International Business Times

Young Africans Flocking To Dubai, Joining South Asians As Guest Workers

gooch7 — Tue, 21 May 2013 13:55:59 GMT

Many African youths, beset by high rates of unemployment in their native countries, are apparently seeking to move to Dubai in the United Arab Emirates, rather than the promised lands of Western Europe, in search of jobs and opportunities.

Ugandan writer Joel Kibazo said he was surprised by the large number of Kenyans and other Africans he encountered while visiting Dubai, according to a BBC report.

The Takeover: Stable China Looks To Volatile Middle East For Investment Opportunities As West Backs Away

Michelle FlorCruz — Sat, 11 May 2013 15:03:54 GMT

China has not been known as a big investor in the Middle East. But that will soon change, as the world’s second-biggest economy learns to flex its newfound foreign-policy muscles, and builds its presence in the world’s most volatile, and most oil-rich, area.

China’s interests in the Middle East span economics, diplomacy, security, and soft power. With much to gain from an increased presence in the region, the Chinese are making an all-out effort to build a base there, including in nations where Western investors have long feared to go.

Is Cyprus On The Precipice Of Economic Disaster?

gooch7 — Fri, 05 Apr 2013 09:14:48 GMT

The tiny Mediterranean island of Cyprus has been swept into the financial crisis that has ensnared the euro zone over the past five years. With a unique history and geographically far closer to the Middle East than Europe, Cyprus now finds itself on a precipice.

World's Richest Countries Suffered Slight Economic Contraction In 4Q 2012: OECD

mikeobel — Thu, 04 Apr 2013 11:29:01 GMT

The economies of the world's richest countries, except for China, fell by an overall 0.1 percent at the end of last year, the Organization for Economic Cooperation and Development (OECD) said on Thursday.

Companies reducing their inventory of products pulled down real GDP in the OECD by 0.3 percentage points. A contraction in government consumption reduced GDP by an additional 0.1 percentage point.

Egypt Says $4.8 Billion IMF Loan Agreement Likely In Two Weeks; Funds Sought To Boost Economy

Gayathri — Thu, 04 Apr 2013 10:49:26 GMT

Egypt's planning minister said Thursday the government expects to reach a final agreement with the International Monetary Fund (IMF) over a $4.8 billion loan within two weeks, the state news agency MENA reported.

Planning Minister Ashraf Al Araby said Egypt had not requested an increase in the amount of the loan, which is sought to help boost the country's economy, struggling to recover from a political turmoil since last year's uprising that led to the fall of former President Hosni Mubarak.

Poorest Of The Poor: UN Releases Report On World’s 'Least Developed Countries'

m.shwayder — Tue, 19 Mar 2013 23:34:52 GMT

Forty-eight countries, from Afghanistan to Zambia, made the U.N.’s list of Least Developed Countries of 2012, a rather dubious honor, to say the least.

Thirty-three of the 48 countries are in Africa. Nine are Asian, and five are Pacific Island nations.

Global Unemployment To Hit Record High In 2013: ILO

moranzhang — Tue, 22 Jan 2013 18:02:31 GMT

Global unemployment could top record levels in 2013 and continue rising until 2017, a new report by the United Nations labor agency warned Tuesday, adding that the labor market situation remains particularly bleak for the world’s youth.

US Trade Deficit, ECB Interest Rate Decision, China December Data: Economic Events For Jan 7-11

moranzhang — Fri, 04 Jan 2013 20:01:43 GMT

After the fiscal-cliff storm, this will be a quiet week for economic data releases in the U.S.

November's trade deficit likely narrowed slightly. Both exports and imports were probably affected by the strike at the ports of Los Angeles and Long Beach at the end of the month.

In Europe, the key event will be the European Central Bank’s interest-rate announcement and press conference on Jan. 10.

US, UK, Asian Manufacturing Revives In December, While Euro Zone Factories Struggle

moranzhang — Wed, 02 Jan 2013 17:26:28 GMT

While manufacturing in Asia and the U.S. closed out 2012 on the upswing, factory activity in the crisis-plagued euro zone shrank further in December, adding to evidence that the euro area economy may have slipped further into recession in the fourth quarter and will continue to struggle in early 2013 at least.

