Australia welcomes China report into Chinalco de
Australia has welcomed a report saying that China did not blame Rio Tinto or the Australian government for the collapse of a $19.5bn tie-up between Chinalco and the Australian mining giant. The Australian Age newspaper reported from Beijing that a detailed report to the State Council, or China’s cabinet, blamed economic forces and a powerful […]
Schaeuble calls for closer Eurozone integration
German Finance Minister Wolfgang Schaeuble called for greater integration between euro zone members and stronger surveillance of member countries’ finances to protect the monetary union from further crisis. In a column published in the Financial Times, Schaeuble said Europe’s monetary union was facing a critical moment and must take steps to protect itself from a […]
US bailout watchdog criticises Treasury over GMAC
The US Treasury’s decision against a bankruptcy restructuring for GMAC may have increased taxpayer bailout costs for the auto finance company and made it less viable, an oversight group said on Thursday. The Congressional Oversight Panel, in a new monthly report, said despite three separate bailouts totaling $17.2bn, GMAC Financial Services continues to struggle with […]
Chinese bankers told to curb pay to rein in risks
China on Wednesday unveiled strict new rules governing bankers’ pay that are designed to limit risk taking. Payment of 40 percent or more of an executive’s salary must be delayed for a minimum of three years and could be withheld if their bank performs poorly, the China Banking Regulatory Commission said in a statement on […]
BOJ mulling easing again
The Bank of Japan is examining a further easing of its ultra-loose monetary policy and may decide on such a move this month, the Nikkei newspaper reported, weakening the yen and lifting government bond futures to a two-month high. The government, its fiscal options limited by a ballooning fiscal debt, has been pressuring the BOJ […]
EU trade chief sees progress in India FTA talks
A free trade agreement with the European Union could create new export opportunities worth $9bn for Indian industries, EU trade chief Karel de Gucht said. De Ducht, on a visit to India, said he expected good progress in the coming months on trade negotiations between the second most populous country in the world and the […]
Greece must do more to tackle debt crisis, EU says
“I am asking the Greek government to announce new measures in the coming days,” Rehn told reporters after talks with Finance Minister George Papaconstantinou. For his part, Papaconstantinou said plans to deal with Greece’s debt burden involved “dangers and risks and some of these dangers are now visible” but the government would not waver in […]
Blaming the weather for high US unemployment
That means key US data on jobs and manufacturing for February, which hold big implications for global financial markets, could lead to a befuddled reaction from investors. Confusion will also likely reign in Europe where fears about Greece’s financial situation, potentially exacerbated by speculative activity in bond markets, have kept the Eurozone’s single currency under […]
Earthquake to drag on Chile recession recovery
The 8.8-magnitude quake tore up highways and bridges, knocked out power that feeds mines and factories, and shook apart scores of buildings, killing more than 700 people. With details of the extent of the destruction still emerging, economists said it was hard to estimate the degree to which Latin America’s most advanced economy would be […]
India lifts borrowing in budget, bonds hit
India will increase market borrowing by 1.3 percent in the next fiscal year, disappointing bond investors, as it counts on a surging economy and a partial rollback of stimulus measures to cut its fiscal deficit. Bond markets reversed earlier gains on worries over the government budget’s plans to increase market borrowing, and some watchers said […]
