Category Archive: News
IMF gives ground on yuan exchange rate debate
The International Monetary Fund has chosen not to call the yuan “substantially” undervalued, a move that recognises China’s efforts to free up its exchange rate and avoids friction with an increasingly influential shareholder. The summary of an annual review of China’s policies omitted the contentious word, used by IMF Managing Director Dominique Strauss-Kahn as recently […]
BP replaces CEO; posts $17bn Q2 loss on spill
BP Plc has named American Bob Dudley as its next CEO, saying Tony Hayward would stand down after his gaffe-prone handling of the worst oil spill in US history that triggered a $17bn quarterly loss. Dudley, the US executive managing BP’s response to the spill in the Gulf of Mexico, will get the top job […]
Ex-trader accused of fraud seeks to clear name on TV
Ross Mandell, former head of Sky Capital Holdings, was indicted in July 2009 on charges he and five others defrauded investors in a scheme US prosecutors claim pressured people to buy stock from what they called a “trans-Atlantic boiler room” with operations in London and New York. Released on $5m bail, the 53-year-old Mandell faces […]
Europe bank test transparency gets cautious thumbs-up
Spain’s smaller regional lenders, or cajas, will start a roadshow aimed at reassuring investors after the test results showed five of their peers among the seven banks that failed, and several more close to failing. Problems among the cajas have long been flagged, however, and are being remedied. The euro was little changed in the […]
UK economy grew twice as fast as expected in Q2
Britain’s economy grew almost twice as fast as expected in the second quarter of this year, buoyed by a sharp pick-up in services output and the fastest rise in construction output in almost 50 years, according to official data. The Office for National Statistics said GDP jumped 1.1 percent on the quarter, the fastest rise […]
China visible in eurozone bond buys – EU trade chief
“China’s presence in Europe is visible across the board whether in China’s recent purchase of several hundreds of millions of euros of government bonds in the eurozone, particularly Spain or Greece, or in other large-scale investments too, such as the acquisition of Volvo by the car maker Geely,” European Trade Commissioner Karel De Gucht said. […]
Champagne makers signal return to growth
Remy Cointreau, which makes Piper-Heidsieck champagne, said sales of champagne rose 23 percent to 16.7 million euros ($21.3m) in its fiscal first quarter to June 30. Vranken-Pommery said sales rose 52 percent to 66 million in the quarter. “Because of the crisis, consumers temporarily switched to cheaper brands. This phenomenon is now receding. We’re seeing […]
IMF: Low oil price a risk to Gulf region growth
In an updated report on GCC member states the IMF urged countries to prepare exit strategies from the current high spending levels but not to implement them until economic conditions were right. The IMF revised up its growth forecast for non-oil growth for GCC states to 4.3 percent, higher than the 4.0 percent it forecast […]
IMF should be realistic about Hungary deficit-Kosa
The IMF should be realistic when considering a deficit target for Hungary for 2011, ruling Fidesz party vice chairman Lajos Kosa has told public television m1. When asked in an interview whether lenders’ expectations for Hungary to cut its deficit to 2.8 percent of GDP next year from a target of 3.8 percent in 2010 […]
South Africa faces hard choices to solve jobs crisis
But reforming labour markets, one obvious way to help narrow the gap with other emerging economies, will not be easy given the political clout of a union movement that was instrumental in bringing an end to white-minority rule in the 1990s. “You need a much more flexible labour force but the unions are still very […]
