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  #1 (permalink)  
Old 26th January 2009, 11:05 PM
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Welcome to the ForeignMarketsWatch where we would discuss other markets.
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Old 26th January 2009, 11:12 PM
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Icelandic government resigns as crisis takes its toll (AFP) - IXI Message Forums

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Old 27th January 2009, 01:15 AM
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Geithner's China Comments Not Formal Policy: White House(Paper tiger... - Business Exchange
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Old 27th January 2009, 02:33 AM
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Geithner's China Comments Not Formal Policy: White House

By: Reuters | 26 Jan 2009 | 02:54 PM ET
Text Size
U. .S. Treasury Secretary-designate Timothy Geithner was not making a formal finding last week when he told senators China was manipulating its currency, a White House official said on Monday.

"Mr.Geithner was restating what the president had said during the campaign, not making any determinations," White House spokesman Robert Gibbs told reporters.
Beijing has bristled at the suggestion it is manipulating its currency for a trade advantage and raised concern it could become a pretext for U.S. efforts to keep out its goods.
By using the term in written response to Senate Finance Committee question, Geithner broke a taboo of the Bush administration and increased expectations that the United States would formally cite China for currency manipulation in a semi-annual report due out in April.
But Gibbs indicated it was still an open question whether the Obama administration would cite China or not. "Every administration since 1989 has had to make a determination about currency each spring ...I think it's safe to say that this administration, like the others, will determine in the spring what that means," Gibbs said.
• Geithner's Critics Hoping He Has Answers
"We have to take a comprehensive approach to enhancing our economic relationship with China, including the currency issue," Gibbs said.
China denied Friday that it was manipulating its currency, Agence France Presse reported, reacting to remarks made by U.S. President Barack Obama's nominee for Treasury secretary a day earlier.
"The Chinese government has never used so-called currency manipulation to gain benefits in its international trade," AFP reported the Chinese Commerce Ministry as saying in a faxed statement.
The ministry also lashed out at "unsubstantiated criticism," saying it could risk a protectionist backlash in the United States, AFP reported.
The Chinese ministry also told AFP it intends to maintain "the basic stability of the exchange rate," adding "we will not rely on depreciation to support exports." U.S. Treasury officials and members of Congress have long criticized China for keeping its currency, the yuan, undervalued, saying this undermines U.S. trade competitiveness by making Chinese goods artificially cheap.
But the George W. Bush administration avoided branding Beijing a currency manipulator, instead opting to urge authorities there to adopt a more flexible exchange rate. The dollar has weakened by about 16 percent against the yuan since China revalued it in mid-2005, according to Reuters data.
Chinese anger at Geithner's choice of words. "President Obama—backed by the conclusions of a broad range of economists—believes that China is manipulating its currency," Geithner wrote. Chinese officials have accused the United States of regulatory failings that sparked the meltdown.
When Henry Paulson, former U.S. Treasury chief, said that the high Chinese savings rate had helped sow the seeds of the crisis, a firestorm of criticism ensued in China.
But Yi Xianrong, a finance professor at the Chinese Academy of Social Sciences, said such concerns were premature.
"They will not take the remarks very seriously," Yi said, referring to the foreign ministry and central bank. "We will only try to understand their real stance via diplomatic channels," he added. "If they really resort to diplomatic tactics to intervene, we will take measures to respond."

Copyright 2009 Reuters.

This man has just started his job and he's already looking for trouble
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Old 27th January 2009, 06:09 AM
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Quote:
Originally Posted by hispy99 View Post
This man has just started his job and he's already looking for trouble
This behaviour is known in Political Cycles as Initial Gri-Gri!
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Old 28th January 2009, 10:11 PM
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Default Re: ForeignMarketsWatch

Putin urges reserve currency move - Business Exchange

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Old 28th January 2009, 10:20 PM
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BBC NEWS | Business | World growth 'worst for 60 years'

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Old 29th January 2009, 09:44 PM
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World growth 'worst for 60 years'


Developed economies such as Japan, the US and UK are in recession
World economic growth is set to fall to just 0.5% this year, its lowest rate since World War II, warns the International Monetary Fund (IMF).
In October, the IMF had predicted world output would increase by 2.2% in 2009.
It now projects the UK, which recently entered recession, will see its economy shrink by 2.8% next year, the worst contraction among advanced nations.
The IMF says financial markets remain under stress and the global economy has taken a "sharp turn for the worse".
In another gloomy view of the UK economy, the Institute for Fiscal Studies (IFS) said Britain would be saddled with government debt for more than 20 years.
IFS director Robert Chote warned that spending would have to be cut or taxes raised by more than planned to allow public finances to recover.
The predictions came as Pascal Lamy, the director general of the World Trade Organization, urged countries not to react to the global economic crisis by resorting to protectionism.
Speaking from the World Economic Forum in Davos, Mr Lamy said such a move would be "a big mistake".
'Virtual halt'
According to the IMF, the outcome of the economic slowdown has been to send global output and trade plummeting.

