Today: FINANCIAL News, Money, Banks, Economic and Financial Crisis, Nov 21, 2011

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Nov 21, 2011

FINANCIAL News, Money, Banks, Economic and Financial Crisis, Nov 21, 2011


Political IMF fuelled Europe's crisis
The Australian
Strengthening the IMF's funding to expand its capacity to deal with financial crisesimplies further transformation of a supranational institution that operates quite differently and in a much changed global economic landscape from when it was founded. ...
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Analysis: Egypt unrest may hasten currency crisis
Reuters
Angus Blair, head of research at Middle Eastern investment bank Beltone Financial in Cairo, said there were some positive factors for Egypt: Suez Canal revenues, tourism numbers and remittances from its workers abroad had held up fairly well in the ...
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Debt crisis strikes at heart of Europe
Reuters
Euro zone wide planning to improve the region's economic governance and restore market faith in the single currency is also mired in disagreements. Details of how the European Financial Stability Facility (EFSF), the bloc's rescue fund, ...
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IMF Can No Longer Avoid Larger Role In Resolving Europe Debt Crisis
Huffington Post
Uncertainty is turning into frustration and near-panic among policymakers outside Europe as larger European economies such as Italy, Spain and France come under attack byfinancial markets and bank funding stresses worsen. Until now, Europe has tried ...
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German Growth May Grind to Halt as Crisis Saps Exports: Economy
BusinessWeek
“The global economic recession triggered by the international financial crisis will be long-term,” he said. Later today, the Federal Reserve Bank of Chicago is scheduled to release a gauge of US economic activity in October. The Chicago Fed national ...
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Turkey Touts Its Resilience Amid Crisis in Europe
Wall Street Journal
The finance minister pulled out a presentation contrasting money creation by central banks in Turkey (which is trying to rein in demand), and in the US and Europe (where they are trying to stimulate demand using large doses of quantitative easing). ...
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Wall Street Journal
China admits need for financial reform
ABC Online
It goes back - I mean, China's had very long-term plans to reform itsfinance sector. But if you go back to the global financial crisis, 2007-'08, China was horrified by what happened to the US financial system and more or less put their own timetable ...
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ABC Online
Zimbabwe financial services secure from external shocks
The Zimbabwe Guardian
“The global economy is in a dangerous new phase with the Japan earthquake and tsunami, eurozone crisis and US debt crisis, with the latter two raising concerns of renewed financial instability. “Since we use the US dollar we are prone to shocks in the ...
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The Zimbabwe Guardian
New Economics and Finance Resources Featured at Sciencia.org
PR Web (press release)
Another article covers the impact of the financial crisis on citizens' trust in central banks. While citizens' trust in economic institutions has generally declined since the onset of the crisis, trust in the European Central Bank (ECB) has fallen ...
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PR Web (press release)
Christine Lagarde: Facing down worldwide recession
CBS News
Christine Lagarde is an accomplished lawyer who became the first female financeminister of France and is now the first woman to run the International Monetary Fund. She took over the IMF in July after a sex scandal forced her predecessor, ...
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Debt crisis: as it happened November 18
Telegraph.co.uk
The premium on swapping euros for dollars rose to 136 basis points, the highest since the 2008 financial crisis. 12.19 More demands from the European Banking Congress to not deploy the European Central Bank as lender of last resort. ...
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Telegraph.co.uk
Bank of America's Clash With Fannie Mae Escalates Over Loan Buyback Stance
Bloomberg
Both firms are controlled by the government after being seized during the 2008 financial crisis to stave off collapse, and their overseers are pressingbanks for refunds on bad loans to cut the cost of the bailout to taxpayers. According to Fannie Mae, ...
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Bloomberg
Analysts warn Spanish right powerless to halt crisis
MSN Philippines News
Neither the International Monetary Fund nor Brussels' bailout mechanism -- the EuropeanFinancial Stability Facility -- had enough money to calm market concerns over Spain and Italy, he said. The answer lay with the European Central Bank, he said. ...
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Inflation targeting and the financial crisis
rabble.ca
However, most in the mainstream economics and financial community in Canada continue to strongly support the targeting regime. Pressed by the NDP official opposition, the Finance Committee of the House of Commons grudgingly (given the Conservative ...
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EUROPEAN MIDDAY BRIEFING FROM DOW JONES NEWSWIRES
NASDAQ
PBOC MAY ADJUST DIFFERENTIATED RESERVE RATIO CALCULATION: Ifeconomic growth keeps slowing, the People's Bank of China may alter its calculation method for determining the required reserve ratio for each bank, the Financial News reported. ...
