News That Matters

Ft.com
Nomura has approached big private equity firms about the possible sale of domestic businesses, including its real estate arm, as the Japanese bank moves to shore up its capital buffers, reports the FT. http://ftalphaville.ft.com/thecut/2011/11/23/759061/nomura-steps-up-its-...

The US Federal Reserve is unlikely to ease monetary policy any further until it has settled on a new communication strategy, according to the minutes of its November meeting released on Tuesday, reports the FT. http://ftalphaville.ft.com/thecut/2011/11/23/759041/fed-unlikely-to-inst...

Egypt’s ruling generals have promised to speed up the handover of power to elected civilians but the gesture failed to placate the hundreds of thousands of protesters who have packed Cairo’s Tahrir Square in a replay of the demonstrations that brought down the rule of Hosni Mubarak, http://ftalphaville.ft.com/thecut/2011/11/23/759011/egypt%e2%80%99s-gene...

Goldman Sachs’ planned redevelopment of one of the City of London’s largest unoccupied offices hit a snag on Tuesday after the government granted protected status to murals adorning the front of the building, http://ftalphaville.ft.com/thecut/2011/11/23/758981/goldman-hits-a-wall-...

The Federal Reserve will force the biggest US banks to “stress test” their balance sheets against a severe eurozone recession and a US unemployment rate of 13 per cent as part of a wide-ranging exercise launched on Tuesday, http://ftalphaville.ft.com/thecut/2011/11/23/758961/federal-reserve-laun...

Bankers’ efforts to water down tougher new regulations by claiming they will harm economic growth are “intellectually dishonest and potentially damaging” and could inspire an even more robust crackdown, http://ftalphaville.ft.com/thecut/2011/11/23/758931/banks-accused-of-%e2...

Brussels will on Wednesday propose measures giving it more authority over the national budgets of eurozone states, including a requirement to submit tax and spending plans to European Union authorities before their national parliaments, http://ftalphaville.ft.com/thecut/2011/11/23/758851/brussels-plans-to-br...

The number of property transactions in China’s largest cities has fallen to dangerously low levels, according to regulatory documents obtained by the Financial Times. According to the documents, the http://ftalphaville.ft.com/thecut/2011/11/22/758791/china-property-dip-s...

Germany, Sweden and other European countries with strong public finances should be on standby to provide emergency fiscal stimulus if the continent falls into deep recession, Sweden’s finance minister has said. High quality global journalism requires investment. Anders Borg, named European finance minister of the year by the Financial Times on Wednesday, said Europe’s most fiscally prudent economies would “most definitely” have to act if the continent’s economic prospects turned markedly for the worse. http://www.ft.com/intl/cms/s/0/3b331136-14fd-11e1-a2a6-00144feabdc0.html...

Europe’s leading financial regulator is to set up an “expert commission” to study the mandatory separation of risky investment banking activities from traditional retail lenders, saying that while he has reservations about such measures there should be “no taboo on the question”. To the delight of some MEPs, Michel Barnier, the European Union’s internal market commissioner, told the European parliament that a high-level group would start reflecting along lines that could lead to a breaking up of some of Europe’s largest banks. http://www.ft.com/intl/cms/s/0/ec184d06-1537-11e1-855a-00144feabdc0.html...

Barack Obama sought to reignite the debate over an economic stimulus package on Tuesday, demanding that a bitterly divided Congress pass an extension of payroll tax cuts before the end of the year. “We still have to give the economy the jolt that it needs,” the US president said on the campaign trail in New Hampshire, a day after a bipartisan committee failed to agree on a $1,200bn deficit reduction package. He added he would do “everything in his power, with or without Congress”. http://www.ft.com/intl/cms/s/0/7a86a3bc-152e-11e1-b9b8-00144feabdc0.html...

