| Economic News Philippine Govt. Cuts Growth Forecasts, Unveils Stimulus The Philippine government has lowered its economic growth targets for this year, while announcing a stimulus package to tackle a possible fallout from Eurozone crisis. (Oct 12, 2011) Full Article    ECB's Stark Says Imbalances, Weak Fiscal Policies Root Causes Of Crisis Macroeconomic imbalances and unsustainable fiscal policies are the root causes of the sovereign debt crisis in euro area, European Central Bank executive board member Jurgen Stark said Wednesday. (Oct 12, 2011) Full Article Sweden Says Debt Crisis Need Pan-European Solution: Report The ongoing debt crisis need a common solution for the entire European Union as the region has a European, not a eurozone banking system, Sweden's Finance Minister Anders Borg said Wednesday. (Oct 12, 2011) Full Article Trichet: Large Adjustment Required In Greece A very large adjustment is necessary in Greece to correct the errors of the past in the greater interests of the country and in the interests of growth and sustainable job creation, European Central Bank President Jean-Claude Trichet said in an interview with French magazine L'Express. (Oct 12, 2011) Full Article Europe In 'Dangerous' Situation, Says EU's Rehn Europe is in a very dangerous situation, European Economic and Monetary Affairs Commissioner Olli Rehn said. (Oct 12, 2011) Full Article Forex Top Story Japan Core Machine Orders Up 11% In August Core machine orders in Japan surged a seasonally adjusted 11.0 percent in August compared to the previous month, the Cabinet Office said on Wednesday - suggesting that the recovery from the March 11 earthquake and tsunami may be back on track. (Oct 12, 2011) Full Article Slovakia Resists Bailout Fund Expansion; Eurozone Rescue In Doubt The Slovak Parliament on Tuesday blocked the expansion of the European Financial Stability Facility (EFSF), potentially hurting Eurozone's rescue from the lingering debt crisis. (Oct 12, 2011) Full Article U.K. Unemployment Highest In 17 Years U.K. unemployment increased to the highest level since October 1994 as caution over the economic outlook prompted companies to be more reluctant to increase headcount. (Oct 12, 2011) Full Article Eurozone Industrial Output Growth At 9-Month High Eurozone industrial production increased at the fastest pace in nine months in August, contrary to economists' expectations for a decline. (Oct 12, 2011) Full Article Commodities IEA Slashes Global Oil Demand Forecasts The International Energy Agency (IEA) has slashed its forecast for global oil demand for this year and the next, citing the general slowdown in the world economy. (Oct 12, 2011) Full Article Political News Myanmar Releases Prominent Dissident As Prisoner Amnesty Begins Fifty more prisoners, including prominent comedian and dissident Zarganar, have been released under a general amnesty announced by the new civilian government in Myanmar, media reports quoting rights groups said early on Wednesday. (Oct 12, 2011) Full Article Israeli Cabinet Approves Prisoner Swap Deal Reached With Hamas The Israeli Cabinet on Tuesday voted to approve a prisoner swap deal reached with Hamas on the release of an Israeli soldier abducted by the militant group some five years ago. (Oct 12, 2011) Full Article Australia's Lower House Of Parliament Passes Carbon Tax Bill Australia's Lower House of Parliament on Wednesday narrowly approved a controversial carbon tax bill aimed at reducing greenhouse emissions by five per cent in the next ten years. (Oct 12, 2011) Full Article Clinton Slams Iran Over Alleged Saudi Assassination Plot U.S. Secretary of State Hillary Clinton on Tuesday slammed Iran over its alleged involvement in a plot to assassinate Saudi Arabia's ambassador to the United States, stressing that Washington was working with its allies to send a strong message to Tehran in the wake of the revelation. (Oct 12, 2011) Full Article Noda Vows 'Highest Level' Of Safety In Nuclear Power Generation Japanese Prime Minister Yoshihiko Noda has vowed that his government is "determined to raise the safety of nuclear power generation to the highest level