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Greece
may sell off islands amid privatization scheme: report
23
August, 2012
The
Greek Prime Minister Antonis Samaras said this week that the country
is willing to sell off its uninhabited islands as part of a plan to
accelerate privatization across the country, telling French newspaper
Le Monde that it is the only way to save Greece.
The
prime minister was quoted that Greece would still retain national
sovereignty over any islands sold to private investors, “on
condition that it doesn’t pose a national security problem.”
“It
would not be a case of getting rid of the isles, but of transforming
unused terrain into capital that can generate revenue, for a fair
price,” Samaras reportedly said.
The
Euro Is Already a ‘Zombie Currency’: Expert
CNBC,
23
August, 2012
The
euro zone is currently in chaos with the euro no longer being
functional and order will only be restored by giving struggling
member states their currency back, according to Matthew Lynn founder
of Strategy Economics.
“The
euro is already dead. It no longer meets most of the criteria of a
working form of money,” he said in a research note published
Wednesday.
Domestic
catastrophe severely impacts export levels in China
23
August, 2012
As
a corollary of the collapse in domestic price level the export levels
had a hard landing during week 33. Even though decline in Chinese HRC
offers had commenced in week 31 with news of rapidly sliding offers
creating flutter in global market. Indian shores were abuzz with
offers of USD 560-570 per tonne, CFR Mumbai creating panic amongst
domestic mills.
During
the week there was no letup with maximum brunt being taken by CRC.
Even though the plate price reduced by merely USD 5 per tonne it was
being offered at levels even below HRC at USD 515 per tonne from tier
2 mills.
Domestic
steel prices in downward spiral loosing almost 3% during the 1st 3
days of this week there was no end in sight. Domestic mills in China
have been caught in their own creation with mindless production
leading to inventory built up. Since the domestic demand has not
picked up inventory levels are culminating in severe drop in export
levels.
S.Africa
GDP to slow, unemployment unsustainable: IMF
Reuters,
23
August, 2012
South
Africa's economic growth is likely to moderate in 2012 due to weak
external conditions and global uncertainty, the International
Monetary Fund said on Thursday, adding monetary policy should remain
accommodative given limited fiscal space.
The
country's "stubbornly high" unemployment rate could become
politically and socially unsustainable if not addressed, the fund
said in a statement at the conclusion of annual consultations with
the government.
Growth
in Africa's biggest economy will likely reach just 2.6 percent in
2012, the IMF said, cutting its forecasts slightly from the 2.7
percent seen in May.
Debt
risks lurk in Vietnam's unreformed state giants
23
August, 2012
From
the rural heartlands to traffic-choked cities, Vietnam Electricity
Group is hard to miss. It builds apartments, runs a bank, oversees a
stock brokerage, provides electrical power to millions of homes and
employs 100,000 people.
Today,
Vietnam's sole retail power supplier, known as EVN, looks badly
overextended, according to a senior industry official with knowledge
of its business. It is the latest state behemoth to face scrutiny in
the wake of debt blowouts that have shaken investor confidence and
symbolized the decline of a country once tipped as Southeast Asia's
next economic star.
Some
fear that the debt problem at EVN could dwarf that at shipbuilder
Vinashin, whose default on a $600 million loan damaged Vietnam's
reputation among foreign investors, although the monopoly has
garnered far less international attention
S&P
500 Falls Most In One Month Amid Concern Over Europe
24
August, 2012
U.S.
stocks fell, as the Standard & Poor’s 500 Index posted its
biggest decline in a month, amid investor concern that European
leaders aren’t making progress in solving the region’s debt
crisis.
Hewlett-Packard
Co. (HPQ) dropped 8.2 percent after forecasting full-year earnings
that missed analysts’ estimates as demand slumped. Big Lots Inc.
(BIG) tumbled 21 percent after lowering its annual earnings
projection. Boeing Co. retreated 3.4 percent after losing 35 orders
for 787-9 planes, the biggest Dreamliner cancellation. Alcoa Inc.
(AA) erased 2.7 percent, pacing declines among raw-material stocks.
Canadian
retail sales fall, widely miss expectations
22
August, 2012
Retail
sales in Canada fell in June, widely missing expectations amid a
sharp decline at retailers that sell general merchandise, gasoline,
building materials and garden equipment.
Statistics
Canada reported Wednesday that retail sales declined 0.4% to
$38.7-billion in June, more than offsetting a gain in May.
Economists
had expected a 0.1% increase.
Egypt
asks IMF for $4.8bn in aid
22
August, 2012
Egypt
has asked for $4.8bn (£3bn) in aid from the International Monetary
Fund to help boost the country's economy, the prime minister said.
The
request was made during a visit by IMF managing director Christine
Lagarde to Cairo, during which she met with both President Mohamed
Morsi and his prime minister, Hisham Qandil.
Egypt
struggles to buy fuel as credit dries up
23
August, 2012
Egypt
is finding it increasingly difficult to import fuel as foreign banks
and traders pull the plug on credit and charge high premiums due to
concerns over its financial and political stability, trading and
banking sources said.
Sporadic
international loans have so far helped, and the country requested up
to $4.8 billion from the International Monetary Fund (IMF) on
Wednesday, but without such ad-hoc interventions, Egypt could quickly
end up like debt-stricken Greece, dependent on a narrow pool of
traders charging richly for supplies.
That
could put a dangerous strain on Egypt's finances, which are already
under pressure from high fuel subsidies it can ill afford to maintain
but will not want to cut in the precarious first months of new
Islamist President Mohamed Mursi's tenure.
Since
the election of Mursi in June this year following the overthrow of
Hosni Mubarak in 2011, the number of suppliers has shrunk as oil
traders are struggling to secure letters of credit from banks.
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