Real estate: The use of bubbles as the latest means of inflating the statistics…
Let’s now turn to real estate which has “got going again” (which has been harped on about for at least the last three years) and take a closer look at the causes of this excitement. First of all, a chart on real estate prices putting this famous recovery into some sort of context, which rather resembles a long stagnation. The slight current rise only appears by adjusting the data for seasonal variations. What is it due to? Like the stock exchanges, there’s only one answer: the Fed. Via QE3 operations, it buys 40 billion dollars of real estate debt each month, i.e. it annually injects approximately 500 billion dollars into the property market under, roughly, the guise of loans to private individuals, which corresponds to five million loans of 100,000 dollars. There is no doubt that prices go up with such a measure...
LEAP/E2020 - Excerpt GEAB N°73 (March 16, 2013)
BRICS agrees to create $100 bn contingency fund
In a major achievement for India in its campaign for reforming the international financial architecture, BRICS nations on Wednesday decided to establish a new development bank to finance infrastructure and to create a USD 100 billion Contingency Reserve Arrangement to tackle any financial crisis in the emerging economies...
Times of India
Chypre : les mesures du plan de sauvetage détaillées
Une semaine après une première tentative ratée, qui prévoyait l'instauration d'une taxe sur tous les dépôts bancaires, un accord a été trouvé, dans la nuit de dimanche à lundi 25 mars, entre le président chypriote et ses bailleurs de fonds internationaux pour parvenir à un plan de sauvetage de Chypre, d'un montant maximum de 10 milliards d'euros...
Le Monde
Royaume-Uni: les banques vont devoir trouver 25 milliards de livres
Les banques britanniques vont devoir combler un trou de 25 milliards de livres d'ici la fin de l'année pour renforcer leurs fonds propres et se mettre à l'abri des pertes provoquées notamment par le coût des scandales entachant la City et les turbulences dans la zone euro...
Assad turns to BRICS to 'stop the violence' in Syria
Syrian President Bashar al-Assad urged the BRICS nations on Wednesday to help "stop the violence" in his country and put an end to the suffering of his people he said is caused by international sanctions...
Middle East Online
From Finance to Sex Therapy: London Bankers Escape
With thousands of jobs axed and many more under threat in London's financial center, City workers are leading an exodus from the City as they consider alternative careers and dramatic life changes...
Russia, China find compromise on gas deal after 15 year standoff
China has accepted an olive branch from Russia's Gazprom after years of tough talks which had failed to yield a deal on gas supplies, though the main point of conflict - price - remains...
Times India
Australia to Shut Bank-Rate Panel as HSBC, Citigroup Exit
Australia plans to scrap the panel that sets its benchmark interbank borrowing rate, becoming the first major developed economy to replace its rate-setting regime following the global Libor-rigging scandal...
Food vouchers to provide emergency help but prevent spending on alcohol
Many of the 150 local authorities in England running welfare schemes have confirmed that they will issue the vouchers in the form of payment cards, which will be blocked or monitored to prevent the holder using them for alcohol, cigarettes or gambling...
The Guardian
Iceland offers hard lessons for Cyprus on capital controls
For Iceland, there was a sense of deja vu when Cyprus's finance minister said capital controls would probably last "a matter of weeks". Five years after a banking meltdown, the north Atlantic island has just extended its own controls indefinitely.
Sommet des Brics: une nouvelle «ruée vers l'Afrique»?
Les cinq pays émergents qui forment les Brics – Brésil, Russie, Inde, Chine et Afrique du Sud – sont en effet particulièrement actifs sur le continent (le président chinois Xi Jinping en a fait d'ailleurs sa première tournée internationale), à tel point que certains comparent cela avec la « ruée vers l'Afrique » de la fin du XIXe siècle, lorsque les Européens ont colonisé le continent. Mais la comparaison n'est pas tout à fait de mise..
Petraeus makes public apology for affair that led to resignation from CIA
He made the comments during his first public speech since his resignation in November to a group of about 600 people, including many veterans at the University of Southern California's annual Reserve Officers' Training Corps dinner. The hero of the Iraq and Afghanistan wars has remained largely out of the public eye since resigning...
The Guardian
Defense officials worried over cuts to US military aid
Defense officials expressed concern Wednesday that American financial cutbacks may result in drastic cuts to military aid to Israel and could put anti-missile defense projects such as David’s Sling and the Arrow 3 on the chopping block.
The Times of Israel
Chinese, S. Korean leaders pledge to promote bilateral ties, maintain regional stability
Chinese President Xi Jinping and his South Korean counterpart Park Geun-hye pledged Wednesday in a telephone discussion to further relations between their countries and make more efforts to maintain peace and stability on the Korean Peninsula...
Private Banks Sell Debt in Worst Quarter Since ’11: China Credit
Chinese high-yield dollar- denominated bonds are returning the least in more than a year as private banks react to a flood of debt supply and rising global interest rates by cutting holdings...