Sunday, April 12, 2009

Great news from the world

Turkmenistan has accused Russia of causing an explosion on a gas pipeline by giving less than a day's notice before abruptly cutting its imports. A major pipeline for the delivery of Turkmen gas to China is currently under construction and Turkmen gas could also become the key to the success of the Nabucco pipeline, an EU-backed project designed to provide an alternative to Russian gas supplies to Europe. - Russian leaders losing control and no longer being the soul benefactor of something like this ,always ends well doesn’t it?

Royal Bank of Scotland (RBS) has said it is to cut a further 9,000 jobs over the next two years, in a move union leaders described as "devastating".

And British Telecom has stated they are going to cut 10 000 workers.

The world could face high inflation and a “crisis after the crisis” when the global economy recovers, Peer Steinbrück, German finance minister, has warned. The comments, in a weekend interview, are the latest sign of concern from Germany at the extra-loose monetary policies conducted by central banks around the world and the ever-larger fiscal stimuli being unveiled by governments. – So when he is not nationalizing banks, he actually uses that primate brain of his…

The Dubai government raised a $635m Islamic loan on Sunday to help retire $1bn in civil aviation authority debt maturing later this month. The loan should help assuage international investor concerns about the Gulf commercial hub’s ability to attract bank funding as it looks to refinance around $15bn this year, part of the emirate’s $75bn-$80bn debt pile. Also, several british investors have raised concern over not getting paid in time. – Et tu Dubai? Et tu

Kuwait’s cabinet finally passed a $5.2bn economic stimulus package on Thursday after a dissolution of its fractious parliament allowed the government to implement the bill unopposed.

China is starting to move away from the dollar. Even selling holdings in January and February. China has roughly two-thirds of the central bank’s $1.95 trillion in foreign reserves are believed to be in American securities. With the wast printing of money in the US Chinese officials is getting more worried and consequently even selling dollar.

China’s exports, fell 41 percent during the month, the most of any of the countries shown.

The total value of exports shipped by 15 large exporters in February was nearly a third lower than in the same month of 2008 — a rate of fall much faster than anything seen in recent recessions. “World trade is falling much faster now than in 1929-30,” two economists, Barry Eichengreen of the University of California and Kevin H. O’Rourke of Trinity College in Ireland, wrote in a paper released this week titled, “A Tale of Two Depressions.”

And to the resent drop in the Baltic dry cargo index we can now add several big bankruptcies within the business. The index has dropped 96% in year and is expected to drop the coming years. As mentioned before, this is the surest sign of how the world markets are doing.

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