South Korean FX controls loom
South Korea’s government, alarmed by the wild swings of the won in turbulent markets, is close to slapping new controls on currency trading, though a news report that banks will get two years to comply calmed investors nerves. As Europe’s debt crisis unfolded, the won’s gyrations exceeded swings of most other currencies and officials in […]
Germany, France press EU over ban on short selling
German Chancellor Angela Merkel and French President Nicolas Sarkozy have urged European Commission President Jose Manuel Barroso to consider an EU-wide ban on short selling of shares and state bonds. In a letter published by the German government on June 9, the pair said the Commission should step up efforts to introduce tougher controls for […]
The age of the atom
One of the founding principles of traditional economic theory, is that when making economic decisions, we are independent. Like self-contained atoms in a gas, we only interact by bumping up against each other in the marketplace. In the 19th century, neoclassical economists such as William Stanley Jevons and Léon Walras were directly inspired by the […]
Cameron says Britain must heed Greek warning
Prime Minister David Cameron has told Britons the scale of the country’s budget problems is even worse than he had anticipated and cited crisis-hit Greece as an example of the risk of failing to act. Cameron painted a bleak backdrop two weeks ahead of an emergency budget in which his coalition government will give more […]
BREAKING NEWS: Orban ready to restucture
The Hungarian government’s economic action plan to be published after a release of its report on the budget will contain steps to improve the financial situation and structural changes, Prime Minister Viktor Orban said recently. “It cannot be about…an adjustment, about patching up (the economy)…measures aimed at improving the financial situation must be linked with […]
Hungary govt plans steps to improve economy
The Hungarian government’s economic action plan to be published after a release of its report on the budget will contain steps to improve the financial situation and structural changes, Prime Minister Viktor Orban has announced. “It cannot be about…an adjustment, about patching up (the economy)…measures aimed at improving the financial situation must be linked with […]
Canada GDP growth seen at 3.3% this year
“There is no firm plan to go forward this year with respect to interest rates. We just have to watch and wait and see,” Flaherty told reporters in an interview in Shanghai. He said Canada’s GDP was expected to grow 3.3 percent this year, up from an expectation of around 2.9 percent previously. The Bank […]
UK firms’ foreign takeovers hit record low in Q1
The number of foreign firms bought by British companies fell to its lowest in more than 20 years in the first three months of 2010, official data shows. The Office for National Statistics said spending by UK firms on foreign acquisitions fell to £192m in the three months to March, the lowest since records began […]
Euro rates at 0900 GMT
Current High Low USD 1.2135 1.2309 1.2116 JPY 109.94 112.26 109.77 GBP 0.839 0.8474 0.8385 CHF 1.4171 1.4221 1.4158 DKK 7.439 7.4399 7.4386 NOK 7.9468 7.9662 7.9305 SEK 9.6366 9.643 9.579 AUD 1.4625 1.4666 1.4504 CAD 1.2766 1.2852 1.2769 HKD 9.4542 9.583 9.4423 RUB 38.0455 38.098 37.9 SGD 1.7178 1.7241 1.7163
Eurozone factory PMI sinks, output growth slows
The 16-nation bloc and its common currency have been hit by waves of investor insecurity churned up by the region’s debt crisis and fears that troubles in Greece may be spreading to other peripheral eurozone economies. “There has been a slowdown in growth globally and in the eurozone there is subdued domestic demand due to […]
