Wednesday, December 5, 2012
Tim Geithner: Obama 'Absolutely' Prepared To Go Over Fiscal Cliff
Singapore food companies eyeing China's market
Published on Dec 5, 2012 by channelnewsasia
Singapore food companies are hoping to gain more access to China's vast market -- with a new showcase for Singapore food products in Yiwu, in Zhejiang province. Channel NewsAsia Shanghai Correspondent, Wang Zheng has the story.
PacX: The journey so far
Published on Dec 5, 2012 by LIQUIDROBOTICSinc
The PacX voyage so far. A short documentary on the occasion of Papa Mau's arrival in Australia
Vast crowds gather for Thai king's birthday
Published 05 December 2012 08:38 1543 Views
Ailing King Bhumibol Adulyadej tells his devoted subjects he is confident they can unite the divided nation. Al Jazeera's Wayne Hay reports from Bangkok
Beep Beep, Woof! Dogs Drive to Prove Intelligence
It's a dog-eat-dog world on New Zealand's road. An Auckland animal rescue charity is teaching three dogs how to drive to change our perception of canine intelligence.
Final Jobs Report Before the Fiscal Cliff Hits
Dec. 5 (Bloomberg) -- On today's "Street Fighters," UBS's Drew Matus, Sica Wealth Management's Jeff Sica and Loomis Sayles' David Sowerby discuss the last jobs report for 2012 due in Friday. They speak on Bloomberg Television's "Street Smart." (Source: Bloomberg)
Apparently, Australia's Where the Jobs Are
Australia’s unemployment rate unexpectedly dropped in November as a labor market driven by mining-industry hiring weathers a weaker global economy, sending the local currency higher.
Korean and Japanese TV Makers Fined
Royal Philips Electronics NV and LG Electronics Inc. are among companies fined a record 1.47 billion euros ($1.9 billion) by European Union antitrust regulators over price-fixing deals on now-obsolete cathode ray tubes used in televisions and computer monitors.
China's Property Developers Spend Big Bucks Abroad
Chinese developers are starting to venture overseas, chasing wealthy locals who are buying apartments from New York to Sydney as the government restrains the property market at home.
Europeans' Christmas budgets
Published on Dec 5, 2012 by Euronews
http://www.euronews.com/ Lower purchasing power this Christmas in Europe is putting a strain on many people's gift budgets, but in France spending levels are around the same as usual.
While the average household budget for Europeans has dipped slightly, the French seem determined to keep it up, or even spend a bit more.
EU-wide, the spending average is down by almost one percent, to around 590 euros for Christmas 2012.
The sorest cuts are seen in the countries most affected by the debt crisis: Greece, Portugal and Spain. But in Germany, the Yuletide budget has risen by seven percent, ten times more than the French increase.
Keeping spirits up in the approach to the holidays is more than just about shopping, though. In Lisbon, the traditional festive lighting blitz is as bright as ever - to help morale.
In one mother's opinion it goes a long way. She said: "I think the Portuguese need some joy, and downtown trade needs these lights, to get people out shopping."
In neighbouring Spain this December, shoppers with jobs in the public sector are going without the customary pre-Christmas bonus, which has been abolished as part of austerity measures.
The sweets industry is expecting a ten percent fall in sales of the famous nougat and almond candy 'turron'.
One vendor said: "A few years ago we'd sell it by the half-kilo, now we're downsizing to slabs of 100 grammes."
Buy less or look for bargains is an austerity-budget necessity for many shoppers: 90 percent of Europeans say they are making an effort to find special promotional prices. Last season it was 72 percent.
In Germany, shoppers with the freedom to celebrate may outspend their fellow Europeans more than ever.
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While the average household budget for Europeans has dipped slightly, the French seem determined to keep it up, or even spend a bit more.
EU-wide, the spending average is down by almost one percent, to around 590 euros for Christmas 2012.
The sorest cuts are seen in the countries most affected by the debt crisis: Greece, Portugal and Spain. But in Germany, the Yuletide budget has risen by seven percent, ten times more than the French increase.
Keeping spirits up in the approach to the holidays is more than just about shopping, though. In Lisbon, the traditional festive lighting blitz is as bright as ever - to help morale.
In one mother's opinion it goes a long way. She said: "I think the Portuguese need some joy, and downtown trade needs these lights, to get people out shopping."
In neighbouring Spain this December, shoppers with jobs in the public sector are going without the customary pre-Christmas bonus, which has been abolished as part of austerity measures.
The sweets industry is expecting a ten percent fall in sales of the famous nougat and almond candy 'turron'.
One vendor said: "A few years ago we'd sell it by the half-kilo, now we're downsizing to slabs of 100 grammes."
Buy less or look for bargains is an austerity-budget necessity for many shoppers: 90 percent of Europeans say they are making an effort to find special promotional prices. Last season it was 72 percent.
In Germany, shoppers with the freedom to celebrate may outspend their fellow Europeans more than ever.
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More austerity for Ireland
Published on Dec 5, 2012 by Euronews
http://www.euronews.com/ The Irish government says it is on the road to recovery, but still hit the country's long-suffering people with a new 3.5 billion euro dose of austerity on Wednesday.
Finance Minister Michael Noonan presented a budget that included a politically incendiary property tax, even as one in six Irish homeowners are struggling to pay their mortgages.
