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Economic news in brief

Economic news in brief Source: www.ccfgroup.com
Date: 18-06-2012
Visits: 206
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International market
1. Americans family's net worth dropped nearly 40% between 2007 and 2010 as home values tumbled, according to a Federal Reserve report.

2. Major emerging economies will pitch in funds at the G20 summit to complete the IMF's planned 430-billion-dollar (380-billion-euro) firewall to protect indebted states, China said Sunday.

3. Greece's two main pro-bailout parties clinched enough votes to form a government in knife-edge elections yesterday, as world powers pushed for a new cabinet as soon as possible to ease global fears.

4. France wants the European Union to agree before the end of 2012 on growth-boosting measures worth 120 billion euros (96.5 billion pounds), the weekly Journal du Dimanche said on Sunday, citing a proposal circulated by France ahead of an end-June summit.

5. Developing nations must be ready for a severe global financial crisis should the euro zone fail to cope with its current problems, outgoing World Bank chief Robert Zoellick said in an interview published online on Saturday.

6. Japanese Premier Yoshihiko Noda Saturday announced the restart of two nuclear reactors, for the first time since the closure of all of the country's nuclear power plants following last year's Fukushima crisis, disregarding the widespread public opposition to nuclear power.

China
1. A senior figure with HSBC has predicted that China's consumer inflation will ease to 2.9 percent for 2012, giving sufficient room to decision makers to roll out pro-growth measures.

2. Profits from China's state-owned enterprises fell 10.4 percent year-on-year to 830.13 billion yuan ($133.56 billion) in the first five months of 2012, new figures have shown.

3. On a monthly basis, the SOEs' combined profits declined 11.8 percent in May, with the pace of decrease accelerating sharply from April's 0.5-percent drop, according to statement posted on the website of the Ministry of Finance.

4. China remained the largest foreign holder of U.S. Treasurys in April, marginally increasing its net portfolio, the Treasury Department said Friday.China's holdings rose $1.5 billion to $1.146 trillion, following net selling of around $11.2 billion in March.

5. The China Securities Regulatory Commission will soon publish revised regulations on qualified foreign institutional investors to accelerate the approval process, lower the requirement standards and expand the investment areas for overseas fund managers.
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