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Japanese Exports Decline as China Sees Prolonged Global Slowdown:Economy
Bloomberg
The world economic situation is “extremely severe,” China's Wang said at a financial work meeting in Hubei province, state news agency Xinhua reported late on Nov. 19. “The global economic recession triggered by the international financial crisis will ...
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Bloomberg
JGBs slip on profit-taking, 20-yr sale eyed
Reuters
Safety bids for JGBs were dampened after the European Central bank re-entered the market and speculation grew that it might lend money to the IMF to help bail out the euro zone. "I think the market is overbought, so profit-takers are tending to emerge. ...
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Central Bankers: Stop Dithering. Do Something.
New York Times
Throughout modern economic history, whether in Western Europe in the 1920s, in the United States in the 1930s, or in Japan in the 1990s, every major financial crisis has been followed by premature abandonment — if not reversal — of the stimulus ...
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Déjà vu: BoP crisis 2008
Business Recorder
For starters, the financial crisis in the eurozone has brought the advanced economiesto the IMF against whom other countries must now contend. Excessive exposure of the countrys banks to government T-bills reeks of default on domestic debt; ...
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The malady lingers on
Bangkok Post
There are others who believe the financial sector should bear some of the cost. Among them is Direk Patamasiriwat, development economics professor at the National Institute of Development Administration (Nida). This could be done if the central bank ...
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China Outflows Signal Economic Woes
Wall Street Journal
"Amid uncertainties, the one thing we can be sure of is that the global recession caused by the international financial crisis will be extended," Mr. Wang said. It was unclear whether he was forecasting a new global recession, or merely a continuation ...
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Wall Street Journal
UK OPENING NEWS INCLUDING: Euro tax on financial transactions 'would cut GDP...
Proactive Investors UK
UK home sellers cut asking prices by the most in a year this month as the escalation of the Euro-area crisis deterred buyers and increased uncertainty about the outlook for theeconomy according to Rightmove Plc. Euro tax on financial transactions ...
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Economic policy
Europolitics.info
Teams from the EU and IMF were in Budapest until last week conducting a post-bailout mission. A spokesman for Economic and Monetary Affairs Commissioner Olli Rehn said that Hungarian Premier Viktor Orbán cited “elements of financial stability” in his ...
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The Danger Zone
Wall Street Journal
Against that backdrop, World Bank President Robert Zoellick sat down with The Wall Street Journal's Francesco Guerrera to discuss the global financial crisis, the outlook for resolving it and the implications for the future. Here are edited excerpts of ...
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Government fails to deflate household debt
Korea Times
Mortgages and other home-backed loans accounted for around half of the borrowing from financial companies, the bank said. Debt from credit cards, hire purchase and also money owed to department stores and automotive companies, which provide their own ...
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Korea Times
Hot Money's Hurried Exit from China
Wall Street Journal (blog)
... from banks' FX purchases gives a rough approximation of the scale and direction of capital flows. The last time it turned negative was May 2010, when fears of a double dip downturn were on the rise. The time before: the eve of the financial crisis ...
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Major questions remain over whether Irish bailout will work
Irish Times
But if bailing out Ireland did not contain the wider crisis, from a narrower Irish perspective it could be claimed the EU-IMF programme has helped stabilise the economy. Most notable has been the greatly accelerated progress on dealing with the banking ...
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Irish Times
Microsoft-Intel Inside Suffer as Governments Cut Spending: Tech
Bloomberg
The outlook for many executives dimmed in the second half as Europe's credit crisis spiraled, and more recently as flooding in Thailand has threatened the supply of computer hard- disk drives. Among corporate chieffinancial officers surveyed by Duke ...
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Bloomberg
The upper hand on US/EU debt concerns and global growth implications
FXstreet.com
Credit ratings agency Moody's commented on Germany stating that risks for thefinancial system has significantly increased. German bank funding risks vary greatly, and banks seem able to deal with the stress/loss scenario.
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Financial forecast for 2012
Telegraph.co.uk
Royal Bank of Scotland's strategists are even forecasting that European stocks will rise by as much as 25 per cent by the end of 2012 as the worldeconomy “shrugs off” the region's debt crisis. Even the more cautious forecasts are for single-digit ...
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Telegraph.co.uk
Roseman: Pooled pension isn't the best solution
Toronto Star
The federal and provincial governments had a concern — especially after the 2008 financial crisis — that middle-income households didn't save enough. Participation in RRSPs peaked at 45 per cent of the workforce in 1997, before falling to 39 per cent ...
