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  • Posts Tagged with ‘BBC’

    August 13, 2012 - UK trade deficit at 15-year high

    Forex Trading TV Blog
    The UK's trade gap widened sharply in June, to its worst level since comparable records began in 1997.  The deficit, which measures how much imported goods and services exceed exports, rose to £4.3bn in June from £2.7bn in May.   The rise was driven by a 4.6% month-on-month fall in the value of UK exports to eurozone and non-European Union countries.  The deficit with non-EU nations rose to £5.2bn in June from £3.9bn in May.   Economists and analysts greeted the figures with dismay.  BNP Paribas analyst David Tinsley ... ( read more )

    TODAY: Ireland Referendum on EU Fiscal Pact

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    The Republic of Ireland is voting on whether to ratify the EU's Fiscal Pact, which sets strict limits for countries' budget deficits.  Rejecting it would bar Ireland from emergency EU funding when its current bailout package expires in 2013.  Ireland is the only one of 25 pro-pact EU nations putting it a national vote. But only 12 of the 17 eurozone states need to ratify it, so an Irish "No" vote would be unlikely to halt it.   Turnout is not expected to be high.  The BBC's Mark Simpson, in Dublin, says the "Yes" camp fears people, ... ( read more )

    Greece Should Never Have Joined EURO

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    Greece was not ready for euro admits ex Bundesbank head.  Mr Welteke said growth as well as austerity was needed to solve the eurozone crisis.  Greece should not have joined the euro, a former head of the German central bank, who was central to eurozone policymaking at the time, has said.  But Ernst Welteke, who was Bundesbank president from 1999-2004, told the BBC that none of the eurozone's problems would be solved if Greece left.   He added there should be greater transfer of wealth from richer parts of the eurozone to poorer p... ( read more )

    EU Increases Budget by 7% for Impending Bailouts

    Forex Trading TV Blog
    Officials from the European Commission are due to outline proposals on Wednesday for a 6.8% rise in the EU's budget for 2013.  The proposals are expected to be a starting point for talks with the EU's 27 member states.   But some EU governments have consistently urged the Commission to scale down its spending plans.  However, Commission officials are expected to argue the budget increase is needed to meet prior EU commitments.   The BBC's Nigel Cassidy says the Commission has to pay for a string of long-term projects, su... ( read more )

    Dr Jim Yong Kim – World Bank Chief Proposes a Free...

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    Incoming new president of the World Bank, Jim Yong Kim, said in an interview yesterday that the priority for every global country should be to implement a strategy of "market-based growth"   In the exclusive interview with the BBC, Dr Kim explained that in current economic climates only a market based economy is built to alow the free creation of jobs that ultimately lift individuals out of poverty and push an economy into one of self-sustaining growth.   President Obama made a personal recommendation to appoint Dr Kim a t... ( read more )

    Spain and the EU Community’s Painful “Catch ...

    Forex Trading TV Blog
    Damned if they do, damned if they don't.   It's a phrase that has sprung to mind pretty often since the eurozone crisis started, and it now applies - in block capitals - to Spain.  The biggest Catch 22 for the Spanish government is also the most obvious.   Its cost of borrowing (the bond yield) goes up when financial markets worry that it will not get a handle on its budget deficit. But it also goes up when ministers talk about the tough measures they are going to take to get that deficit down, because of fears that spend... ( read more )

    Greek Election Announcement : Lucas Papademos

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    Greek Prime Minister Lucas Papademos is set to call an election widely expected to be held on 6 May, officials say.  Mr Papademos is expected to meet President Karolos Papoulias later today to ask him to dissolve parliament. The election would be Greece's first since the start of the debt crisis that has led to drastic spending cuts and violent protests.   Opinion polls suggest parties opposed to austerity could make gains because of public hostility towards the cuts.   The BBC's Mark Lowen in Athens says the 6 May date com... ( read more )

    Instagram Swallowed by Facebook for $1bn

    Forex Trading TV Blog
    Facebook buys Instagram photo sharing network for $1bn.   Facebook today has made it's most significant strategic announcement ahead of it's planned IPO in May this year. Following protracted discussions Mark Zuckerberg posted to his Facebook wall that the company has agreed to buy Instagram - the recently emerged and growing in popularity photo-sharing app.   The price has been published at $1bn in a combination of cash and stock. Instagram boasts over 30 million users with more than 5million new photos uploaded every day... ( read more )

    Eurozone Economic threat ‘overstated’

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    A former senior official at the European Central Bank (ECB) has said that the risk of eurozone debt woes spreading, the so-called contagion threat, has always been "overstated".   Juergen Stark, the former official who left his post last as the banks leading chief economist was intereviewed by the BBC yesterday.  In the interview he opined how he felt it'ss too soon to speculate if Greece (a beneficiary of two European bailout packages and the single biggest recipient of economic support in history) will be able to meet the goals se... ( read more )

    Hong Kong Stock Market Continues Despite Protests

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    Traders on the Hong Kong stock exchange will see their lunch break trimmed from 90 minutes to an hour from Monday.  The move has been fiercely resisted by some local stockbrokers, who say they need the extended lunch break to meet with clients and conduct research.  They have organised a number of last-ditch protests in recent weeks.   The stock exchange said the move was necessary to make Hong Kong more competitive by aligning trading hours with major exchanges in Asia.  Local brokers and traders from the city's many smaller brok... ( read more )