Monthly Archives: August 2012

Sierra Leone plans gold tax cut to curb smuggling

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“Sierra Leone plans to cut taxes on gold produced by small, individual miners nearly in half to reduce smuggling and boost exports, a year after the West African state did the same for diamonds, a top mining official told Reuters on Monday.  The move would undo part of a mining law drawn up in 2009 and backed by the International Monetary Fund. The law was meant to increase government revenue in the war-scarred country but instead backfired by triggering a slide in official exports.” [Sometimes third-world politicians are indeed smarter than Yale graduates…]

http://www.mineweb.com/mineweb/view/mineweb/en/page504?oid=156908&sn=Detail&pid=92730

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Japan’s poverty gap has politicians calling for rise in minimum wage

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“A majority of Japan’s population once considered themselves middle class, with income inequality lower than in other industrialized nations and almost full employment. Now, the ranks of those being left at the bottom of the world’s third-largest economy are swelling. The Health, Labor and Welfare Ministry announced last month that a record 2.1 million people are now receiving benefits and other financial assistance.  The JCP campaigns for a minimum wage of 1,000 yen ($12.80) an hour, paid for by tax increases for high earners and big business.”  [After 20 years of Zero-Interest-Rate Policy; America next…]

http://www.csmonitor.com/World/Asia-Pacific/2012/0814/Japan-s-poverty-gap-has-politicians-calling-for-rise-in-minimum-wage

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UK inflation jumps ‘unexpectedly’ in July to 2.6pc

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“The Retail Price Index inflation figure, which will be used to calculate the increase in rail fares, jumped to 3.2pc, against expectations of 2.8pc, leaving commuters faced with the prospect of £100-a-week fares.  In England fares will rise by inflation plus 3pc, while in Scotland they will go up by inflation plus 1pc. Wales has yet to set a figure for its increase.  The jump in inflation is a blow for the Bank of England’s Monetary Policy Committee, which has repeatedly overshot its 2pc target in recent months.  However, economists described July’s data as a temporary ‘blip’.”

http://www.telegraph.co.uk/finance/economics/9474265/UK-inflation-jumps-unexpectedly-in-July-to-2.6pc.html

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Cameron: Britain would be “greater Switzerland” outside EU

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“I think it would be bad for Britain.  When I look at what is in our national interest, we are not some country that looks in on ourselves or retreats from the world.  It comes back to this, who are going to be the winning nations for the 21st century? If your vision of Britain was that we should just withdraw and become a sort of greater Switzerland, I think that would be a complete denial of our national interests.”  [His own ruling-class interests, certainly.  That of the great masses?  The evidence speaks for itself.]

http://www.reuters.com/article/2012/07/19/us-britain-eu-cameron-idUSBRE86I0DE20120719

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Swiss Expect CHF1.5B Budget Surplus on Lower Debt Payments

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“Switzerland expects to post a budget surplus of about 1.5 billion Swiss francs ($1.53 billion) this year as [artificially low] interest rates helped reduce its debt financing costs, the government said Wednesday.  The Swiss fiscal authorities had projected a balanced budget for 2012, after a surplus of CHF1.9 billion last year, but expenditure will be around CHF800 million less than expected.  The Alpine country’s economy has been one of the best performing in Europe this year, with demand for its high-quality products, particularly watches and luxury goods, helping to push its unemployment rate to 2.7%.”

http://online.wsj.com/article/BT-CO-20120815-704703.html

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Credit Suisse counters critics with $15.6 bln capital plan

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“Credit Suisse (CSGN.VX) unveiled measures to boost its capital base by 15.3 billion Swiss francs ($15.6 billion), a move that was welcomed by a previously critical central bank and left some investors sceptical.  Credit Suisse said that steps including issuing convertible bonds and bringing forward an exchange of hybrid capital notes would boost capital by 8.7 billion francs immediately.  The bonds are being fully underwritten by existing investors such as Qatar and the Olayan Group, as well as new investors like Norway’s pension fund Norges and Singapore-based Temasek.”

http://in.reuters.com/article/2012/07/18/idINL6E8IICF920120718

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Deutsche Bank’s Layoff Statement: Lower Compensation To Come

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“Deutsche Bank announced that it would lay off 1,900 people — 1,500 of whom would be in the investment banking sector (read the release here).  They put out a press release to explain these job cuts (they said government capital requirements were forcing them to search for cash).”

http://www.businessinsider.com/compensation-at-deutsche-bank-2012-7

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Switzerland – the discreet shipping giant

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“With 90 per cent of international trade transported by sea, landlocked Switzerland has grown into the world’s second biggest shipping power and transformed itself into a global raw materials distribution hub.  In May, raw materials giant Trafigura announced that it planned to move part of its Geneva operation to Singapore.  ‘We have been very centralised in Europe, but the world is evolving and the centre of consumption is in Asia and we want to be closer to our customers,’ said Trafigura spokeswoman Victoria Dix.”

http://www.swissinfo.ch/eng/business/Switzerland_the_discreet_shipping_giant.html?cid=33256356

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World shipping crisis threatens German dominance as Greeks win long game

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“Germany is the superpower of container shipping, controlling almost 40pc of the world market. The Germans also misread the cycle and have been struggling to cope with a legacy of debt and a glut of ships. Now everything is going wrong at once.  They are not alone. Britain’s oldest shipowner, Stephenson Clark, dating back to 1730, went into liquidation last week, closing the final chapter of Britain’s coal trade and the industrial revolution.  The odd twist is that Greek shippers are the ones quietly snapping up bargains from distressed German companies, with Hypovereinsbank providing 100pc financing, a privilege denied to German shippers.”

http://www.telegraph.co.uk/finance/newsbysector/transport/9473476/World-shipping-crisis-threatens-German-dominance-as-Greeks-win-long-game.html

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Payday loan: Greece raises €4bn at debt auction to help government avoid cash crunch

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“The extraordinarily large sale was held ahead of the redemption of a €3.2bn bond held by the ECB which expires on August 20. it will also help the country pay salaries and pensions while it awaits the next instalment of its EU-IMF bailout package.  Greece has been shut out of the long-term debt markets since 2010 and has regularly issued short-term debt, but previous placements had not been as high as Tuesday’s.  In need of cash to pay salaries and pensions, the government hopes that a solution can be found at the European level regarding the redemption of the ECB bond.”

http://www.telegraph.co.uk/finance/financialcrisis/9474761/Debt-crisis-Greece-raises-4bn-at-debt-auction-to-help-government-avoid-cash-crunch.html

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