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News About The Global Economy
August 27, 2014
Japan's economy shrinks after sales tax rise
Tokyo (AFP) Aug 13, 2014
Japan's economy suffered its biggest quarterly contraction since the 2011 quake and tsunami as a sales tax rise slammed the brakes on growth, data showed Wednesday, throwing into question plans for another increase next year. The 1.7 percent dip in gross domestic product for the second quarter - or a 6.8 percent contraction at an annualised rate - gave the clearest picture yet of the impact of the levy rise. The weak figures may force Tokyo to reassess another planned tax increase next year, ... read more

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China house price fall accelerates in July: survey
China's decline in property prices accelerated in July, an independent survey showed, adding to concerns over the sector, a key component of the world's second-largest economy. ... more
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Profits shrink at Japan's 'megabanks'
Japan's top three banks on Thursday posted lower quarterly profits as the impact of last year's stock market surge faded. ... more
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Japan factory output logs sharpest drop since tsunami disaster
Japan's factory output in June logged its sharpest fall since the 2011 earthquake-tsunami disaster, hit largely by drops in cars and industrial machine production, official data showed Wednesday. ... more
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Economic patriotism and U.S. corporate tax inversion
The recent mainstream media coverage of the potential relocation of American drugstore retail giant Walgreens to Europe, in order to pay corporate taxes at a lower rate and increase earnings, is just the latest in a frenetic wave of business activity involving U.S. based conglomerates and their respective foreign counterparts. ... more
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China approves three private banks: regulator
China has approved the setting up of three private banks, including one by Internet giant Tencent, the industry regulator said Friday, in a long-awaited economic reform aimed at bringing competition to state banking giants. ... more
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China avoids second corporate bond default: report
A construction firm narrowly avoided becoming the second company in China's modern financial history to default on a corporate bond after a last-minute rescue by local authorities, state-run media said Thursday. ... more
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Angry Bitcoin investors demand answers at Tokyo creditors' meet
Bitcoin investors voiced anger Wednesday after the first creditors' meeting for failed Tokyo trading exchange MtGox, whose spectacular collapse hammered the digital currency's reputation and left a trail of unanswered questions. ... more
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China Q2 growth mired at 7.4% on-year: AFP survey
Chinese growth failed to accelerate in the second quarter despite government stimulus measures, an AFP survey predicts, with the world's second-largest economy forecast to record its worst annual performance in 24 years. ... more
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China Jan-June FDI rises 2.2%
Foreign direct investment (FDI) into China rose 2.2 percent to $63.33 billion during the first six months of this year, the government announced Tuesday. ... more
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China detains prominent financial TV anchor: reports
Chinese authorities have detained a prominent financial news anchor for state broadcaster China Central Television (CCTV), according to media reports, in what appears to be the latest target in a corruption crackdown. ... more
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China bank denies state TV claims of 'dirty money' transfers
The Bank of China (BOC) has denied accusations by state television that it helped clients evade limits on money transfers overseas, in a rare attack by the government broadcaster against a state-backed institution. ... more
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China inflation slows to 2.3% in June: govt
Chinese inflation slowed to 2.3 percent in June from a four-month high of 2.5 percent in May, official data showed Wednesday, giving authorities further room to stimulate growth in the world's second-largest economy. ... more
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Turkey economy risks choppy waters under Erdogan presidency
Prime Minister Recep Tayyip Erdogan appears all but assured of winning upcoming Turkish presidential polls, but he could find himself in charge of a far more fragile economy than in the last decade of his rule. ... more
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China sets yuan clearing bank in Seoul
China designated a clearing bank in Seoul for yuan transactions in South Korea on Friday, coinciding with a visit by President Xi Jinping, as Beijing promotes greater use of its currency overseas. ... more
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China manufacturing growth pick up in June: govt
Chinese manufacturing activity expanded at its fastest pace this year in June, an official survey showed Tuesday, in a sign that Beijing's attempts to tackle slowing growth in the world's number two economy are gaining traction. ... more
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China housing prices fall for second month: survey
Housing prices in major Chinese cities fell for a second consecutive month in June, an independent survey showed Monday, providing more evidence of a deflating property bubble. ... more
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Former top China official charged with bribery
China's wide-ranging crackdown on corruption has snared its highest-ranking official so far, a former senior economic planning officer who will face criminal charges after authorities charged him with bribery on Monday. ... more
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Bank of China approved for yuan clearing in Frankfurt
China's central bank has approved Bank of China, one of the country's major financial institutions, as the clearing bank for yuan transactions in Germany's financial centre Frankfurt, it said Thursday. ... more
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China's shipping veto changes world competition landscape
China's veto of an alliance between major Western shipping firms shows its growing heft now extends to crucial global competition regulation - and analysts say it uses the power to protect its own commercial interests. ... more
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Chinese putting wind in sails of Greek recovery
Greece rolls out the red carpet Thursday for Premier Li Keqiang as the cash-strapped eurozone nation looks for Chinese investment to put wind in the sails of its recovery. ... more
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China group used same metal stocks to borrow $2.5 bn: report
A Chinese mining group allegedly used the same commodity stocks as collateral for loans of more than $2.5 billion from different banks, state-run media reported, with its other lenders also including Standard Chartered, HSBC, and BNP Paribas. ... more
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China denies row to blame as May foreign investment down 6.7%
Foreign direct investment into China fell 6.7 percent year-on-year to $8.6 billion in May, the government said Tuesday, denying that a row with Vietnam was behind a slump in investment from southeast Asia. ... more
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New world economic order a goal at G77+China summit
UN Secretary General Ban Ki-moon on Saturday opened a Group of 77 plus China summit in Bolivia, with developing countries calling for a more fair new world economic order. ... more
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China seeks spending fix as economy wobbles
China is unlikely to resort to the kind of spending splurge that saw it through the 2008 financial crisis to deal with its slowing economy, analysts say, but recent moves to ramp up state support suggest it cannot wean itself completely off the stimulus drug. ... more
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