US Q4 economic growth revised up on inventories
In its second reading of fourth-quarter GDP, the Commerce Department said the economy grew at a 5.9 percent annual rate, rather than the 5.7 percent pace it estimated in January. It was still the fastest pace since the third quarter of 2003. The economy expanded at a 2.2 percent annual rate in the third quarter. […]
Tearful Toyoda apologises; Japan hopes for recovery
Toyota Motor Corp President Akio Toyoda apologised to US lawmakers probing the automaker’s safety record and ended the day in tears, in what Japanese politicians hoped was a first step towards rebuilding trust in the country’s most valuable company. Toyoda, peppered with questions about a massive recall that has rocked Toyota’s reputation, told lawmakers he […]
Saenz: Reform could be dangerous
“If all these elements that are being discussed under the Basel III umbrella are put in place… it would be very onerous, a heavy burden on the profitability of the banking system and the banking industry,” Alfredo Saenz, chief executive of Santander, told UK lawmakers recently. He said it was impossible to accurately predict the […]
Kenya economy to grow by 4.5 pct in 2010
The effects of post-election violence, a drought and the global economic crisis pushed Kenya’s economic growth to 1.7 percent in 2008, after expansion of 7.1 percent in the previous year. “Last year, the recovery in tourism, and in some other key sectors, mitigated effects of the severe drought that caused food, water and energy shortages,” […]
Pakistani finance minister to resign
Pakistani Finance Minister Shaukat Tarin is to step down this week to focus on his private banking interests, according to reports, following speculation that he would resign. Tarin, who negotiated an IMF loan in 2008, was not immediately available for comment. In March 2008, a consortium comprising the International Finance Corporation, Bank Muscat, Nomura and […]
Bernanke has some explaining to do
The head of the central bank heads to Capitol Hill on Wednesday and Thursday for twice-yearly testimony, fulfilling a long-time practice. Normally, the main topic is the state of the economy. This time, Bernanke will also have to answer why he decided to spring a surprise on financial markets last week by raising the interest […]
Brokering the mould
Keeping it people-focused, maintaining integrity at all times and innovating along with the changes in the market – these are the ingredients that make Al Ramz Securities, LLC or RAMZ one of the strongest independent brokerage companies in the UAE since its inception in the late 90s. RAMZ has matured along with the growth of […]
Irish “bad bank” transfers delayed until end March
Ireland will transfer the first loans to the National Asset Management Agency (NAMA) “bad bank” by the end of March, missing its latest deadline of late February, as it waits on European approval to begin the scheme. Finance Minister Brian Lenihan has said work valuing the total loans initially worth 80 billion euros ($109bn) was […]
Powering infrastructures
The world economy is in a very delicate phase and the effects of the financial crisis will continue to be seen for some time to come. Despite the high degree of uncertainty, the most recent forecasts offer hope that the worst has passed and that the conditions for recovery are strengthening, partly thanks to the […]
Fed seeks to calm markets after discount rate rise
US Federal Reserve officials moved to calm speculation that a surprise rise in its emergency lending rate could bring forward broader policy tightening, saying borrowing costs in the economy would stay low. Fed Chairman Ben Bernanke flagged the move last week, saying the US central bank aimed to widen the spread between its main policy […]
