Business Times Online - Economy Watch

Vietnam moves to lure private gold into banks

Sun, 12 Feb 2012 20:00:00 GMT

(HANOI) Stashing gold at home rather than having cash in the bank is a generations-old habit in communist Vietnam, but a recent surge in prices has sparked government attempts to bring the yellow metal to heel.

Consumers worldwide growing more optimistic

Sun, 12 Feb 2012 20:00:00 GMT

(MELBOURNE) Global consumer confidence rose in the December quarter as improving sentiment in the US and China, the world's largest economies, outweighed deterioration in Europe, according to a survey by Nielsen Holdings NV.

Aussie economy hit by global slowdown

Sun, 12 Feb 2012 20:00:00 GMT

(MELBOURNE) Australia's economy, buoyed by demand from China for iron ore and coal, is feeling the impact of a global slowdown as employers defer hiring new workers on European uncertainty, Treasurer Wayne Swan said.

Japan lawmaker urges use of pension fund to curb yen

Thu, 09 Feb 2012 20:00:00 GMT

(TOKYO) Japan's public pension fund, the world's largest, should shift more of its investments into foreign assets from domestic bonds to help weaken the yen, a senior ruling party official said yesterday.

Japan machinery orders down in Dec

Thu, 09 Feb 2012 20:00:00 GMT

(TOKYO) Japan's core machinery orders fell more than expected in December in a sign that a strong yen and worries about slowing global growth may weigh on capital spending in the coming months.

ECB sees tentative signs of stability

Thu, 09 Feb 2012 20:00:00 GMT

(FRANKFURT) Tentative signs of stabilisation in the eurozone economy remained over the past month but uncertainty remains high, European Central Bank president Mario Draghi said yesterday after the ECB held interest rates at a record low of one per cent.

US consumer debt speeds up in Dec

Wed, 08 Feb 2012 20:00:00 GMT

(WASHINGTON) Americans accelerated their borrowing in December for the second straight month, running up more credit card debt and taking out loans to buy cars and attend school.

Israeli strike shuts down airports, ports, banks and bourse

Wed, 08 Feb 2012 20:00:00 GMT

(JERUSALEM) Israel's main labour union declared a strike yesterday that shut airports, ports, banks and the stock market after talks with the government failed to produce an agreement on the status of workers employed through labour contractors.

Too much 'froth' in A$, says new RBA member

Wed, 08 Feb 2012 20:00:00 GMT

(SYDNEY) Incoming Australian central bank board member Heather Ridout aims to bring more attention to the nation's overvalued exchange rate as she joins the policy debate amid deliberations on lowering interest rates.

Fall in Germany's Dec exports fastest in 3 yrs

Wed, 08 Feb 2012 20:00:00 GMT

(BERLIN) German exports fell at their fastest rate in nearly three years in December and imports also unexpectedly dropped, suggesting Europe's bulwark economy could have contracted more than forecast in the fourth quarter of 2011.

Thai inflation still a worry despite rate cut

Wed, 08 Feb 2012 20:00:00 GMT

(BANGKOK) Thailand's central bank cut interest rates last month to boost recovery from flooding, but policymakers believed that economic activity will return to 'normal' in the second half of 2012 and that inflationary risks remain.

Australian dollar surges as RBA holds rates steady

Tue, 07 Feb 2012 20:00:00 GMT

(SYDNEY) Australia's central bank left official interest rates steady at 4.25 per cent yesterday, saying global conditions had, on balance, improved and local growth and inflation were close to target.

US eases Myanmar-linked sanctions

Tue, 07 Feb 2012 20:00:00 GMT

(BANGKOK) The United States moved to support the International Monetary Fund and World Bank in assisting Myanmar to rebuild its economy - as a reward to the former military dictatorship for taking steps towards democracy.

American CEO confidence at a high: survey

Tue, 07 Feb 2012 20:00:00 GMT

(WASHINGTON) Confidence among US chief executive officers rose in the fourth quarter to the highest level in almost a year as their economic outlook and hiring plans improved, a private survey showed.

Japan confirms stealth yen selling, flags more action

Tue, 07 Feb 2012 20:00:00 GMT

(TOKYO) Japan followed up its record yen-selling intervention last year with covert operations and the finance minister said it is ready to step in again to counter speculative moves, repeating his strong warning to markets against pushing up the yen too much.

Philippines' reserve cut to release 100b pesos to system

Mon, 06 Feb 2012 20:00:00 GMT

(MANILA) The Philippine central bank will release about 100 billion pesos (S$2.9 billion) into the financial system when a three-percentage-point cut in banks' required reserves takes effect in April, but the move should not be inflationary, a senior official said.

Aussie retail sales suffer surprise dip in Dec

Mon, 06 Feb 2012 20:00:00 GMT

(SYDNEY) Australian retail sales slipped unexpectedly in December as consumers spent less on food and eating out, a soft end to a subdued quarter for shops and another reason to expect a cut in interest rates this week.

Bank of England expected to announce more easing to shore up recovery

Mon, 06 Feb 2012 20:00:00 GMT

(LONDON) The Bank of England looks set to plough on with one more round of quantitative easing this week to shore up Britain's recovery, despite signs that the economy may be turning the corner after contracting in the last quarter of 2011.

Demand rises as Japan debt nears quadrillion yen

Mon, 06 Feb 2012 20:00:00 GMT

(TOKYO) Demand has risen at every note and bond auction in Japan this year, helping the nation maintain the world's second-lowest borrowing costs on a debt burden poised to exceed one quadrillion yen (S$16.7 trillion).

Op Twist pays off in corporate bond mkt

Mon, 06 Feb 2012 20:00:00 GMT

(NEW YORK) Federal Reserve chairman Ben S Bernanke's Operation Twist is paying dividends in the corporate bond market.

Hungary seeks int'l credit line of up to 20b euros

Sun, 05 Feb 2012 20:00:00 GMT

(BUDAPEST) Hungary is seeking an international credit line of 15 billion to 20 billion euros (S$24.5 billion to S$32.7 billion), the secretary of state heading the prime minister's office, Mihaly Varga, was quoted on Saturday as saying.

US corporate tax break lifts budget deficit

Sun, 05 Feb 2012 20:00:00 GMT

(WASHINGTON) A corporate tax break for buyers of computers, engines and other equipment is proving surprisingly popular, depriving the federal government of tens of billions of dollars in expected revenue and increasing the amount it will need to borrow this year.

Japan Inc bleeding but talk of demise premature

Thu, 02 Feb 2012 20:00:00 GMT

(TOKYO) Japan's punch-drunk corporate sector looks to be out for the count, having been knocked off its feet by a strong yen just as it was staging a wobbly recovery from natural disaster. But appearances can be deceiving.

IMF gives Argentina 180 days to fix economic data

Thu, 02 Feb 2012 20:00:00 GMT

(WASHINGTON) The International Monetary Fund on Wednesday gave Argentina 180 days to improve the quality of its inflation and economic growth data, which the lender said has fallen short of global standards.

Australia boasts record trade surplus for 2011

Thu, 02 Feb 2012 20:00:00 GMT

(SYDNEY) Australia's trade surplus rebounded to the highest in three months in December as the resource-rich country exported more gold and coal, setting the seal on a record year of earnings that is funding a boom in mining investment.