Wsj.com
Asian markets were mostly lower Wednesday after a negative lead from Wall Street, while the euro treaded water ahead of the release of manufacturing data from China. A negative lead from U.S. stocks Tuesday undermined the mood in markets as investors weighed slower-than-expected third quarter economic growth in the U.S. and minutes from the Federal Reserve suggesting the central bank may embark on more stimulative measures. A holiday in Japan also reduced trading activity, with Australia’s S&P/ASX 200 off 1.0%, South Korea’s Kospi Composite down 1.1%, and New Zealand’s NZX-50 adding 0.5%. Dow Jones Industrial Average futures were down 10 points in screen trade.http://online.wsj.com/article/SB1000142405297020444340457705497298357140...

A preliminary gauge of China’s manufacturing activity dropped surprisingly sharply in November, raising the prospect that Beijing may be forced to ease monetary policy sooner than expected to offset the impact of a slowing global economy. The HSBC China Manufacturing Purchasing Managers’ Index slid to 48 in November, marking a contraction in manufacturing activity, compared with a final reading of 51 in October, HSBC Holdings PLC said Wednesday. While not a final reading, Wednesday’s figure is the lowest since March 2009. Initially focused on fighting inflation, China has already http://online.wsj.com/article/SB1000142405297020444340457705502047110506...

German Chancellor Angela Merkel faces growing calls to soften her resistance to a potentially powerful weapon in Europe’s debt crisis: euro-zone bonds that would raise appeal for investors but make each euro member liable for the debts of the others in the currency club. Adding to the pressure is a market rout as investors flee nearly all euro-zone bonds other than German bunds. Spain on Tuesday was forced to pay a euro-era record 5.11% yield on three-month bills at an auction of treasury bills—more than double the rate it paid at an auction last month. In a further sign of strain, banks’ borrowing from the Européan Central Bank soared to the highest level since 2009, the central bank said Tuesday. The ECB said it allotted €247.2 billion ($333.5 billion) in seven-day financing to banks. http://online.wsj.com/article/SB1000142405297020371070457705447277437302...

An intensifying battle for deposits among European banks is putting pressure on the Continent’s banking system, threatening to deprive lenders of a key source of funding as the cost of attracting customers rises. Individuals and businesses have pulled billions of euros of deposits out of banks in financially shaky countries such as Spain and Italy in recent months, according to bank disclosures and analyst research. Several large Italian and Spanish banks recently reported double-digit percentage declines in deposits from corporate and other institutional clients, although their overall deposit levels fell more modestly, as lenders hold a greater share of retail http://online.wsj.com/article/SB1000142405297020371070457705230160386130...

A key part of the world’s foreign-exchange trading infrastructure is bracing itself for the possibility of a breakup of the euro zone, the latest sign investor concerns about the Continent’s debt crisis are on the rise. CLS Bank International, which operates a platform in which banks settle most of their currency trades, is running “stress tests” to prepare for the possible dissolution of the euro, according to people familiar with the situation. Some of the 63 banks that co-own CLS are making similar plans. “We always plan for contingencies,” said a senior executive at one of the largest currency-dealing banks. http://online.wsj.com/article/SB1000142405297020453140457705406375940358...

Marketwatch.com

The British Chancellor George Osborne will deliver his autumn statement next week, a mid-term report on the state of the economy. It could hardly come at a worse time. You can spin it anyway you like, but the outlook for the U.K. economy right now is dire. Growth is flat, and the economy may well slip into recession again next year. Unemployment is rising. Exports are struggling. The deficit is huge — more than 10% of GDP — and targets to reduce it look set to be missed. http://www.marketwatch.com/story/uk-is-not-immune-to-euro-zone-crisis-20...

