Archive for June, 2012

  • Bulgaria Scraps ‘Career Bonuses’ for Supreme Judicial Council

    June 28th, 2012

    Bulgaria’s Parliament expectedly scrapped the amendments to the country’s Judiciary Act that would allow the current members of the Supreme Judicial Council tol be automatically promoted once their terms in office expire. President Rosen Plevneliev recently imposed a veto on the amendments after Prime Minister and leader of center-right ruling party GERB, Boyko Borisov, made a U-turn on the matter and controversially urged him to do so. Last week, the left-wing oppositional Bulgarian Socialist Party described the veto as “make-believe” and “sh…

  • Are the BRIC Nations Cracking?

    June 27th, 2012

    Brazil, Russia, India, China. Group these developing nations together, as Goldman Sachs’s (GS) Jim O’Neill so presciently did in 2001, and you have the BRICs—perhaps the past decade’s most famous macro investing call. The bloc’s subsequent ascent has been breathtaking. Its output has grown more than fourfold. China has dinged Japan to become the world’s second-largest economy. Brazil, which long sported a comparative advantage in hyperinflation, has become such an economic powerhouse that the Economist bestowed upon the nation th…

  • Sterling Nears 4 Week High

    June 27th, 2012

    The main sticking point remains the desire of many members to enjoy shared sovereign debt liability via Euro bonds, and the absolute refusal by German Chancellor Angela Merkel to even consider the idea. It was reported that behind closed doors Merkel told lawmakers that bonds “would not be considered in her lifetime” – seems fairly definitive to me. So while the leaders will meet and discuss the vision being put forward by some of the members, it seems highly unlikely any flesh will be put on the bones of any agreement before October, lea…

  • Cyprus bids for EU bank bailout

    June 27th, 2012

    CYPRUS said on Monday it was applying to Brussels for a bailout, both for its banking sector hit by exposure to Greece and for its budget deficit, making it the fifth euro zone country to turn to the bloc’s rescue funds for help. Tiny Cyprus has just four days left to raise at least 1.8 billion euros – equivalent to about 10 percent of its domestic output – to meet a deadline set by European regulators to recapitalize Cyprus Popular Bank, its second largest lender which saw its balance sheet hurt by bad Greek debt. Finance Minister Vasso…

  • Bulgarian GERB MP Probed for ‘Forestry Act Lobbyism’

    June 27th, 2012

    Emil Dimitrov, Member of the Parliament from Bulgaria’s ruling party GERB, is being probed by the Parliamentary Committee on Conflict of Interests. Speaking for the Bulgarian Trud (Labor) daily, the Chairman of the Committee, Filip Zlatanov, declined offering details, only informing that the probe is connected to amendments to the Forestry Act, the Hunting and Game Preserving Act, and the Farming Lands Act. After experts collect evidence, Dimitrov will be summoned to a hearing to present his side of the story. The GERB MP firmly denies being i…

  • Is Canada Too Smug About Its Economic Future?

    June 26th, 2012

    Over the past four years, Canada has been feted as the country that does practically everything right. Its banks are beloved by everyone from economist Paul Krugman to Moody’s Investment Service (MCO), which rated them earlier this year as the safest in the world. While U.S. politicians bickered for years over free-trade deals with South Korea, Colombia, and Panama, Canadians signed several pacts and launched free-trade talks with 50 other nations. Its economy has grown faster—and its debt has stayed smaller—than its Group of Seven peers…

  • Czech-ing Out The Currency Markets

    June 26th, 2012

    Sterling however weakened against the US Dollar and gains were limited against the euro as speculation mounted that the Bank of England would increase their quantitative easing programme at next week’s MPC meeting. We can expect another topsy turvy week with UK GDP figures due out, likely to confirm that the UK is in a double dip recession, and the build up to the EU summit where yet again ministers will try to come to an agreement of how to solve the worsening eurozone crisis. Cyprus were forced to seek help yesterday fearing they are going …

  • FIB Finds Investor for Bulgaria’s Troubled Lead-Zinc Complex

    June 26th, 2012

    First Investment Bank, FIB, has been able to find a private investor for Bulgaria’s troubled largest producer of non-ferrous metals, the Lead and Zinc Complex (LZC; OTZK) in the southern city of Kardzhali. The company is not the Polish consortium Silesia, but the name will be disclosed in 2 weeks. It was announced on Sunday that FIB is deferring payments on loans of workers from the complex. The decision came one day after the trade unions accused FIB of condemning the plant by placing distraint on its equipment, and threatened to stage rallie…

  • ‘Anonymous’ Snub Bulgarian TV Channel for Distorted Coverage of Eco Rallies

    June 26th, 2012

    The Anonymous hacktivist group has warned private Bulgarian TV channel bTV to offe a public apology for the “insinuations and manipulations” in their coverage of certain events, most notably, the protest against the controversial Forestry Act amendments. The newly adopted and newly vetoed amendments to the Forestry Act significantly liberalize the statutory regime for investors planning to cut down public forests to build private sports and recreational facilities. The legal changes triggered widespread public opposition and mass protests, bot…

  • Ras Al Khaimah real estate remains stable despite economic downturn

    June 26th, 2012

    Ras Al Khaimah real estate remains stable despite economic downturn – Select Property Not a member yet? Register Here | Sign in Email: info@selectproperty.com | Tel: +44 (0)161 488 3555 You are here: Home » Location » Ras Al Khaimah » Ras Al Khaimah real estate remains stable despite economic downturn Investment News Filter Dubai United Kingdom Turkey Ras Al Khaimah Egypt Spain Buy with confidence from Select Property today. Over 6,000 properties sold worldwide since 2004. Property Locations Dubai Egypt Ras Al Khaimah Spain Turkey Uni…

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