Le chef de la BOE passe aux aveux

Sir Mervyn’s comments came just days after Barclays was hit with record fines of £290m for trying to rig the inter-bank interest rate, and on the morning that regulators ordered several major banks to compensate small businesses who were mis-sold complex financial instruments pushed by their investment bankers.

At the Financial Stability Report press conference, the Governor twice refused to comment on whether Mr Diamond was a “fit and proper” person to be running Barclays. “That is for another day and another place,” he said. Mr Diamond is facing calls to resign over the scandal.


La Russie compte sur le développement des infrastructures pour relancer la croissance

Скорее всего, первые средства действительно пойдут на развитие железных дорог, подтверждает федеральный чиновник: «Чтобы использовать облигации на развитие аэропортов, надо менять законодательство». Источником для вложений будут пенсионные накопления, находящиеся в управлении Внешэкономбанка, и средства фонда национального благосостояния, знает собеседник «Ведомостей»: сумма пока не определена, но в следующем году может составить около 300 млрд руб.

Китайская делегация оказалась самой многочисленной на форуме среди зарубежных, представитель политбюро компартии Китая Хэ Гоцян открывал форум вместе с Путиным. По мнению Чубайса, кризис в еврозоне заставит Россию переориентироваться на азиатские рынки. Основным партнером должен стать Китай, уверен и совладелец «Базэла» Олег Дерипаска.

Читайте далее: http://www.vedomosti.ru/finance/news/2121369/stavka_na_kitaj_i_investicii#ixzz1ymwPi2Dx

Greece could potentially solve its entire public debt crisis through development of its new-found gas and oil


Tulane University oil expert David Hynes told an audience in Athens recently that Greece could potentially solve its entire public debt crisis through development of its new-found gas and oil. He conservatively estimates that exploitation of the reserves already discovered could bring the country more than €302 billion over 25 years. The Greek government instead has just been forced to agree to huge government layoffs, wage cuts and pension cuts to get access to a second EU and IMF loan that will only drive the country deeper into an economic decline. [4]


Notably, the IMF and EU governments, among them Germany, demand instead that Greece sell off its valuable ports and public companies, among them of course, Greek state oil companies, to reduce state debt. Under the best of conditions the asset selloffs would bring the country perhaps €50 billion. [5] Plans call for the Greek state-owned natural gas company, DEPA, to privatize 65% of its shares to reduce debt. [6] Buyers would likely come from outside the country, as few Greek companies are in a position in the crisis to take it.


One significant problem, aside from the fact the IMF demands Greece selloff its public oil interests, is the fact that Greece has not declared a deeper exclusive economic zone like most other countries which drill for oil. There was seen little need until now. An Exclusive Economic Zone (EEZ) gives a state special mineral rights in its declared waters under the Third United Nations Convention on the Law of the Sea (UNCLOS), which came into force in November 1994. Under UNCLOS III, a nation can claim an EEZ of 200 nautical miles from its coastline. [7]


Turkey has previously stated it would consider it an act of war if Greece drilled further into the Aegean. [8] Until now that did not seem to have serious economic consequences, as no oil or gas reserves were known. Now it’s an entirely different ballgame. 


Evangelos Kouloumbis, former Greek Industry Minister recently stated that Greece could cover “50% its needs with the oil to be found in offshore fields in the Aegean Sea, and the only obstacle to that is the Turkish opposition for an eventual Greek exploitation.” [9]


Clinton Unveals New US Africa Policy

The Obama administration says it is launching a new partnership with sub-Saharan Africa to improve democracy, economic growth, security and trade in the region.

The new presidential policy directive on sub-Saharan Africa is based on many of the themes outlined in Barack Obama’s 2009 speech to lawmakers in Ghana. The White House says it commits the United States to elevating its work to strengthen democratic institutions and boost economic growth, trade and investment.

Secretary of State Hillary Clinton says President Obama believes passionately that Africa’s future is now.

“We can and must do better by deepening our cooperation and improving our performance. This is a priority for the United States,” she said.

The policy directive aims to advance African democracy by strengthening institutions for more open and accountable governance and for promoting human rights and the rule of law. It also vows to challenge leaders “whose actions threaten the credibility of democratic processes.”

It commits the United States to increasing trade and investment in sub-Saharan Africa by improving economic governance, promoting regional integration, expanding African access to global markets and encouraging U.S. companies to trade with and invest in Africa.