Author Archive: Jeremy Parkinson
Australia unveils budget cuts to spur Central Bank
Australia’s government has announced AUS$16.4bn in new cuts in order to do good on its promise of budget surplus. The price of commodities in the global market is sliding fast, depriving Australia of billions of dollars worth of taxes. The cuts, to be implemented over four years, are meant to protect against any future economic […]
Results confusion causes Google stocks to plummet
An accidental email containing Google’s incomplete financial report was sent to the US stock market ahead of scheduled revealing that the internet giant missed growth forecasts. It caused a wave of stunned investors to rush to sell their Google stocks at up to eight percent lower prices, until trading was suspended on the stocks. Larry […]
New home construction surge in US
Data released by the US Department of Commerce has revealed that new home construction has surged in September, growing at its fastest in four years. Housing starts were up 15 percent from August, with a seasonably adjusted annual rate of 872,000. The figure is well above analysts’ expectations of 765,000 new units starting construction. Building […]
Moody’s reinforces Spain’s low investment grade rating
Moody’s has confirmed it is keeping Spain’s credit rating at Baa3 with a negative outlook, the lowest level of investment grade, based partly on the prospect of the European Central Bank will make a move to buy Spanish bonds in order to contain the volatility afflicting the market. The agency opted against lowering the country’s […]
Singapore clamps down on foreign tax dodgers
A deal between Germany and Singapore will help Berlin track down potential tax evaders, using Singaporean banks to hide away assets. It was announced by Germany’s finance minister Wolgang Schäuble, who is visiting Singapore, and local authorities. The deal follows another announcement in early October by the Monetary Authority of Singapore (MAS) which plans to […]
India ends infrastructure investment draught
The Indian government has announced plans to award $2.3bn worth of state-sponsored highway contracts in the next six months in a bid to boost the quality of infrastructure in the country. The country has previously operated under a system that saw private investors fund the construction of highways through bank loans, and recouped their investment […]
Brazil and South Korea cut interest rates to record low
Brazil’s central bank lowered their benchmark Selic interest rate by 25 basis points, driving it to a historic low. Interest rates have been slashed nearly in just over one year, and now rest at 7.25 percent. Hours later, Seoul mimicked the decision by lowering the benchmark seven-day repurchase rate, again by 25 basis points, to […]
Toyota to recall 7.4 million vehicles
Toyota has announced another wave of recalls following concerns that faulty window switches could get jammed or break down in the driver’s and passenger’s side. The Japanese car manufacturer has also warned that owners should not attempt to resolve the situation with commercial lubricants because they can potentially “lead to overheating and/or melting of the […]
Draught cow culling leads to increase in milk prices
The US department of Agriculture has estimated that the American milk output for 2013 will drop around 0.5 percent to 198.9bn pounds as the number of milk producing cows drops to an eight year low. Corn crops, an essential component of cattle feed, have soared to record high prices in August after a summer of […]
China growth forecast lowered by World Bank
The World Bank has cut its forecast for China’s growth rate this year citing concerns over the weak demand for its exports, and slow investment growth. The global lender cut its prediction to 7.7 percent, down from the 8.2 percent growth estimate it made in May. In a report on the state of East Asia […]
