India agreed with Iran to pay for oil purchases in gold rather than in the US Dollars, DEBKA reported. Paying in gold India allows Iran to bypass the forthcoming freeze of the central bank assets and oil embargo. India is the first buyer to pay in gold but experts predict China is likely to follow the trend. Both China and
Skandinaviska Enskilda Banken and Daiwa Securities Group underwrote record high number of green bonds since their issuance in 2007, showing the dominance of Japanese and Swedish banks in the bond market. Five of ten biggest green bond underwriters were drawn either from Japan or Sweden. Statistics suggests, lawmakers are willing to stimulate investment in environmental projects.
The International Labour Organization announced that overall outlook for the world's labour market worsened in 2011. The organization urged the government has to create more than 600 million jobs over the next 10 years. Currently there are about 1.1 billion individuals that are either living in poverty or unemployed.
Indian central bank cut outlook for the expansion of the country's economy. The RBI said the growth for 2011 and 2012 is likely to be more moderate than expected. Bank blamed the high inflation rate that hit 7.47% last month, the lowest level in the last two year but still above the bank's target. The RBI also added that spillover
Crude oil soared to USD110.80 on Monday after the EU approved embargo on Iranian oil. Iran continues to repeat threats of blocking the Strait of Hormuz in case of any disruptions to sale of the country's oil products. However, Britain and American warships sailed freely through Strait of Hormuz on Sunday. EU ministers consider the attempt to close the channel
The EU announced it does not approve the offer of Greece's PSI that was reached with private bondholders. The EU asked for a coupon on the new Greek debts below 4%, reported the Euro Zone sources, late on Monday. Following the announcement, the Euro paired losses against the US Dollar, losing 20 basis points. The pair EUR/USD was approaching 1.3000
According to analysts, Hungary is likely to increase its key interest rate to back local securities as country's bailout talks with IMF stay frozen. Economists predict that central bank of Hungary may raise the key two-week interest rate for a third straight month to 7.5%, making the highest interest rate in European Union. Talks with IMF were interrupted after Hungary
The Bank of Japan lowered growth predictions for the 2012, starting from April and kept its benchmark interest rate unchanged. The growth expectations for the year was cut from 2.2% to 2.0%, said central bank's governor Masaaki Shirakawa. The predicted inflation level was unchanged at 0.1%. The revisions depict Japanese official concerns, debt crisis in Europe will harm the demand
Canadian Dollar strengthened versus greenback on Monday as country's main export good, crude oil appreciated amid improving global economic outlook. The Canada's currency gained 0.5% and traded close to parity at C$1.0086 in Toronto trade. Last week loonie climbed 1%. Currently USD/CAD is trading at C$1.0076.
17-nation currency slipped from almost three-week record high against US Dollar, after European FMs claimed Greece has to make bigger cuts in debt write down agreement. Euro fell 0.2% from $1.3013 in New York yesterday to $1.2989 this morning in Tokyo. However, the losses on common currency were restrained on investor speculation European production output and services contracted slower in
New Zealand and Australian Dollars kept appreciating against most of their peers on Tuesday on investor optimism EU finance ministers have come closer to the solution of region's debt crisis amid Greek progress in debt swap agreement. Aussie climbed to $1.0525 while Kiwi surged to $0.8111 on Tuesday trade. Australian Dollar currently might be overpriced, suggest some analysts. Currently AUD/USD
The composite leading index advanced 0.8% last month after 0.9% increase in November. The increase was observed in the 8 out of 10 elements of the index. Manufacturing was the main contributor to the increase in index with rallying automobile sector. Retail sales, employment, real estate market and money supply also added to the increase.
