‘Finance’

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9:25 pm Sep 3, 2010
UN: “Global cash support to fight AIDS is falling”
Finance

5:58 pm Aug 18, 2010
“China favors euro over dollar as Bernanke alters path:
Finance

“China, whose $2.45 trillion in foreign-exchange reserves are the world’s largest, is turning bullish on Europe and Japan at the expense of the US.  The nation has been buying ‘quite a lot’  of European bonds, said Yu Yongding, a former adviser to the People’s Bank of China who was part of a foreign-policy advisory committee that visited France, Spain and Germany from June 20 to July 2.   Japan’s Ministry of Finance said Aug. 9 that China bought 1.73 trillion yen ($20.1 billion) more Japanese debt than it sold in the first half of 2010, the fastest pace of purchases in at least five years.  ‘Diversification should be a basic principle’, Yu said in an interview, adding a ‘top-level Chinese central banker’ told him to convey to European policy makers China’s confidence in the region’s economy and currency.  ’We didn’t sell any European bonds or assets, instead we bought quite a lot’.   China’s position may make it harder for the greenback to rebound after falling as much as 10 percent from this year’s peak in June as measured by the trade-weighted Dollar Index.   The nation cut its holdings of U.S. government debt by $100 billion, or 11 percent, through June from last year’s record of $939.9 billion in July 2009, according to Treasury Department data released”

9:30 pm Aug 17, 2010
“China overtakes Japan in 2Q as No 2 economy”
Finance

“Japan lost its place as the world’s No 2 economy to China in the second quarter as receding global growth sapped momentum and stunted a shaky recovery.   Gross domestic product grew at an annualized rate of just 0.4 percent, the government said, far below the annualized 4.4 percent expansion in the first quarter and adding to evidence the global recovery is facing strong headwinds.  The figures underscore China’s emergence as an economic power that is changing everything from the global balance of military and financial power to how cars are designed.  It is already the biggest exporter, auto buyer and steel producer, and its global influence is expanding.  China has been a major force behind the world’s emergence from deep recession, delivering much-needed juice to the US, Japan and Europe. Tokyo’s latest numbers, however, suggest that Chinese demand alone may not be enough for Japan or other economic giants.  ‘Japan is the canary in the goldmine because it depends very much on demand in Asia and China, and this demand is cooling quite a bit’,  said Martin Schulz, senior economist at Fujitsu Research Institute in Tokyo.   ’This is a warning sign for all major economies that just focusing on overseas demand won’t be sufficient’.  China has surpassed Japan in quarterly GDP figures before, but this time it’s unlikely to relinquish the lead.  China’s economy will almost certainly be bigger than Japan’s at the end of 2010 because of the huge difference in each country’s growth rates. China is growing at about 10 percent a year, while Japan’s economy is forecast to grow between 2 to 3 percent this year. The gap between the size of the two economies at the end of last year was already narrow.  Japan’s nominal GDP, which isn’t adjusted for price and seasonal variations, was worth $1.286 trillion in the April-to-June quarter compared with $1.335 trillion for China.  The figures are converted into dollars based on an average exchange rate for the quarter”

9:55 pm Aug 13, 2010
“German juggernaut propels euro zone GDP jump”
Finance

“European economic growth accelerated sharply in the second quarter of 2010 as Germany’s best performance since reunification more than made up for the struggles of Spain, Ireland and recession-ravaged Greece.   A forecast-beating surge in German gross domestic product combined with a solid if less impressive rise in France to push the aggregate GDP growth rate of the 16-country euro zone to 1.0 percent from the previous quarter and past that of the United States, which is showing signs of flagging.  The fastest growth rate for the currency bloc in more than three years compared with a rise of just 0.2 percent in the first quarter, was above market forecasts and also higher than a comparable U.S. second-quarter increase of about 0.6 percent.  Many economists were surprised by the size of the surge but expect the pace to slow again in the second half of 2010 and beyond, when austerity measures in Germany and several weaker economies could lead to a deceleration, especially if some slowing in China lowers Asian demand for European goods.  Germany’s economy minister said the government should continue its 80-billion euros program of cuts to rein in a bloated budget deficit, even though higher growth will boost the government’s coffers dramatically.  German GDP rose 2.2 percent quarter-on-quarter, its fastest quarterly rate since the country reunified in the early 1990s following the fall of the Berlin Wall.  The German government had forecast growth of 1.4 percent for the year as a whole.  Economists say it is now likely to be three percent or more, something which only moderate expansion in the third and fourth quarters would deliver…  Nonetheless, the GDP figures provided investors with much more positive reading than the relentless headlines of debt default risk in Greece and beyond which dented the euro over recent months and even raised questions about the survival of Europe’s 11-year-old common currency”

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