Key Economic News To Watch This Week: July 29

This week: The U.S. FOMC chairs a two-day policy meeting; Greece implements a temporary tax cut on food and services to boost consumption levels; EU embargo against the supply of arms to Syria is partially lifted; The new Iranian president Hassan Rohani takes office.

Monday, July 29

This week: The U.S. FOMC chairs a two-day policy meeting; Greece implements a temporary tax cut on food and services to boost consumption levels; EU embargo against the supply of arms to Syria is partially lifted; The new Iranian president Hassan Rohani takes office.

Monday, July 29

Japan Defence Minister Itsunori Onodera starts a European tour during which he is expected to meet Lamberto Zannier, Secretary-General of the Organisation for Security and Co-operation in Europe. They will likely discuss a conflict prevention framework for the Asia-Pacific region at a time when China is increasingly territorial and aggressive in regional waters.

Related: ASEAN Attempts to Engage China on Territorial Disputes

Related: Philippines Backs Rearmed Japan to Counter China

Tuesday, July 30

Presidential election takes place in Pakistan.

The Federal Open Market Committee, headed by chairman of the Federal Reserve Ben Bernanke, begins a two-day meeting, with a statement on monetary policy to be released on Wednesday.

Related: A Huge Fed-Induced Credit Bubble By 2017?: Nouriel Roubini

Related: Monetary Missteps? – 10 Concerns About Quantitative Easing: Nouriel Roubini

Wednesday, July 31

Presidential and parliamentary elections open in Zimbabwe. President Robert Mugabe and Prime Minister Morgan Tsvangirai are expected to resume their rivalry for the Presidency.

Thursday, August 1

Greece will implement a temporary tax cut for the restaurant sector from 23 percent to 13 percent in an attempt to lift consumption and tax revenues to support the ailing economy.

Related: Austerity Undermining Essential Human Rights In Greece, Warns UN Expert

Related: Greece Must Tackle Rampant Tax Evasion: IMF

The embargo against the supply of arms to Syria is partially lifted so that EU nations can supply them to “moderate” opposition forces.

China celebrates the founding of the People’s Liberation Army in 1927. The army is the largest and the biggest employer in the world with 2.2m personnel, 3,000 aircraft and 10,000 tanks.

Argentina takes over the presidency of the United Nations Security Council.

Poland commemorates the anniversary of the 1944 Warsaw Uprising, the start of the Polish Home Army’s struggle to liberate the capital from Nazi occupation in the Second World War.

Saturday, August 3

The new Iranian president Hassan Rohani, who won 50.7 percent of the vote in the June 14 election, takes office.

Related: Iran: New Leader, New Hope?