The failure of the supercommittee to reach a compromise on a debt-reduction plan exposes the U.S. sovereign rating to more downgrades, with ratings agencies expected to fire their first salvo by the year’s end. “It is just a matter of time before the government’s rating is cut,” Steve Ricchiuto, Mizuho Securities’ chief economist, said in a report.  “I would not be surprised if S&P puts the Treasury on watch for another downgrade in the weeks ahead and that Moody’s or Fitch move before the Dec. 23 date when the legislation implementing the Super Deficit Committee’s recommendations were scheduled to be enacted,” he added. http://www.marketwatch.com/story/us-may-lose-second-triple-a-rating-with...

The U.S. economy grew at a slower pace than originally estimated in the third quarter, mainly because companies reduced inventories and did not invest as much. The Commerce Department cut its estimate of gross domestic product to 2.0% from a first reading of 2.5%. The government’ second revision of GDP includes data not fully available earlier, such inventory levels and trade data. As a result, it paints a more accurate picture of U.S. growth.  Economists surveyed by MarketWatch expected the government to trim its estimate to 2.3%. http://www.marketwatch.com/story/third-quarter-growth-cut-to-20-from-25-...

There isn’t enough support as yet for the Federal Reserve to adopt a formal inflation target even as the central bank is moving toward providing more guidance on where its interest rates will be in the future, according to minutes of the last meeting released Tuesday. The Federal Reserve on Nov. 2 held interest rates unchanged and decided to continue its “Twist” program of shifting $400 billion in its bond portfolio toward longer maturities and continue reinvesting maturing principal payments into mortgage-backed securities. http://www.marketwatch.com/story/fed-discussed-formal-inflation-target-2...

Reuters.com
Brent crude fell near $108 on Wednesday as data from the United States and China showed a slowdown in economic growth, stoking fears of weaker demand from the world’s two largest oil users. Data showed the United States economy grew slower than expected in the third quarter while Chinese factories battled with their weakest activity in 32 months in November. This offset earlier support for oil prices from fresh sanctions against Iran. ICE Brent January crude fell $1.09 to $107.94 a barrel by 0357 GMT, up from an intraday low of $107.89. U.S. January crude was down $1.35 at an intraday low of $96.66 a barrel, after earlier slipping to a low of $96.50. http://www.reuters.com/article/2011/11/23/us-markets-oil-idUSTRE7AD06820...

Gold prices traded steady around $1,700 on Wednesday, after buying related to options’ expiration lifted prices by more than 1 percent in the previous session, as investors continue to watch the unfolding euro zone debt crisis. Gold bounced back above $1,700 after worsening euro zone debt crisis and failure of U.S. policymakers to agree on a budget reduction plan sent spot prices down to as low as $1,665.88 earlier in the week. Spot gold edged up 0.4 percent to $1,706.09 an ounce by 0257 GMT, extending a rise of more than 1 percent in the previous session. U.S. gold inched up 0.3 percent to $1,707.60. http://www.reuters.com/article/2011/11/23/us-markets-precious-idUSTRE7AK...

Bloomberg.com
The Indian rupee’s slump to its weakest level since the era of floating exchange rates began four decades ago risks boosting the fastest inflation among BRIC nations and adds pressure to raiseinterest rates. The rupee slid to close at 52.32 per dollar in Mumbai yesterday, bringing its decline in the past four months to 15 percent, the biggest drop among 10 Asian currencies tracked by Bloomberg. The decline will have an “immediate impact” on inflation, Reserve Bank of India Deputy Governor Subir Gokarn said in Mumbai yesterday.  A weaker exchange rate raises the cost of imported energy and other commodities, adding to price pressures in a nation already beset by transportation bottlenecks and power shortages. A sustained slide in the rupee may buck the RBI’s plan to keep borrowing costs unchanged in coming months, limiting its scope to respond to growth threats posed by Europe’s debt crisis. http://www.bloomberg.com/news/2011-11-23/india-rupee-slide-set-to-accele...

