The Italian government is trying to gather USD 18 billion to soften an offshore ban on oil and natural gas set by Silvio Berlusconi in 2010. The plan is to allow particular firms, such as Eni SpA, Edison SpA and Royal Dutch Shell Plc to start again offcoast explorations, which in the long term would attract more investors and would
Mizuho Financial has to pay $128m for its US subsidiary inflating financial instruments' value. The charges were initiated by the US Securities and Exchange Commission and are based on the collateral debt obligation value. It was stated that the company passed off lesser value and displayed risky assets as stable ones. Both parties have neither admitted nor denied ascertained fine.
The total number of unemployed declined to 2.58 million from February to May. During this period the rate of unemployment fell from 8.3% to 8.1%. However, in June there were 1.6 million applicants for jobseeker's allowance, which is by 6,100 people more than a month before.
During a summit organized in Beijing, China's Head of State, Hu Jintao, made a pledge of USD 20 billion to Africa with a three-year maturity and would aid SMEs, agriculture etc. This would also strengthen the relationship on the international level. The commerce between China and Africa has bloomed, in 2011 their trade reached USD 116 billion, as reported by
The Yen appreciated against its 16 major counterparts as the European leaders did not decide on exact measures to deal with the debt crisis. The demand for the Yen rose as Japan's currency is considered to be a safe haven. On Thursday morning, July 19, the Yen climbed 0.3% to JPY 96.47 per EUR. Moreover, the US Dollar fell to a two-week low against
Angela Merkel remarked on Wednesday, July 18, that Eurozone's bailout plan is not finally developed and leaders are not sure about its success. This immediately caused the Euro depreciation against the British Pound, the US and Australian Dollar. Before the overnight the European currency stopped at USD 1.2276, AUD 1.1847 and GBP 78.45 per EUR.
Wall Street opened green on Wednesday, boosted by Intel's rebound and the Bank of America reported profit. The Dow Jones Index increased 0.13 per cent, to 12,822.42. The S&P 500 Index rose 0.25 per cent to 1,367.09, and the Nasdaq Composite Index jumped 0.68 per cent to 2,929.84. The boost was also provided by yesterday's Bernanke's report, who said that the Fed is ready for new
The greenback strengthened against its major counterparts, mostly versus the single European currency, ahead of Ben Bernanke's second day testimony. The ICE dollar index was up 0.11 per cent, while the WSJ dollar index rose 0.12 per cent on Wednesday. Meanwhile, the EUR/USD currency pair declined by 0.35 per cent to 1.2255 and mostly all American indexes were rising on concerns over Eurozone's worsening
On Wednesday, July 18, the bank of America, the second biggest U.S. bank, posted its second quarter report with $2.5 billion earnings. A cost-cutting plan, introduced a year earlier, helped the bank's fundamentals improve. Expenses dropped to $17 billion, or by 35 per cent, while the number of employees declined more than 12,000, what is the first phase of bank's cost cutting plan. Soon after the data
The latest US readings published by the American Institute of Architects (AIA) on Wednesday, July 18, indicated improvement in construction activity in June. The changes are determined by architects' billing index (ABI) that shows the demand for construction services. Thus ABI gained 0.1% in June and stopped at 45.9. However, reading below 50 implies declined demand for such works. Although, the architects' service inquiries, not all
Although China is facing decelerated economic expansion, the latest data, published on Tuesday, July 17, showed that home sales recovered in June. Property sales revenues increased by 6.9% in comparison to 2011. Moreover, home prices slightly increased in June. Real estate in Beijing gained 0.3% while Shanghai's property prices rose 0.2%. However, in annual term prices still fell by 1% and 1.5%, accordingly. Analysts expect Chinese
The number of unemployed people in the U.K. declined by 65,000 to 2.58 million, or to 8.1 per cent in the quarter through May. The improvement can be explained mostly by the upcoming Olympic Games in London, which helped to create new working places. As reported by the International Labor Organization the number of employed people jumped 181,000 to 29.4 million, the highest level since
According to China's statistics bureau, new home prices increased in 25 cities out of the 70 that the government looks at in June. The biggest increase was noticed in Hangzhou, where prices rocketed 0.6 per cent, while major cities like Beijing and Shanghai recorder 0.3 increase. Despite the fact, that new home prices rose in June, China's home sales increased 41 per cent from
The People's Bank of China changed Yuan's reference rate. It appreciated by 0.04% to two-week high of CNY 6.3140 per USD on Wednesday, July 18. China's central bank decision took place after Ben S. Bernanke mentioned possible monetary easing in the USA. Non-deliverable one-year forwards gained 0.04% to CNY 6.4123 per USD. Moreover, contracts' trading rate was CNY 6.4150 this morning, July 18, in Hong Kong.
