London: The Organisation for Economic Co-operation and Development has joined French and EU officials in calling for a move towards jointly-guaranteed eurobonds at a time it sees as perilous for the global economy. In its twice-yearly economic outlook, the Paris-based international organisation which specialises in economic policy for advanced economies, warned of a vicious circle in the eurozone, "involving high and rising sovereign indebtedness, weak banking systems, excessive fiscal consolidation...
09:30:26 PM May 22, 2012
Tehran: Yukiya Amano, director-general of the International Atomic Energy Agency, said on Tuesday that he had reached a deal with Iran on investigating Tehran's suspected nuclear weapons programme. The head of the UN body said a "decision was made to conclude and sign the agreement ... I can say it will be signed quite soon". Mr Amano said a few details still needed to be resolved but that these would...
08:57:34 PM May 22, 2012
New York: JPMorgan Chase's shareholders suffered a further blow on Monday when the bank suspended its $15bn share buy back programme to preserve capital following the $2bn trading loss. With the embattled bank's shares falling another 2 per cent on the news, investors have seen $30bn wiped off the bank's market value since the losses in its chief investment office were revealed 10 days ago. Jamie Dimon, chief executive, said:...
08:31:44 PM May 22, 2012
Brussels/London: European leaders are drawing up a series of crisis-fighting proposals to raise at an informal EU summit this week that have in the past been rejected by Germany putting further pressure on Chancellor Angela Merkel. The proposals, which could include empowering the eurozones 500bn rescue fund to directly recapitalise faltering European banks and commonly backed eurozone bonds, have been backed by some leaders in the past but forced off...
01:22:08 AM May 21, 2012
Singapore/London: Chinese consumers of thermal coal and iron ore are asking traders to defer cargos and " in some cases " defaulting on their contracts, in the clearest sign yet of the impact of the countrys economic slowdown on the global raw materials markets. The deferrals and defaults have only emerged in the last few days, traders said, and have contributed to a drop in iron ore and coal prices....
01:11:47 AM May 21, 2012
New York: Brazil's economic output shrank in March, defying government stimulus measures and surprising economists who had predicted that Latin America's biggest economy would begin to recover from a prolonged slowdown. The 0.35 per cent contraction, compared with February, makes Brazil's growth the second slowest in Latin America in real terms, after Argentina. The news comes as Asia's major emerging market economies, China and India, are also decelerating. "The weak...
12:35:13 AM May 20, 2012
Brussels/Athens: For most of last month's election campaign, Antonis Samaras stumped in the mistaken belief he would be Greece's next prime minister. This time around, Mr Samaras, head of the centre-right New Democracy party that polled a stunningly meagre 18.9 per cent in the May 6 vote, is leaving nothing to chance. Syriza, the coalition of leftist anti-bailout insurgents that caught Mr Samaras and the other mainstream parties by surprise,...
12:24:00 AM May 20, 2012
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