UN sanctions no deterrence for Eritrean mining
Eritrea is seen on the threshold of a mining boom, with hopes it may boost an agriculture-based economy that has suffered from irregular rainfall. The UN voted last year to punish Eritrea for its alleged support of Islamist insurgents in Somalia. The decision initially weighed on Nevsun’s shares. Stanley Rogers, the head of the Bisha […]
Japan retail mutual funds value jumps in 2009
The value of Japanese trust funds aimed at retail investors rebounded 18 percent in 2009 as global share prices and economies recovered from the previous year’s financial crisis, an industry group announced recently. Japanese individuals, who hold $15trn in savings – with much of that parked in low-yielding accounts – shifted some of their savings […]
China fuel exports seen flat to lower
February gasoline exports will likely remain steady versus January levels due to high refinery runs, though icy weather has disrupted some cargo flows at northeastern ports, they said. Other than this, the key refineries in the northeast have so far seen few disruptions to inbound crude cargoes or outbound fuel shipments, industry sources said, after […]
Greece pledges to cut deficit
Greece’s three-year fiscal consolidation plan targets a budget deficit of 2.8 percent of GDP in 2012, the finance minister has announced. Greece, whose fiscal ills have prompted ratings downgrades and higher borrowing costs, is under pressure from markets and EU peers to take drastic action to restore its public finances. “According to the plan, the […]
Manila may issue up to $1bn in Samurai bonds
The Philippines may raise up to $1bn from a planned Samurai bond issue, up from its previous plan of $500m, if it gets favourable pricing and good demand, a senior government official said recently. “If we can raise $1bn through samurai, we will do that,” Finance Undersecretary Rosalia de Leon told reporters. “We will try […]
EU trade chief nominee backs Russia’s WTO entry
The nominee to be the European Union’s trade chief said this week that he supported Russia’s accession to the World Trade Organisation. Karel de Gucht told a hearing in the European Parliament that much now depended on Russia and whether it wants to join the WTO as part of a customs union with Belarus and […]
Oil hits new 15-month high on demand, dollar
Oil prices rose 1 percent on Monday, hitting a fresh 15-month high above $83 a barrel, supported by data showing China’s crude oil imports surged by nearly 25 percent in December and as the US dollar weakened. The prolonged cold snap in the US and Europe continued to boost demand for heating fuel, lending support […]
Argentine president fires central bank chief
Argentine President Cristina Fernandez on Thursday fired the country’s central bank president, who had rejected her calls to step down for refusing to use Argentina’s foreign currency reserves to pay debt. Fernandez issued a presidential decree removing Martin Redrado from office, citing misconduct and dereliction of duties. He was replaced by Central Bank Vice President […]
BofA says bonuses will rise, but no record payouts
In December the largest US bank joined others on Wall Street that repaid billions in bailout funds to the government, ending restrictions on top executives’ pay. “We had some units that had very, very good results and the compensation will reflect that,” said the spokesman, Robert Stickler. The bank pays bonuses based on the performance […]
Iceland will “honour its obligations”
Iceland will “honour its obligations” over the more than $5bn owed to Britain and the Netherlands that was lost in failed savings banks, President Olafur Grimsson told reporters. The Icelandic parliament had approved a deeply unpopular bill to cover compensation already paid out by the British and Dutch governments to holders of “Icesave” accounts after […]