As economic growth in China slows down world luxury industry meets demand decline. By the end pf 2012 global luxury market might contract by 5.5%, whereas in 2013 losses might be equal 3.7%. Chinese entrepreneurs are switching to cheaper goods. William Li, manager at King's Watch Co in Hong Kong, who sells watches for USD 12 900, said majority of costumers started to pick brand
Analysts predict European companies will earn much less in 2012. Macquarie strategist, Daniel McCormack, claimed earnings might drop by 10% this year. Profit forecasts are cut in the fastest pace since 2009. Citing analysts, 32 out of 50 companies, members of the Euro Stoxx 50 (SX5E), Eurozone Blue-chip index, might cut their estimated profit target for 2012. This already did such companies as Danone, SKF, Burberry,
Sri Lanka sold USD1 billion of 10 year government bonds at an interest rate of 5.875%. The money received will be used to help boost the economy and there already are USD 10.5 billion of subscriptions. Furthermore, past debts could be repaid, the USD500 million of securities with an interest rate of 8.25% that were issued in 2007.
Ahead of Germany's vote regarding the Spanish aid program, on July 19, the European currency is losing its value against the US Dollar and the Yen. It decreased by 0.2% to $1.2270 and 0.3% to 96.88 Yen.
China's Premier Wen Jiabao denominated full employment as the main issue to consider for economic development targets. Revising China's economic indicators, GDP growth slowed to 7.5% in the second quarter of 2012. Wen added that achieving the existing unemployment of 4.1% might be much more difficult in the upcoming future and labor market might meet downturn. Currently youth is the most struggling labor segment since many Chinese
The U.S. dollar rallied and most of the stocks were down after the Fed's Chairman Ben Bernanke's semi-annual testimony. Soon after Bernanke announced that the Fed is ready to offer extra monetary aid to a slowing down U.S. economy, U.S. markets turned lower. The Dow Jones Index erased 0.61 per cent, to 12,650.17, the S&P 500 Index dropped 0.59 per cent, to 1,345.64 and
During today's New York session oil was trading near its record level in seven weeks on concern over Ben Bernanke's report, worsening tension with Iran and on data about declining U.S. supplies. Oil futures for August settlement jumped 0.6 per cent, or 49 cents, to $88.92 per barrel, while Brent oil for September delivery was up 1.1 per cent to $104.50 a barrel.
On Tuesday, July 17, German markets advanced before the Fed's Chairman Ben S. Bernanke's report. The DAX Index rose 0.5 per cent to 6,595.66, while Daimler AG and Volkswagen AG also increased after German car sales jumped 0.7 per cent in the first half of this year. Volkswagen shares advanced 1.5 per cent to 138.90 euros and Daimler climbed 0.8 per cent to 36.84
According to the Goldman Sachs Group Inc's quarterly report, their profit is down 12 per cent, as investment inflow declined. Bank lost $306 million on investments in Industrial and Commercial Bank of China and other stocks as well. Soon after the report, bank announced the new round of cost-cutting, after what shares dropped 0.4 per cent.
The Canadian central bank decided to keep its benchmark interest rate at a 1 per cent level, while not excluding the possibility of further increase. At the same time the Bank of Canada trimmed its economic forecast by 0.3 per cent to 2.1 per cent in 2012 and 2.3 percent in the next year, while the 2014 projection was even raised to 2.5 per