World Bank's Zoellick: World economy in new danger zone
Reuters
The head of the World Bank said Wednesday the world had entered a new economic danger zone and that Europe, Japan and the United States all need to make hard decisions to avoid dragging down the global economy.
http://jlne.ws/owt3gK
Experts back expanding Obama mortgage refi effort
By Ronald D. Orol, MarketWatch
A group of academics and analysts on Wednesday urged the Obama administration to expand an existing program that seeks to refinance mortgages to lower interest rates.
http://jlne.ws/ptNVYC
Greece ‘integral’ to euro zone, leaders say
The Globe And Mail
Greece is an “integral” part of the euro zone, the leaders of Greece, France and Germany said in an emergency teleconference Wednesday night that aimed to calm markets and temper talk of an imminent default by Greece.
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Barroso urges eurozone to act on reforms
By Kerin Hope in Athens and Joshua Chaffin, FT.com
http://jlne.ws/pe7u67
Report: Housing Inventory Hits 2011 Low
By Nick Timiraos. WSJ.com
Housing inventory dropped for the fourth straight month, falling in August to the lowest level of the year.
http://jlne.ws/nRaHLw
Japan's new PM vows reconstruction, economic recovery
Kuna
Japanese Prime Minister Yoshihiko Noda on Tuesday said his government will prioritize recovery and reconstruction of areas devastated by the March earthquake and tsunami, and dealing with the global economic crisis.
http://jlne.ws/o8Bikq
China willing to expand investments in Europe
MarketWatch
China views Europe as a strategic partner and stands willing to expand its investments in the region, Premier Wen Jiabao said Wednesday, urging that Europe acknowledge China’s status as a market economy.
http://jlne.ws/nEusFu
Chances of another recession increasing
By Leah Schnurr, Reuters
Chances the United States will lapse into another recession rose over the past month to nearly one in three as the economy faces a number of road blocks that could derail already weak growth, a Reuters poll showed on Wednesday.
http://jlne.ws/rogB9u
Treasury Awards $608M in Small Business Funds
American Banker
Sixty-one small banks will receive a total of $608 million in the latest round of funding from the Small Business Lending Fund, the Treasury Department said Wednesday.
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IMF: More Clarity in Central Banks’ Inflation Targets Would Help - Real Time Economics
By Ian Talley, The Wall Street Journal
Amid high global food and fuel prices threatening to derail monetary-policy plans, central banks need to clearly identify and communicate their inflation targets or risk undermining their credibility in the markets, the International Monetary Fund said in a new report Wednesday.
http://jlne.ws/qNOyJC
Italian Lower House Passes in Austerity Package
By GAIA PIANIGIANI, The New York Times
Prime Minister Silvio Berlusconi’s government won a confidence vote on Wednesday that paves the way for final approval of a $74 billion austerity plan to help keep Italy from being ensnared in Europe’s debt crisis.
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Britain to sue ECB over threat to City
By Alex Barker in Wroclaw and George Parker and Jeremy Grant, FT.com
Britain is to sue the European Central Bank for setting rules that allegedly handicap the City of London and would force one of the world’s largest clearing houses to decamp operations to the euro area. The unprecedented legal action underlines the depth of ministerial concern over the ECB policy, which comes as the UK engages in a turf war with France and Germany over Europe’s financial markets infrastructure.
http://jlne.ws/naP1Qy
Australian Foreign Minister Kevin Rudd Warns on Protectionism
By ENDA CURRAN And ANDREW CRITCHLOW, WSJ.com
Australian Foreign Minister Kevin Rudd warned Wednesday against the world slipping toward protectionist trade policies in response to the European debt crisis and dramatic fluctuations in currency markets that are adding to global uncertainty.
http://jlne.ws/rmxkG8
Greek collateral issue no longer explosive: Austria
By Michael Shields, Reuters
A euro zone row over collateral to back loans to Greece has lost its "explosive" power under a plan that would let every member country decide for itself whether to make use of the facility, Austrian Finance Minister Maria Fekter told Reuters.
http://jlne.ws/o5HRig
NYSE Liffe, ICE Move Toward Transparency
BY CAROLINE HENSHAW AND LESLIE JOSEPHS, WSJ.com
Two exchanges that dominate trading in commodities from cocoa to sugar yielded to calls for greater transparency in their markets. On Tuesday, IntercontinentalExchange Inc. tightened its rules for coffee samplers, while NYSE Liffe introduced plans for two reports on trading positions.
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CFTC member warns US cannot be ‘financial policeman’
By Telis Demos and Michael Mackenzie, FT.com
http://jlne.ws/qyUQmN
US Business Inventories up 0.4% in July
FX Street
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Wen: World Must Cut Deficits, Not Rely on China
Bloomberg
Chinese Premier Wen Jiabao, facing calls to widen support for indebted European countries, signaled that developed nations should cut deficits and open markets rather than rely on China to bail out the world economy.
http://jlne.ws/nDIkPP
China Willing to Buy Bonds From Crisis Nations
Bloomberg
China is willing to buy bonds from nations involved in the sovereign debt crisis, National Development and Reform Commission Vice Chairman Zhang Xiaoqiang said in an interview with the media in Dalian yesterday.
http://jlne.ws/pxxcay
EU's Barroso: Will present options on euro bonds
By Gilbert Reilhac, Reuters
The European Commission will soon present options on how the euro zone might issue bonds jointly, its President Jose Manuel Barroso said on Wednesday, but warned there was no simple solution to a debt crisis that threatens Europe's economic and political future.
http://jlne.ws/qzyMNg
Moody's cuts French banks, eurobond talk lifts markets
By John O'Donnell, Reuters
European finance ministers have been warned confidentially of the danger of a renewed credit crunch as a "systemic" crisis in euro zone sovereign debt spills over to banks, according to documents obtained by Reuters on Wednesday.
http://jlne.ws/nvPUWP
Swiss tax deals with Germany and Britain complicate tax negotiations inside EU
SwissInfo
The bilateral tax agreements concluded by Switzerland in August with Germany and Britain have become a bone of contention in the European Union.
http://jlne.ws/nlAVVO
ISDA’s Voldstad Says Only Banks Should Have to Clear Swaps
By Matthew Leising, Bloomberg
Conrad Voldstad, chief executive officer of the International Swaps and Derivatives Association, said only banks should be made to process swaps with clearinghouses.
http://jlne.ws/pwvS7E
Private banks struggle in region of rich pickings
By Kevin Brown in Singapore - Financial Times
Sir Richard Branson, the UK entrepreneur, once quipped that the best way to become a millionaire was to be a billionaire and start an airline. In emerging Asia, it is beginning to look as though something similar might be said of private banking.
http://jlne.ws/nGw7kU
Nomura plans European staff cuts
By Jonathan Soble, Financial Times
Nomura plans to lay off about five per cent of its staff in Europe, or between 250 and 300 people, as part of an effort to reduce costs and restore profitability, according to a person briefed on the matter.
http://jlne.ws/pkPEq2
Goldman Sachs to offer $25M to Chicago businesses
Chicago Tribune
Goldman Sachs is funneling $25 million in loans and educational grants to Chicago-area small businesses, Mayor Rahm Emanuel announced Tuesday.
http://jlne.ws/nHJbuF
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