After a weaker-than-expected U.S. monthly jobs report on Friday, markets can expect the parade of weak March data to continue into the week. However, the upside to these signs of weakness is that they suggest the US Federal Reserve will stick to its stimulus measures to help bolster growth.
The Organization of the Petroleum Exporting Countries (OPEC) will not seek to raise oil prices any higher, said its secretary general Abdallah el-Badri on Thursday, claiming that the current value of $107/barrel was at a “comfortable” level for both producers and consumers; and was unlikely to cause “harm” to the global economy.
El-Badri, who was speaking at an oil industry gathering in Paris, told the conference that the 12-nation bloc was satisfied with current oil prices, asserting that “we don’t advocate any extremes, too low or too high.”
America’s burdensome system of immigration laws is costing the economy $30 billion a year, according to a new study by centre-right think-tank American Action Forum (AAF) on Thursday, noting a hypothetical skilled immigrant would spend roughly 18 hours and $2,500 filling out at least 16 forms on his or her path to naturalization.
China’s fishing vessels hauled in approximately 4.6 million tonnes, or $11.5 billion worth, of fish last year, claimed a study published by University of British Columbia scientists on Wednesday, which is more than 12 times larger than the catch the nation reports to the United Nation’s Food and Agriculture Organization; and taken from the waters of at least 90 countries – including 3.1 million tons from African waters.
The Cypriot economy could shrink by much as 13 percent this year, warned a government spokesman on Thursday, higher than a previous estimate, which took into account the affect of the EU bailout.
“The recession may not be 8.7 percent in 2013 – as is estimated – it may reach 13 percent,” Christos Stylianides told state television RIK; although he added that Cyprus could experience a recovery by as early as next year – if the correct measures and investments were introduced.
As much as $700 million in federal aid intended to fortify homes after the Hurricane Katrina disaster in 2005 have been either squandered or misspent, said the U.S. Department of Housing and Urban Development (HUD) on Wednesday, who claimed that likelihood of recovering the money was “slim, at best.”
China is reportedly demanding for the annual China–Japan–South Korea Trilateral Summit to be postponed over its unresolved dispute with Japan over the Senkaku/Diaoyu islands, claimed the Kyodo News Agency on Thursday, even as former Japan Prime Minister Yasuo Fukuda prepares to meet with Chinese President Xi Jinping this month to discuss Sino-Japanese ties.
Germany’s central bank, the Bundesbank, is looking into allegations that former Deutsche Bank employees hid up to $12 billion in losses by misvaluing credit derivatives during the financial crisis, reported the Financial Times on Wednesday, citing people familiar with the situation.
Nearly half of Russia’s employable population are working in illegitimate businesses or operations, admitted Deputy Prime Minister Olga Golodets on Wednesday, warning that Russia could be at least 20 years behind on the international labour market in terms of the level of employment.
Russian President Vladimir Putin on Tuesday signed a new decree ordering all officials and civil servants to close their foreign bank accounts and be rid of offshore financial assets within the next three months, or face instant dismissal from their post, reported the Financial Times.
