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From trough to peak: Turkey's inflation experience in 2011
December 27, 2011--2011 was certainly a year of economic achievements for Turkey. Its gross domestic output (GDP) boomed and joblessness visibly declined even though the government opted for fiscal discipline and refrained from creating a pro-growth and pro-employment impact on the market through more public spending
The executive's efforts, accompanied by a set of measures the Central Bank of Turkey has taken, also proved effective in the country's fight against the current account deficit (CAD). Yet Turks will probably remember 2011 more for its sour legacy to be bequeathed to next year: Inflation.
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Source: Todays Zaman
German economy 'downright robust'
December 27, 2011--The German economy is starting the new year in "downright robust" form, Economy Minister Philipp Roesler said in a newspaper interview on Tuesday.
"Our economy is downright robust, even if the environment, both at an international and a European level, has become more difficult," Roesler told the business daily Handelsblatt.
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Source: FIN24
Spain economy shrinks, outlook bleak
December 27, 2011--- Spain's economy will shrink in the last quarter and faces a bleak outlook for the coming months, its new economy minister warned on Monday, heightening fears of a fresh recession.
Luis de Guindos dampened already gloomy expectations for the economy as the new conservative government got to work on its programme of tough spending cuts.
"This quarter the Spanish economy will surely see a downturn and we will return to negative growth," he told reporters.
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Source: FIN24
UK Hopes Ring-Fence Banking Will Safeguard Against Collapse
December 26, 2011--The rest of the European Union will be watching the U.K. closely as it implements a series of banking reforms in an attempt in mitigate what was identified as serious vulnerabilities in the system.
Last week, U.K. Chancellor of the Exchequer (treasury secretary) George Osborne told Parliament that banks will have to ring-fence cash for families and small businesses to stop money being sucked away by speculative investments.
Ring-fencing is part of the coalition government’s decision to implement key recommendations from the Independent Commission on Banking (ICB) report headed by Sir John Vickers.
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Source: Globe and Mail
Synthetic ETFs do not pose systemic risk but more investor education needed, says SSgA’s Eleanor Hope-Bell
December 23, 2011--There can be no doubting the popularity of ETFs. As an asset class it has grown substantially in recent years.
According to data in BlackRock’s ETF Landscape Industry Review for end of Q1 this year the number of global ETFs has risen from around 1,200 in 2007 to 2,500 in 2010.
However, in recent months voices of concern have been getting louder, perhaps reaching a crescendo recently when a rogue trader was exposed at UBS.
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Source: ETF Express
France leads world as gloomiest over economy
December 23, 2011-- France leads the world as the "most pessimistic" country in terms of the economic outlook, with the lowest recorded score in more than 30 years, according to a global poll published on Friday.
The "End of Year" survey by Gallup International of 51 countries found that France beat second placed Ireland and third placed Austria for the dubious recognition as most pessimistic, economically-speaking.
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Source: FIN24
UK economy grows faster than forecast
December 22, 2011--The economy unexpectedly grew faster than first thought between July and September, thanks to stronger services and construction output, the Office for National Statistics said on Thursday.
However, the economy did not grow at all in the second quarter, and economists forecast a sharp slowdown at the end of this year and early in 2012.
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Source: FIN24
Germany banks on consumers to aid economy
December 22, 2011--Germany’s upbeat consumers will continue to support the economy and provide the basis for growth, which should peak next summer after a slowdown in the months ahead, the finance ministry said on Thursday in its monthly report.
The view builds on reports tracking consumer morale, which held steady going into January and resisted an expected fall as income expectations and views of the economy improved despite a softening of households’ willingness to make major purchases.
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Source: FIN24
Stocks to be included in ISE Stock Indices
December 21, 2011--The following changes will be made to the ISE 100, ISE 50, ISE 30, ISE Bank 10 and ISE
Dividend indices will be revised as shown in the following, starting from 01/01/2012.
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Source: ISE (Istanbul Stock Exchange)
Application of own credit risk adjustments to derivatives - Basel Committee consultative document
December 21, 2011--The Basel Committee today issued a consultative document on the application of own credit risk adjustments to derivatives.
The Basel III rules seek to ensure that a deterioration in a bank's own creditworthiness does not at the same time lead to an increase in its common equity as a result of a reduction in the value of the bank's liabilities. Paragraph 75 of the Basel III rules requires a bank to "[d]erecognise in the calculation of Common Equity Tier 1, all unrealised gains and losses that have resulted from changes in the fair value of liabilities that are due to changes in the bank's own credit risk".
The application of paragraph 75 to fair valued derivatives is not straightforward since their valuations depend on a range of factors other than the bank's own creditworthiness. The consultative paper proposes that debit valuation adjustments (DVAs) for over-the-counter derivatives and securities financing transactions should be fully deducted in the calculation of Common Equity Tier 1. It briefly reviews other options for applying the underlying concept of paragraph 75 to these products and the reasons these alternatives were not supported by the Basel Committee.
view the Application of own credit risk adjustments to derivatives - consultative document
Source: BIS
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