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EU slashes eurozone growth forecast for 2013
November 7, 2012—The European Commission on Wednesday slashed its eurozone economic growth forecast for next year to just 0.1 percent, six months after tipping a much stronger recovery of 1.0 percent.
The European Union's Autumn economic forecasts said gross domestic product (GDP) across the 17-nation currency area would shrink 0.4 percent in 2012 and that it would take until 2014 to recover, with expected growth then of 1.4 percent.
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Source: EUbusiness
Autumn forecast 2012-14: sailing through rough waters
November 7, 2012--The short-term outlook for the EU economy remains fragile, but a gradual return to GDP growth is projected for 2013, with further strengthening in 2014.
On an annual basis, GDP is set to contract by 0.3% in the EU and 0.4% in the euro area in 2012. GDP growth for 2013 is projected at 0.4% in the EU and 0.1% in the euro area. Unemployment in the EU is expected to remain very high.
The large internal and external imbalances that built up in the pre-crisis years are being reduced, but this process continues to weigh on domestic demand in some countries, and economic activity diverges significantly across Member States. At the same time, competitiveness lost in the first decade of EMU in some Member States is being gradually restored, so that export growth is projected to increase progressively as global trade starts reaccelerating. Further progress in consolidating public finances is underpinning this rebalancing process.
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Source: Europa
Eurozone downturn gathers pace in October
November 6, 2012--Private sector business activity across the eurozone shrank at its fastest rate in three-and-a-half years in October, a key survey showed on Tuesday.
The Purchasing Managers Index (PMI), a leading indicator compiled by the Markit research firm, produced a combined manufacturing and services score of 45.7 points, down from 46.1 in September and below an earlier flash estimate of 45.8.
This was "a level historically consistent with the region's economy contracting at a quarterly rate of around 0.5 percent," said Markit senior economist Rob Dobson.
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Source: EUbusiness
Asia-Europe leaders warn on global economy
November 6, 2012--Asian and European leaders warned Tuesday of “substantial” uncertainties facing the global economy and pledged to work together to strengthen economic ties.
They also voiced hope at an Asia-Europe Meeting (ASEM) in Laos that the debt-laden European economy would "gradually recover" from its current slump, according to a closing statement.
"Leaders emphasised that strong and sustained economic growth in ASEM partners would contribute to the long-term strong, sustainable and balanced growth of the world economy," it said.
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Source: EUbusiness
D. Boerse faces 100-150mEuro capital shortfall
November 6,2012-- Deutsche Börse needs around €100m-€150m in additional capital for Eurex, its clearing house, to meet incoming requirements from European regulators as it prepares for the implementation of wide-ranging reforms of derivatives markets.
The shortfall, announced to analysts on a conference call last week, comes as the German exchange prepares to formally launch off-exchange derivatives clearing on Eurex on November 13.
Fitch upgrades Turkey's rating to investment grade view more If you are looking for a particuliar article and can not find it, please feel free to contact us
Accountant PwC has warned that the compliance process could take a year to put in place with time quickly running out. Its survey last week showed that 85% of 44 alternative managers have not started compliance or implementation programmes to address AIFMD. The accountant said: “This present predicament is particularly acute as, due to volatile, low market returns elsewhere, investors are increasingly looking to invest in alternatives.”
Source: Albourne Village Newsletter for Friday 9th November 2012
November 5, 2012--Leading global credit rating agency Fitch has upgraded Turkey's rating to investment grade, a first in Turkish history.
Fitch had maintained Turkey's rating at “"BB+," one notch below investment grade.
The agency said on Monday that "the upgrade to investment grade reflects a combination of an easing in near-term macro-financial risks as the economy heads for a soft landing and underlying credit strengths including a moderate and declining government debt burden, a sound banking system, favourable medium-term growth prospects and a relatively wealthy and diverse economy."
Source: Today's Zaman
