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October 9, 2012
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  Top Stories 
  • World Bank expects slower growth in East Asia
    East Asia's overall growth should clock in at a subdued 7.2% this year, according to the World Bank, which projects 7.7% growth for regional giant China due to lagging exports and domestic investment. Separately, a Brookings Institution-Financial Times tracking survey concludes that the global economy is "on the ropes," with the U.S. receiving the most optimistic outlook amid the gloom. The Wall Street Journal (10/8) , CNN/Financial Times (10/8) , China Daily (Beijing) (10/8) LinkedInFacebookTwitterEmail this Story
  • German industrial output eases, but exports surge
    German industrial output fell 0.5% in August from July, but exports unexpectedly surged 2.4% after a 0.4% gain in the previous month. The production figure suggests the economy is cooling, but "the resilience of ... exports in the face of the crisis keeps on surprising," said Carsten Brzeski, an economist at ING Group in Brussels. "The safety net is getting thinner, and the economic outlook is quite subdued, but we don't believe in a recession." Bloomberg Businessweek (10/8) , Bloomberg (10/8) LinkedInFacebookTwitterEmail this Story
  • Eurozone finance ministers say Spain is on the right track
    Eurozone finance ministers came to Spain's defense as they gathered in Luxembourg to launch the zone's €500 billion bailout fund. "Spain needs no aid program. Spain is doing everything necessary, in fiscal policy, in structural reforms," said Germany's Wolfgang Schaeuble. Reuters (10/8) LinkedInFacebookTwitterEmail this Story
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  Market Activities 
    Worries about global growth pushed shares lower on both sides of the Atlantic on Monday, with a meeting of eurozone finance ministers adding to investor jitters in Europe. The Stoxx Europe 600 dropped 0.98% to 271.43, and the S&P 500 ended 0.35% lower at 1,455.88. The Wall Street Journal (10/9) LinkedInFacebookTwitterEmail this Story
  Economic Trends & Outlook 
  • U.S.'s Geithner, Bernanke to stop in India on way to Japan
    U.S. Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke will visit India today and Wednesday, with Geithner meeting his Indian counterpart, P. Chidambaram, and joining in a panel promoting greater economic coordination between the two countries. The two Americans will then proceed to Tokyo for the annual joint meeting of the International Monetary Fund and the World Bank. United Press International (10/8) LinkedInFacebookTwitterEmail this Story
  • Indian inflation is seen remaining high as growth lags
    India's Finance Ministry says inflation should remain at a heated 7.5% to 8% into the new year. The rate makes it more difficult to deal with lagging Indian growth, which is projected to remain subdued over the next few months. Meanwhile, Finance Minister P. Chidambaram predicts the government, "with some luck," can keep the fiscal deficit at 5.3% or less for the year ending in March 2013. The Wall Street Journal (10/8) , The Wall Street Journal (10/8) LinkedInFacebookTwitterEmail this Story
  • World Bank raises growth outlook for Philippines
    One of the few nations to earn a rosier forecast from the World Bank's East Asia assessment is the Philippines, where the bank now projects 5% growth this year, up from the previously predicted 4.6%. "In the Philippines, the acceleration of government infrastructure spending has contributed to the strong growth performance in the first half, while revenue growth is supported by tax administration reforms as well as strong GDP growth," the World Bank said. Business World (Philippines) (10/8) LinkedInFacebookTwitterEmail this Story
  • Cambodian growth is projected at 6.6%
    Cambodia's economic growth remains pegged at 6.6% for the year in the World Bank's latest assessment. Singled out as the country's enduring strengths are the garment export, tourism, agriculture and construction sectors. (China) (10/8) LinkedInFacebookTwitterEmail this Story
  Capital Markets & Financial Products 
  • South Korea pursues varied strategy to draw FDI
    Increased Japanese interest and more opening to foreigners in mergers and acquisitions are two prongs of South Korea's strategy to pull in more foreign direct investment, said Invest Korea chief Han Ki-won. Also, Han said, "what we need here is to discover companies that are willing to join us in forming a larger global chain that yields profit. We need to think the other way around, investing in these foreign companies first, which will in turn attract investment to Korea through the money they received from us." The Korea Herald (Seoul) (10/8) LinkedInFacebookTwitterEmail this Story
  • U.S. tax may hit overseas fund investors
    Mutual funds sold in the U.S. by offshore entities will face a 30% U.S. tax next year unless they turn over financial information to Washington on U.S. citizens investing in the funds, Taiwan authorities warn. However, domestic investors in such funds would also be affected. Taiwan ministries are negotiating with the U.S. to find a way around the problem. China Economic News Service (Taiwan) (10/8) LinkedInFacebookTwitterEmail this Story
  • Islamic finance is getting world's attention
    The oldest investment bank in the United Arab Emirates, Shuaa Capital, is one of the latest to apply for a license in Islamic banking, which is suddenly growing. According to Ernst & Young, there are 390 Islamic banks in 75 countries. Kuwait Finance House says the global market in Islamic bonds has recently grown more than 40% year on year. (China) (10/8) LinkedInFacebookTwitterEmail this Story
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