Manufacturers helped lift the 17-nation bloc out of the last recession, but new surveys released Wednesday showed the region’s manufacturing sector entered 2013 in a mostly downbeat fashion.

Egypt Poised To Fall Into Vicious Cycle Of Economic And Political Crisis

e.melendez — Fri, 14 Dec 2012 12:30:40 GMT

Egypt is threatening to descend into a cycle of economic crisis feeding into political crisis and vice versa as the country’s leadership -- unable to implement economic policies it had acceded to with international creditors earlier in the year -- was forced to delay requesting a much-needed loan from the International Monetary Fund.

November US Jobs Report, ECB December Meeting: Economic Events For Dec. 4-7

moranzhang — Tue, 04 Dec 2012 18:27:26 GMT

Much of the data this week is expected to continue to show signs of Superstorm Sandy's impact, including the widely watched November government employment report, which is due Friday.

The sustained spike in initial jobless claims in the first three weeks of November, which isn’t that much smaller than the spike after Katrina, suggests there will be some lingering effect.

OECD Slashes Global Growth Forecast

mikeobel — Tue, 27 Nov 2012 14:25:51 GMT

The Organisation for Economic Co-operation and Development (OECD) has lowered its growth forecast for the global economy and expects the Eurozone to sink deeper into recession next year unless the region's leaders moderate their plans for deep government spending cuts.

The Paris-based Organisation for Economic Cooperation and Development said Tuesday it expects the global e

US Q3 GDP Second Estimate, Fed’s Beige Book, New Home Sales: Economic Events For Nov. 26-30

moranzhang — Mon, 26 Nov 2012 19:36:34 GMT

After returning from the Thanksgiving break, market participants will face a crowded economic calendar.

In the U.S., third-quarter gross domestic product is likely to be revised up to 2.8 percent, up from the initial 2 percent estimate. However, early evidence on economic activity in the current quarter will be less encouraging. October's durable goods and personal income & spending reports are likely to be disappointing, with Sandy accounting for only some of the expected weakness.

Greece Bailout, BoJ Meeting, US Housing Data: Economic Events For Nov. 19-23

moranzhang — Mon, 19 Nov 2012 14:59:48 GMT

Overall, a fairly thin week on data as the U.S. counts down to the Thanksgiving holiday.

While the markets continue to focus on the fiscal cliff negotiations, data flow will also receive attention. Topping the list in importance will be the Department of Labor’s weekly update on jobless claims, which should continue to reflect the impact of Superstorm Sandy.

Recent daily soundings suggest that the improvement in consumer sentiment leading up to the national elections has evaporated, while housing barometers are expected to be mixed.

Retail Sales, FOMC Minutes, Euro Zone Q3 GDP: Economic Events For Nov. 12-16

moranzhang — Tue, 13 Nov 2012 15:52:39 GMT

Market participants face a very crowded economic release calendar.

The release of October's retail sales and industrial production data and the early regional manufacturing surveys for November will give us a first insight into how badly Superstorm Sandy hit the economy.

US Presidential Election, Greek Parliament Vote, China’s Leadership Transition And October Data : Economic Events For Nov. 6-9

moranzhang — Tue, 06 Nov 2012 12:16:30 GMT

In a light week of data, the U.S. presidential election will likely dominate the headlines. Intrade and Iowa electronic markets put a high probability on a split government, meaning another four years of contentious debate in Washington.

Coming in the heels of the U.S. election, the Chinese Communist Party congress kicks off on Thursday. The new leadership will not take the helm until March, but the policy direction is becoming clearer.

October Jobs Report, ISM, Auto And Same-Store Sales: Economic Events For Oct 29-Nov 2

moranzhang — Sun, 28 Oct 2012 20:44:52 GMT

We start the week of Halloween with the personal income and spending report on Monday and finish with the October jobs report on Friday -- just four days before the U.S. general elections.

Economists’ projections point to an uninspiring rise in headline payrolls of about 123,000, only slightly better than the disappointing 114,000 job gains recorded in September. The unemployment rate, which unexpectedly fell to 7.8 percent in September, is expected to tick up to 7.9 percent in October.