in the world" in the wake of Japan's current nuclear crisis. (Oct 12, 2011) Full Article EU Leaders Urge Slovak Parliament To Adopt EFSF Expansion European Unon Council President Herman Van Rompuy and European Commission Chief Josรฉ Manuel Barroso have called upon all parties in the Slovak Parliament to "rise above the positioning of short term politics, and seize the next occasion to ensure a swift adoption of the new agreement on European Financial Stability Facility (EFSF). (Oct 12, 2011) Full Article Putin 'Perplexed' Over Jailing Of Ex-Ukrainian Premier Russian Prime Minister Vladimir Putin has said that he was "perplexed" over the jailing of former Ukrainian Prime Minister Yulia Tymoshenko for abuse of power in the gas deal with Russia. (Oct 12, 2011) Full Article Analyst Currency Comments Risk-appetite Wanes On Negative Offshore Events - Westpac Analysts at Westpac noted on Wednesday that negative offshore events such as Slovakia's failure to pass the EFSF expansion bill, Alcoa's disappointing earnings results, anti-China FX bill in the US Senate and Harrisburg City Council filing for bankruptcy trimmed risk-appetite in the market. (Oct 12, 2011) Full Article Currency Alerts Australian And New Zealand Dollars Slide On Risk Aversion During Asian trading on Wednesday, the Australian and New Zealand dollars declined against their major counterparts as risk aversion resurfaced in markets on concerns about the eurozone economy following Slovakia voting against a move to revamp the European Financial Stability Facility. (Oct 12, 2011) Full Article Dollar And Yen Fall On European Equities Rally The US dollar and the Japanese yen fell across the board in the European session on Wednesday as gains in European equities ahead of the European Commission President Jose Barroso's proposal on recapitalizing banks, propelled traders to bet on riskier assets. (Oct 12, 2011) Full Article Euro Edges Up Against Dollar And Yen On Strong European Stocks The euro edged higher against the currencies of the U.S. and Japan in early deals Wednesday as European stocks rallied on hopes that a plan for recapitalizing European financial institutions will be unveiled later today. The European Commission president Jose Manuel Barroso suggested yesterday that he would announce proposals to support the region's troubled banks and also measures to strengthen the EFSF. Yesterday, Slovakia voted down a proposal for enhancing the powers of EFSF. (Oct 12, 2011) Full Article Dollar Drops To 4-Week Low Versus Euro The dollar slumped to its lowest in almost a month versus the euro Wednesdays morning, extending its recent losses after European officials hinted they would go through with an expanded EFSF without approval from tiny Slovakia. (Oct 12, 2011) Full Article Pound Mixed After U.K. Unemployment Report The pound was mixed against major currencies in early deals on Wednesday, edging higher against the dollar and the yen while holding steady versus the euro and the Swiss franc after a report showed that the U.K. unemployment increased to the highest level since October 1994. (Oct 12, 2011) Full Article General News New Zealand Charges Captain Of Oil Spill Ship Authorities in New Zealand on Wednesday arrested and charged the captain of a container ship that has been leaking fuel oil into the sea ever since it ran aground on a reef off the country's North Island last week. (Oct 12, 2011) Full Article Thai Flood Death Toll Mounts To 281 As Efforts On To Save Bangkok Unabated floods wreaking havoc in Thailand have claimed 281 lives so far with 187 districts in 26 provinces still under water, cuasing untold misery to more than 2.2 million people, Wibul Sanguanpong, Director-General of the Disaster Prevention and Mitigation Department, said on Wednesday. (Oct 12, 2011) Full Article Plot To Kill Saudi Envoy Triggers Worldwide Alert On Possible Anti-US Actions The U.S. government has issued a worldwide alert about possible anti-U.S. actions following expose of a plot to assassinate Saudi Arabia's ambassador to the United States. (Oct 12, 2011) Full Article | 
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