Obama Faces Convincing Struggles with Weakening G2...

President Barack Obama will meet with Group of 20’s French President Nicolas Sarkozy and Germany’s Angela Merkel on Wednesday at the world economic summit in France. He is expected to be frank about pushing European leaders to end their debt situation but has to tread carefully. After all, the country he runs is faced with fixing its own fiscal problems. This limits his means to interfere with the European crisis which...

Obama Hits China on Trade, Proud of Stabilizing Ti...

The U.S. president accused China of aggressively “gaming” the international trading system by undervaluing or manipulating its currency. However, Barack Obama remains cautious about supporting a bill on U.S. import tariffs that would press Beijing to revalue yuan but reiterated on global trade rules compliance. The bill is set for a final Senate vote on Thursday and is expected to pass but Beijing warned that this could...

Typhoon Nesat Causes Closure of Hong Kong Schools,...

The strong typhoon which killed 35 people in the Philippines, hit Hong Kong. The city raised storm signal No. 8, the highest in two years, shutting financial markets, schools, courts and government offices. But at 5 p.m. local time, as Typhoon Nesat neared at 450 kilometers, it was reduced to a strong wind signal.  About 287 flights were delayed, canceled or diverted. Branches of HSBC Holdings Plc and Standard Chartered Plc...

‘Controllable’ Inflation Rate To be Limited by Chi...

The slowing economy may control inflation said Premier Wen Jiabao hence China may limit interest rate rises in the next few months. Weak manufacturing and export demand and a consumer price of over 6% in June are additional factors. Beginning today, 1-year lending and deposit rates were given a .25-point boost and may be this year’s last said JPMorgan Chase & Co, HSBC Holding Plc and Bank of America Merrill Lynch....

First Kyushu Nuclear Reactor Restart Seen Since Ja...

After Japan’s earthquake in March, Genkai’s city mayor has given approval to the restart of reactors in Kyushu Electric Power Co. The other reactors in the country have no restart schedule yet, and summer power outages may still occur. Prior to the earthquake incidences, 30% of Japan’s electricity was supplied by nuclear power. After the quake, only 19 of 54 reactors remained working. Senior economist Tomomichi Akuta...

Despite Slow Growth, Chinese Economy Seen to Recoi...

China remains resilient despite slow growth weighed down by Beijing’s anti-inflation drive and low global demand. Urbanization continues and stronger domestic consumption is providing support. Thursday’s factory sector strength showed emboldened China bears. Cynics who foresee a sudden economic slowdown may have underestimated Beijing’s quick reaction in reviving growth in case needed. Inflation is seen to ease later...

Focus on FBI Rises Following New Round of Cyber At...

The latest round of cyber attacks raised doubts if law enforcement is able to trace the criminals. The FBI vows to work on it but Congress is yet to tackle the country’s budget problems. FBI Director Robert Mueller, who faced Congress about his term’s 2-year extension, said there is so much work to do. He said in order to address cyber threats, the bureau has to have the proper equipment, the capability, the skill and the...

Canada Urges the U.S. to Resolve Debt and Deficit ...

Canada’s Finance Minister Jim Flaherty urged the U.S. on Wednesday to avoid a default or the consequences for the world would be negative in a major way. He said no one needs any disorderly action in financial markets. Major commodity producer Canada, with its strong trade and financial association with the U.S., is at risk too for economic troubles. U.S. lawmakers meanwhile negotiate to strike a deal to empower Congress to...