Japan scales back privatisation of behemoth bank
The Japanese government has scaled back its privatisation plan for Japan Post to hold more than a third of its shares, keeping a grip on the mammoth state-owned financial conglomerate that is the single largest holder of government bonds. Japan Post is the country’s biggest financial institution, with financial assets of about ¥300trn ($3.3trn) – […]
UK, Germany to press for global bank risk tax
Months after British Prime Minister Gordon Brown fronted a range of ideas for getting banks to pay for their own rescues, his Finance Minister Alistair Darling said more countries now agree on the need for an international systemic tax on banks. “This must be brought forward quickly, as I will urge international finance ministers in […]
S&P raises Morocco’s rating on low debt
The agency said in a statement it had raised Morocco’s long-term foreign currency sovereign credit rating to ‘BBB-‘ from ‘BB+’, and its long-term local currency sovereign credit rating to ‘BBB+’ from ‘BBB’. Morocco’s combined foreign and domestic debt stock was slashed as a proportion of GDP to 48 percent last year from 68 percent in […]
California seeks smooth adoption of cap-and-trade
California aims to avoid major economic shocks with its carbon cap-and-trade system slated to start in 2012, the state’s chief climate change regulator said recently, adding that the most populous US state would try to harmonise its system with any federal plan. California vaulted to the vanguard of US climate change in 2006 with an […]
Pfizer, Glaxo sign 10-year vaccine deal for poor
The deal, brokered by the Geneva-based GAVI Alliance (Global Alliance for Vaccines and Immunisation), is the first under a new scheme called an Advance Market Commitment (AMC) which guarantees a market for vaccines supplied to poor nations but sets a maximum price drugmakers can expect to receive. GAVI estimates that the introduction of new vaccines […]
Will US yuan calls make for a stubborn China?
Beijing’s groans over US demands to let the yuan rise have been grand theatre, but domestic currents favouring a stronger currency are likely to prevail when Chinese leaders cool down to plot policy. China’s denunciations of US pressure have, combined with other recent tension between the two powers, fostered the view that Beijing will put […]
Djibouti sees boom in banking
The financial sector in the tiny Horn of Africa nation is attracting new business as a stable country surrounded by trouble spots. “The banking sector in Djibouti has seen an explosion. Last year eight new banks, Islamic and conventional, opened their doors and are doing well. More will arrive this year,” central bank Governor Djama […]
New Zealand’s ‘Madoff’ jailed for $13m fraud
A New Zealand banker defrauded clients of $13m to fund a lavish lifestyle of prostitutes, property and wine, according to local media. Stephen Gerard Versalko, 52, was convicted of stealing NZ$17.8m from the clients of his employer, ASB Bank, and jailed for six years, the Dominion Post newspaper reported. Court officials could not be reached […]
Today’s Markets
New York Dow Jones industrial average — 14164.53 London FTSE 100 index — 6930.2 Tokyo Nikkei average — 38915.87 Frankfurt DAX index — 8105.69 Paris CAC-40 General index — 6922.23 Sydney Australia S&P/ASX 200 — 6828.7 Hong Kong Hang Seng index — 31638.22
Malaysia plans new economic model for growth
Malaysia is considering proposals to end its subsidy regime and phase in a new goods and services tax as it begins dismantling a four-decade race-based economic system that has deterred foreign investment. The economic regime adopted after race riots in 1969 has given a wide array of economic benefits to the 55 percent Malay population, […]
