December 29, 2011
Italy borrowing costs fall sharply at auction
The cost of borrowing faced by the Italian government has fallen sharply at its latest debt auction. The government raised 9bn euros ($11.8bn, £7.56bn) in short-term debt at half its previous interest rate. The interest on the six-month bills was…
December 29, 2011
S Korea’s factory output dips on weaker domestic demand
South Korea's industrial output shrank in November as weaker domestic demand weighed on the construction and services sectors. Output fell by 0.4% from October, the statistical office said, worse than many analysts had predicted. Spending on…
December 29, 2011
Brazil becomes sixth largest economy
Brazil has overtaken Britain as the world's sixth largest economy. It's predicted that Brazil's economy may grow five percent next year. It’s much bigger in size than the UK and now it seems Brazil is also bigger economically. The London-based…
December 29, 2011
India and Japan sign new $15bn currency swap agreement
India and Japan have signed a $15bn (£9.7bn) currency swap agreement as the two nations seek to boost financial co-operation. It will see them swap currencies for US dollars and tap into each other's foreign exchange reserves to ease any liquidity…
December 29, 2011
South Stream pipeline gets Turkey green light
Turkey has given permission for the South Stream gas pipeline to be built across its territories, giving the project a clear run into the lucrative energy markets of Europe. The pipeline will transport Russian gas to Europe under the Black Sea.…
December 29, 2011
North Korea Hails Kim Jong Un as ‘Supreme Leader’
Kim Jong Un has been declared supreme leader of North Korea's ruling party and military during a memorial service for his late father, Kim Jong Il, in Pyongyang. State television showed a massive gathering of people for the service in Kim Il Sung…
December 29, 2011
US warns Iran over threat to block oil route
The US Navy has said it will not tolerate disruption to a vital oil-trade route, following an Iranian threat to close it. Iran warned it would shut the Strait of Hormuz if the West imposed more sanctions over its nuclear programme. The US and its…
December 29, 2011
National Memorial Service for Kim Jong Il Underway in Pyongyang
Tens of thousands of people packed a central square in Pyongyang on Thursday for a national memorial service for the late North Korean leader Kim Jong Il. State television showed a massive sea of tightly packed soldiers that filled Kim Il Sung…
December 29, 2011
Arab Monitors Deploy Across Syria as Credibility Questioned
Arab League monitors Thursday are expected to visit the Syrian cities of Daraa, Hama and Idlib, where anti-government protests have been violently repressed, as questions mount about the observers' credibility. In the two days since the Arab…
December 29, 2011
Mexico Arrests Cocaine Smuggler Wanted by US
Mexico says it has arrested a suspected drug trafficking kingpin who also is wanted in the United States. Mexican federal police Wednesday said they detained Luis Rodriguez Olivera, known as “El Guero,” at Mexico City's international airport the…