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S&P Rates Chinese Banks Higher Than U.S. Big Banks

Following a criteria revision, credit ratings firm Standard and Poor’s has upgraded the ratings of several Chinese banks while a few top U.S. banks were downgraded. The new criteria have affected 37 banks so far, though more banks will be facing rating changes in the coming months.

Bank of China and the China Construction Bank saw their ratings move up a notch to A while the Industrial & Commercial Bank of China, the world’s largest bank by market capitalisation, was maintained at A.

US Policy Uncertainty Affecting Business Expansion And Job Creation

Small business owners would hire and invest more if Washington offered a clearer plan for taxes and government spending, said a report by the Federal Reserve Bank of Cleveland on Tuesday.

“While the downturn and weak recovery certainly had a large negative effect on small business hiring plans, policy uncertainty has exacerbated this effect,” claimed researchers Mark Schweitzer and Scott Shane in their report.

South Korean President Dons Thermal Underwear To Save Electricity

South Korean President Lee Myung-bak will be donning thermal underwear over the winter period, in an attempt to persuade his citizens to make some sacrifices in order to conserve electricity amid surging power demands in the country.

[quote]“Naturally, I had to wear warmer underwear which was uncomfortable initially. But after a while, I got used to it, and now I am very warm and comfortable wearing it,” said Lee in his fortnightly national radio address on Monday.[/quote]

2 Million Public Sector Workers To Strike in the UK

More than 2 million workers are planning a mass strike against the government’s pensions reform scheme, a figure that looks set to bring the UK to a standstill. The planned walkout, the Government says, will cost the economy £500 million and lead to job losses.

EU-US Summit: Obama and EU Leaders Pledge To Revive Growth

The United States and leaders of the European Union have met in Washington in an annual summit, with discussion and keen attention paid to resolving the debt crisis and how to revive growth.

The focus of the annual EU-US summit was the global economy, though the leaders also discussed issues like the political transition in the Middle East, Iran’s nuclear ambitions and the situation in Afghanistan.

Italy, Spain Haven’t Asked For IMF Aid. Yet.

The International Monetary Fund has yet to receive any funding requests from either Italy or Spain to avert their deepening debt crisis, said IMF Managing Director Christine Lagarde on Monday, after earlier reports suggested that the global economic organisation had been preparing a $794 billion bailout plan for Italy.

Forget Finance, Europe’s Next Crisis Will Be Political In Nature: George Friedman

The European Union project is facing its biggest test. Regardless of whether the next immediate European crisis is focused on Spain or Italy, it follows that by mid-decade, Europe’s political landscape will have shifted dramatically, with new parties, personalities and values emerging. As such, the real question, therefore, is not how the financial crisis works out. It is whether the European project will survive.

Category: Markets