Posted by
admin on February 3, 2012 |
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Hong Kong’s financial system grew a less than expected 3 percent in the fourth quarter from a year previous as Europe’s debt crisis hampered exports. The development was the least in two years and compared with the 3.1 percent median forecast in a Bloomberg News survey of 12 economists. Financial Secretary John Tsang gave the number in his budget speech today. For the full year, growth was 5 percent.
Hong Kong can give focus this year on supporting growth rather than limiting the risk of real-estate bubbles as property prices fall and exports weaken. Chief Executive Donald Tsang said last week in Davos, Switzerland, that he has never been as scared about the global economic outlook, and UBS AG says the city may have a “superficial” depression in the first half. A budget surplus will “help to shore up Hong Kong’s defenses in an increasingly unstable global financial environment,” .UBS sees Hong Kong’s economy growing 1.6 percent this year, while Standard Chartered Plc predicts increase of 2.9 percent.
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Posted by
admin on February 2, 2012 |
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European governments moved toward a argument over a second free package for Greece, just as a dimming economic viewpoint in Portugal opened a new front in the debt crisis. Euro leaders left a Brussels high point late yesterday with no agreement over how to plug Greece’s increasing budget hole and German Chancellor Angela Merkel expressing annoyance with the Athens government’s incapability to carry out a financial alteration.
Bargaining with Greece over a balance record and its economic management outshine efforts to point the way out of the monetary disaster. EU chiefs agreed to speed the setup of a full-time 500 billion-euro ($654 billion) rescue fund and signed off on a German-inspired deficit-control concord. The summit was the 16th in the two years since the Greek debt emergency aggravated a Europe-wide drama, leading to extraordinary aid packages for Greece, Ireland and Portugal and disturbing European confidence that the ordinary currency was unyielding.
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Posted by
admin on February 1, 2012 |
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China hinted concern toward more financial loosening by holding off on a decrease in bank reserve necessities that some economists had estimated would come before a week-long holiday ending Jan. 28. Barclays Capital Asia Ltd., JPMorgan Chase & Co. and Industrial Bank Co. said this month that ratios were expected to drop ahead of the Lunar New Year festival, which increases demand for cash. The central bank instead used reverse-repurchase contracts to include money to the economic system.
Premier Wen Jiabao finds ways to guide the world’s second- largest economy through a property market hold up and the weakest export growth since 2009 without re-inflating asset bubbles or driving up consumer prices. The central bank has left benchmark interest rates unchanged for the past six months, while making a single cut to reserve requirements, the first since 2008, that became effective in December. Lu now sees a reserve-ratio cut in February to add liquidity and encourage growth after the reverse-repurchase contracts end.
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