A free-trade agreement between the U.S. and South Korea reached more than four years ago will take effect as early as Jan. 1 after lawmakers in Seoul approved the deal over objections from opposition legislators. The ruling Grand National Party used its majority in the National Assembly to ratify the deal yesterday in Seoul amid violent protests. Local television stations and newspapers showed images of opposition lawmakers shouting and one shooting a tear gas canister in the room where the voting took place. President Barack Obama signed bills for the pact to go into law in the U.S. last month after Congress passed them. “This is a win-win agreement that will provide significant economic and strategic benefits to both countries,” U.S. Trade RepresentativeRon Kirk said in a statement. “We look forward to working closely with the government of Korea to bring the agreement into force as soon as possible.” http://www.bloomberg.com/news/2011-11-22/south-korean-parliament-passes-...

Hong Kong’s inflation was more than economists expected in October because of elevated rental costs. Consumer prices rose 5.8 percent from a year earlier, the same gain as in September, the government said on its website yesterday. That compares with the median 5.7 percent forecast in a Bloomberg News survey of eight economists.  Financial Secretary John Tsang said Nov. 21 he expects inflation will peak this quarter on moderating gains in food prices, and weaker demand from Europe and the U.S. will be a drag on exports and economic growth. Earlier surges in private housing rentals will push living costs upward in the “near term,” the government said in the release yesterday. http://www.bloomberg.com/news/2011-11-22/hong-kong-s-inflation-rises-a-m...

Cnbc.com
The recent decline in commodity prices have little to do with fundamentals and everything to do with the collapse of brokerage firm MF Global, says renowned investor Jim Rogers, who described the sell-off as artificial. “With MF Global going bankrupt – which was a gigantic commodities firm – there was a lot of artificial forced liquidation of commodities. People have to sell whether they like it or not. It’s artificial selling right now,” Rogers told CNBC on Wednesday. http://www.cnbc.com/id/45411396

Nytimes.com
Even though Europe’s debt crisis has turned Rome into financial ground zero, Italy has been able to lean on at least one solid support: the relatively large amount of government debt held by Italians themselves. Nearly 57 percent of Italian debt is held by Italian banks, insurance companies and individuals. Those holdings have helped slow the flight of capital from Italy, even as foreign investors have been withdrawing their money from the country to park in safe havens like German, Swiss, American or Japanese government bonds.  But financial officials have become jittery about the possibility that Italians may stop buying this debt, and instead become more like Greeks and send their hard-earned savings abroad. http://www.nytimes.com/2011/11/23/business/global/fate-of-euro-may-hinge...

USAtoday.com
Unemployment rates fell in three-quarters of U.S. states last month, a sign that many parts of the country are experiencing modest job gains. Unemployment rates fell in 36 states in October and rose in only five, the Labor Department said Tuesday. Rates were unchanged in nine states. That’s the best showing since April, when rates fell in 39 states. Nationally, the unemployment rate ticked down to 9% in October, from 9.1% the previous month. Employers added a modest 80,000 net jobs last month and the previous two months were revised to show much stronger gains.http://www.usatoday.com/money/economy/story/2011-11-22/state-unemploymen...

BBC.co.uk
The Australian government’s plan to impose a 30% tax on big mining companies has cleared a major hurdle, passing through parliament’s lower house. It will go to the upper senate early next year, but is expected to pass. The government said the tax was a way to distribute wealth more evenly from Australia’s resources boom. It will go into effect in July 2012, and will apply to mining giants such as Rio Tinto and BHP Billiton. http://www.bbc.co.uk/news/business-15849226

Telegraph.co.uk
America has demanded a “commitment of significant resources” from Europe to stem its debt crisis as the US announced a shock cut to its growth forecast.  Amid growing US impatience with European indecision, William Kennard, the American ambassador in Brussels, insisted on faster and more radical action. The US Department of Commerce said America’s economy was slowing and would grow by just 2pc rather than the 2.5pc expected. A drastic drop in confidence was responsible, shown by the first fall in business inventories for two years. Analysts said the fact businesses were drawing on their reserves rather than ordering new stock was proof that the debt crisis was causing global concern.http://www.telegraph.co.uk/finance/financialcrisis/8908106/America-insis...

