After the Fed declared that it ‘stands ready’ to protect the US economy from the eurozone debt crisis, all eyes will turn to the EU Summit later this week. The G20 meeting failed to deliver any insights but EU leaders have promised bolder actions to fight the debt crisis, including the possibility of a debt redemption fund.
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Qatar’s sovereign wealth fund, one of the largest funds in the world, is seeking a $5 billion quota to invest in China’s capital market.
According to the Xinhua news agency, Qatari investment officials are seeking an investment quota five times the current cap of $1 billion, and will invest the funds mostly in China’s equity markets and initial public offerings, with some investment in fixed-income assets.
Iraqi government offices may effectively be closed for much of the upcoming summer period, reported the Associated Press on Monday, after a parliamentary committee proposed a new law that would significantly reduce working hours due to the searing summer heat.
Disgraced former Italian Prime Minister Silvio Berlusconi could attempt to run for office again, reported The Telegraph on Sunday, after the media tycoon was quoted to have said that he was ready to once again “take charge” of the Italian government.
Two major BRIC countries, Brazil and China, have announced that they will swap as much as $30 billion in their respective currencies, a move that symbolises deeper economic cooperation and closer ties between the two emerging markets.
The currency swap, worth 60 billion reais or 190 billion yuan, was at the centre of a wide-ranging trade agreements aimed at boosting investment and trade flows for the coming decade.
The announcement was made yesterday by the Brazilian finance minister Guido Mantega on the sidelines of the UN Rio+20 Summit.
With summer vacation season fast approaching, the folks over at Facebook have decided to compile a list of the world’s most popular cities and landmarks to visit — according to “check-ins” made on that social media platform. Across the 25 cities mentioned, stadiums, public areas, amusement parks, concert arenas and shopping centres were among the most “checked-in” locations, while cities with warmer climates tended to favour outdoor spots and vice versa.
Credit ratings agency Moody’s yesterday downgraded 15 of the world’s largest financial institutions, citing significant exposure to the volatility and risk of outsized losses inherent to their capital market activities.
Morgan Stanley, UBS, Barclays, BNP Paribas, Citigroup, Crédit Agricole, Deutsche Bank, Goldman Sachs, JPMorgan Chase and Royal Bank of Canada received double-notch downgrades while Bank of America, HSBC, Royal Bank of Scotland and Société Générale received single-notch downgrades.
Greece’s equity market is “no longer in line with developed markets’ size requirements”, said index provider MSCI Inc on Thursday, with the country now set to face a review that may relegate the nation to emerging market status.
In 2008, toxic subprime mortgages triggered a full-scale financial crisis in the United States and while the economy is moving towards a slow recovery, America’s housing market is still not out of the woods.
Tax collectors in Indonesia will soon be trading their office wear for military fatigues, reported the Financial Times on Thursday, after the finance ministry announced plans to send 32,000 of its tax officers for two to three weeks of physical training with the military in order to boost morale and promote professionalism.
