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| Forex News : Need big rate cuts to avoid deep recession-BoE's Blanchflower |
By: inter01  9 November 2008 view: 58
Need big rate cuts to avoid deep recession-BoE's Blanchflower
By David Milliken
CANTERBURY, England, Oct 29 (Reuters) - The credit crisis could turn out to be more far-reaching even than the 1929 crash and big interest rate cuts are needed to avoid a deep recession, Bank of England policymaker David Blanchflower said on Wednesday.
Blanchflower, who has consistently been the most dovish member of the Bank's nine-member monetary policy committee, criticised his fellow policymakers for not being more forward looking and said inflationary pressures were now "clearly dissipating".
"My view remains that interest rates do need to come down significantly -- and quickly," Blanchflower told an academic audicence in Canterbury. "If rates are not cut aggressively we do face the prospect of a relatively deep and long-lasting recession."
Blanchflower said the energy price shock, which took oil prices to a record high of $147 a barrel in July, would be less damaging than that faced in the 1970s. In contrast, the international financial problems may turn out to be more severe.
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| Forex News : CHRONOLOGY-Financial crisis in October |
By: inter01 9 November 2008 view: 58
CHRONOLOGY-Financial crisis in October
Oct 29 (Reuters) - Here is a chronology of the global financial crisis in the last month:
Oct. 2 - Irish lawmakers vote to enact radical legislation guaranteeing Irish bank deposits and debts up to a total of 400 billion euros ($554 billion).
Oct. 3 - The U.S. House of Representatives passes a revised $700 billion U.S. bailout plan which will take toxic mortgage assets off financial companies.
-- Wells Fargo & Co says it has agreed to buy Wachovia Corp for about $16 billion, thwarting a planned Citigroup Inc deal announced on Sept. 29. However, Citigroup wins a court order on Oct. 4 blocking the deal until the court rules otherwise. The two remain locked in an intense battle.
-- The Dutch government buys Fortis for 16.8 billion euros ($23.28 billion). Belgium and Luxembourg scramble the next day to find a buyer for the remainder of the company.
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| Forex News : U.S. arms deals rose nearly 50 percent in 2007 |
By: inter01 9 November 2008 view: 78
U.S. arms deals rose nearly 50 percent in 2007
By Jim Wolf
WASHINGTON, Oct 29 (Reuters) - The value of worldwide U.S. arms deals soared nearly 50 percent last year to $24.8 billion from $16.7 billion in 2006, according to a newly released report for the U.S. Congress.
The United States accounted for 41.5 percent of all such agreements in 2007, followed by Russia, with $10.4 billion, or 17.3 percent, the Congressional Research Service said in the annual report dated Oct. 23.
Britain was third, with arms deals valued at $9.8 billion, up from $4.1 billion in 2006, said the report, titled "Conventional Arms Transfers to Developing Nations, 2000-2007." The report is based on unclassified data from unspecified U.S. government sources.
Last year's 48.5 percent jump in U.S. arms deals "may be a high water mark for the foreseeable future because of the economic difficulties now confronting major purchasers," the report's author, Richard Grimmett, said in a telephone interview.
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| Forex News : WRAPUP 1-Japan poised to join global rate response to crisis |
By: inter01 9 November 2008 view: 11
WRAPUP 1-Japan poised to join global rate response to crisis
* Bank of Japan considering rate cut, source says
* Nikkei surges, yen falls, making cut difficult to avoid
* A cut will have little impact on Japanese economy
* BOJ may need to show it is doing more to contain crisis (For more stories on the financial crisis click
By Hideyuki Sano
TOKYO, Oct 29 (Reuters) - The Bank of Japan looks poised to join a wave of global interest rate cuts to contain the financial crisis after news it was considering an easing this week unleashed market speculation that may be too strong to ignore.
The first Japanese rate cut in seven years will be on the agenda when the board meets to review policy on Friday, a source with knowledge of the matter told Reuters News. The Nikkei business daily said a 25 basis point cut was possible.
