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Sunday, July 14, 2013

Your forexlive.com ENewsletter

Link to ForexLive

Eurobank to buy New Hellenic Postbank to meet a condition for the next tranche Greece’s bailout

Posted: 13 Jul 2013 10:10 PM PDT

  • Eurobank will buy New Hellenic Postbank (TT) as part of consolidation in the sector
  • The sale was a condition for the release of more funds from the 240 billion-euro rescue keeping Greece afloat
  • Hellenic Financial Stability Fund (HFSF), the rescue vehicle set up to recapitalize Greece’s major lenders, said it aimed to sign a binding agreement with Eurobank on Monday

Fun fact:

HFSF was effectively selling TT to itself as it owns not only 100 percent of TT but also 93.6 percent of Eurobank, Greece’s fourth-largest lender, after recapitalizing it with 5.84 billion euros last month.

More at Reuters

Australia to scrap fixed carbon price, move to a floating price July 1 next year – one year earlier than scheduled

Posted: 13 Jul 2013 10:01 PM PDT

  • Announcement made Sunday by Australian Treasurer Bowen: that the government will scrap the fixed carbon price and move to a floating price instead on July 1 next year – one year earlier than scheduled
  • Further said that the government would stick to its timetable for the return to a balanced budget despite bringing forward changes to the carbon price
  • Said other savings would have to be found in order to deliver a balanced budget in 2015/16

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In effect Bowen will need to tighten government spending, which may be a negative for the Australian dollar

Reuters: China to adjust liquidity, keep credit growth steady – PBOC

Posted: 13 Jul 2013 09:55 PM PDT

The PBOC said on Sunday, on a statement on its website that it will “use a mix of price and quantitative policy tools to adjust liquidity in the banking system and guide steady and appropriate growth in money, credit and social financing”.

Also:

  • “Overall, liquidity in the banking system remains ample,”
  • “The slower M2 growth in June was in line with the expected outcome of macro-economic adjustments and prudent monetary policy and was closer to the full-year target of 13 percent.”

The statements come after social-financing data was released: China social financing for June fell to 1.04tr yuan (from 1.19tr in May)

Ashes update: England almost there

Posted: 13 Jul 2013 02:46 PM PDT

In the absence of any real news this weekend so far that might affect the markets ( I have looked, trust me ) here’s a good excuse for an Ashes post.

England seem poised to win the First Test of The Ashes ( the ultimate competition between England and Australia for all of you wondering why I persist in referring to it ).

Until lunch it was a completely different scenario  but by the end of the day we had, thankfully, got back on top.

Still to be won or lost by either side, with England needing 4 wickets, and Australia needing 137 to win with wonder boy Agar still at the crease, I’m not taking anything for granted.

All points to a wonderful final day’s play. Any of our wonderful Aussie readers reckon you can pull it off?

Be sure I will be reporting back tomorrow along with any financial/political news of note

Enjoy the rest of your weekend

Snowden’s info suggets the US should be careful in its pursuit

Posted: 13 Jul 2013 02:24 PM PDT

So says the UK ‘s Guardian newspaper, who first broke the story,  and who claim this week-end that the documents contain information that could cause serious damage to the US administration.

I ‘ve posted on this from the start and highlighted that it really does have great ramifications if proved correct, but we should also consider who’s watching who throughout the globe,and why. The current US-EU trade talks can not be un-affected by this publicity.

Anyhow here’s the original story  from The Guardian  and Reuters take on it.

 


at 5:05 PM

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