The current projection is a protracted recession and we have not reached the bottom yet
Justin Yifu Lin, World Bank
Protectionism haunts the economy
UK debt 'will last 20 years'

"We now expect the global economy to come to a virtual halt," said IMF chief economist Olivier Blanchard in a statement.
The IMF says that despite a number of policy moves, which have been carried out by many states, financial strains remain.
International co-operation is needed now to draw up new policy initiatives, and for capital injections to support "viable financial institutions".
Meanwhile, it predicts that the eurozone economy is poised to shrink by 2.0% in 2009 and the US economy by 1.6%.
Banking crisis
The report comes on the same day the International Labour Organization said that as many as 51 million jobs worldwide could be lost this year because of the global economic crisis.
It had been hoped that growth in developing nations would continue at a steady pace and help offset the recession in developed nations such as the US and UK.

The BBC's Greg Wood: "The recession will also last longer than expected"

But the seemingly endless crisis in the banking system has put paid to that notion.
Countries such as China are now struggling with a collapse in demand from their primary export markets.
Meanwhile, developed economies such as Japan, Spain, the US and UK are in recession, with new job losses being announced on a daily basis.
'Uncertainty'
The IMF says that growth in emerging and developing economies is expected to slow sharply, from 6.25% in 2008 to 3.25% in 2009.
It cites the main reasons for the drop as being falling export demand, lower commodity prices and much tighter external financing constraints.

If the recession deepens in 2009, as many forecasters expect, the global jobs crisis will worsen sharply
International Labour Organization

Global job losses 'could hit 51m'
The IMF points out that policy efforts to tackle the downturn so far - such as liquidity support, deposit insurance and recapitalisation - have been drawn up to address the immediate threats to financial stability.
However, it says that these emergency measures "have done little to resolve the uncertainty about the long-term solvency of financial institutions".
"The process of loss recognition and restructuring of bad loans is still incomplete," says the IMF's World Economic Outlook Update.
'Bad bank'
The IMF says future co-ordinated financial policies should concentrate on recognising the scale of financial institutions' losses and on providing public support to those institutions that are viable.
"Such policies should be supported by measures to resolve insolvent banks and set up public agencies to dispose of the bad debts, including possibly through a 'bad bank' approach, while safeguarding public resources."
The IMF says the global economy is projected to experience a gradual recovery in 2010, with growth picking up to 3%.
"However, the outlook is highly uncertain, and the timing and pace of the recovery depend critically on strong policy actions," it warns.


SINCE WORLD WAR 2, MEN WHAT HOPE IS THERE FOR SMALL BOYZ LIKE NAIJA, THE WHOLE OF AFRICA CONTRIBUTES 2% TO WORLD TRADE/GDP(TRUTHFULLY SPEAKING). SOUTH AFRICA IS OF COURSE 1% OF THAT
Maybe the third world war has started. There is obviously going to be a major shift in the balance of world power!
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Old 30th January 2009, 12:12 AM
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Default Re: ForeignMarketsWatch

Quote:
What China Thinks of US—and China
Posted By: Kim Khan

China and Russia are taking the spotlight at this year's WEF. Leaders of both countries opened the forum on Wednesday.
Vladimir Putin tweaked sensibilities in the financial and political worlds by warning against government involvement. And Wen Jiabao went with optimism, especially on his own country's ability to avoid recession.
Looking at both East and West, the Chinese economy will stage a "quick rebound" of economic growth, but the US has a tougher job, facing the loss of $1 trillion in consumption, Zhu Min, executive vice president of Bank of China, told CNBC.com.

"In the States the housing industry has not stabilized" and there will be more deleveraging in the financial and household level leaving no doubt about a recession, he said.
And for the first time in 60 years, you'll see the developed countries contributing zero to the world economy, he added.

Quick government action in China will lead to a quick rebound, and although the economy will slow more in the first quarter, growth of 7 percent to 8 percent is manageable, he said.
As for the change at Davos, he said the last 10 years reflected the US economy—there was a huge party in 2000, it was somber in New York in 2002, there was the theme of power shifting in 2006 and 2007.
Now it looks like "the financial crisis is going to reshape the world."
© 2009 CNBC.com
This is just the begining of dollar troubles!
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Old 30th January 2009, 12:22 AM
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The White House - Blog Post - CEOs at the White House
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Old 30th January 2009, 03:02 AM
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Zimbabwe to allow multiple currencies to try tackle inflation | WORLD News
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Old 30th January 2009, 03:26 AM
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IMF: $2.2 Trillion In Bank Losses From Bad U.S. Assets | Boom2Bust.com
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"The one absolute requirement of a money manager is emotional maturity. If you don’t know who you are, the stock market is an expensive place to find out." - Adam Smith

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Old 30th January 2009, 03:40 AM
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Default Re: ForeignMarketsWatch

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Zimbabwe to allow multiple currencies
By Agency Reporter
Published: Friday, 30 Jan 2009

Zimbabweans will be allowed to conduct business in other currencies, alongside the Zimbabwean dollar, in an attempt to tackle soaring inflation, acting Finance Minister, Mr. Patrick Chinamasa, said on Thursday.

