Author Archives: Darren Marchal

China avoids commitment to US on currency

China struck a conciliatory note at the opening of talks with the US by vowing to spur domestic demand and keeping a guarded opening to exchange rate reform, which the Obama administration says is needed to rebalance the global economy. The US treaded softly on the subject and welcomed Beijing’s long-standing pledge to reform the…

Kenya expects 4-5% economic growth this year

Kenya expects economic growth to accelerate to between four and five percent this year, helped by the likely recovery of the global economy and as favourable weather conditions boost agriculture, its planning minister says. East Africa’s biggest economy expanded by 2.6 percent in 2009, up from a revised 1.6 percent in 2008, the government said,…

ICAP year profit beats forecast, good start to Q1

ICAP, the world’s biggest interdealer broker, reported a good start to its financial year, helped by active and volatile markets, when posting a better than expected five percent drop in full-year pretax profit. Concerns about Greece and other peripheral European sovereign debt and a 750 million euro rescue package have led to wide swings in…

Nations pledge record $4.25bn for environment fund

Donor countries have pledged a record $4.25bn over the next four years for the Global Environment Facility, the world’s largest public green fund that helps developing countries tackle climate change. The commitments by 30 donor countries during a session in Paris is a 52 percent increase in new resources for the facility. GEF Chief Executive…

Ghana April inflation falls to 11.66%

Annualised inflation in Ghana fell to 11.66 percent in April from 13.32 percent in March, the statistics office has announced, a greater than expected drop that offers hope for further rate cuts later this year. The drop is the 10th consecutive fall, takes inflation to its lowest level since December 2007 and is another step…

SEC and exchanges agree to bolster circuit breakers

US market watchdogs and six major exchanges have agreed that new safeguards were needed to curb trading when markets are plunging, including circuit breakers for individual stocks, a source familiar with regulators’ talks said on May 10. Securities and Exchange Commission Chairman Mary Schapiro, the leaders of major stock and option exchanges, and broker-dealer watchdog,…

ECB to buy eurozone bonds to fight crisis

The European Central Bank will buy eurozone government bonds to help support fractured markets, abandoning firm resistance to full-scale asset purchases in light of Greece’s debt crisis. The ECB said in a statement that the step, dubbed the ‘nuclear option’ by many economists, was justified because of government promises to meet strict budget targets and…