Monday, November 29, 2010

20101129 1011 Global Economics News.

Singapore: Industrial output growth quickens on pharmaceuticals
Singapore’s industrial production rose at the fastest pace in five months as pharmaceutical output surged, offsetting slower growth in electronics manufacturing. Manufacturing, which accounts for about a quarter of the economy, climbed 31% in October from a year earlier, after a revised 26.8% increase in September, the Economic Development Board said in a statement. (Bloomberg)

Ireland: Wins EUR85bn aid; Germany drops threat on bonds
European governments threw debt-strapped Ireland an EUR85bn (USD113bn) lifeline and scaled back proposals to saddle bondholders with losses in future budget crises, seeking to reverse the market selloff menacing the EUR. European finance ministers backed a Franco-German compromise on post-2013 bailouts that watered down calls by German Chancellor Angela Merkel for investors to be forced to take losses to share the cost with taxpayers. (Bloomberg)

Germany: Inflation accelerates more than economists forecast
Inflation in Germany, Europe’s largest economy, accelerated more than economists forecast in November after food and energy prices rose. The inflation rate, calculated using a harmonized European method, increased to 1.6% from 1.3% in October, the Federal Statistics Office in Wiesbaden said. Economists predicted a gain to 1.4%, according to the median of 21 estimates in a survey. In the month, prices rose 0.1%. (Bloomberg)

Greece: Wins EU pledge for 4 1/2-year extension to repay bailout
Greece is set to get an extra four- and-a-half years to repay emergency loans to match the seven- year term for the rescue Ireland received. Greece got a three-year aid package in May of EUR110bn (USD146bn) from the Euro area and the International Monetary Fund to prevent a debt default. Ireland won an EUR85bn package for seven-and-a-half years at a meeting where European finance ministers said they would “rapidly examine the necessity of aligning the maturities of the financing for Greece to that of Ireland.” (Bloomberg)

US: Payrolls, manufacturing probably expanded
Payrolls and manufacturing probably expanded in November as the US recovery showed signs of a pickup heading into 2011, economists said before reports this week. Employment increased by 145,000 workers this month after a 151,000 gain in October that marked the biggest advance since May, according to the median forecast of 67 economists surveyed ahead of Labor Department data on 3 December. (Bloomberg)

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