Global
(December 2012) Daily News Digest -- Mon Dec 17, 2012: The Financial Times says: "Seldom in politics has there been a revival of electoral fortunes as rapid and dramatic as that enjoyed on Sunday by Japan’s Liberal Democratic party. Just three years ago, the conservative LDP suffered a crushing general election defeat by the insurgent Democratic party that seemed to spell an end to a domination of Japanese politics that had endured for more than half a century."
(December 2012) The New York times says: "There is still time to undo an arbitrary sequester, which would slash billions in discretionary spending, before it does real harm to vital services. You might never spot an air marshal on your flight, but it’s reassuring to know one might be there. In a few weeks, though, many of them are likely to get pink slips — along with food safety inspectors, border patrol agents and countless other government employees who play a crucial if hidden role in everyone’s lives."
(December 2012) A legal clause that is seen as essential in organising future debt restructurings could be undermined by a US court ruling in favour of hedge funds that Argentina must pay creditors holding its defaulted debt. Meanwhile, a deadline -- December 17-- set by the International Monetary Fund (IMF) for the government to produce reliable national accounts data looms. The country could face expulsion from the IMF.
(December 2012) While China will overtake the US as the world's biggest economy before 2030, US energy independence will give today's sole superpower economic strength to remain an indispensable world leader. Asia's GDP will exceed that of North America and Europe combined.
(December 2012) Daily News Digest -- Thurs Dec 13, 2012: The Financial Times writes on the overnight agreement of Eurozone finance ministers on common banking supervision for 150-200 of the region's biggest banks: "The supervision plan is the first - and probably the easiest - step towards a Eurozone banking union designed to shore up confidence, resuscitate cross-border bank lending and bring down painfully high borrowing costs for peripheral banks. Berlin's more flexible approach is likely to break months of diplomatic deadlock on centralising supervision at the ECB and enable leaders to clear a self-imposed year-end deadline to agree parameters for its functioning."
(December 2012) A review of the performance of the financial markets in 2012 and a look at the factors that could potentially impact asset class and broad market performance in 2013 discussing US housing and the economy, commodities, equities, and the municipal bond market. In both Europe and Asia, equity markets bounced back in 2012. This year was the 25th anniversary of the 23% plunge of the Dow Jones Industrial Average on Oct. 19, 1987, that was triggered by signs of a slowing economy, the threat of higher taxes and concern among individuals that trading was rigged for insiders.
(December 2012) Daily News Digest -- Wed Dec 12, 2012: "The Irish Times says: " A self-proclaimed Irish psychic obviously never saw the future coming when she was landed a bill of €210,565, including fines and interest of more than €100,000, for underdeclaration of income tax, PRSI and VAT."
(December 2012) Daily News Digest -- Tues Dec 11, 2012: The Belgian daily Le Soir writes today: "Of course one can laugh about this Kafkaesque union that has to be represented by three leaders, with only 20 of the 27 heads of state and government turning up for the awards ceremony. Nevertheless the European project is a treasure that we are duty-bound to preserve. We need only heed the words of Jacques Delors. Together with his comrade Helmut Schmidt (93!), the 87-year-old clearly laid out [at the European Parliament last week] all that must be borne in mind and accomplished. ..."
(December 2012) 2013 is likely to be another weak year for growth in the global economy. However, depending on a number of trends, the outlook for 2014 could be better. Nobody knows of course how the balance of risks will develop through the year.
(December 2012) Daily News Digest -- Mon Dec 10, 2012: The New York Times reports on John McAfee, the creator of the antivirus software who is wanted in Belize in connection with a murder of a fellow American: "Last Monday, after several days of surreptitious travel, Mr. Castoro and Mr. King posted their first dispatch (from Vice Magaziine). It bore the smirking headline, 'We Are With John McAfee Right Now, Suckers.' The gloating was short-lived, however. Within minutes, a reader noticed that the photograph posted with the story still contained GPS location data embedded by the iPhone 4S that took it, and sent out a message via Twitter: “Check the metadata in the photo. Oooops ...” Vice quickly replaced the image, but it was too late. “Oops! Did Vice Just Give Away John McAfee’s Location With Photo Metadata?” a Wired.com headline asked. The article included a Google Earth view of the exact spot the picture had been taken — poolside at the Hotel & Marina Nana Juana in Izabal, Guatemala."