FOMC, Q3 GDP, Housing, Durable Goods On Tap: Economic Events For Oct. 22-26

moranzhang — Mon, 22 Oct 2012 16:32:21 GMT

A heavy dose of data is scheduled to be reported on a week that will include a two-day meeting of the Federal Open Market Committee. Key reports will include the initial look at third-quarter growth in the U.S. and China HSBC PMI data.

After launching a new round of quantitative easing in September, this week’s gathering of Fed officials is not expected to produce any new developments on the policy front. Economists expect monetary policy to take a back seat as the focus shifts to the November election and fiscal policy.

2nd 2012 US Presidential Debate, EU Summit, China 3Q GDP: Economic Events For Oct 15-19

moranzhang — Sun, 14 Oct 2012 23:16:14 GMT

There’s a lot going on this week.

U.S. President Barack Obama and former Massachusetts Gov. Mitt Romney will cover both domestic and foreign policies Tuesday during the second U.S. presidential debate, which will feature a town-meeting format.

Looking at macroeconomic data, housing should be pretty solid, aside from an anticipated modest decline in existing-home sales. Inflation and manufacturing data should come in soft, while retail sales will be boosted by vehicle sales.

Fed Speakers, Beige Book, IMF-World Bank Meetings: Economic Events For Oct. 8-12

moranzhang — Fri, 05 Oct 2012 19:33:16 GMT

The U.S. Federal Reserve's assessment of current conditions, as well as data on inflation and trade, will highlight the economic calendar Oct. 8-12.

The Fed’s Beige Book -- aka the "Summary of Commentary on Current Economic Conditions by Federal Reserve District" -- comes out Wednesday, and economists look for it to reflect modest improvement in the economy. Furthermore, the import price and producer price indexes will likely reflect soft inflation, mostly driven by energy prices.

FOMC Minutes, September Jobs Report, Auto And Same-Store Sales: Economic Events For Oct. 2-5

moranzhang — Tue, 02 Oct 2012 10:02:01 GMT

In a week containing a number of top-tier releases, the main message is likely to be that both economic growth and job creation remain subdued.

Dovish Federal Open Market Committee minutes on Thursday and weak payroll data on Friday are likely to usher in the last quarter of the year.

The minutes of the September FOMC meeting should provide greater clarity on the range of opinion among committee members on the decision to embark on a third round of unsterilized asset purchases, or QE3, and extend the rate guidance from 2014 to 2015.

UAE Restricting Visas For Immigrants Workers From Asia

ryanvillarreal — Tue, 18 Sep 2012 21:23:10 GMT

The United Arab Emirates is tightening restrictions on visas for immigrant workers from major labor-exporting countries in Asia, citing a need to prevent foreign criminals from entering the country.

US Treasury Resists GM Plan For Government Stake Sale: WSJ

jlazzaro — Mon, 17 Sep 2012 18:31:35 GMT

(Reuters) - The U.S. Treasury Department is unwilling to sell the government's stake in General Motors Co because a sale now would mean huge investment losses, the Wall Street Journal reported on Monday, citing people close to the matter.

Earlier this year GM floated a plan with Treasury officials to repurchase 200 million of the roughly 500 million shares the U.S. holds in the carmaker, the newspaper said, citing unidentified people familiar with the situation.

Under that plan, Treasury would sell the remaining shares through a public stock offering, the Journal said. ()

QE3 Reviving Fears Of Global Currency Wars

e.melendez — Fri, 14 Sep 2012 20:33:54 GMT

The Federal Reserve's announcement this week that it will launch a third round of open-ended bond-buying to perk up the U.S. economy got a resoundingly positive reception in foreign financial markets on Friday, with the Global Dow, a 150-stock index of corporations from around the world, up 1.65 percent.

But market watchers were expecting the global equity party would lead to an inevitable hangover soon, in the form of intervention by central banks around the world, to stop massive inflows of dollars into non-U.S. economies.

Ahmadinejad Accuses West Of Creating Drought Conditions In Iran

gooch7 — Mon, 10 Sep 2012 16:50:42 GMT

Mahmoud Ahmadinejad has made a series of outrageous accusations against the West and Israel during his tenure as Iranian president.

He has now added to his long litany of absurd comments.