Britain is more at risk of a major financial crisis than it was in the months before the collapse of Lehman Brothers, the country’s banks, insurers and hedge funds believe. A survey of 68 top City institutions by the Bank of England found that 54pc of respondents reckoned the probability of a short-term “high-impact event” to be “high or very high” – a level not witnessed since the survey began in July 2008, just two months before Lehmans’ tipped the world into recession. Respondents said they feared a eurozone debt crisis and another economic downturn most. The findings underline the scale of the crisis the UK faces if Europe’s leaders can not strike a deal to calm bond markets. Last week, the Bank warned that the UK was on the brink of a second credit crunch as the eurozone crisis has caused funding markets to dry up. http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8908205/...

The Government remains on course to meet its deficit reduction targets this year despite the weakness of the UK recovery, after borrowing in October came in below target. Figures from the Office for National Statistics (ONS) showed public sector borrowing last month was just £6.5bn, less than both last year’s £7.7bn and the £6.8bn forecast. Samuel Tombs at Capital Economics said that “if current trends are sustained, borrowing should come in around £3bn below the full-year forecast of £122bn”. Despite the recent out-performance, few economists expect the Government to meet its full-year target because growth has cratered this year. The Office for Budget Responsibility (OBR) came up with its £122bn estimate, a £15bn fall on last year, alongside its prediction for 1.7pc growth. It is next week expected to revise its growth expectations down to 1pc. http://www.telegraph.co.uk/finance/economics/8906209/Treasury-on-course-...

Guardian.co.uk
Britain is on course for a lower level of owner occupation – and that would be no bad thing. So said David Miles, one of the nine members of the Bank of England‘s monetary policy committee in a speech in York today. This came just 24 hours after the Treasury announced that it would be spending £400m to kickstart private-sector housebuilding and provide a mortgage indemnity scheme so that those buying new-built homes can get a home loan worth 95% of the property‘s value. http://www.guardian.co.uk/business/economics-blog/2011/nov/22/bank-of-en...

Smh.com.au
The biggest rise in construction figures in at least 25 years show Australia’s mining boom is picking up steam and is likely to stay strong in the near future. Total construction work done in Australia rose 12.5 per cent in the September quarter, according to figures from the Australian Bureau of Statistics (ABS). It was the biggest rise for the series that goes back to the September quarter 1986 and outstripped the market forecast for a rise of 2 per cent. In the same quarter, residential construction fell 1.1 per cent, driven by a 1.5 per cent decrease in new home building, exposing the yawning gap between the mining sector and the domestic economy : http://www.smh.com.au/business/mining-drives-record-rise-in-construction...

Xinhuanet.com

Mexico’s economy saw a 4.5-percent year-on-year increase in the third quarter of 2011, which was led by growth in agriculture, the country’s National Statistics and Geography Institute (INEGI) said Tuesday. Mexico’s third-quarter gross domestic product (GDP) grew at a faster pace than the previous quarter’s 3.2 percent, according to INEGI’s seasonal report.http://news.xinhuanet.com/english2010/world/2011-11/23/c_131264338.htm

The Brazilian economy may register zero growth in the third quarter, but is likely to recover in the fourth quarter of the year, the deputy finance minister said Tuesday. Nelson Barbosa blamed the lack of growth on the international economic situation and the government’s measures to halt the rise of the inflation rate. He said the Brazilian government is currently working with a 3.8 percent growth projection this year, while the financial market estimates a 3.2 percent growth. http://news.xinhuanet.com/english2010/world/2011-11/23/c_131264210.htm

Belarusian President Alexander Lukashenko Tuesday warned that he would not allow shock economic reforms in his country, local media reported. It is not permissible now to suggest the “shock therapy,” which burnt the fingers of Belarus and its neighbors in the 1990s, Lukashenko said at a government meeting. “Our economic potential and current conditions won’t let reckless experiments, which will negatively affect the welfare of the population. The policy of our state has always been serving the people, and no one may deviate from this principle,” he said.http://news.xinhuanet.com/english2010/business/2011-11/23/c_131263530.ht...

