| Economic News EU Banks May Require EUR 106 Billion Under Recapitalization Plan: EBA The European banks would be required to raise EUR 106 billion as capital under the new recapitalization plan agreed by EU leaders at yesterday's summit, the European Banking Authority (EBA) said Thursday. (Oct 27, 2011) Full Article    BoE Fisher Sees "Significant" Risk Of Another U.K Recession: Report Bank of England policymaker Paul Fisher said Thursday that the U.K. faces a "significant chance" of a new recession, but the new stimulus probably have improved the economic conditions. (Oct 27, 2011) Full Article ECB's Coene Says Eurozone Recovery Will Slow: Report Eurozone's economic recovery will slow, European Central Bank Governing Council member Luc Coene reportedly said in an interview to the Belgian daily Het Laatste Nieuws. (Oct 27, 2011) Full Article German Inflation Eases In October Germany's annual inflation, measured under the EU methodology, slowed modestly in October, preliminary data released by statistical office Destais showed Thursday. (Oct 27, 2011) Full Article U.S. GDP Increases In Line With Estimates In Q3 With U.S. consumer spending increasing at a much faster rate in the third quarter, the Commerce Department released a report on Thursday showing that the pace of gross domestic product growth during the quarter accelerated in line with economist estimates. (Oct 27, 2011) Full Article U.S. Weekly Jobless Claims Edge Down To 402,000 New unemployment claims in the United States ticked down slightly in the week ended October 22nd, according to figures released Thursday by the Labor Department. On a seasonally adjusted basis, initial claims for unemployment insurance came in at 402,000 for the week, a slight decrease from the previous week's revised level of 404,000. (Oct 27, 2011) Full Article Forex Top Story RBNZ Leaves Cash Rate At 2.50% The Reserve Bank of New Zealand Thursday left its Official Cash Rate unchanged at 2.50 percent. (Oct 27, 2011) Full Article South Korea GDP Up 0.7% In Q3 South Korea's gross domestic product added 0.7 percent in the third quarter of 2011 compared to the previous three months, the Bank of Korea said on Thursday - the slowest rate of gain in three quarters. (Oct 27, 2011) Full Article New Zealand Trade Balance In Red For Second Month New Zealand posted a trade deficit for a second consecutive month in September as imports jumped largely due to higher purchases of petroleum and products, data from Statistics New Zealand showed Thursday. (Oct 27, 2011) Full Article EU Works Out 50% Greek Debt Writedown, To Enhance Rescue Fund The leaders of the European Union has finally struck a deal to pull the region out of its worst crisis since the World War II. (Oct 27, 2011) Full Article BoJ Expands Asset Purchases, Leaves Key Rate Unchanged The Bank of Japan on Thursday decided to lift its asset purchase program by JPY 5 trillion as the yen continued to strengthen against the dollar, dampening exports and recovery. (Oct 27, 2011) Full Article Eurozone Economic Confidence Near 2-Year Low Eurozone economic confidence dropped slightly in October to reach a 22-month low, suggesting that mounting debt crisis and weak growth outlook would possibly push the economy back into recession. (Oct 27, 2011) Full Article Political News Israel, Palestinians To Draft Separate Proposals On Territory, Security The Middle East Peace Quartet met separately on Wednesday with Israeli and Palestinian officials in Jerusalem, with both sides agreeing to come forward with comprehensive proposals on territory and security within three months. (Oct 27, 2011) Full Article Okinawa Governor Urges Noda To Relocate Key US Base From Agreed Plan A mutually agreed plan to transfer functioning of the U.S. Marine Corps Futenma Air Station to a less populated coastal district of Japan's Okinawa prefecture has met with strong opposition from the local administration. (Oct 27, 2011) Full Article Japanese Ministers To Take Salary Cuts To Press Tax Hikes Japanese Prime Minister Yoshihiko Noda and his Cabinet have agreed to take pay cuts starting next month in an attempt to win public approval of tax hike proposals to raise funds for reconstruction work in areas hit by the massive earthquake and tsunami in March last. (Oct 27, 2011) Full Article European Union, New Zealand To Pursue Framework Agreement European Union Foreign Policy Chief Catherine Ashton has said that she agreed with New Zealand Foreign Minister Murray McCully to seek a negotiating mandate for a treaty level framework agreement to upgrade bilateral relations. (Oct 27, 2011) Full Article Olli Rehn To Get Euro Oversight, Barroso Says European Union Economic and Monetary Affairs Commissioner Olli Rehn will be entrusted with the job of overseeing the euro and its economy, European Commission President Jose Barroso said Thursday. (Oct 27, 2011) Full Article Analyst Currency Comments Further Rally In Risk Currencies Could Weaken USD/Asia In Near Term – Westpac Westpac analysts said on Thursday that a further rally in risk currencies, particularly, the Australian and dollar and euro, in response to the plans that emerged from the European summit could continue pushing USD/Asia lower in the near term. (Oct 27, 2011) Full Article Currency Alerts Euro Surges Up In Asian Trading After EU Summit During Asian deals on Thursday, the euro rose against its major counterparts following news that the European leaders have reached an agreement on a plan to recapitalize the region's banks as part of an effort to deal with the ongoing debt crisis. (Oct 27, 2011) Full Article Australian And New Zealand Dollars Rise After EU Summit The Australian and New Zealand dollars strengthened against their most major counterparts in the Asian session on Thursday after European Union leaders agreed on the recapitalization of major banks in the eurozone region at their summit meeting in Brussels. (Oct 27, 2011) Full Article Canadian Dollar Jumps To Fresh 5-week High Against Greenback The Canadian dollar edged higher in early deals Thursday as crude oil recouped (Oct 27, 2011) Full Article Swiss Franc Soars To New Multi-week Highs Against Greenback And Pound The Swiss franc edged higher against its major rivals in early New York deals on Thursday. (Oct 27, 2011) Full Article General News ICC Chief Urges Nations To Redouble Efforts To Execute Arrest Warrants The International Criminal Court (ICC) has appealed to national governments to redouble their efforts to bring crime suspects indicted by The Hague to justice. (Oct 27, 2011) Full Article Saudi-Spanish Consortium Wins $10-Billion Rail Project A consortium of Saudi and Spanish companies has won a SR38 billion($10.133 billion) contract for construction and operation of a high speed rail system in Saudi Arabia beating stiff competition from French companies. (Oct 27, 2011) Full Article UN Calls For Decisive Action As World Population Set To Cross 7 Billion With the world population projected to reach seven billion in five days' time, actions taken now will decide whether the future will be healthy, sustainable and prosperous or marked by inequalities, environmental decline and economic setbacks, according to a United Nations report issued on Wednesday. (Oct 27, 2011) Full Article Greece Urged To Exempt Pensioners From Maintaining Greek Bank Accounts The European Commission has urged Greece to discontinue its practice of requiring foreign workers benefiting from a Greek old-age pension to open and keep a bank account at the National Bank of Greece S.A. (NBG). (Oct 27, 2011) Full Article EU Sets Out New Safety Standards For Offshore Oil, Gas Operations The European Commission on Thursday proposed a new law that will ensure European offshore oil and gas production follow the world's highest safety, health and environmental standards everywhere in the EU. (Oct 27, 2011) Full Article 'Angel Of Death' Gets Lifer In Argentina A court in Argentina has jailed former naval captain Alfredo Astiz for life for crimes against humanity during the 1976-83 military rule in the South American country. (Oct 27, 2011) Full Article | 
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