Iran announced it would take action in case the US aircraft which left the Gulf recently returns. Iran advices the US ships not to return to the area as Iranians are not used to warn twice, said Ataollah Salehi. Iran expresses protest to the fresh sanctions of the US stipulating US ban on the foreign businesses access to the country's financial system if they
Es-Sider, Libyan biggest oil port, has resumed loadings after disruptions caused by civil war in the country, reported head of local oil company. Before civil war, the port loaded about 447,000 barrels daily being of strategic importance for Libyan oil exports. Repair of the Es-Sider facility is likely to trigger recovery of the oil sector.
China's government reported that 130 major cities collected 1.86 trillion yuan of land sales revenue last year, indicating 13% decline on yearly basis, according to the China Index Academy. Experts claim the underlying reasons are tougher liquidity conditions faced by property developers and government policies aimed at real estate sector cooling.
Indian gold imports declined in the period between October and December on a yearly basis. Traditionally this period is the busiest for gold buying. The yellow metal's imports dropped 56% in last quarter of 2011 as compared to 2010, according to Reuters report. Indian investors took advantage of record gold prices in September-October and sold a large amount their gold holdings, said Prithviraj Kothari, the
UK manufacturing activity contracted in December but at lower rate than in previous months. The Markit/CIPS purchasing managers index increased to 49.6 from 47.7 in November. Analysts expected the PMI to approach 47.3 in December. The improvement is inspiring but, taken the pessimism over the Euro Zone's economy and weaker domestic demand, the prospects of the UK manufacturing remain uncertain, said David Noble, the CEO
In December the registered unemployment level in Spain increased for a fifth straight month as the country is facing economic slowdown. The number of jobless individuals increased by 1,897 reaching 4.42 million in December, said Labour Ministry. In November the number of jobless soared by 59,536. Spanish economy is experiencing a contraction during last months as exports and tourism decline.
After good performance in Q1 of 2011 the risk-aversion returned and put the investors off the commodity market with S&P GSCI commodity index seeing the first slight drop since 2008, DJ UBS commodity index tumbling by 13% and Reuters Jefferies CRB index ended the year 8% lower. However, commodity price movements can be attributed to seasonality as S&P GSCI index tended to trade negative in
The Euro Zone, experiencing severe financial difficulties, has nobody to apply for help as China shows unwillingness to provide credits to the EU, India combats with consequences of last bubble and the US faces severe unemployment. Germany will not be able to stimulate the IMF any longer and it will be forced either to sacrifice itself by accepting debt union and inflation to rescue the
Total SA and Chesapeake Energy Corp set a joint venture aimed at generating energy from shale deposits in Ohio. Total SA will have 25% stake and already paid $700 million up front. The company will have to pay another $1.63 billion over the next seven years to cover the capital spending in setting the joint venture.
Despite unfavorable weather conditions in some part of India the expectations of rabi crops look optimistic. India predicts it will manage to attain the target of record high food grain crops totaling 245 million tonnes in the period of 2011-2012.
Chinese shipbuilding sector experienced a sharp decline in orders last year as ship owners did not want to expand their fleet size on the bleak economic situation, reported the NDRC. Shipbuilding orders fell by 47.3% on annual rate to 33.69 million DWT last year in the period between January and November. Ship export expansion also slowed down as ships produced for overseas delivery totaled 291.3
Danish sovereign bonds currently are highly appreciated by investors as they are attempting to avoid impact of European debt crisis and thus are investing in safer countries. Denmark last week auctioned $351 million in 2-month and 5-month notes at negative borrowing costs. Overseas ownership of national debt reached 35% in November, the higher proportion since fall 2000.
Iran's currency, the Rial, depreciated against the USD by 12% following the US sanctions aimed at Iran's central bank. The Rial traded at 17,800 to the USD on Monday as compared to 15,900 on Sunday. The US announced it plans to take action aimed against overseas businesses that deal with the central bank of Iran.
World's leading economies will have to deal with around $ 7.6 trillion of bonds due this year and most of these countries are facing a surge in yields. Japan with $3 trillion obligation is the leading debtor followed by US with $2.8 trillion liability. Investors are likely to require higher compensation for risk nations that struggle to back their debt burden, predict analysts.
BP asked Halliburton to reimburse all costs that arose due to oil spill in Gulf of Mexico. The court hearing will take place this year to settle claims from both companies. BP demands Halliburton to cover all costs incurred as expenses on cleaning up the oil spill, lost profits and other costs that BP faced.
US auto dealers are expected to have had the best December since 2007 as consumer confidence reached 8 month high. Analysts questioned by Bloomberg predict light motor vehicle sales may increase to 13.4 million compared to 12.4 million in 2010. Surge in sales may be fuelled by heavy advertising in December, suggest analysts. The official data is to be released tomorrow.
German sovereign bonds declined for a second consecutive day after a rally in Asian markets reduced demand for safer assets as investors regained confidence that global growth can be sustained. Borrowing costs on 10-year German notes reached one-week high to 1.93% before nation's bond auction due tomorrow. Germany prepares to sell 5 bn Euros ($6.5 bn) of the debt tomorrow.
Gold and silver advanced following the reports on the ongoing Iran's nuclear development and negative headlines from the Euro Zone. Investors started to put money in silver and gold to limit the risks inherent to economic uncertainty. COMEX gold for January contract added $13.2 to $1579 an ounce and silver for January delivery edged up $0.245 to $28.12 an ounce.
Bangko Sentral ng Pilipinas announced it will concentrate more on stimulating the economic growth in the country while determining the monetary policy. Before, the central bank pursued an objective to manage inflation to meet the target of 3%-5% inflation rate but now the bank will respond to the economic slowdown by fine-tuning the policy to boost growth. The GDP expansion is expected to hit 5%
Sales of homes in Beijing tumbled in 2011 responding to the government's policies aimed at slowing down the growth of the sector. Beijing's new house sales fell by 18.4% on yearly basis in 2011, according to Beijing News. Existing home sales dropped 38.2% last year, approaching three-year low. Real estate industry is expected to see further growth contraction as the government decided to maintain its
South Korea crude oil imports increased by 2.7% to 79.8 million barrels last month as country wanted to limit risk of the fears over the possible oil export disruption from Iran. Natural gas imports also increased by 91% to $4.33 billion. The country seeks exceptions in the National Defense Authorization Act that aims to impose sanctions against the Iran oil trade.
Gold futures edged up at the Asian trading hours signalling on the metal returning to its upward trend amid weaker USD. Gold futures for delivery in February advanced 0.8% to $1,579.90 an ounce during the electronic trade on Tuesday.
China's inflation is expected to ease in 2012 amid weaker commodity demand and tough monetary policy. The CPI is likely to increase by 3.5% in 2012, according to report of the Bank of China. However, analysts urge the long-term inflation pressure will remain thus forcing the government to continue its prudent policies. The GDP is expected to expand by 8.8% this year after 9.1% increase
UK business confidence regarding economic outlook dropped in December reaching the lowest reading since the beginning of 2009. An index that shows the optimism of British companies fell 3 points compared to November, hitting minus 23 in December, said the division of Lloyds Banking Group. The results signal that UK economy is likely to begin 2012 with economy narrowing, told Lloyds' economists.