A rate cut could be more a signal of support for the global drive to avert recession than a move to cushion the Japanese economy, which looks increasingly vulnerable to the crisis sparked last year by U.S. mortgage defaults, analysts said.
Having stood on the sidelines as the U.S. Federal Reserve and other major central banks resorted to unprecedented coordinated cuts this month, Japan may want to show it is shouldering more of the burden in the run-up to a November summit on the crisis.
"If the BOJ doesn't cut rates on Friday, Japan would face difficulty both in financial markets and global politics," said Susumu Kato, chief economist at Calyon in Tokyo.
"Japan would not have a say when it attends the Nov. 15 financial summit," Kato said.
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| Forex News : UK's Darling: Policies must adapt to tackle crisis |
By: inter01 9 November 2008 view: 8
UK's Darling: Policies must adapt to tackle crisis
By Matt Falloon
LONDON, Oct 29 (Reuters) - British finance minister Alistair Darling said governments must adapt their economic policies to tackle the fallout from the financial crisis, as speculation grows Britain is preparing to abandon its fiscal rules limiting borrowing.
"It is natural that the conduct of policy should evolve. Just as markets change, so should policy," Darling said in extracts from a speech that he is to deliver in London on Wednesday evening.
With Britain sliding towards its first recession since the early 1990s, both Darling and Prime Minister Gordon Brown have said it is right to let government borrowing rise during an economic downturn to help businesses and households.
That language has led many economists to believe the ruling Labour Party is preparing markets for a change -- or abandonment -- of its self-imposed fiscal rules that limit government borrowing to 40 percent of gross domestic product.
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| Forex News : ANALYSIS-Emerging market corporates face financing crunch |
By: inter01 9 November 2008 view: 10
ANALYSIS-Emerging market corporates face financing crunch
By Daniel Bases
NEW YORK, Oct 28 (Reuters) - Emerging market companies are feeling the pinch of the credit crisis and next year face the pain of refinancing $450 billion in notes, bonds and loans.
The debts coming due next year, with another $487 billion maturing in 2010 according to Dealogic, threaten the investment commitments some companies have made.
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| Forex News : U.S. SAYS BOLIVIA FAILED TO MEET COUNTER-NARCOTICS OBLIGATIONS B |
By: inter01 9 November 2008 view: 10
U.S. SAYS BOLIVIA FAILED TO MEET COUNTER-NARCOTICS OBLIGATIONS B
U.S. SAYS BOLIVIA FAILED TO MEET COUNTER-NARCOTICS OBLIGATIONS BUT DOES NOT CUT OFF AID
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| Forex News : Ukraine leader says one hryvnia rate to be created |
By: inter01 9 November 2008 view: 9
Ukraine leader says one hryvnia rate to be created
KIEV, Nov 3 (Reuters) - Ukraine's central bank will create a unified market, official and cash hryvnia currency rate this week, President Viktor Yushchenko said on Monday.
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| Forex News : Bulgaria budget surplus widens, pre-election spending looms |
By: inter01 9 November 2008 view: 12
Bulgaria budget surplus widens, pre-election spending looms
By Tsvetelia Ilieva
SOFIA, Nov 3 (Reuters) - Bulgaria's budget surplus widened in the first nine months of 2008, overshooting the official end-year fiscal goals and creating the room the government needs for extra pre-election spending that it has planned.
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| Forex News : Swiss CPI inflation eases less than expected in Oct |
By: inter01 9 November 2008 view: 7
Swiss CPI inflation eases less than expected in Oct
ZURICH, Nov 4 (Reuters) - Swiss consumer price inflation eased by less than expected in October as retailers raised prices for clothes, indicating the Swiss National Bank still has to keep an eye on price pressures despite the economic slowdown.
Consumer prices rose 0.5 percent from September and the annual inflation rate eased to 2.6 percent, the Federal Statistics Office said, down from 2.9 percent in September, but above analysts' average forecast of 2.5 percent.
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