Cs.com.cn
Vegetable prices rose for the second consecutive week last week and will likely continue to rise, as production will diminish during the winter, the Ministry of Commerce said Tuesday.  The average wholesale price of 18 staple vegetables rose 1.5 percent last week, the ministry said in a statement on its website. The rise marked the second straight week of price gains following four weeks of declines. The price of cucumber grew by 18.4 percent last week and the price of white gourd went up 7.5 percent, the statement said. The price of Chinese cabbage fell 12.6 percent, while that of onion dropped 3.5 percent. http://www.cs.com.cn/english/ei/201111/t20111123_3139735.html

U.S. President Barack Obama on Monday made a phone call to newly-appointed Greek Prime Minster Lukas Papademos, voicing support for Greece’s renewed effort to fight the debt crisis. Obama congratulated Papademos on his appointment, and lauded him for “taking on such a significant responsibility at a critical moment,” according to a White House news release issued afterwards. The president expressed “U.S. support for Greece’ s efforts to implement its commitments under its EU-IMF program,” and also reiterated that the U.S. will “stand steadfastly with Greece, a friend and ally, through these difficult times,” it said. The Greek interim coalition government headed by Papademos was tasked to put an end to the country’s political turmoil and rule through early national elections in February after it was sworn in two weeks ago. It won a confidence vote in the parliament last week. (Xinhua) http://www.cs.com.cn/english/ei/201111/t20111122_3138286.html

Thehindu.com
Even as the rupee slumped to a historic low at 52.73 against the United States greenback during intra-day forex market trade, the government on Tuesday maintained that intervention by the Reserve Bank of India (RBI) would not be able to arrest the slide, mainly because the crux of the problem lay in the pull-out of funds by foreign institutional investors (FIIs), triggered by the Eurozone sovereign debt crisis and the uncertain global economic environment. http://www.thehindu.com/business/markets/article2650439.ece

Cautioning against panic reaction on the currency front, Commerce Secretary Rahul Khullar on Tuesday said there was no cause for over-reaction to the weakening of rupee, which has touched an all time low of 52.73 to a dollar.  “I think you should not over-react to movements of exchange rates. Don’t get carried away by what has happened. Things can improve and change equally and suddenly,” Mr. Khullar told reporters on the sidelines of an APEDA organised International Chef’s conference here. The Indian currency dropped to a lifetime low of 52.73 a dollar in early trade on Tuesday on persistent demand for the U.S. currency from importers, amid sustained foreign capital outflows from the equity market. http://www.thehindu.com/business/Economy/article2650530.ece

Without giving any timeline for the Reserve Bank of India to intervene in the foreign exchange market, the RBI Governor, Dr D Subbarao, said the apex bank was watching the situation closely. “The RBI can intervene and we will intervene when it is in consistent with our policy,” he told media persons on the sidelines of a conference here on Tuesday. The rupee fell to a new low during the day, hitting 52.76 against the dollar. http://www.thehindubusinessline.com/industry-and-economy/banking/article...

Economictimes.com
Pakistan would gradually increase trade with India and ensure that the interests of local industry would not be undermined, Prime Minister Yousuf Raza Gilani has said. Gilani told Sultan Mahmood, former prime minister of Pakistan-administered Kashmir, that the interests of the local industry would be taken care of, reported Associated Press of Pakistan.  On Nov 2, Pakistan granted MFN (most favoured nation) status to India, reciprocating a 15-year-old gesture. http://economictimes.indiatimes.com/news/economy/foreign-trade/pakistan-...