Dublin has started to be able to sell government bonds again and is one of few eurozone countries to keep eking out mild growth, but with one of the highest budget deficits in Europe, it now faces further harsh spending cuts and tax hikes as part of its EU/IMF bailout.
However, Noonan nevertheless said the end was in sight. He told parliament: "When I stood before the house last year, the Irish government was locked out of bond markets. Our 2-year bond yields were almost 10 percent."
"Now they are less than 2 percent. We have seen a total transformation in only 12 months ... We are now well on the road to recovery so let's look to the future with confidence."
There was some good financial news on budget day, Ireland's services sector, which accounts for about 60 percent of the economy, grew at its fastest pace in five years.
At the same time figures were released that showed the jobless rate was down to a 17-month low, though still close to a crisis high of 14.6 percent.
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Finance Minister Michael Noonan presented a budget that included a politically incendiary property tax, even as one in six Irish homeowners are struggling to pay their mortgages.
Dublin has started to be able to sell government bonds again and is one of few eurozone countries to keep eking out mild growth, but with one of the highest budget deficits in Europe, it now faces further harsh spending cuts and tax hikes as part of its EU/IMF bailout.
However, Noonan nevertheless said the end was in sight. He told parliament: "When I stood before the house last year, the Irish government was locked out of bond markets. Our 2-year bond yields were almost 10 percent."
"Now they are less than 2 percent. We have seen a total transformation in only 12 months ... We are now well on the road to recovery so let's look to the future with confidence."
There was some good financial news on budget day, Ireland's services sector, which accounts for about 60 percent of the economy, grew at its fastest pace in five years.
At the same time figures were released that showed the jobless rate was down to a 17-month low, though still close to a crisis high of 14.6 percent.
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Britain's recovery struggle continues
Published on Dec 5, 2012 by Euronews
http://www.euronews.com/ The latest update on Britain's economy confirms it is performing worse than expected.
Finance minister George Osborne insisted that the economy is healing, but said there are no quick fixes.
In a budget update to parliament, he had to admit that higher government borrowing means spending cuts and tax rises will last for another six years - beyond the next election in 2015.
Osborne was jeered by opposition politicians as he was forced to announce the UK economy will shrink this year by 0.1 percent.
Just nine months ago he had forecast it would grow by 0.8 percent.
The economy was now forecast to grow by only 1.2 percent in 2013, well down from the 2.0 percent predicted in March, Osborne said, citing figures from the Office for Budget Responsibility, which is the independent fiscal watchdog.
....Finance minister George Osborne insisted that the economy is healing, but said there are no quick fixes.
In a budget update to parliament, he had to admit that higher government borrowing means spending cuts and tax rises will last for another six years - beyond the next election in 2015.
Osborne was jeered by opposition politicians as he was forced to announce the UK economy will shrink this year by 0.1 percent.
Just nine months ago he had forecast it would grow by 0.8 percent.
The economy was now forecast to grow by only 1.2 percent in 2013, well down from the 2.0 percent predicted in March, Osborne said, citing figures from the Office for Budget Responsibility, which is the independent fiscal watchdog.
European markets at close: 05.12.2012
Published on Dec 5, 2012 by Euronews
http://www.euronews.com/
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Europe's struggling economies 'most corrupt', new survey reveals
Published on Dec 5, 2012 by Euronews
http://www.euronews.com/ The countries worst hit by Europe's debt crisis are also thought to be the most corrupt, according to a new global survey.
Spain, Portugal, Italy and Greece all had the lowest scores in Transparency International's annual Corruption Perceptions Index.
The report's Director Edda Mueller said people living in countries hit hardest economically perceived the problem of corruption to be worse.
''This proves what we've have been saying for months, that corruption in countries is closely linked to the economic and political stability of a country,'' said Mueller.
Greece was considered the most corrupt among EU and eurozone countries. Its global ranking fell 14 places from 80th in 2011 to 94 this year.
Italy, Spain and Portugal, which are all mired in recession, also scored badly. The UK came 17th overall.
Worldwide, Denmark, Finland and New Zealand were seen as the least corrupt nations, while Afghanistan, North Korea and Somalia were considered to be the most corrupt.
The international index measures the perception of corruption in the public and not the financial sector.
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Spain, Portugal, Italy and Greece all had the lowest scores in Transparency International's annual Corruption Perceptions Index.
The report's Director Edda Mueller said people living in countries hit hardest economically perceived the problem of corruption to be worse.
''This proves what we've have been saying for months, that corruption in countries is closely linked to the economic and political stability of a country,'' said Mueller.
Greece was considered the most corrupt among EU and eurozone countries. Its global ranking fell 14 places from 80th in 2011 to 94 this year.
Italy, Spain and Portugal, which are all mired in recession, also scored badly. The UK came 17th overall.
Worldwide, Denmark, Finland and New Zealand were seen as the least corrupt nations, while Afghanistan, North Korea and Somalia were considered to be the most corrupt.
The international index measures the perception of corruption in the public and not the financial sector.
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Europe Day Ahead: Central bank bonanza (2:19)
Dec. 5 - A look at Thursday’s key events including rate decisions from the ECB, BoE & RBNZ, plus a French bond auction and Q3 results from Prada
US economy: more folly, less jolly (1:58)
Dec. 05 - Summary of business headlines: U.S. data point to lukewarm economy: Hotel chief sees lending spigot opening; Stock movers include Apple, Freeport McMoRan Copper and Gold, and Citigroup. Conway G. Gittens reports
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