Last Friday the government of Colombia stated that it is going to influence a number of national banks in order to hold over higher reserves on every new consumer loan, because of an unexpected increase in past-due credits and signs the economy is overheating. Juan Carlos Echeverry, Financial Minister of Columbia, has no doubt that new regulations will not only stabilise
Even though petroleum reserves in Colombia have risen by 10 per cent in the previous year, comparing with the year 2010 data, government of the country is still forcing companies to run researches in order to explore future opportunities. According to information from Colombia's government official petroleum agency - ANH - the previous year reserves have reached a number of 2.259
Even though this year Indian stocks are considered to be the worst performing in Asian market, pharmaceutical and consumer arbitrary industries of the country are showing an amazing performance since the beginning of this spring. The sectors are considered to take a defensive part in India's market. The industries are more or less isolated from the negative impact of foreign countries
As G8 leaders vowed to combat financial crisis, cash gold stepped up to USD 1,600 per ounce on Monday. Spot gold increased by 0.4 per cent to USD 1,598.79. However, concerns about Greece and debt crisis do not subside, because world's leaders did not offer any specific prescription on how to rescue the euro area. Therefore, some analysts, like Ed Meir of INTL FCStone, suspect
Industry metals were mostly higher in volatile session on Friday as market participants expected the outcome of the G8 summit.Aluminum lost momentum but continued to appreciate as increased Japan's premiums and recent drop in Tajikistan's Aluminum production lent support for the light metal.Copper was almost unchanged; however, a rise in Japan's copper wire and cables shipments in April may lift
Precious metals extended previous gains on Friday amid broadly weaker US Dollar and China's easing hopes. Gold rose by more than 1%, indicating the largest two-day jump since October. The yellow metal was buyout by hopes for easing policies in the US and China.Silver was the top-gainer, rallying by more than 2% despite weakness of the global equities in view
While investors are expecting BOJ to add stimulus to the economy this week, Lee Hardman of Bank of Tokyo-Mitsubishi UFJ Ltd. considers it would be a premature action and that the situation may self-correct, because Europe would be the main determinant of yen price in the nearest future. On Monday the yen lost 0.4 percent to 101.36 yen per euro and 0.3 percent to
IPO of Facebook Inc. failed to pop, as technical problems arose and massive sell-off erased nearly all gains by the end of the session. At one point the price was up by 18 percent. Nevertheless, after a volatile trading day shares closed at USD 38.23, just 0.6 percent above the IPO price. Experts consider many reasons for such an unsuccessful start. One of the factors is
Crude oil prices advanced on Monday after undergoing 6 straight days of losses, as the dollar depreciated and U.S. stock futures and some of the Asian equity markets increased. By the time of writing crude oil futures for June gained 19 per cent, or 0.21%, to USD 91.67 a barrel. Nikkei Stock Average improved by 0.26 percent, Shanghai Composite index - by 0.09%. Other energy
Markets improved a bit on Monday after a week of heavy losses, but despite G8's call for euro zone to stay unite, investors are still cautious. At G8 summit leaders of industrialized economies agreed to fight financial distress and revive global economy, but they did not propose any specific actions, while for the time being the main threat is coming from European debt crisis. Greeks
National Association for Business Economics (NABE) revised upwards its forecast of monthly job increase in the U.S.A. for this year to 188,000 from 170,000 in its Q1 forecast. NABE estimates that GDP will grow by 2.4 percent in 2012. Growth will become faster in 2013 - 2.8 percent.
Australian consumer spending declined by 1.3% on a seasonally adjusted basis in April, according to Commonwealth Business Sales Index. The card transactions survey indicated that customers still spend but prefer to buy services rather than goods. Australians are focused on experience nowadays rather than just on physical goods, said Craig James, economist from CommSec.
Dollar fell against its major counterparts during Asian trade on Monday as leaders at G8 summit eased concerns over the Euro Zone's crisis by suggesting keeping Greece within the single currency union. The US Dollar Index that measures its performance against basket of six main currencies dropped by 0.16% to 81.09 US Dollars. Meanwhile, EUR/USD traded at 1.2811, gaining 0.25%
Australia and Malaysia are set to sign free trade agreement on Tuesday, said Craig Emerson, Australia's Trade and Competitiveness Minister. The new agreement will allow 97.6% Malaysian goods imports from Australia to exempt from tariffs while the figure may climb to 99% by 2015. Closer economic ties between Austria and Malaysia will improve economic environment for Australian exporters of wide
Yahoo announced that it agreed to sell half of its 40% stake back to Alibaba. Yahoo will raise about 7.1 billion US Dollars from the deal. Alibaba will pay 6.3 billion US Dollars in cash and 800 million US Dollars in preferred stock. The agreement will allow Alibaba to think about IPO while Yahoo will be able to buy back
Crude oil price surged during Asian trade on Monday as Iran announced it would not discontinue its nuclear program that, it claims, serves civil purposes. However, growing OPEC supply and persistent Euro Zone woes capped the upswing. Light, sweet crude oil for July delivery traded at 92.03 US Dollars per barrel on the New York Mercantile Exchange, gaining 0.25%.
Gold futures extended its rally during Asian trade on Monday as indications that US economy y may need additional monetary stimulus continued to lend support for the yellow metal. COMEX gold June contract traded at 1,594.45 US Dollars per troy ounce on the New York Mercantile Exchange, rising by 0.16% since opening.
Morgan Stanley reported that it expects China's economy to expand by 8.5% in 2012 as compared to previous prediction of a 9% growth. Morgan Stanley attributed the forecast cut to slower than expected growth between January and April of 2012 and later than initially expected easing measures. The forecast downgrade came after China announced its GDP growth in Q1 attained
Gold surged over 2 percent yesterday, but lost all its progress on Friday when euro area crisis worsened. Euro weakened again as Fitch downgraded Greek sovereign debt to CCC and Moody cut the rating of 16 Spanish banks. Gold slid down by USD 1.45 to USD 1,571. A weekly decline of 0.6 percent is expected later today. If so, it will be a third consecutive
The euro zone crisis will be in the limelight of a G8 summit which starts on May 18 in Maryland. Francois Hollande, who officially inaugurated as French president of May 15, has already expressed his criticism about European austerity measures. Together with Barack Obama, who favors pro-growth policies, they are expected to join forces on the euro zone debt crisis. French military forces in Afghanistan are
Agricultural commodities rocketed on Thursday amid unfavorable weather conditions in the top-growing regions worldwide.Wheat rose to six-week high as dry weather in Kansas is likely to curb US output. At the same time, extreme drought in Black Sea region may impact crops in Europe.Corn gained a spree as dry US weather is expected to decrease yields while China's demand continued
Energy markets tumbled on Thursday along with high risk-aversion among investors in view of the economic and political instability in the Euro Zone. On Thursday, Moody's downgraded 16 Spain's banks while Fitch cut Greek credit rating to ‘CCC'. Crude oil declined, following disappointing release of Philadelphia's manufacturing index. At the same time, investors eyed negative developments in the Euro Zone
Due to massive worries about the complex debt crisis situation in the euro zone, investors are more interested in obtaining save haven currencies, therefore, the national currency of the United States is still continuing its longest winning streak since the year 1985, even though it faced a small decline this Friday. The ICE index of the greenback, which indicates dollar's relation
The Bank of Spain announced that bad loans in Spanish banks increased to 8.37 percent of their outstanding loans. Independent auditors will be assigned to assess the situation and calm down the investors. Bad loans are expected to rise and according to some analysts might reach 15 percent of all loans. Distressed banks and highly indebted economy are the two main problems which, investors believe,