Themoscowtimes.com
A worsening global outlook may pressure Russia to cut interest rates by half a percentage point this year to shield the economy, Renaissance Capital said. “The ever-darkening global backdrop, a now-certain European recession, significant growth deterioration in the U.S. and a soft landing in China all argue for the Russian Central Bank to strike preemptively,” Ivan Tchakarov, chief economist at the Moscow-based investment bank, said Tuesday in a note e-mailed to clients. The Central Bank should reduce its refinancing rate and overnight auction-based repurchase rate by 25 basis points, or 0.25 percentage points, at a meeting Nov. 25 and by another quarter-point by the end of the year, Tchakarov said. http://www.themoscowtimes.com/business/article/analysts-say-05-rate-cut-...

Russia agreed to lend Vietnam as much as $9 billion to fund the construction of the Southeast Asian nation’s first nuclear power plant as the countries deepen their economic ties. “The total loan value will be between $8 billion and $9 billion, depending on prices of materials at the time we start construction,” Phan Minh Tuan, head of state-run Vietnam Electricity’s nuclear energy development department, said Tuesday. The lending period will be as long as 28 years, Tuan said, declining to disclose the interest rate. Vietnam said last year that it planned to build as many as 13 nuclear power stations with a capacity totaling 16,000 megawatts over the next two decades. The announcement attracted interest from atomic plant builders including Moscow-based Rosatom and China’s Guangdong Nuclear Power Group. http://www.themoscowtimes.com/business/article/vietnam-gets-9bln-loan-to...

Fin24.com
South Africa’s inflation risks are skewed to the upside, with cost-push pressures and the sharp depreciation of the rand posing the primary threats to the outlook, the Reserve Bank said on Tuesday. In its sixth-monthly monetary policy review, the central bank said downside risks stemmed from potential contagion from the eurozone debt crisis and its impact on global economic growth. http://www.fin24.com/Economy/Sarb-warns-weaker-rand-threat-to-inflation-...

Tehrantimes.com
Global economic sanctions on Iran can help the country expand its trade ties with China, the Iran-China Joint Chamber of Commerce deputy chairman said.  Majid-Reza Hariri told the Mehr news agency that Iran may expand its economic relations with China to deal with sanctions imposed by western powers.  Chinese are also interested in developing trade ties with Iran, he noted. He predicted that the annual trade between the two countries would reach $40 billion by the end of 2011.  China has so far imported over $6 billion worth of non-oil goods from Iran in 2011, making it the top importer of Iranian products, the official added. http://www.tehrantimes.com/index.php/economy-and-business/92801-sanction...

Exports of petrochemical products to Europe will certainly continue despite the newly approved sanctions by the U.S., the managing director of the National Petrochemical Company of Iran stated. Under any conditions the exports will continue, the NPC director Abdolhossein Bayat said, adding that Iran has managed to circumvent sanctions of the U.S. and the EU in the past three decades, the Mehr news agency reported. The United States, Britain and Canada announced fresh plans Monday to sanction Iran’s financial and energy sectors in a bid to stop its nuclear program.  Statistics show that the Islamic Republic exports annually some $2 billion worth of petrochemicals to 17 European countries. http://www.tehrantimes.com/index.php/economy-and-business/92804-petchem-...

Thetrader.se
Merkel & Co like us to believe, Germany is the “promised” country, with finances in good shape. Well, things aren’t that good. Germany next? Spiegel reports; The German government likes to pride itself on its solid finances and claim the country is a safe haven for investors. But Germany’s budget management is not nearly as exemplary as it would have people believe, and the national debt is way over the EU’s limit. In some respects, Italy’s finances are in much better shape. http://www.thetrader.se/2011/11/22/how-good-is-the-role-model-germanys-f...

Comments

[Tsar Pointless]

Great job. You obviously put a lot of time and effort into this.

Kudos and thanks, my friend!

[Nostradumbass]

Helpful listing of important news items - thanks!

[Coldfire]

This is a very useful compendium. Keep it coming.