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UK Economy Avoids Triple Dip Recession
The UK economy managed to escape a triple dip recession much to the surprise to some of the bears out there, posting a better-than-expected reading of 0.3% expansion in the first quarter of the year. Despite rating downgrades by Moody’s and Fitch in the run up to the figures and the scrutiny over the UK [...]
What next for the Financial Markets after the Cyprus Bailout?
Cyprus has have avoided a collapse of its banking sector, economy and an exit from the Eurozone in the short-term, now that a bailout agreement has been reached. Its long-term future, however, remains in doubt. The join EU/IMF talks looks as though it will provide Cyprus with the €10 billion it needs, but the confidence [...]
Situation grim for the British austerity budget
The British finance minister, George Osborne, unveiled on Wednesday a new austerity budget for Britain, despite growth prospects cut in half by 2013, due to “internal and external economic challenges”, particularly in the euro area . The minister George Osborne said in the House of Commons that there was still “much to do” to end [...]
The crisis reaches China solar sector following the collapse of the giant Suntech
After finishing with the Western competition, the Chinese solar panel industry has just lost its great champion, Suntech, which was recently world leader, was declared bankrupt on Wednesday, evidence that the crisis in the sector also plaguing China. Suntech said Monday that trying to restructure its debt and China New said Wednesday that the company [...]
Cyprus seeks alternatives to avoid financial meltdown
Cyprus Wednesday seeking alternative funding for a vital international parliamentary after the resounding rejection of the European rescue plan considered unacceptable conditions imposed by the population. While waiting for a new proposal, and to prevent people from mass withdraws money from their accounts, the banks of the island will not open until Tuesday, and Thursday, [...]
Federal reserver maintains its exceptional support to economic recovery
The Federal Reserve (Fed, central bank) said Wednesday it revised down its forecast for U.S. economic growth for 2013 and maintain its policy to support growth in a context of “risk of degradation.” Emphasizing “a return to moderate economic growth after the pause observed at the end of last year,” the Monetary Policy Committee of [...]
Fitch affirms the ‘AAA’ for the EU and its outlook remains stable
The risk rating agency Fitch confirmed today the highest credit rating of the long-term debt of the European Union (EU) and reaffirmed the “stable” outlook, the bank said in a statement. Fitch also confirmed the “triple AAA” for the European Atomic Energy Community, or (EURATOM) and the stable outlook for long-term debt. As for short-term [...]
The Cypriot Parliament says “no” to the rate on deposits of the Eurogroup
The Cypriot Parliament today rejected categorically the Eurogroup plan to impose a tax on private deposits and requested the President, Nikos Anastasiadis, seeking alternative ways of negotiating free what everyone described as “blackmail”. In a dramatic messages charged debate, MPs from all parties shared the view that Cyprus has been the victim of a “shakedown” [...]
Federal reserve started a meeting without expect policy changes in the U.S. stimulus
The Federal Reserve (Fed) U.S. today began their two-day meeting to discuss monetary policy of the country, which will discuss the effects of its aggressive stimulus measures on the economic recovery. Members of the Open Market Committee of the Fed issued morning concluded its second meeting of the year, a statement that will explain their [...]
The EU carries out “dangerous positions”
The President of Portugal, Aníbal Cavaco Silva, warned that the EU is drawing “a very dangerous path” with the implementation of a tax on savers of Cyprus and expressed his fear that the lack of confidence in this country could spread to other States. “I think that Europe is undertaking dangerous roads. Sometimes I think [...]
