Thursday, October 20, 2011
Greece massive protest showdown
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In the streets of Greece, arguably the biggest protest in years is now descending into violence. People are venting their anger against a new package of austerity measures the country is likley to adopt as soon as Thursday.
In the streets of Greece, arguably the biggest protest in years is now descending into violence. People are venting their anger against a new package of austerity measures the country is likley to adopt as soon as Thursday.
Wednesday, October 19, 2011
New hotel opens in China's richest village
Huaxi, also known
as China's richest village, celebrates its 50th anniversary with the
inauguration of a 328-metre-high skyscraper hotel.
The village, located in east China's Jiangsu province, with a population of about 2000 people, has become the first rural area in the world to have its own skyscraper.
The Longxi International Hotel ranks as the 15th-highest skyscraper in the world, standing taller than Paris's Eiffel Tower (324m) and the Chrysler Building (319m) in New York.
The 74-storey hotel was built at a cost of three billion yuan (nearly $471m) by raising 10 million yuan from each family in the village.
The village, located in east China's Jiangsu province, with a population of about 2000 people, has become the first rural area in the world to have its own skyscraper.
The Longxi International Hotel ranks as the 15th-highest skyscraper in the world, standing taller than Paris's Eiffel Tower (324m) and the Chrysler Building (319m) in New York.
The 74-storey hotel was built at a cost of three billion yuan (nearly $471m) by raising 10 million yuan from each family in the village.
Bank of England warns of final day of reckoning
From ArabianMoney.net:
The Governor of the Bank of England Sir Mervyn King is warning that governments have still not addressed the fundamental issue of overspending which lies at the root of the financial crisis. Nations have been living beyond their means on borrowed money for too long.
In a speech in Liverpool last night the governor said action by eurozone leaders this weekend would only ‘buy time’ but added, ‘So far, that time has not been used to deal with the underlying imbalances, or the weaknesses in bank and sovereign balance sheets. Time is running out.’
Another stop-gap?
There is mounting expectation in financial markets that a meeting of EU leaders this weekend will reach agreement on a bailout deal for the banking sector and final solution for Greece. But sovereign debts continue to rise with the West borrowing from the East to finance a lifestyle now beyond its means.
‘Without a rebalancing of spending in the world economy, a struggle between debtor and creditor countries will inflict economic pain on everyone,’ Sir Meryvn noted. ‘We must use the gravity of the global crisis to provoke a bold response.’.......read on
Moodys downgrades Spain again
Spain’s credit rating was cut for the third time in 13 months by Moody’s Investors Service as Europe’s debt crisis threatens to engulf the nation.
Moody’s yesterday reduced its ranking to its fifth-highest investment grade, cutting it by two levels to A1 from Aa2, with the outlook remaining negative. Standard & Poor’s downgraded Spain on Oct. 14 to its fourth-highest investment grade, and Fitch Ratings cut it to the same level on Oct. 7, the day it also downgraded Italy.
“Moody’s is maintaining a negative outlook on Spain’s rating to reflect the downside risks from a potential further escalation of the euro-area crisis,” it said in a statement. The company cited the “continued vulnerability of Spain to market stress” that is driving up the cost of borrowing, as well as weaker growth prospects. Spanish bonds were little changed.
Spanish and Italian bonds are being pummeled as euro leaders fail to convince investors they can contain the debt crisis and shore up banks to withstand the risk of a Greek default. German Chancellor Angela Merkel said yesterday that a European Union summit Oct. 23 will mark an “important step,” though not the final one in solving the sovereign debt crisis.....read on
Occupy Sydney in photos 19 Oct 2011
Outside the Reserve Bank of Australia
Outside the Global HQ for Westpac Bank
The next large rally
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