliament in the French city of Strasbourg, the head of the EU executive said structural reforms must be accelerated in the […]
