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• Voting under way in Tokyo Metropolitan Assembly election – litmus test for Abe and Abenomics
• Bank of England says it has agreed to a 3 year swap line with China
• Germany and Turkey meet as tensions increase
• German net borrowing to drop to lowest level in 40 years
• Greek PM Samara says he expects to have no problem in on-going talks with lenders
• Snowden charged over NSA leaks
• EU fin mins fail to agree on bank bailout rules
• Lions win but not with a roar

Voting under way in Tokyo Metropolitan Assembly election – litmus test for Abe and Abenomics Posted: 23 Jun 2013 12:36 AM PDT The election will decide 127 seats in the Tokyo metropolitan assembly It is being watched for indications of results in the upper house election due July 21; the election has been dubbed by some as a ‘litmus test’ for the Abenomics policies of the ruling LDP Abe’s party is excepted to take 50 or more seats, and with his coalition partner (New Komeito) to gain a majority We should have a good idea of results by Monday morning, stay tuned!

Bank of England says it has agreed to a 3 year swap line with China Posted: 22 Jun 2013 11:29 AM PDT News just out on Reuters a 3 year GBP/RMB swap line with the PBOC not exceeding RMB 200 bln (  GBP 21 bln) aimed at promoting trade between the two countries and supporting domestic stability Says out-going governor Mervyn King: In the unlikely event that a generalised shortage of offshore reminbi liquidity emerges  the BOE will have the capability to facilitate reminbi liquidity to eligbile institutions in the UK Looks like  Sir Merv has a few fears of his own over the current Chinese credit crunch

Germany and Turkey meet as tensions increase Posted: 22 Jun 2013 11:19 AM PDT Fin Mins from both countries met today for an intense exchange of opinons over Chancellor Merkel’s criticism of Turkey’s crackdown on the massive level of protest currently being seen, and her reluctance to see Turkey join the EU Barring a last minute change of heart the EU  this Wednesday seem poised to cancel/ postpone the next stage of Turkey’s membership process

German net borrowing to drop to lowest level in 40 years Posted: 22 Jun 2013 11:06 AM PDT So says an unnamed German cabinet spokesman in a conversation with Reuters today net borrowing should drop to EUR 6.2 bln in 2014 lowest level in 40 years federal govt could even see a small budget surplus in 2015 federal surplus  of EUR 200  mln in 2015 should rise to nearly EUR 10 bln in 2017, allowing Germany to start paying down its debt Just shows the huge gulf between Germany and the rest of Europe

Greek PM Samara says he expects to have no problem in on-going talks with lenders Posted: 22 Jun 2013 10:56 AM PDT Quoted in an interview published today in a Greek newspaper says Greece is meeting its overall bailout goals despite struggling to meet some of its targets Not alone in that one matey

Snowden charged over NSA leaks Posted: 22 Jun 2013 10:44 AM PDT The US justice dept has today filed charges against the former NSA intelligence analyst Edward Snowden over the recent leaks that led to mass media frenzy on govts snooping into social media groups plus much more The BBC carries the story here Add: Reuters just reporting that the US are seeking to extradite Snowden back from HK according to a White House official on CBS news

EU fin mins fail to agree on bank bailout rules Posted: 22 Jun 2013 10:35 AM PDT After nearly 18 hours of negotiations EU finance ministers this morning announced that they had failed to reach a deal on rules for bailing out European banks. They will now have to reconvene next week to try and agree something before the forthcoming summit to establish a course for EU banking union, something about which the OECD’s  Padoan expressed concerns in this post yesterday Part of the problem is the enforcement of bail-out terms on non- Eurozone countries who would not have the ECB safety net but there are plenty of other issues to contend with too. Irish fin min Michael Noonan said There’s no guarantee we’ll reach a conclusion. while France’s Muscovici was more upbeat We can find the right mechanisms and we will with Sweden’s Borg adding It’s very dangerous… I can not see why the euro countries are trying to push the non-euro countries into a system that is very unsuitable for the rest of Europe Summertime, and the communal living is certainly not easy The FT carries more on the story here. The article may be gated but you can access with a free basic subscription

Lions win but not with a roar Posted: 22 Jun 2013 10:03 AM PDT Wow, what a fantastic game ! The British&Irish Lions earlier today won the 1st Test  in Brisbane against Australia 23-21 in a game, yes I will happily concede, that the home side really should have won. The Wallabies were plagued by injuries throughout the match and failed to close it out with two missed penalty attempts at the end, including one in the last minute. So it’s on to Melbourne and the 2nd Test next Saturday when the Lions will be looking to secure their first series victory in 16 years. Commiserations to our many Aussie readers but what a feast of rugby eh?

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