Reuters reports that the collapse of Zimbabwe‘s currency is a sign of the deepening economic crisis, which shows no sign of ending without concrete moves by President Robert Mugabe and the opposition to implement a power-sharing agreement.

”The government is allowing the use of multiple foreign currencies for business alongside the Zimbabwean dollar,” Chinamasa said in a budget speech, presented in United States dollars for the first time.

”In the hyper-inflationary environment characterising the economy, our people are now using multiple currencies alongside the Zimbabwean dollar. These include the (South African) rand, US dollar, Botswana pula, euro and British pound among others.”

Chinamasa projected Zimbabwe‘s Gross Domestic Product at $5.5bn.

A power-sharing agreement reached in September between Zimbabwe‘s political rivals, seen as a chance to ease the humanitarian crisis and save the faltering economy, has yet to be implemented.

Opposition leader, Mr. Morgan Tsvangirai, has said he agreed to form a government with President Robert Mugabe although his Movement for Democratic Change voiced disappointment with the deal reached at the summit. MDC officials are expected to meet on Friday to discuss how to proceed.

The humanitarian crisis is worsening too. More than half of Zimbabwe‘s population will need food aid in February and March, the World Food Programme said.

The WFP said in a statement that it aims to assist 5.1 million people in February while a group of US-sponsored aid organisations plans to assist 1.8 million more people in the southern African country.

”The overall total for people in need of assistance in February and March is around seven million,” the WFP said. The United Nations said on Thursday that unemployment was 94 per cent. Food and fuel are in short supply. The last official inflation rate, for July 2008, was 231 million per cent.

Zimbabwe‘s economic meltdown has been deepened by a cholera outbreak, which has killed nearly 3,100 people and infected 58,993 across the country -- the worst death toll in Africa from an outbreak of the normally preventable disease in 15 years.
This should make you think that we really don't have problems at all.
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Old 30th January 2009, 06:02 AM
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Default Re: ForeignMarketsWatch

BBC NEWS | Business | Obama slams Wall Street bonuses
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Old 31st January 2009, 01:21 AM
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Right Forecast by Schiff, Wrong Plan? - WSJ.com
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Old 31st January 2009, 03:36 AM
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Originally Posted by Citizen


Obama calls for bankers to act responsibly

President Barack Obama says that multi-billion dollar bonuses taken by Wall Street bankers are "shameful" while taxpayers bail out their industry.
The president said their actions "were the height of irresponsibility".
He said his administration would tell bankers they needed to show some discipline and restraint.
Mr Obama was responding to reports that employees at financial companies in New York collected an estimated $18.4bn (£12.9bn) in bonuses last year.
"It is shameful, and part of what we are going to need is for the folks on Wall Street who are asking for help to show some restraint and show some discipline and show some sense of responsibility," he added.
"The American people understand that we have got a big hole we have got to dig ourselves out of but they don't like the idea that people are digging a bigger hole."
Earlier this week, US bank Citigroup cancelled an order for a new corporate jet after President Obama questioned the wisdom of the purchase.
The White House asked whether buying the jet was the "best use of money at this point" for a bank that took $45bn (£31.6bn) of public money last autumn.


NIGERIANS ARE NOT THE ONLY FRAUDSTERS
We must have learnt from the best!
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Old 31st January 2009, 03:56 AM
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Default Re: ForeignMarketsWatch

BBC NEWS | Business | Wall Street suffers worst January

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Old 31st January 2009, 04:57 PM
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Default Re: ForeignMarketsWatch

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Originally Posted by olusolakemmy View Post
Wall Street has suffered its worst January on record as a barrage of bad US economic data continues to shake investors' confidence.

The Dow Jones Index ended the month down 8.8% in what some analysts see as a bad omen for the year ahead.

The broader S&P 500 index fell by 8.6%, also a record fall for January.

The Dow fell 1.82% on the last trading day of the month after official figures showed that US GDP fell sharply in the final quarter of 2008.
Our own Index fell 30.6% in January. A record without doubt.
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  #19 (permalink)  
Old 1st February 2009, 12:56 AM
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Default Re: ForeignMarketsWatch

http:///news.bbc.co.uk/2/hi/business/davos/7862203.stm

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Old 2nd February 2009, 10:22 PM
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Default Re: ForeignMarketsWatch

Obama predicts more bank failures

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