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Toronto Star
British economic confidence sliding: poll
Taipei Times
Sixty-one percent planned to spend less money on Christmas this year. ComRes surveyed 2012 British adults online between Wednesday and Friday. Meanwhile, the pressure on London bankers to get to grips with the global financial crisis has led to stress, ...
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The Goldman Rule: Don't Let This Puppet Master Pull Your Strings
Money Morning
But then he went on to address concerns about pending regulations that are coming as a result of the Dodd-Frank Financial Reform Act. "In our conversations with clients, they have expressed several concerns on the impact to their businesses," Blankfein ...
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Cameron Pledges 'Massive' U.K. Credit Easing
Bloomberg
29 to set out full details of the program to aid companies finding it hard to obtain bank finance, Cameron said in a speech in London today. “I know that it can still be a nightmare for companies wanting to borrow money,” Cameron told the Confederation ...
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Bloomberg
It Is Time For Baby Banks
The Moderate Voice
Today I think it is time we seriously look at the next step in this process, it is time for us to have baby banks and in this case I hope it can be accomplished through legislation. It has been only a few years since the financial crisis cost us nearly ...
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Treasuries Rising Most Since 2008 as Budget Paralysis Seen
BusinessWeek
French Finance Minister Francois Baroin said in a speech in Paris on Nov. 16 that “the best way to avoid contagion is to have a solid firewall” by using European Central Banksupport for Europe's 440 billion-euro ($595 billion) rescue fund, ...
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Moody's warns of risk to France's credit rating
AFP
"Last week, the difference in yield between French and German 10-year government bonds breached 200 basis points, a euro-era record amid increased economic and financial market uncertainty in the region," Moody's Investors Service said. ...
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AFP
The European Bank Run Downward Spiral, Final Phase Of Goldman's World ...
The Market Oracle
However, learning that everyone (with two exceptions) has given up on Europe'sfinancial system should send a shudder through the back of everyone who still is capable of independent thought – because said otherwise, the world's largest economicblock ...
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Wonkbook: The supercommittee's real failure isn't on the deficit
Washington Post (blog)
With Europe in crisis -- a crisis that can't be contained unless the ECB steps in to stop the vicious circle of financial collapse -- its leaders still cling to the notion that price stability cures all ills....Just to be clear, this is not an ...
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Merkel Under Pressure to Say 'Ja' to Euro Bonds
Spiegel Online
Whereas such paper would certainly make it cheaper for several euro-zone member states to borrow money on financial markets, there is a chance that it could make borrowing more expensive for Germany, which pays the lowest interest rates on sovereign ...
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Spiegel Online
S.Korea-Market Factors to watch Nov 21
Reuters
SEOUL, Nov 21 (Reuters) - Following is a list of events in South Korea as well as news stories and press reports which may influence financial markets. (Reuters News welcomes your feedback and for any queries, please contact the Seoul newsroom at +822 ...
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The Main Event – The US Debt Crisis
EconoMonitor (blog)
Until the global financial crisis, foreign lenders, especially central banks with large foreign exchange reserves, led by the Chinese, increased their purchases of US government debt as part of a giant global liquidity scheme. These reserves arose from ...
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New Economics and Finance Resources Featured at Sciencia org ...
By Bratislav.Jeremic
Economics-and-Finance Sciencia org is a new sciences social network established to provide the very latest news headlines, references and resources from scientific journals, books and websites worldwide. This science and research content is contributed by the website's users. There are ... While citizens' trust in economic institutions has generally declined since the onset of the crisis, trust in the European Central Bank (ECB) has fallen significantly during the crisis. It shows that net ...
e Yugoslavia
IMF approves new credit program for Afghanistan after Kabul Bank ...
In the News ... IMF approves new credit program for Afghanistan after Kabul Bank crisis... including strengthening the banking law and financial sector supervision as well as the framework for anti-money laundering and combating .... Obama meets with Chinese premier at Indonesia summit, disputed economic topics on tap ...
www.washingtonpost.com/.../gIQA7yYdNN_story.html
IMF Survey: Afghanistan to Get $133.6 Million IMF Loan
Afghanistan has started to take corrective steps in wake of Kabul Bank crisis; IMFprogram provides framework to manage economic impact of troop ... to effectively manage the Kabul Bank crisis and strengthen the financial sector based on .... area of anti-money laundering, and enhancing supervision and enforcement; and ...
www.imf.org/external/pubs/ft/survey/so/.../CAR111511A.htm

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