The EU approved embargo on the Iranian oil as a protest to the Iranian nuclear project. The sanctions imply immediate ban on all the new oil contracts from the country, freeze of the assets of the Iran's central bank and total ban on the precious metals trade with the country's bank. Iran continues to deny that it is developing nuclear
German DAX Index lost 0.2% on Friday but opened 0.5% higher on Monday, as investors awaited for the results of Euro area finance minister meeting. Euro hit this year's record high, touching $1.3 as Greek officials claimed they are making progress in talks with private creditors. Financial sector posted the biggest gains for the index. Commerzbank added 12.8% and Deutsche
After giving up 0.2% on Friday, UK FTSE 100 Index recovered on Monday, lifted by the progress in Greek debt talks amid Euro Zone finance minister meeting. UK benchmark added 0.6% climbing to 5,764.37, led by resource, energy and financial shares. Royal Bank of Scotland surged 1.9%, while Lloyds Banking improved by 1.6%. The main winner was Essar Energy, which
Japan's Nikkei Stock Average traded flat on Monday's rather silent trading session amid Chinese New Year holidays. Nikkei 225 finished 0.01% or 0.46 points down at 8,765.90. On the upside index was supported by export-oriented companies with Sony Corp. surging 4%, Mazda Motor Corp. adding 1.6% and Casio Computer Co. gaining 1.7%. Olympus Corp. rallied 8.1% after the company avoided
Australian S&P/ASX 200 experienced a drop on Monday, fuelled by lower than expected growth in produce price index in the 4th quarter amid enduring Greek debt talks. Australian benchmark index slipped 0.34% or 14.50 points to 4,225.10, led by technology and resource sectors. Fortescue Metals Group Ltd. dropped 3.7% and Newcrest Mining Ltd. slipped 0.7%. Financials also posted some loss
Dow Jones Industrial Average Index soared on Friday, supported on the upside by technology stocks. The blue chip index improved 0.8% or 96.50 points and settled at 12,720.48. IBM provided significant contribution to the index, as company's stocks rallied 4.43% after IBM told its 4th quarter earnings added 4.4% and predicted its 2012 earnings to climb above expectations. Intel Corp.
S&P 500 Index slightly rose on Friday, closing near 6-month record high, lifted by positive earnings reports from Microsoft and IBM. US benchmark climbed 0.1% or 0.9 points and finished at 1,315.38. Financials and technology stocks posted the biggest gains. Microsoft stocks jumped 5.7%, after the company told the sales of Xbox games and Office software created stronger than expected
European stocks closed lower on Friday, as investors anticipated negatively the lingering Greek debt talks. On weekly basis, however, most stocks gained. Stoxx 600 ended 0.3% down at 255.85, while UK FTSE 100 closed 0.2% lower at 5,728.55. Both French CAC 40 index and German DAX also finished 0.2% down at 3,321.50 and 6,404.39 respectively.
China's fiscal income achieved a record high level of 10.37 trillion Yuan last year, reflecting 25% increase from the preceding year, according to the Ministry of Finance. Analysts suggest that the accelerating revenues growth may allow more tax reductions and economic stimulus to prevent hard lending. At the same time, fiscal spending attained 10.89 trillion Yuan last year, indicating an
US shares closed up for a third straight week, lifted by good performance results from IBM and Microsoft. S&P 500 Index gained 0.1% or 0.9 points and finished at 1,315.38, Dow Jones Industrial Average Index climbed 0.8% or 96.50 points and settled at 12,720.48. Meanwhile Nasdaq Composite lost 0.1% or 1.63 points, closing at 2,786.70.
Crude oil futures continued to face losses on Monday as investors awaited the Greece's debt deal that will impact the development of country in the future. Light, sweet crude oil futures for March delivery traded at USD97.83 a barrel during Asian session, on the New York Mercantile Exchange, dropping 0.5% since opening.
Germany and France are looking for the ways to relax the worldwide banks' capital rules to limit negative impact on the real economy. Finance ministers of France and Germany are going to call for special treatment for financial institutions that are involved in insurance business. Moreover, ministers will urge essential clauses of the Basel III guidelines on the basic capital