30 Nov 2010

Portugal banks at risk unless public spending cut

“Portugal’s central bank said on Tuesday the country’s banks faced an ‘intolerable risk’ unless the government manages to bring its public spending under control as it struggles to combat a debt crisis. The Bank of Portugal report spelled out a tricky scenario for the banks as concerns grew in markets

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29 Nov 2010

Thousands protest against Irish bailout

“More than 100,000 Irish citizens took to the streets of Dublin today to protest against the international bailout and four years of austerity. Despite overnight snow storms and freezing temperatures, huge crowds have gathered in O’Connell Street to demonstrate against the cuts aimed at driving down Ireland’s colossal national debt.

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26 Nov 2010

Asian Currencies Fall on Korean Peninsula Tensions, Debt Crisis in Europe

“Asian currencies had their biggest weekly loss in six months as an exchange of artillery fire on the Korean peninsula deterred investment in the region and Europe’s debt crisis bolstered demand for dollars. The Bloomberg-JPMorgan Asia Dollar Index slid for a third week, its longest losing streak since February, after

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24 Nov 2010

China, Russia quit dollar

“Chinese experts said the move reflected closer relations between Beijing and Moscow and is not aimed at challenging the dollar, but to protect their domestic economies. ‘About trade settlement, we have decided to use our own currencies,’ Putin said at a joint news conference with Wen in St. Petersburg. The

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17 Nov 2010

Murdoch Warns Of China Economic Prowess

“The US faces an immense economic challenge from China’s explosive economic growth, free trade has gotten a bad rap, and President Barack Obama will have trouble getting reelected, News Corp. Chairman and CEO Rupert Murdoch told FOX Business Tuesday in a wide-ranging interview. Speaking with Fox Business’ Liz Claman, Murdoch

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08 Nov 2010

Oil price hits two-year high amid Nigeria rig attack

“Oil prices reached two-year high points on Monday before profit-taking pushed them down, while attention was on Nigeria after an oil rig was attacked off the coast of the energy exporting nation. New York’s main contract, light sweet crude for delivery in December, struck 87.49 dollars a barrel — the

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07 Nov 2010

China tees up G20 showdown with US

“China has curtly dismissed a US proposal to address global economic imbalances, setting the stage for a potential showdown at next week’s G20 meeting in Seoul. Cui Tiankai, a deputy foreign minister and one of China’s lead negotiators at the G20, said on Friday that the US plan for limiting

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26 Oct 2010

Greece Likely to Default By 2013 as Debts Remain

“Greece is likely to default over the next three years because budget-cutting won’t be enough to reduce the nation’s debt burden, Pacific Investment Management Co. Chief Executive Officer Mohamed A. El-Erian said. It’s in Greece’s interest to default ‘as long as you can contain the contagion to other countries and

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25 Oct 2010

Australia Economy: Australia Producer Prices Jump, Rate Risk Rises

“Australia’s producer prices jumped last quarter by the most since 2008 as the cost of utilities and building climbed, likely adding to policy maker’s concerns that strong economic growth heralds inflationary pressure ahead. Prices at the final stage of production rose 1.3 percent in the third quarter, well above forecasts

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21 Oct 2010

Risk Is Back on the Menu

“t doesn’t take a genius to note that the risk-off trades that flooded the markets after China unexpectedly hiked rates Tuesday have already been unwound. In the immediate aftermath of the People’s Bank of China’s 0.25 percentage point increase in both its one-year lending and deposit rates, investors sold anything

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